Australian Broker Call

Morgan Stanley rates 29M as Overweight (1) -

On closer examination of the results, Morgan Stanley updates its price target and earnings estimates for 29Metals.

Despite the result outpacing the broker's forecasts by 6%, EPS forecasts are cut to reflect a higher depreciation forecast after asset values were upgraded (FY22 EPS forecasts shift to -8c from -4c; and FY24 EPS forecasts fall to -12c from -6c).

Overweight rating retained, the broker expecting higher copper equivalent gains from Golden Grove and Capricorn Copper over the next five years.

Price target eases to $3.10 from $3.15. Industry view: Attractive.

Target price is $3.10 Current Price is $2.70 Difference: $0.4
If 29M meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $3.15, suggesting upside of 18.0% (ex-dividends)

The company's fiscal year ends in December.

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 360 as Overweight (1) -

Morgan Stanley cuts Life360's price target to $8.60 from $16.50 after the market reacted negatively to the pre-guided, in-line FY21 result.

The broker attributes the sell-off to fears of a dilution; a weak outlook for the tile category due to delays in Apple Airtags marketing and category adoption; and higher FY22 cash burn as a result of integration costs. 

Add to that the lack of guidance and the market decided discretion was the better part of valour.

The broker cuts EPS forecast to -18c from -7c in FY22; and to raises FY23 EPS forecast to -11c from -14c.

Overweight weighting is reiterated. Industry view: In-line.

Target price is $8.60 Current Price is $5.71 Difference: $2.89
If 360 meets the Morgan Stanley target it will return approximately 51% (excluding dividends, fees and charges).

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: 1.0

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

Credit Suisse rates ABC as Neutral (3) -

Adelaide Brighton's FY21 earnings outpaced consensus and Credit Suisse's forecasts by 2% despite non-recurring costs sharply outpacing guidance (more than double), thanks to higher property realisations and better lime pricing.

Corporate earnings disappointed due to a second-half reallocation.

The broker was pleased that the cost clip was non-recurring and the company has forecast a 5% increase in FY24 incremental infrastructure revenue based on the government pipeline. 

Target price rises to $3.40 from $3. Neutral rating retained.

Target price is $3.40 Current Price is $3.24 Difference: $0.16
If ABC meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $3.56, suggesting upside of 8.0% (ex-dividends)

The company's fiscal year ends in December.

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 ABC as Outperform (1) -

Adbri posted an operationally solid result that beat Macquarie's expectations. Fundamentally, the market is strong, rebounding strongly from covid disruptions, the broker notes.

No specific guidance was offered, but management sees growth across the business and contributions from recent acquisitions. The non-recurrence of a range of one-off costs should also support the second half.

Outperform retained, target rises to $4.15 from $4.10.

Target price is $4.15 Current Price is $3.24 Difference: $0.91
If ABC meets the Macquarie target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $3.56, suggesting upside of 8.0% (ex-dividends)

The company's fiscal year ends in December.

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

Morgan Stanley rates ABC as Overweight (1) -

Adbri's FY21 result outpaced Morgan Stanley's forecasts by 4%, thanks to lower corporate costs and a 1% beat in Cement Lime and Concrete, despite several non-recurring costs items, including covid.

The broker notes the company's position as a domestic supplier gives it a natural advantage in a supply challenged environment. Earnings (EBIT) forecasts rise 14% across FY22 to FY24.

Overweight rating retained, Morgan Stanley expecting Adbri's ability to compete against imports and supply-chain challenged products will continue to benefit it, and the broker expects further upside in the cement and lime business.

Target price rises to $3.60 from $3.20. Industry view: In line.

Target price is $3.60 Current Price is $3.24 Difference: $0.36
If ABC meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $3.56, suggesting upside of 8.0% (ex-dividends)

The company's fiscal year ends in December.

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 ABC as Add (1) -

Based on FY21 results and Adbri's outlook comments, Morgans upgrades its forecasts, raises its target to $4.03 from $3.80 and maintains its Add rating.

The result beat stemmed from ongoing net cost savings and strong volume growth across cement, concrete and aggregates, explains the analyst. There was also an increased contribution from joint ventures and realised property profits.

Morgans anticipates that pending details on the Property strategy will potentially trigger a rise in valuation.

Target price is $4.03 Current Price is $3.24 Difference: $0.79
If ABC meets the Morgans target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $3.56, suggesting upside of 8.0% (ex-dividends)

The company's fiscal year ends in December.

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 ABC as Downgrade to Hold from Buy (3) -

Adbri's 2021 performance beat Ord Minnett's forecast, as well as market consensus. Total dividends for the full year slightly "missed".

The broker concludes the company's outlook is improving. Contrary to earlier forecasts, Adbri might even see underlying earnings growth in 2022, suggests the broker.

Target price raised to $3.30 from $3.20. But as the above is seen as already priced-in, downgrade to Hold from Buy.

Target price is $3.30 Current Price is $3.24 Difference: $0.06
If ABC meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $3.56, suggesting upside of 8.0% (ex-dividends)

The company's fiscal year ends in December.

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

UBS rates ABC as Neutral (3) -

Adbri's full year result delivered a beat on volumes and a stronger than expected cost out, and UBS notes cost minimisation trends looks to continue in FY22. 

The broker highlights non-recurring covid costs and mergers and acquisition should provide around $15m in earnings benefits in the coming year, but expected losses in the core Lime and Gunlake contract will largely offset. 

UBS notes better value elsewhere on the market. The Neutral rating is retained and the target price increases to $3.25 from $3.10 

Target price is $3.25 Current Price is $3.24 Difference: $0.01
If ABC meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $3.56, suggesting upside of 8.0% (ex-dividends)

The company's fiscal year ends in December.

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 ADH as Hold (3) -

Adairs December first-half result met January guidance but excluded one-off costs from the new national distribution centre which are expected to continue to drag in the June half.

Supply chain disruption, store closures and higher freight costs combined with currency and inflation pressures to hit gross profit margins, and the broker expects these will continue through FY22.

Ord Minnett says the highlight of the half was the establishment of its third retail operation, Focus on Furniture.

Target price falls to $3.30 from $3.90 in FNArena's data base dated January. Hold rating retained.

Target price is $3.30 Current Price is $2.87 Difference: $0.43
If ADH meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $4.00, suggesting upside of 39.4% (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

Citi rates AFG as Buy (1) -

Australian Finance Group delivered a 4% beat to Citi's forecast in the first half. The broker is predicting the company can deliver full year net profit of $63.1m, almost double that achieved in 2019 when the current bull market cycle began. 

The broker warns of cash rate rises, expecting only modest profit compound annual growth rate of 7% in 2023-24 as mortgage demand slows, but notes the structure and diversity of the company makes it better suited to weather a bear cycle than previously. 

The Buy rating is retained and the target price decreases to $3.20 from $3.60.

Target price is $3.20 Current Price is $2.28 Difference: $0.92
If AFG meets the Citi target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $2.88, suggesting upside of 31.5% (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

Macquarie rates AFG as Outperform (1) -

Australian Financial Group's underlying profit missed Macquarie by -16%, but underlying profit reflects the cash flow that is yet to see the full benefit of the new business and book growth, the broker notes. Reported profit only slightly missed.

Book growth itself exceeded expectations. January activity was up on all metrics. The mix-shift towards higher margin home loans and securities continues.

Continued focus on higher margin products provides some protection for net interest margins, the broker explains, as these have a higher gross margin. Outperform retained, target falls to $2.94 from $3.18.

Target price is $2.94 Current Price is $2.28 Difference: $0.66
If AFG meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $2.88, suggesting upside of 31.5% (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 AFG as Add (1) -

Following 1H results for Australian Finance Group, Morgans lowers its FY23 and FY24 EPS forecasts by -8.9% and -8.75%. This is due to lower net interest margin (NIM) forecasts, a lower AFG Securities (AFGS) loan balance forecast and higher expense forecasts.

Despite a better than expected 1H profit and dividend, the broker feels a rising interest rate environment will impact the NIM and will create softer residential settlement activity. The target price falls to $2.50 from $3 while the Add rating is maintained.

Target price is $2.50 Current Price is $2.28 Difference: $0.22
If AFG meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $2.88, suggesting upside of 31.5% (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

Ord Minnett rates AKE as Accumulate (2) -

Upon inital assessment, Ord Minnett finds Allkem's H1 result earlier today represents a significant "beat" of forecasts, though costs also came in higher than anticipated.

It's the price of lithium that is the secret ingredient. Ord Minnett expects consensus forecasts to rise post today, led by higher price estimates for lithium.

Target price is $12.50 Current Price is $9.10 Difference: $3.4
If AKE meets the Ord Minnett target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $12.72, suggesting upside of 41.0% (ex-dividends)

The company's fiscal year ends in December.

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 APE as Buy (1) -

Ord Minnett remains positive on medium-term prospects for Eagers Automotive, following FY21 results which came in slightly above the guidance range set in mid-November.

Underling profit margins rose to 4.6% in 2021 from 2.4% in 2020 driven by annualisation of cost savings, AHG synergies and positive industry dynamics. The latter includes reduced discounting for new vehicles due to tight industry supply.

Management pointed to a new vehicle order bank, up 215% since December 2020, which the analyst expects will continue to underwrite profitability. Buy. The target falls to $17.50 from $18.50.

Target price is $17.50 Current Price is $13.94 Difference: $3.56
If APE meets the Ord Minnett target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $17.68, suggesting upside of 26.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Credit Suisse rates APM as Outperform (1) -

APM Human Services International's maiden first-half result outpaced forecasts and management reiterated prospectus guidance, which Credit Suisse considers conservative. No dividend was announced and the broker forecasts a 0c dividend for the FY22 year (a dividend had been forecast previously).

Australia was the star performer, turning in 18.6% margins thanks to Vocational Training and Allied Health, and management points to a strong beginning to the Restart program in Britain.

Credit Suisse notes the company is trading at a -10% discount to the ASX300 and yet the company boasts a compound annual growth rate across FY21-FY24 of 20%, compared with 3.6% for the index. The broker also admires the pipeline and leading industry market position. 

Outperform rating reiterated. Target price rises to $4.20 from $4.15.

Target price is $4.20 Current Price is $2.95 Difference: $1.25
If APM meets the Credit Suisse target it will return approximately 42% (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 APX as Buy (1) -

Citi notes a -23% decline in Appen's share price following the company's removal of annual guidance is evidence of increased investor concern around a lack of earnings visibility, but the broker finds the decline steep. 

Year-to-date revenue is up 15% year-on-year, and the broker expects full-year revenue of US$493m. Looking ahead, Citi considers Appen's FY26 targets ambitious and currently retains a revenue outlook -25% below the company's target. 

The Buy rating is retained and the target price decreases to $9.15 from $14.80. 

Target price is $9.15 Current Price is $6.64 Difference: $2.51
If APX meets the Citi target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $8.21, suggesting upside of 17.3% (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

Citi rates ASB as Buy (1) -

Although Austal delivered a better than expected first half net profit result, Citi looks to detail on the company's ability to replenish its order book with a number of shipbuilding programs expected to be awarded in the second half. 

Austal is hopeful of finalising a contract with the Phillippines government for offshore patrol vessels before the end of March, with the first phase of the contract an estimated $47m four-year earnings opportunity. 

The Buy rating is retained and the target price decreases to $2.35 from $3.09.

Target price is $2.35 Current Price is $1.92 Difference: $0.43
If ASB meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $2.41, suggesting upside of 25.7% (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

Credit Suisse rates ASB as Outperform (1) -

Austal's December first-half top-line result fell shy of consensus and Credit Suisse's forecasts but earnings proved a beat, thanks to the accelerated release of contingency reserves which translated into stronger US shipbuilding margins.

But management lowers FY22 guidance to $1.4bn expecting lower throughput in the first half to extend into the second, with implications in further years.

Credit Suisse cuts revenue estimates expecting a softer US contribution given labour shortages and global supply chain disruptions.

Target price eases to $2.40 from $2.50. Outperform rating retained.

Target price is $2.40 Current Price is $1.92 Difference: $0.48
If ASB meets the Credit Suisse target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $2.41, suggesting upside of 25.7% (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 ASG as Outperform (1) -

Autosports Group posted profit above the guidance range set in November. Revenue was weaker due to supply constraints and lockdowns, the broker notes, although this did bounce back at the end of the half.

Current industry dynamics have led to margins expanding further this half with management confirming the current order bank has “materially” higher margins than what it is achieving today. The order book has doubled year on year.

As supply chain issues ease, the broker sees the most upside earnings risk in the first half FY23. Outperform retained, target rises to $2.90 from $2.80.

Target price is $2.90 Current Price is $1.91 Difference: $0.99
If ASG meets the Macquarie target it will return approximately 52% (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 ASG as Buy (1) -

Autosports Group delivered an 11% beat to UBS's first half forecasts, supporting by a continuing strong demand for new vehicles. Order book growth is up more than 100% year-on-year. 

Expect margins to remain strong in the near-term given limited recovery expected in 2022, with UBS guiding to profit margins of 4.3% over 2022 followed by a quick normalisation in margins to 3.3-3.4%. 

Expected margin strength drives earnings per share upgrades of 5%, 8% and 4% through to FY24. The buy rating is retained and the target price increases to $3.29 from $3.15. 

Target price is $3.29 Current Price is $1.91 Difference: $1.38
If ASG meets the UBS target it will return approximately 72% (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 ATL as Buy (1) -

Ord Minnett can see no reason why the proposed merger between Apollo Tourism and Leisure and NZ-listed Tourism Holdings won't go ahead so this should have been the former's final market update in terms of operational financials.

As a result, the broker completely ignores the interim release, and doesn't quantify any of it.

Ord Minnett observes Apollo's New Zealand operations continue to be impacted by international border closures. FY22 EPS estimates have been downgraded because of this.

Buy. Target price decreases to $0.63 from $0.77.

Target price is $0.63 Current Price is $0.56 Difference: $0.07
If ATL meets the Ord Minnett target it will return approximately 12% (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 BBT as Add (1) -

While BlueBet Holdings's key operational metrics for the first half were pre-released, Morgans points out strong operational progress has occurred over the last six months. It's felt the market is largely ignoring strong growth prospects and the Add rating is maintained.

Management expects the Australian business momentum will continue into the 2H as it looks to increase market share and reiterated the differentiated, capital-light approach to the company's US market entry. The target price of $1.60 is unchanged.

Target price is $1.60 Current Price is $0.65 Difference: $0.95
If BBT meets the Morgans target it will return approximately 146% (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 BBT as Buy (1) -

BlueBet Holdings' December first-half result broadly met Ord Minnett's forecasts but underlying earnings (EBITDA) sharply disappointed (-$151,000 compared with a forecast $321,000), thanks to higher costs which eroded margins.

Advertising and marketing spend was up, anticipating sharp expansion in 2022, and the broker awaits an April launch in Iowa, followed by another 2-4 states within a year.

Ord Minnett appreciates the company's mobile-first strategy, which cuts the cost of customer acquisitions and slightly boosts margins.

The company closes the half with $55m in cash. Target price falls to $1.50 from $2. Buy rating retained.

Target price is $1.50 Current Price is $0.65 Difference: $0.85
If BBT meets the Ord Minnett target it will return approximately 131% (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 BGA as Hold (3) -

First half results for Bega Cheese revealed material earnings growth (due to Lion Dairy and Drinks). However the earnings (EBITDA) margin fell due to covid impacts and higher milk prices.

While the analyst can look past near term covid issues, the industry structure (ongoing need for returns back to farmers at the expense of shareholders) is concerning. It's thought this must change for the company to rerate. Hold. 

Guidance was not reiterated due to covid uncertainty. The broker reduces its FY22 earnings forecast by -12% after increasing assumed covid costs in the 2H though leaves FY23 and FY24 estimates unchanged. The target falls to $5.33 from $5.65.

Target price is $5.33 Current Price is $4.77 Difference: $0.56
If BGA meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $5.35, suggesting upside of 13.8% (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

Morgans rates BKG as Add (1) -

Whilst Morgans retains its Add rating for Booktopia Group following 1H results, the target is slashed to $1.85 from $2.78 after allowing for a de-rating of the sector and factoring in increased operating expenses.

The broker's FY22-24 earnings (EBITDA) estimates fall by -18-30% with an around -10%-13% increase in operating expenses the main culprit. Nonetheless, faith is retained that the group will win market share in the $2.6bn domestic book industry.

Target price is $1.85 Current Price is $1.15 Difference: $0.7
If BKG meets the Morgans target it will return approximately 61% (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 BKL as Hold (3) -

As part of the 1H results presentation, Blackmores guided to a meaningful uplift in 2H marketing spend, which Ord Minnett's expects 
will result in a material fall for the consensus earnings estimate. This comes despite a beat to the broker's 1H profit and dividend estimates.

The International division, and particularly Indonesia, contributed to the higher-than-expected sales result, explains the analyst. After amending earnings forecasts, the broker lowers its target to $80 from $87 and maintains its Hold rating.

The fully franked interim dividend was 63cps compared to 45cps forecast by Ord Minnett, which represented a payout ratio of 60% of underlying net profit.

Target price is $80.00 Current Price is $75.31 Difference: $4.69
If BKL meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $85.03, suggesting upside of 5.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.2

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

Morgan Stanley rates BTH as Overweight (1) -

Bigtincan Holding's December first-half pre-released result result met forecasts, earnings (EBITDA) shifting into the black despite higher capitalised development costs, thanks to strong organic revenue growth (32% compared with 29% on the previous corresponding period).

Morgan Stanley says the reduction in cash burn despite major acquisitions demonstrates strong operating leverage. 

Cash burn fell to -$6.4m, which compares with $50m in the bank, suggesting the capital position is solid for now.

The company completed the integration of Brainshark during the period and gross margins returned to 86%. 

Overweight rating retained. Target price steady at $2.10.

Target price is $2.10 Current Price is $0.82 Difference: $1.28
If BTH meets the Morgan Stanley target it will return approximately 156% (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 BTH as Buy (1) -

Bigtincan released a strong H1 report on Friday, comments Ord Minnett, revealing 32% organic growth alongside the acquisition of Brainshark.

Moreover, for the first time ever the bottom line showed a profit (the broker had still penciled in a loss) as increasing operational leverage and cost reductions made a tangible difference.

Ord Minnett remains of the view that Bigtincan is developing into a "superior growth story". Buy rating retained. Target declines to $1.11 from to $1.75 on lower market multiples.

Target price is $1.11 Current Price is $0.82 Difference: $0.29
If BTH meets the Ord Minnett target it will return approximately 35% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Macquarie rates BVS as Outperform (1) -

Bravura solutions reported a first half miss, and FY profit guidance was downgraded by -25% due to a material increase in
expenses only partially offset by better revenues, Macquarie notes.

The company reduced its cost base in FY21 to combat weaker revenues due to covid, but these have now been unwound through a
combination of new hires at higher salaries and general wage inflation.

With re-basing seemingly complete and revenue growth showing green shoots the broker sees scope for re-rating once Bravura starts meeting guidance. Outperform retained, target falls to $2.40 from $3.45.

Target price is $2.40 Current Price is $1.67 Difference: $0.73
If BVS meets the Macquarie target it will return approximately 44% (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 BVS as Upgrade to Buy from Hold (1) -

While 1H underlying net profit and the dividend for Bravura Solutions were below Ord Minnett's forecasts, the rating is increased to Buy from Hold on an attractive valuation.

FY22 net profit guidance fell by -26%, despite management noting a strong pipeline of projects, though average costs per full-time employee are on the rise. The broker's target price falls to $2.35 from $2.80.

Ord Minnett expects the company to return to mid-to-high-single-digit growth over the next few years.

Target price is $2.35 Current Price is $1.67 Difference: $0.68
If BVS meets the Ord Minnett target it will return approximately 41% (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 BWX as Outperform (1) -

BWX reported a 22% increase in first half earnings year on year and missed Macquarie by -18%. Gross margins improved on efficiency gains. The culprit for the miss was Go-To, with the rest of the business flat.

Management has guided to strong revenue and earnings growth, inclusive of M&A, for the full year, with a greater skew to the second half than previously given first half lockdowns.

The broker nevertheless downgrades expectations on further covid disruptions and lowered sales expectations, along with greater conservatism towards margins given intentions to reinvest savings into long-term growth.

Outperform retained on valuation. Target falls to $5.00 from $6.00.

Target price is $5.00 Current Price is $2.48 Difference: $2.52
If BWX meets the Macquarie target it will return approximately 102% (excluding dividends, fees and charges).

Current consensus price target is $5.40, suggesting upside of 119.5% (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

UBS rates BWX as Buy (1) -

Softer than expected growth from the Sukin, Andalou and Nourished Life brands saw BWX deliver a -7% miss to UBS's revenue in the first half, although lower operating expenditure drove a 7% earnings beat. 

According to the broker a 42% first half skew may be achievable, expecting Sukin and Andalou are likely to deliver double-digit growth in the second half. The full year earnings forecast decreases -2% to $47.7m. 

The buy rating is retained and the target price decreases to $5.00 from $5.50. 

Target price is $5.50 Current Price is $2.48 Difference: $3.02
If BWX meets the UBS target it will return approximately 122% (excluding dividends, fees and charges).

Current consensus price target is $5.40, suggesting upside of 119.5% (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

Citi rates BXB as Buy (1) -

Brambles' first half wasn't up to its usual results according to Citi, with the company reporting a -$270m free cash flow miss. Despite this, the company delivered a 7% profit beat with profit of $481m and increased its full year guidance.

The broker notes higher lumber costs were the main driver behind the free cash flow miss. Citi looks to the longer-term, and notes Brambles will need to demonstrate what returns it can deliver on more than $1bn in investments. 

The Buy rating is retained and the target price decreases to $12.12 from $13.35. 

Target price is $12.12 Current Price is $9.81 Difference: $2.31
If BXB meets the Citi target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $11.58, suggesting upside of 17.0% (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: 0.4

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

Credit Suisse rates BXB as Outperform (1) -

Brambles' December first-half result outpaced consensus by 4% and Credit Suisse by 6%, thanks to strong revenue. Management upgraded FY22 revenue guidance by 1 percentage point. 

Cash flow disappointed, and management guided to higher FY22 cash outflow (after dividends) given higher lumber costs.

But the broker notes the company is enjoying strong pricing power, helping offset cost inflation and increasing margins, and expects this will be sustained, forecasting a strong cash-flow uplift once labour inflation subsides.

Outperform rating retained. Target price steady at $13.25.

Target price is $13.25 Current Price is $9.81 Difference: $3.44
If BXB meets the Credit Suisse target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $11.58, suggesting upside of 17.0% (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: 0.4

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

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

Brambles' first half result showed a structurally better business considering pricing and surcharge mechanisms in contracts, Macquarie suggests, supporting revenue growth in a period with falling like-for-like volumes as the covid impact is cycled.

Pricing pass-through should ease investor concerns on cost inflation pressure, particularly within the US pallet business, suggests the analyst.

The broker is cautious on the cash generation of the business with lumber inflation, digital investment, supply chain initiatives and possibly an entry into plastic pallets. The stock is not expensive, but re-rating is considered unlikely until cash flow improves.

Downgrade to Neutral from Outperform, target falls to $10.55 from $13.05.

Target price is $10.55 Current Price is $9.81 Difference: $0.74
If BXB meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $11.58, suggesting upside of 17.0% (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: 0.4

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

Morgan Stanley rates BXB as Underweight (5) -

Brambles' December first-half result outpaced consensus by 7% and Morgan Stanley by 11%, thanks to a beat on cost recovery, primarily in CHEP Americas, the company being able to more than match cost inflation with higher prices.

But the broker notes the cost of pooling capital expenditure was worse than feared and FY22 free cash-flow guidance disappointed.

While the broker expects the former will normalise by end FY23, it is less sure about the medium-term outlook for cash flow given the advancement of Costco will demand investment in a plastic pool.

FY22 earnings (EBIT) forecasts rise 4% to reflect the margin improvement and cost recovery.

Underweight rating retained, the broker doubting the share price will improve until cost indices improve or a decision on plastic is announced. Target price rises to $9.50 from $9.30.

Target price is $9.50 Current Price is $9.81 Difference: minus $0.31 (current price is over target).
If BXB meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.58, suggesting upside of 17.0% (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: 0.4

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

Morgans rates BXB as Hold (3) -

While 1H results for Brambles were broadly in-line with Morgans forecasts, a key highlight was a 9% beat by CHEP Americas for constant FX earnings (EBIT), on the back of price increases and surcharges in the US. 

In addition, FY22 guidance was upgraded with constant FX sales now expected to be up 6-8% versus 5-7% previously. However, a lack of free cashflow generation concerns the analyst with ongoing uncertainty around the Costco pallet trials.

The decision to proceed/or not will impact on the medium-term earnings growth and capex profile, so the broker keeps a Hold rating until clarification. The target falls to $10.05 from $11.04.

Target price is $10.05 Current Price is $9.81 Difference: $0.24
If BXB meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $11.58, suggesting upside of 17.0% (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: 0.4

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

Ord Minnett rates BXB as Buy (1) -

Ord Minnett was pleasantly surprised as Brambles released H1 financials well ahead of forecasts, with a higher-than-forecast dividend of US10.75c on top.

Costs have been managed and FY22 guidance was upgraded. Higher capex presented as a negative surprise and Ord Minnett is toying with the prospect of negative cash outflows for the year ahead.

A cheap looking share price is keeping the rating on Buy. Price target $12.25 (down from $12.70).

Target price is $12.25 Current Price is $9.81 Difference: $2.44
If BXB meets the Ord Minnett target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $11.58, suggesting upside of 17.0% (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: 0.4

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

UBS rates BXB as Buy (1) -

Brambles reported 4% earnings growth in the first half, a 2% beat to UBS's expectations, driven by a 10% beat from CHEP Americas. Earnings growth guidance updated to 3-5% from 1-2%, but free cash flow guidance decreased to -$350m from -$200m.

The cash flow downgrade was attributed to higher lumber pricing impacting on the cost of further required pallet purchases. UBS notes the guidance upgrade may disappoint investors as it suggests a less stable free cash flow profile during a challenging period. 

The Buy rating is retained and the target price increases to $13.35 from $13.30.

Target price is $13.35 Current Price is $9.81 Difference: $3.54
If BXB meets the UBS target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $11.58, suggesting upside of 17.0% (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: 0.4

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

Ord Minnett rates CAJ as Buy (1) -

It is Ord Minnett's view Capitol Health delivered a solid performance among challenging conditions. The broker lauds the resilience of the business with 75% of total sites located in Victory, and being affected by lockdowns.

Mobility is expected to rise which should facilitate a recovery for the business, even though H2 has started in weak fashion. The broker notes balance sheet firepower remains with $111m in unused debt facilities and negligible gearing.

Target price gains 1c to 44c, rating remains Buy.

Target price is $0.44 Current Price is $0.36 Difference: $0.08
If CAJ meets the Ord Minnett target it will return approximately 22% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for 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 CHC as Buy (1) -

Charter Hall's H1 result appeared below market expectations, but opticals deceive and management has yet again upgraded FY22 guidance to some 7% above market consensus, explain analysts at Citi.

The analysts continue to see the risks as skewed to further upside. Funds flowing in continue to be strong, they highlight, with management at Charter Hall seeing no indication of the flow slowing down.

Funds under management should continue to grow as the company's development pipeline has expanded by 50% in the six months to $13.2bn, points out Citi.

Buy. Target price gains 50c to $24.50.

Target price is $24.50 Current Price is $16.57 Difference: $7.93
If CHC meets the Citi target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $21.60, suggesting upside of 28.8% (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 CHC as Upgrade to Outperform from Neutral (1) -

Charter Hall Group's December first-half result broadly met Credit Suisse's forecasts, thanks largely to a 145% growth in Management earnings (EBITDA), struck on a 554% rise in performance and transaction fees. 

Management upgraded guidance for the third time this financial year (excluding the Irongate ((IAP)) acquisition), expecting further performance-fee strength in the second half.

Dividend guidance is reiterated, leading the broker to surmise a strong influx of cash will be reinvested to cushion against a forecast decline in FY23 EPS when performance fees are tipped to cool. 

FY22 to FY24 EPS forecasts rise 5.4% to 1.6%.

Credit Suisse upgrades to Outperform from Neutral. Target price eases to $19.54 from $22.17.

Target price is $19.54 Current Price is $16.57 Difference: $2.97
If CHC meets the Credit Suisse target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $21.60, suggesting upside of 28.8% (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 CHC as Outperform (1) -

Charter Hall Group's first half operating earnings were below Macquarie's expectations, with the variance driven by a greater skew of performance fees to H2 compared to prior expectations, with other items broadly in line.

FY earnings guidance has been upgraded, driven by recurring items as opposed to more transitory performance fees. The broker notes Charter Hall has a long track record of upgrading second half guidance.

Additional growth in funds under management will be driven by organic means, as opposed to acquisition of platforms. In addition, platform acquisitions that would further diversify the business were not under consideration, the broker notes.

Outperform retained, target rises to $23.10 from $22.68.

Target price is $23.10 Current Price is $16.57 Difference: $6.53
If CHC meets the Macquarie target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $21.60, suggesting upside of 28.8% (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 CHC as Equal-weight (3) -

At first glance, Charter Hall Group's FY22 December-half result missed consensus and Morgan Stanley's forecasts by a decent clip, due to weak performance fees and higher than forecast tax and expenses.

Management has upgraded FY22 EPS guidance to at least $1.12, from $1.05 at December 31, and guided to a better second half.

Property funds under management (FUM) rose 17% in the half, and the development pipeline shot up to $13.2bn from $8.8bn ($6bn of which was already reported in the FUM.

For now, Equal-weight rating and $19.88 target retained. Industry view: In-line.

Target price is $19.88 Current Price is $16.57 Difference: $3.31
If CHC meets the Morgan Stanley target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $21.60, suggesting upside of 28.8% (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 CHC as No Rating (-1) -

Charter Hall Group managed to not only double its interim profit from last year, its result was equally well above what Ord Minnett had penciled in.

The broker says the "beat" was due to a stronger performance plus higher transaction fees and higher development earnings. Assets under management (AUM) grew by 17% in the first half of FY22 following 32% growth in FY21.

FY22 EPS guidance has now been upgraded a third time. Ord Minnett remains confident management will continue to be disciplined and not embark on a series of bolt-on acquisitions.

Ord Minnett is currently under research restriction.

Current Price is $16.57. Target price not assessed.

Current consensus price target is $21.60, suggesting upside of 28.8% (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 CMW as Buy (1) -

Ord Minnett now draws a comparison of Cromwell Property Group to the capital-light Charter Hall Group ((CHC)) and Centuria Capital Group ((CNI).

This comes after confirmation at 1H results the group will be launching a separate ASX-listed office REIT seeded with balance sheet assets by June.

While the group's 1H gearing strayed above the 30-40% target range, the analyst notes this will be rectified by the transition into a fund manager and the sale of warehoused assets. The $1.00 target and Buy rating are maintained.

Target price is $1.00 Current Price is $0.88 Difference: $0.12
If CMW meets the Ord Minnett target it will return approximately 14% (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

Macquarie rates DDH as Outperform (1) -

DDH1's revenue and earnings beat Macquarie by 5% and 1%. It was a solid result, the broker suggests, given covid headwinds in the first half. Key metrics, and organic growth, were strong.

Management notes strong industry fundamentals are driving demand with the business well-positioned to pursue organic and M&A growth opportunities.

The medium-term growth outlook remains positive, the broker notes, underpinned by strong industry conditions, expansion of the drill rig fleet, higher utilisation and improving rates.

Outperform retained, target rises to $1.65 from $1.62.

Target price is $1.65 Current Price is $1.01 Difference: $0.64
If DDH meets the Macquarie target it will return approximately 63% (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 FCL as Buy (1) -

Citi refuses to quantify Fineos Corp's H1 result, but the broker does point out the company's key problem in the short term: client IT budgets are constrained and Fineos' potential to add new client wins is therefore limited in the short term.

Citi remains a believer in the longer-term growth story, but for the time being the analysts have adopted growth numbers that are below management's guidance/ambitions.

Target price falls to $4 from $4.65. Buy rating retained. Earnings estimates are now projecting the company will remain loss-making for at least the next three years.

Target price is $4.00 Current Price is $3.30 Difference: $0.7
If FCL meets the Citi target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $4.16, suggesting upside of 34.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.8

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

Macquarie rates FLT as Neutral (3) -

Covid disruptions led Flight Centre to a much greater loss than Macquarie had feared, but the outlook is improving. A heavily impacted December carried into January, but confidence is now building.

February total transaction value is tracking at more than 50% above January levels in both corporate and leisure, the broker notes. Cash reserves seem adequate, and the travel agent continues to win new clients.

Target rises to $18.85 from $17.85, Neutral retained.

Target price is $18.85 Current Price is $18.18 Difference: $0.67
If FLT meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $18.50, suggesting upside of 5.3% (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 GMA as Outperform (1) -

Genworth Mortgage Insurance had pre-released its 2021 numbers, so no surprises on that front for Macquarie. The surprise was a 12c special dividend on top of a 12c ordinary along with a $100m buyback.

The separation program is running on time and is due to complete in the March quarter, although some costs will continue to be incurred into the second half 2022.

The broker substantially lifts earnings forecasts, reflecting improved long-term loss ratio expectations following more bullish short to medium term commentary from the company. Target falls to $3.25 from $3.70 due to a higher risk-free rate assumption.

Outperform retained.

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

The company's fiscal year ends in December.

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 GQG as Add (1) -

FY21 results for GQG Partners were broadly in-line with both prospectus forecasts and Morgans expectations. A strong relative performance for the four strategies is considered to help the near-term flows outlook. The Add rating is maintained.

The analyst feels the broader sector de-rating shouldn't apply to the company as investment performance and flows remain solid. While the key risk is seen as the reliance on Rajiv Jain (CIO), management is aware and the risk should be diluted over time.

After the analyst makes minor forecast changes, the target price falls to $2.27 from $2.40.

Target price is $2.27 Current Price is $1.48 Difference: $0.79
If GQG meets the Morgans target it will return approximately 53% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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 HVN as Buy (1) -

Harvey Norman reported below Citi's forecast, while handsomely beating market consensus, or so it appears. Citi found the overall quality of the result good.

The broker retains a positive view on further store roll-outs internationally. Target price reduces to $5.90 from $6 on slightly lower market multiples. Buy rating retained.

Target price is $5.90 Current Price is $5.15 Difference: $0.75
If HVN meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $6.05, suggesting upside of 15.3% (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

Credit Suisse rates HVN as Outperform (1) -

Harvey Norman's December first-half result outpaced consensus by 9% and Credit Suisse by 2% and the company increased the dividend payout ratio to 73% of underlying net profit.

Australian Franchise delivered a beat, albeit revenue was lower year on year, but Credit Suisse says this is consistent with the broader market.

The company booked an increase in the value of its property investments in the half, the highest incremental rise in years, and its freehold investment properties are now valued at $3bn.

The International segment suffered from NZ and Malaysia store closures but earnings were still 150% higher year on year, pointing to strong growth potential, says the broker. 

Target price rises to $5.86 from $5.62. Outperform rating retained.

Target price is $5.86 Current Price is $5.15 Difference: $0.71
If HVN meets the Credit Suisse target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $6.05, suggesting upside of 15.3% (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 HVN as Outperform (1) -

Harvey Norman's first half was impacted by lockdowns and supply constraints, Macquarie notes. All regions are seeing positive trading momentum for first seven weeks of the second  half other than Ireland, which is flat, pointing to improved performance.

Demand remains strong for consumer electronics and whitegoods supported by strong savings ratio and low interest rates.

The broker sees continued appeal given the stock is trading at a 12.1x forward PE and has $4.2bn of net assets underwriting the value. Outperform and $6.40 target retained.

Target price is $6.40 Current Price is $5.15 Difference: $1.25
If HVN meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $6.05, suggesting upside of 15.3% (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 HVN as Hold (3) -

Ord Minnett finds Harvey Norman released a H1 result well above expectations. The retailer's profit, excluding property revaluations of $483m, is no less than 10% ahead of the broker's forecast, with strong margin performance in Australia the key driver.

No guidance has been provided though the broker notes the trading update provided was "strong". Consensus forecasts are expected to lift post today's update.

The 20cps dividend announced was equally ahead of the broker's 15cps forecast. Hold rating retained as Ord Minnett is cautious about the twelve months ahead. Target price lifts to $5.60 from $5.40.

Target price is $5.60 Current Price is $5.15 Difference: $0.45
If HVN meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $6.05, suggesting upside of 15.3% (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 HVN as Buy (1) -

An -8.4% like-for-like sales decline in the first half, reflective of store closures and a tough previous comparable period, impacted on Harvey Norman Holdings' results. Revenue and net profit were down -9% and -7% on the previous half, although a beat on UBS forecasts. 

Like-for-like sales have demonstrated a 1.5% lift in the early second half and the broker expects sales to remain strong as working from home trends continue to drive an increased focus on home improvement and consumer technology ownership. 

The Buy rating is retained and the target price decreases to $6.50 from $7.00.

Target price is $6.50 Current Price is $5.15 Difference: $1.35
If HVN meets the UBS target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $6.05, suggesting upside of 15.3% (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 IFL as Overweight (1) -

On closer examination, Insignia Financial's December first-half results delivered an 8% beat to Morgan Stanley's earnings forecast, while net profit missed the mark for the broker by -1%. 

Management upgraded FY22 synergy run-rate guidance and expects the target will likely be realised by December 2023 (18 months earlier than expected).

The company also announced a simplification program for FY23-FY24 and said this should increase net operating margins by $5m to $10m plus synergies.

As FUMA margins improve, the broker forecasts a 24% increase in EPS forecasts in FY23 and 9% in FY24.

Overweight rating retained. Target price rises 10c to $5.60 from $5.50. Industry view: Attractive.

Target price is $5.60 Current Price is $3.91 Difference: $1.69
If IFL meets the Morgan Stanley target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $5.24, suggesting upside of 37.1% (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

UBS rates IFM as Buy (1) -

Following a positive first half result, Infomedia has upgraded full year revenue guidance to $119-123m from $117-123m, with UBS noting the bottom end of guidance implies flat half-on-half growth. 

Looking ahead, the SimplePart integration appears to be performing well and a first global deal is going live while further opportunities in Europe and Australia Pacific were flagged. Europe growth opportunities were also flagged for the Nidasu business. 

The Buy rating is retained and the target price decreases to $2.15 from $2.20.

Target price is $2.15 Current Price is $1.43 Difference: $0.72
If IFM meets the UBS target it will return approximately 50% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Ord Minnett rates ILU as Hold (3) -

FY21 results for Iluka Resources were in-line with the consensus expectation though better than Ord Minnett's forecasts across most financial metrics.

Guidance for 2022 was considered by the analyst to be relatively soft with zinc/rutile/synthetic rutile volumes steady year-on year, but with capital expenditure rising materially.

After the broker has rebuilt the valuation model for the company and incorporated FY21 results, the target rises to $10 from $9.40, while the Hold rating is kept.

Target price is $10.00 Current Price is $10.15 Difference: minus $0.15 (current price is over target).
If ILU meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.15, suggesting downside of -5.1% (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

Morgans rates IPD as Speculative Buy (1) -

Morgans retains its Speculative Buy rating and $0.25 target for ImpediMed after making only minor changes to forecasts following 1H results. The results disappointed on revenue but were in-line with the broker's earnings forecast.

After PREVENT data was published during the half, the analyst has hopes for a possible inclusion of the SOZO technology into the National Comprehensive Cancer Network (NCCN) guidelines.

Target price is $0.25 Current Price is $0.17 Difference: $0.08
If IPD meets the Morgans target it will return approximately 47% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Macquarie rates IPL as Outperform (1) -

Incitec Pivot has informed its Waggaman Ammonia Plant will take 6-8 weeks to be back up and running again compared to the broker's original assumption of three weeks, implying a continuation of the plant's chequered track record.

This gives limited value to Incitec's de-gearing benefit from higher fertiliser prices and potential for structurally higher prices due to higher European gas prices and constrained supply, the broker suggests.

Consistent production is a pre-requisite for this gap to close. Outperform retained, target falls to $3.80 from $4.10.

Target price is $3.80 Current Price is $3.05 Difference: $0.75
If IPL meets the Macquarie target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $3.87, suggesting upside of 25.3% (ex-dividends)

The company's fiscal year ends in September.

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 IPL as Buy (1) -

Further detail has been provided on the ruptured hydrogen pipe incident at Incitec Pivot's Waggaman ammonia plant, with only damage sustained surrounding equipment. UBS notes the company expects operations to resume within 6-8 weeks following repairs. 

The company has declared force majeure to off-take contractors given circumstances preventing the fulfillment of contracts, and estimates an earnings impact of -$132-174m.

According to UBS this implies -15% downside to consensus estimates, and lowers its full year earnings forecast -6%. 

The Buy rating and target price of $3.95 are retained. 

Target price is $3.95 Current Price is $3.05 Difference: $0.9
If IPL meets the UBS target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $3.87, suggesting upside of 25.3% (ex-dividends)

The company's fiscal year ends in September.

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 KGN as Downgrade to Neutral from Outperform (3) -

Kogan.com's pre-released December first-half result still managed to disappoint Credit Suisse, underlying earnings (EBITDA) falling -$4.3m shy due to accounting treatment of the Bitbuy.com domain sale.

Credit Suisse sharply downgrades forecasts to reflect lower revenue estimates, higher forecast marketing expenditure, and higher depreciation and amortisation.

Rating downgraded to Neutral from Outperform. Target price falls to $5.53 from $9.16.

Target price is $5.53 Current Price is $5.26 Difference: $0.27
If KGN meets the Credit Suisse 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

UBS rates KGN as Neutral (3) -

Kogan.com announced a miss to its pre-announced first half, as changes to the Bitbuy.com sale reporting saw earnings decrease to $17.4m from $21.6m. UBS notes the shift implies second quarter earnings of $1.8m, down from $8.5m in the first quarter, and reduced margins. 

Gross sales in the half were up 9% year-on-year, while gross profit declined -8%. A strong focus on growth investment will likely see margins remain depressed, and payoff on expenditure will likely take time. 

The Neutral rating is retained and the target price decreases to $5.70 from $6.70. 

Target price is $5.70 Current Price is $5.26 Difference: $0.44
If KGN meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Ord Minnett rates LGL as Buy (1) -

While cost pressures for Lynch Group were evident in 1H results, Ord Minnett notes ongoing top-line growth protected the earnings impact. Overall, the result was considered a slight miss though the 6cps dividend exceeded the broker's 5cps forecast.

The analyst considers a 43.8% rise in revenue year-on-year pre-eliminations in China was the highlight. However, overall margins are estimated to continue contracting in the second half as costs, in particular freight, labour and electricity continue to weigh.

The target price falls to $4 from $4.70 and the Buy rating is maintained.

Target price is $4.00 Current Price is $2.98 Difference: $1.02
If LGL meets the Ord Minnett target it will return approximately 34% (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 LME as Downgrade to Neutral from Outperform (3) -

Limeade reported a 2021 result and 2022 guidance consistent with Macquarie's expectations. Contracted annual recurring revenue rose 3% year on year, but the acquisition of TINYPulse contributed 12%.

Well-Being CARR declined by -12%, due to the non-renewal or loss of several key customer contracts including American Airlines, the broker notes, and a misaligned indirect mid-market channel.

The company will need to demonstrate operating cash flow performance to achieve potential value, the broker warns. Downgrade to Neutral from Outperform on cash position and negative cash flow outlook. Target falls to 34c from $1.12.

Target price is $0.34 Current Price is $0.35 Difference: minus $0.01 (current price is over target).
If LME meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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: 0.0

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

Ord Minnett rates LNK as Hold (3) -

Lower amortisation charges were responsible for Link Administration Holdings' 1H beat versus Ord Minnett's forecast for operating earnings (EBITDA) before interest and tax.

The analyst notes significant improvement will be needed before guidance is met for at least 5% higher earnings before interest and tax (EBIT).

Ultimately, prospects for the stock price rest with the $5.50 takeover bid by Dye and Durham notes Ord Minnett. The proceeds from 
the banking and credit management (BCM) division are also expected to be an additional swing factor.

Target price is $5.50 Current Price is $5.30 Difference: $0.2
If LNK meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $5.55, suggesting upside of 5.1% (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 LYC as Outperform (1) -

Lynas Rare Earths' first half result was strong, with earnings better than Macquarie had anticipated, although cash flow generation was in line. The development of the Kalgoorlie plant is progressing, and the project remains on track to be operational in July 2023.

The broker believes the better result was likely attributable to lower shipping and logistics costs than anticipated as Lynas secured its own vessels to ease shipping issues.

Spot NdPr prices have surged to over US$170/kg and underpin material upside risk. Target rises to $12.60 from $12.40, Outperform retained.

Target price is $12.60 Current Price is $9.57 Difference: $3.03
If LYC meets the Macquarie target it will return approximately 32% (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

Morgans rates M7T as Add (1) -

Following an above-expectations 1H result for Mach7 Technologies, Morgans maintains its Add rating and $1.55 target. The broker is focused upon the solid growth of the sales order book, which is considered a lead indicator. 

Management expects to achieve positive earnings (EBITDA) for FY22, which the analyst sees as an important milestone and believes investor confidence will build.

Target price is $1.55 Current Price is $0.77 Difference: $0.78
If M7T meets the Morgans target it will return approximately 101% (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

Credit Suisse rates MFG as Neutral (3) -

Magellan Financial Group has experienced an extra -$5.4bn in outflows in the past two weeks (-$0.6bn retail and -$4.7bn institutional) in response to a very weak performance from the global fund and news CEO Hamish Douglass is on medical leave.

This takes outflows since December 31 to $77bn (-19%).

EPS forecasts are downgraded -2% in FY22; -6% in FY23 and -7% in FY24. Neutral rating retained. Target price falls to $18 from $20.

Target price is $18.00 Current Price is $17.78 Difference: $0.22
If MFG meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $18.02, suggesting downside of -2.1% (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 MPL as Upgrade to Buy from Neutral (1) -

Citi analysts have chosen to zoom in on just about everything possible, except the actual result released by Medibank Private. The insurer itself has indicated another bolt-in acquisition is on the cards.

Citi believes Medibank Private is en route for reasonable top line growth on robust margins in FY22 and likely FY23 too. Estimates have increased.

There could also be capital initiatives in addition to bolt-on acquisitions, the broker seems to suggest. Target price moves to $3.65 from $3.50. Upgrade to Buy from Neutral.

Target price is $3.65 Current Price is $3.05 Difference: $0.6
If MPL meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $3.41, suggesting upside of 7.3% (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

Credit Suisse rates MPL as Outperform (1) -

Medibank Private's December first-half result met consensus and Credit Suisse' forecasts thanks to a return to market share growth and an increase in gross margins.

Management upgraded FY22 guidance to 3.1%-3.3% from 3% previously, and expects continued margin growth and a reduction in claims inflation to 2.3% from 2.4%.

Credit Suisse notes the company's productivity program is delivering results, yielding $7m in first-half cost savings. The broker likes the fact that 70% of new customers were under the age of 40.

EPS forecasts rise 3% in FY22; 8% in FY23; and 12% in FY24. Outperform rating retained. Target price falls to $3.50 from $3.70 to reflect lower market multiples. 

Target price is $3.50 Current Price is $3.05 Difference: $0.45
If MPL meets the Credit Suisse target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $3.41, suggesting upside of 7.3% (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 MPL as Neutral (3) -

Macquarie makes no mention of Medibank Private's actual result, noting only that FY guidance for policyholder growth and underlying claims inflation were both slightly improved, as was downgrading insurance cover.

Covid deferred claims liability is increased to reflect ongoing conservatism due to surgery delays. The insurer has extended its premium increase deferral program to October 1.

The broker suggests the longer localised lockdowns continue, the longer upside earnings risk will persist for health insurers. Neutral retained, target falls to $3.30 from $3.45.

Target price is $3.30 Current Price is $3.05 Difference: $0.25
If MPL meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.41, suggesting upside of 7.3% (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

Morgan Stanley rates MPL as Overweight (1) -

Medibank Private's December first-half result appears to have met Morgan Stanley's forecasts, and the company has guided to an easing in claims growth in the second half to 2.3% from 2.4%. 

The announcement of the extension of premium relief to October 1 has also caused the broker to increase gross margin forecasts for the second half.

The broker expects the return of improved claims gains to members also increases the chances of prosthesis reform.

Morgan Stanley's believes Medibank is at the beginning of a long transformation into a health services company and expects the share price will re-rate accordingly.

Overweight rating retained. Price target eases to $3.50 from $3.70.

Target price is $3.50 Current Price is $3.05 Difference: $0.45
If MPL meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $3.41, suggesting upside of 7.3% (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 MPL as Upgrade to Add from Hold (1) -

While Morgans makes relatively minor earnings forecasts following 1H results from Medibank Private, there is estimated to be greater than 10% total shareholder returns on offer over the next 12 months. As a result, the rating is raised to Add from Hold.

Profit for the 1H was a 2% beat compared to the consensus estimate and around 5% up on the previous corresponding period. The broker sees continuing benign claims in a favourable environment, and ongoing benefits from the company’s productivity program.

The target price eases down to $3.43 from $3.64.

Target price is $3.43 Current Price is $3.05 Difference: $0.38
If MPL meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $3.41, suggesting upside of 7.3% (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 MPL as Lighten (4) -

While 1H results for Medibank Private revealed a beat for underlying net profit and dividends, Ord Minnett notes guidance points to some underlying pressures on gross margins in FY22.

Mind you, the analyst acknowledges the difficulty of predicting underlying trends while claims trends are so distorted during the pandemic.

The Lighten rating is retained due to the risk of a change of government policy in the space and the flagged gross margin pressures. The $3 target is unchanged.

Target price is $3.00 Current Price is $3.05 Difference: minus $0.05 (current price is over target).
If MPL meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.41, suggesting upside of 7.3% (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 MSV as Speculative Buy (1) -

Given quarterly reporting, there were no surprises for Morgans contained within Mitchell Services' 1H results. The broker repeats that despite management's strong outlook, the shares remain at a stark discount to listed peers.

A new rig deployment and the easing of pandemic and wet weather headwinds should combine to build margins in the 2H, according to the analyst.

Even capital management potential is anticipated by Morgans, as the company will approach net cash by the end FY23.

Target price is $0.66 Current Price is $0.35 Difference: $0.31
If MSV meets the Morgans target it will return approximately 89% (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

Credit Suisse rates MYX as Neutral (3) -

Mayne Pharma Group's December first-half result met consensus forecasts, and excludes the -$32m decline in the fair value of earn-out of Nextellis, says Credit Suisse.

Price erosion continued to hit the generic retail business, revenue slumping -29% and profit down -50%. Gross cash conversion was soft and the broker notes net debt/EBITDA has fallen below covenant.

The broker forecasts a return to earnings growth in the second half, thanks largely to Dermatology as more products hit the market.

Netural rating retained, the broker awaiting a strong ramp-up in Nextstellis. Target price falls to 27c from 30c.

Target price is $0.27 Current Price is $0.25 Difference: $0.02
If MYX meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $0.29, suggesting upside of 24.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Morgan Stanley rates NCM as Overweight (1) -

Newcrest Mining's December first-half results met Morgan Stanley's estimates, as lower costs drove an earnings (EBITDA) beat.

Management reiterated production guidance and raised all-in-sustaining cost guidance.

The broker sharply upgrades FY22 EPS forecasts to reflect the results, guidance and latest reserves and resources disclosures.

Overweight rating retained. Target price rises to $29.60 from $29.

Target price is $29.60 Current Price is $24.82 Difference: $4.78
If NCM meets the Morgan Stanley target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $28.59, suggesting upside of 11.4% (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 NIC as Accumulate (2) -

Nickel Mines' December first-half result pleased Ord Minnett, and the broker expects the company will maintain margins as the nickel price inflation continues to outpace energy inflation.

The company is in a net cash position of roughly $75m post the US$225m capital raising and has plenty of money to fund the pipeline, says the broker.

FY22 EPS forecasts rise 11%. Target price rises to $1.60 from $1.45. Accumulate rating retained.

Target price is $1.60 Current Price is $1.54 Difference: $0.06
If NIC meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $1.71, suggesting upside of 11.9% (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: 0.9

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

Macquarie rates NSR as Underperform (5) -

National Storage REIT's underlying earnings were 3% above Macquarie's forecast. A positive operational update included an 8% increase to FY guidance, with revenue per average square metre reaching an all-time high.

The broker expects growth to moderate from here. Upside risk exists via M&A and balance sheet deployment ahead of expectations, however with the stock trading at a 3.8% dividend yield and downside risk to revenue growth, the broker retains Underperform.

Target rises to $2.47 from $2.28.

Target price is $2.47 Current Price is $2.54 Difference: minus $0.07 (current price is over target).
If NSR meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.54, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

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

At first glance, National Storage REIT's December first-half result outpaced consensus and Morgan Stanley forecasts thanks to a 34% leap in storage revenues, struck on increased occupancy and rates.

Management upgrades EPS growth to 18% from 10%, suggesting a 6% to 7% upside to FY22 consensus, says the broker.

About $60m of acquisitions were finalised in the half and another $84m are expected to settle in the second half. Gearing is undemanding.

Equal-weight rating retained. Target price rises to $2.44, compared with $1.98 prior.

Target price is $2.44 Current Price is $2.54 Difference: minus $0.1 (current price is over target).
If NSR meets the Morgan Stanley target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.54, suggesting downside of -1.9% (ex-dividends)

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Morgans rates NSR as Hold (3) -

Morgans raises its target price to $2.35 from $2.13 following a strong 1H result for National Storage REIT, with operating margins growing by 3%. The Hold rating is maintained.

FY22 guidance is for EPS growth of 18% at a minimum, up from 10%. As a result the broker adjusts forecasts for higher than forecast occupancy/rates and lower than assumed interest costs.

The analyst expects the key for meeting guidance will be the timing and quantum of acquisitions/development projects.

Target price is $2.35 Current Price is $2.54 Difference: minus $0.19 (current price is over target).
If NSR meets the Morgans target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.54, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

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

Following 1H results, Ord Minnett raises its rating for National Storage REIT to Buy from Hold and lifts its target to $2.90 from $2.70. Underlying earnings were 9% ahead of the broker's estimate due to higher storage and ancillary revenue.

FY22 guidance was upgraded to 10cps from previous guidance of 9.35cps.

The analyst's enthusiasm stems from the strength in operating metrics, investment capacity (low gearing of 22%) and the rollout of a 140,000sqm development pipeline over the next two years.

Target price is $2.90 Current Price is $2.54 Difference: $0.36
If NSR meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $2.54, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Morgans rates NVX as Hold (3) -

After Morgans takes into account a larger 1H loss for Novonix than expected and the current market aversion towards growth stocks, a lower share price opportunity is expected to arise. The Hold rating is maintained.

Nonetheless, the broker points out major loss drivers were one-off in nature, including -$11.8m of share based compensation and -$4.5m in listing costs for the secondary listing on the Nasdaq.

The analyst lifts the assumption for needle coke pricing by 20% which has reduced long-term earnings margins forecasts by around -3-4%. The risk weighting for Novonix Anode Materials also increases. The target falls to $4.88 from $6.97.

Target price is $4.88 Current Price is $5.08 Difference: minus $0.2 (current price is over target).
If NVX meets the Morgans target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Ord Minnett rates PAC as Buy (1) -

Ord Minnett comments Pacific Current Group's H1 report was "excellent", in-line, and with a better-than-expected dividend declared. The broker sees an improving outlook, including equity in GQG Partners ((GQG)), making the stock look "super cheap".

Underlying forecasts have been lifted by 3%-6% from FY23 and beyond. Target gains 30c to $11.30. Buy rating reiterated.

Target price is $11.30 Current Price is $7.27 Difference: $4.03
If PAC meets the Ord Minnett target it will return approximately 55% (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

Credit Suisse rates PBH as Neutral (3) -

Pointsbet Holdings' December first-half result appears to have fallen a tad shy of Credit Suisse' expectations at the EPS level and the broker notes the share price has slumped -28% since January.

Credit Suisse says the pace of cash burn suggests the company will need to ponder capital requirements by the end of 2022. 

The broker believes equity markets are an option if the company demonstrates profitable market-share gains.

Credit Suisse retains the faith but says the market has plenty of time and room to await signs of improved profitability, given the size of the North America wagering market continues to surprise to the upside.

Target price falls to $4 from $5.50 to reflect reduced market share and yield. Neutral rating retained.

Target price is $4.00 Current Price is $3.59 Difference: $0.41
If PBH 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: 0.0

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

Ord Minnett rates PBH as Hold (3) -

Pointsbet Holdings' December first-half result missed Ord Minnett's forecasts due to higher than expected operating expenditure.

Management flags continued marketing spend in the June half, with a stronger skew to North America in line with the company's strong expansion strategy.

The broker cuts earnings forecasts across FY22 to FY24, extending losses, and the target price falls to $4.40 from $5.20 accordingly.

Hold rating retained.

Target price is $4.40 Current Price is $3.59 Difference: $0.81
If PBH meets the Ord Minnett target it will return approximately 23% (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

Macquarie rates PDN as Outperform (1) -

Paladin Energy reported a net loss of -US$11m in the first half, with Macquarie highlighting cash increased by 27% half on half to US$38m following the sale of equity in Lotus Resources ((LOT)).

The broker's outlook of a 17-year mine life for Langer Heinrich, producing 78.5mlb uranium, remains unchanged, but first-production forecasts have been delayed by 12 months to FY25.

The project is fully licensed, in a known uranium jurisdiction and has a near-term path to market, the broker notes, buoyed by a positive uranium outlook. Outperform retained, target falls to 90c from $1.00 on the delay.

Target price is $0.90 Current Price is $0.77 Difference: $0.13
If PDN meets the Macquarie target it will return approximately 17% (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 PNV as Outperform (1) -

Polynovo recorded sales of its BTM device of $16.3m in the first half as was pre-announced, of which the US accounted for
$14.2m. In the US, momentum improved through the half, with December quarter sales up 31% half on half.

January saw record monthly sales. Macquarie's forecasts imply an increased cash position by June 2022, supported by an improved operational performance and a property sale and leaseback.

The broker continues to see Polynovo as well positioned to increase share within existing indications, with diversification outside of burns.

Target falls to $1.60 from $2.85 to reflect reflect lower BTM forecasts, increased cost assumptions, and updated FX and risk-free rate assumptions. Outperform retained.

Target price is $1.60 Current Price is $1.02 Difference: $0.58
If PNV meets the Macquarie target it will return approximately 57% (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 PNV as Hold (3) -

Polynovo's December first-half result generally pleased Ord Minnett save for the cash burn that has left the company with a cash balance of just $3.3m.

Management believes that now the US business is profitable on a standalone basis, it will not need to raise further equity, but it is this concern that is weighing on the share price.

With covid ending, the outlook is theoretically strong, says the broker, and notes the company has options such as a territory partnership with an upfront cash component. On the flip side, operating expenditure appears to be rising.

With such a low margin of safety, Ord Minnett lowers the target price to $1.29 from $1.70.

Hold rating retained, the broker noting 2022 will define Polynovo's fortunes.

Target price is $1.29 Current Price is $1.02 Difference: $0.27
If PNV meets the Ord Minnett target it will return approximately 26% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Macquarie rates QAL as Outperform (1) -

Qualitas beat Macquarie slightly with its maiden result and FY guidance has been reaffirmed. The broker sees upside risk to guidance given activity in the second half to date.

Management announced progress against its strategic priorities, including the launch of three new funds with a $1.1bn target, and $50m of deployment opportunities.

Given the operating leverage in the vehicle, the group is positioned to grow funds under management and earnings materially over coming years, the broker believes. Outperform retained, target rises to $2.77 from $2.64.

Target price is $2.77 Current Price is $2.29 Difference: $0.48
If QAL meets the Macquarie target it will return approximately 21% (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 QAN as Buy (1) -

A first half earnings loss of -$245 from Qantas was a beat on the company's updated guidance range for a -$250-300m loss. UBS notes full year guidance is yet to be provided, but the company expects domestic capacity of 80-85% pre-covid levels in the second half. 

Qantas indicated a -$650m second half earnings impact from omicron, but the broker expects FY23 to see some normalisation of domestic operations with international recovery taking place in FY24.

The Buy rating and target price of $6.20 are retained. 

Target price is $6.20 Current Price is $5.06 Difference: $1.14
If QAN meets the UBS target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $5.93, suggesting upside of 16.9% (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 QUB as Buy (1) -

Qube Holdings' interim report included material "beats" across all lines, reports Citi. The broker sees its thesis remaining intact and remains positive on the shares.

It is Citi's view management's positive track record of capital allocation bodes well for investors over the coming years. For now, Qube announced a $400m capital management program, in-line with Citi's anticipation.

Earnings estimates have been lifted as margin assumptions increase. Target price loses -1c to $3.58. Buy.

Target price is $3.58 Current Price is $2.97 Difference: $0.61
If QUB meets the Citi target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $3.32, suggesting upside of 11.8% (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 QUB as Hold (3) -

While 1H earnings for Qube Holdings were a solid beat versus both Morgans and the consensus forecasts, earnings didn't translate into equivalent cash flow growth. However, management is committed to capital management initiatives of up to $400m in the 2H.

The broker cuts its Moorebank valuation and factors in higher capex, partly offset by upgrades to forecast earnings. The Hold rating is retained, while the target falls to $2.77 from $3.

The burning question for the analyst: How much capital investment is needed to sustain and grow earnings at returns above the cost of capital?

Target price is $2.77 Current Price is $2.97 Difference: minus $0.2 (current price is over target).
If QUB meets the Morgans target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.32, suggesting upside of 11.8% (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 RED as Downgrade to Hold from Add (3) -

First half results show Morgans that Red 5 has sufficient funding to complete construction and commissioning at the King of the Hills project and now expects first gold in the June quarter.

After recent strength for the share price, the broker moves to a Hold rating from Add and retains a -20% discount to net asset value until the project enters production. The $0.34 target price is retained.

Target price is $0.34 Current Price is $0.32 Difference: $0.02
If RED meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Macquarie rates REG as Neutral (3) -

Regis Healthcare's earnings fell slightly short of Macquarie on lower revenues and higher expenses. Occupancy trends are incrementally positive, and deleveraging is continuing.

The broker sees medium-longer term fundamentals as favourable for residential aged-care providers on the ageing population theme, but sees earnings pressure in the near term associated with covid as well as a degree of uncertainty in relation to future funding.

Target rises to $2.10 from $1.95, Neutral retained.

Target price is $2.10 Current Price is $2.14 Difference: minus $0.04 (current price is over target).
If REG meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.03, suggesting downside of -2.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Ord Minnett rates REG as Hold (3) -

Ord Minnett saw Regis Healthcare releasing an interim performance in-line with its own forecasts, declaring it a "solid" result. Occupancy should start to improve, suggests the broker.

However, uncertainty over future earnings across the sector is likely to persist says the broker, with federal elections looming and promised reforms likely to be delayed.

Hold rating is unchanged. Price target moves to $2.10.

Target price is $2.10 Current Price is $2.14 Difference: minus $0.04 (current price is over target).
If REG meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.03, suggesting downside of -2.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23: