Australian Broker Call

Credit Suisse rates 29M as Underperform (5) -

Credit Suisse has made updates to its modeling for 29Metals, adjusting both net interest expenses and income tax expenses over the forecast period, with the update supporting increases to earnings per share forecasts.

Near-term operational challenges and the possibility of a declining price environment that could impact on margins remain concerns for the broker, but Credit Suisse notes the company has no major capital expenditure commitments in the coming two years and more balance sheet flexibility than peers.

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

Target price is $1.20 Current Price is $1.74 Difference: minus $0.54 (current price is over target).
If 29M meets the Credit Suisse target it will return approximately minus 31% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.11, suggesting upside of 16.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Citi rates ACL as Sell (5) -

According to Citi the FY22 result from Australian Clinical Labs was lower than anticipated, however the broker stressed that forecasting for covid impacts is challenging, with covid revenues up 205% to $420m over the previous year. The final 41c dividend was higher than expected.

Looking ahead the company did not provide any guidance although Australian Clinical Labs expects $20m in synergies from the integration of Medlab by the end of 2022. 

FY23 earnings will depend on the rebound in non-covid testing revenues; the level of covid testing which was tapering in May/June; cost controls from wage pressures and from Medilab.

The Sell rating and $4.50 price target are unchanged.

Target price is $4.50 Current Price is $4.85 Difference: minus $0.35 (current price is over target).
If ACL meets the Citi target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.5

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

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

While Australian Clinical Labs closed out the year with net profit of $184.5m, Credit Suisse notes year-on-year growth of 108% missed consensus forecasts by -4% as slow base business dragged on the second half.

With covid revenue down -45% in the half, the broker notes Australian Clinical Labs' base business is yet to show signs of improvement as fewer GP visits, higher cancellation rates and staffing shortages continue to take a toll. Credit Suisse does not expect deficit recovery in the short-term. 

Credit Suisse lifted its FY23 earnings per share forecast 8%, predicting covid revenue to improve to $92m in the first half. The rating is downgraded to Neutral from Outperform and the target price decreases to $5.35 from $6.00.

Target price is $5.35 Current Price is $4.85 Difference: $0.5
If ACL meets the Credit Suisse target it will return approximately 10% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.5

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

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

Macquarie reviews Air New Zealand's capacity for FY23 and finds first-half capacity should land at 67% of pre-covid levels before rising to 84% in the second half.

Strong demand is allowing ticket prices to recoup fuel costs for now, notes the broker, but remains cautious given the likelihood of a spending slowdown.

Rating is upgraded to Neutral from Underperform. Targe price is NZ65c.

Current Price is $0.59. Target price not assessed.

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.0

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

Ord Minnett rates ALL as Buy (1) -

With Aristocrat Leisure's US counterparts completing reporting on their second quarter, Ord Minnett has drawn read-through implications for Aristocrat Leisure.

The broker notes collectively competitors reported a slight decline in installed base over the quarter, but that Aristocrat Leisure has typically outperformed these companies, and that it continues to assume Aristocrat Leisure will deliver 12% installed base growth in the second half.

Ord Minnett also highlights the digital portfolio will remain an area of concern for investors. SciPlay, which similarly to Aristocrat Leisure appears to prioritise a higher value user, reported growth of daily active users was flat in the period.

The Buy rating and target price of $46.00 are retained.

Target price is $46.00 Current Price is $34.11 Difference: $11.89
If ALL meets the Ord Minnett target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $43.11, suggesting upside of 23.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.9

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

UBS rates AMP as Sell (5) -

Initial reaction to the AMP 1H22 from UBS is a mixed result with the capital return of $350m or 11cps earlier than expected but less than the potential $1.1bn that was guided for as a buyback. No dividend was declared.

Earnings showed underlying weakness and below estimates for UBS and consensus, with the analyst noting evidence of rising cost ratios in the Wealth and Banking divisions and revenue margin compression.

Net outflows for the 2Q22 moderated compared to previous quarters with North gaining some momentum with Independent Financial Advisers.

Earnings forecasts are adjusted lower.

A Sell rating is retained and a 90c price target.

Target price is $0.90 Current Price is $1.17 Difference: minus $0.27 (current price is over target).
If AMP meets the UBS target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.08, suggesting downside of -6.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.3

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

Credit Suisse rates AWC as Outperform (1) -

Changes to Credit Suisse's modeling for Alumina Ltd include minor updates to costs and tax for AWAC. The broker lifted its earnings per share forecast 4% for FY22.

Credit Suisse also anticipates a US$4.80 interim dividend per share, noting Alumina Ltd offers one of the highest dividend yields in its coverage.

The Outperform rating and target price of $1.90 are retained.

Target price is $1.90 Current Price is $1.54 Difference: $0.36
If AWC meets the Credit Suisse target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $1.76, suggesting upside of 12.8% (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: 0.6

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

Citi rates CBA as Sell (5) -

CommBank reported FY22 results with cash earnings beating consensus forecasts by 4% (due to a provision release), otherwise the earnings, CET1 capital (11.5%) and final dividend of $2.10 were inline according to Citi.

Citi analysts were seeking more clarity on margins which was not forthcoming with CommBank sticking with the existing guidance.

The broker now expects NIM to peak in the 2H23 at 2.18% and contract thereafter as the cash rates moderates and deposit competition heats up.

Earnings forecasts are upgraded by 6% for FY23, with FY24 unchanged. CommBank is viewed as fully priced based on the relative valuation premium to banking peers.

A Sell recommendation is retained and the price target is lowered to $86.50 from $90.75.

Target price is $86.50 Current Price is $101.00 Difference: minus $14.5 (current price is over target).
If CBA meets the Citi target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $88.44, suggesting downside of -12.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.6

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

Credit Suisse rates CBA as Neutral (3) -

While Credit Suisse considers CommBank a well executing bank with upside exposure to rising rates, given its overexposure to a slowing consumer segment the broker finds better value in the sector.

The broker noted a solid capital position and above system mortgage and business growth were positives from the bank's full year result, and made only minor changes of -1% to 1% to earnings forecasts.

The Neutral rating and target price of $102.80 are retained.

Target price is $102.80 Current Price is $101.00 Difference: $1.8
If CBA meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $88.44, suggesting downside of -12.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.6

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

Macquarie rates CBA as Underperform (5) -

Closer examination of CBA's FY22 report confirms an in-line result as stronger competition offset margin growth.

Macquarie reiterates that pre-provisioning languished in the second half, implying the traditional premium awarded to CBA shares is seen as too bloated, trading at its highest historical price-earnings multiple and compared with 25 global banks.

While the broker expects an FY23 improvement, courtesy higher rates, this is likely to be coupled with more normal loan losses.

Ultimate conclusion: "priced for better". Underperform. Target $81.

Target price is $81.00 Current Price is $101.00 Difference: minus $20 (current price is over target).
If CBA meets the Macquarie target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $88.44, suggesting downside of -12.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.6

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

Morgan Stanley rates CBA as Underweight (5) -

FY22 results for CommBank revealed a 5% 2H cash profit beat versus Morgan Stanley's forecast, largely due to a $450m provision release.

Excluding notable items, pre-provion profit was a 1% and 3% beat versus the broker and the consensus estimate, on lower expenses.

While the economic outlook is challenging, management expects no change to the medium-term outlook for margins, which are expected to "increase". The analyst forecasts a 16bps margin rebound in the 1H of FY23 and raises its target to $83 from $82.

The Underweight rating is kept as Morgan Stanley eyes a challenging outlook and fails to justify the current share price. Industry view: Attractive. 

Target price is $83.00 Current Price is $101.00 Difference: minus $18 (current price is over target).
If CBA meets the Morgan Stanley target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $88.44, suggesting downside of -12.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.6

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

Ord Minnett rates CBA as Hold (3) -

CommBank reported full year cash profit of $9.6bn was largely in line with Ord Minnett's expectations, with a fully franked $2.10 per share dividend surprising to the upside and bringing the full year payout to $3.85 per share.

The broker highlighted a strong second half result, with the period contributing $4.85bn in cash profit, with the bank demonstrating good loan growth compared to peers and strong customer metrics.

Ord Minnett did note underlying net interest margins in the June quarter were flat, where peers reported growth. Competition in the mortgage market remains a concern for the broker, and a drive of its rating. The Hold rating is retained and the target price increases to $90.00 from $83.80.

Target price is $83.80 Current Price is $101.00 Difference: minus $17.2 (current price is over target).
If CBA meets the Ord Minnett target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $88.44, suggesting downside of -12.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.6

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

Morgan Stanley rates CNI as Overweight (1) -

Centuria Capital reported FY22 EPS of 14.5cps, generally in-line with guidance and Morgan Stanley's forecast. 

First time FY23 EPS guidance of 14.5cps was issued, which the broker believes is based on conservative assumptions and forecasts 15.0cps. The Overweight rating and $2.50 target are maintained. Industry View: In-Line.

Target price is $2.50 Current Price is $1.92 Difference: $0.58
If CNI meets the Morgan Stanley target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $2.30, suggesting upside of 15.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Ord Minnett rates CNI as Buy (1) -

21% year-on-year operating profit growth from Centuria Capital missed Ord Minnett's expectations, with the company reporting profits of $114.4m compared to the broker's anticipated $118.1m.

The broker highlights Centuria Capital has materially underperformed in 2022, suffering a -45% share price decline where REITs declined only -16% and the ASX200 declined -2%.

While the company reported assets under management growth of 18% in the financial year, the broker notes just 2% of this occurred in the second half. 

Earnings per share forecasts decline -4% in FY23. The Buy rating is retained and the target price decreases to $2.40 from $2.60.

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

Current consensus price target is $2.30, suggesting upside of 15.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Citi rates CPU as Upgrade to Buy from Neutral (1) -

Even though Computershare flagged the significance of margin income, Citi concludes from the FY22 results that the company is even more heavily reliant on the movement in interest rates, both up and down.

 The margin income was a significant earnings driver in FY22 and in excess of operational earnings.

Looking to FY23, Citi views the company will benefit from a further notable increase in margin income with the peak expected to be down the track.

The company's balance sheet revealed a strong improvement post the CCT acquisition with net debt to EBITDA at 1.64x and within the target range.

The broker's earnings forecasts are raised by 4% and 3% for FY23 and FY24, respectively and changes from the Canadian transfer pricing mean there will be zero franking in the near future.

The price target is adjusted for the earnings forecasts and valuation to $28.20 from $26.90 and the rating is upgraded to Buy from Neutral.

Target price is $28.20 Current Price is $24.21 Difference: $3.99
If CPU meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $28.46, suggesting upside of 23.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.8

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

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

Benefiting from rising interest rates, Credit Suisse notes Computershare has been in an earnings upgrade cycle over the last year, but anticipates the cycle is coming to an end as interest rate cuts from FY24-26 begin to be priced in to fixed income markets. 

The company delivered a 2% beat to its earnings per share guidance, and is guiding to 55% growth in FY23, but Credit Suisse is predicting earnings growth will decline to just 13% in FY24 and no growth will occur in FY25 and FY26. Earnings per share forecasts are downgraded -13-15% through to FY24.

The rating is downgraded to Neutral from Outperform and the target price decreases to $25.00 from $27.00.

Target price is $25.00 Current Price is $24.21 Difference: $0.79
If CPU meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $28.46, suggesting upside of 23.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.8

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

Macquarie rates CPU as Outperform (1) -

Computershare's FY22 earnings and guidance outpaced consensus by 2.3% and Macquarie notes bond yields have risen faster than inflation, leaving a bumped up balance sheet at levels 18 months ahead of forecast.

Margins, costs and leverage all impressed as the company enjoyed the harvest of rising interest rates. Corporate activity was weak.

EPS forecasts rise 2.8% in FY23; 6.7% in FY24 and 4% to 8% beyond, and Macquarie spies room for capital returns or accretive M&A.

Outperform rating retained. Target price is $36.

Target price is $36.00 Current Price is $24.21 Difference: $11.79
If CPU meets the Macquarie target it will return approximately 49% (excluding dividends, fees and charges).

Current consensus price target is $28.46, suggesting upside of 23.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.8

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

Morgan Stanley rates CPU as Overweight (1) -

Morgan Stanley lowers its target for Computershare to $28.00 from $29.50, retains its Overweight rating and reminds investors that apart from interest rates, there are other growth options. These include corporate trust, share plans and mortgage servicing. 

Yesterday, Morgan Stanley assessed a low quality FY22 management EPS (MEPS) 2.5% beat versus the consensus estimate, with profit (PBT) -1% weaker and earnings (EBIT) ex margin income -9% weaker than expected.

While FY23 guidance was strong, the analyst pointed out it assumes a fast ramp-up of margin income and 3-3.4% cash rates.

The 2H dividend was a 25% beat versus the broker and consensus estimates. Industry view: Attractive.

Target price is $28.00 Current Price is $24.21 Difference: $3.79
If CPU meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $28.46, suggesting upside of 23.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.8

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

Morgans rates CPU as Add (1) -

While FY22 management EPS for Computershare was slightly above guidance, 2H earnings (EBIT) ex margin income fell by -9% on the previous corresponding period, suggesting to Morgans some compositional weakness.

The analyst's near-term concerns are, however, trumped by interest rate leverage as suggested by FY23 guidance for over 55% growth. FY23 EPS guidance was estimated to be around 5% above the consensus forecast.

To reflect higher margin income assumptions, the broker's FY23 and FY24 EPS forecasts are raised by 9% and 13%, and the target is set at $28.04, up from $27.54. the Add rating is maintained.

Target price is $28.04 Current Price is $24.21 Difference: $3.83
If CPU meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $28.46, suggesting upside of 23.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.8

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

UBS rates CPU as Buy (1) -

Computershare's FY22 result nosed out forecasts as rising cash rates delivered strong margins, which were further buoyed by strong cost control combined with a successful Wells Fargo integration.

FY23 guidance outpaced both consensus and UBS. UBS notes consensus estimates still outpace the market, which has been slow to note the acceleration in earnings, suggesting more upside to come.

UBS also considers guidance, which outpaced consensus, to be conservative, accounting for only two-thirds of the rate-rise, and notes every 50bp rise in the cash rate adds $100m to its FY23 forecast and 13% to EPS.

On the downside, revenues softened given market volatility and are expected to continue to struggle.

Buy rating and $28 target price retained

Target price is $28.00 Current Price is $24.21 Difference: $3.79
If CPU meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $28.46, suggesting upside of 23.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.8

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

Morgans rates CRN as Add (1) -

Quarterly reporting reduced any surprises for Morgans from Coronado Global Resources' 1H results, though the US7.5cps 1H dividend fell short of the expected US11cps.

In retrospect, it's felt the lower dividend is prudent management while uncertain steel demand prevails.

The broker believes a number of operational factors and good weather are required for a 40% half-on-half production increase to meet unchanged guidance.

The Add rating is unchanged, while the target falls to $2.24 from $2.50.

Target price is $2.24 Current Price is $1.70 Difference: $0.54
If CRN meets the Morgans target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $2.45, suggesting upside of 39.0% (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: 1.0

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

Citi rates DMP as Buy (1) -

Citi views the closure of Domino's fanchisee, ePizza SpA in Italy, due to competition and high debt levels, as a potential positive for Domino's Pizza Enterprises.

The broker argues the existing European network alongside the favourable demographics could make Italy a potential expansion target for the company.

Citi remains bullish on Domino's Pizza Enterprises with share price tailwinds from M&A activity, more store rollouts and growth in sales once the company moves past the recent cost pressures of the current business cycle.

A Buy rating and $92.95 price target are retained.

Target price is $92.95 Current Price is $71.06 Difference: $21.89
If DMP meets the Citi target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $87.40, suggesting upside of 18.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Credit Suisse rates DRR as Outperform (1) -

Changes to Credit Suisse's modeling for Deterra Royalties include incorporating 11% June quarter production growth from BHP's ((BHP)) Mining Area C project.

The broker highlighted June quarter revenue of $67m, supported by better than expected realised pricing with the company achieving a slight premium to benchmark pricing compared to the broker's expectation of a discount to benchmark. 

The Outperform rating is retained and the target price decreases to $5.00 from $5.20.

Target price is $5.00 Current Price is $4.58 Difference: $0.42
If DRR meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $4.89, suggesting upside of 5.8% (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 DXI as Neutral (3) -

Dexus Industria REIT's FY22 result broadly met Macquarie's forecast's, landing near the top of guidance.

Guidance also outpaced and the broker raises FFOps forecast for FY23 by 1.8%, thanks to favourable hedging.

The broker expects the company's development pipeline will most likely require dilutive asset sales, and expects gearing will rise to 37% from 34% after pipeline completion. Add 5% devaluations and the buyback completion and gearing rises to 40%.

In the wash, FFOps forecasts rise 1.8% in FY23; 5.2% in FY24 and 5.4% in FY25. Target price rises 2% to $3.08.

Neutral rating retained. Target price is $3.08, which compares with $3.03 in the FNArena database on July 18.

Target price is $3.08 Current Price is $2.84 Difference: $0.24
If DXI meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Morgans rates DXI as Add (1) -

Growth in rental income via strong industrial markets and recent acquisitions propelled Dexus Industria REIT's FY22 result to the upper end of funds from operations (FFO) guidance, explains Morgans.

FY23 guidance is for FFO of 16.7-17.5cpu (in-line with the broker's forecast) with interest costs the main swing factor. Management also guides to a dividend of 16.4cpu.

Around 80% of the portfolio is weighted towards industrial assets (balance business parks) and the analyst expects a further reweight toward industrial in the near-term via divestments.

The Add rating is unchanged and the target falls to $3.25 from $3.28.

Target price is $3.25 Current Price is $2.84 Difference: $0.41
If DXI meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

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

With GrainCorp upgrading its FY22 guidance and providing increased visibility as to earnings through to FY24, Credit Suisse has upgraded its own full year FY22 earnings forecast 7.5% and FY24 earnings forecast 185%. 

The broker highlights the guidance upgrade for FY22 is a product of the company's strong export program execution, supported by a positive trading environment that the broker anticipates will continue into FY23. Credit Suisse also notes the company expects an above average winter crop, driving the broker to lift its production forecast to 26m tonnes from 21m tonnes. 

The rating is upgraded to Outperform from Neutral and the target price increases to $9.14 from $8.79.

Target price is $9.14 Current Price is $8.03 Difference: $1.11
If GNC meets the Credit Suisse target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $9.65, suggesting upside of 18.1% (ex-dividends)

The company's fiscal year ends in September.

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 GNC as Outperform (1) -

GrainCorp has upgraded guidance for the third tim in six months as strong grain prices and bumper crops combine.

Agri and processing both delivered above average returns. 

Macquarie expects earnings momentum to continue into FY23, thanks to good planting conditions and notes the Bureau of Meteorology forecasts of a 50% chance of a La Nina (which delivers wet weather) forming in late 2022 (double the usual probability for drought-prone Australia).

EPS forecasts rise 6% for FY22 in line with guidance; and 9% for FY23 to reflect a stronger Processing outlook.

Target price eases to $11 from $11.10. Outperform rating retained.

Target price is $11.00 Current Price is $8.03 Difference: $2.97
If GNC meets the Macquarie target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $9.65, suggesting upside of 18.1% (ex-dividends)

The company's fiscal year ends in September.

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 GNC as Hold (3) -

Despite GrainCorp upgrading FY22 guidance 5% ahead of the consensus forecast, Morgans points out conditions have detiorated in recent weeks. Global wheat/canola prices are largely back to pre-Ukraine-conflict levels, and the broker downgrades FY23 forecasts.

While earnings look set to decline over FY23-25, the analyst still sees prospects for further capital management initiatives. 

The broker's target price falls to $8.90 from $10.40 after an upgrade to FY22 forecasts but downgrades for FY23 and FY24. The Hold rating is unchanged.

Target price is $8.90 Current Price is $8.03 Difference: $0.87
If GNC meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $9.65, suggesting upside of 18.1% (ex-dividends)

The company's fiscal year ends in September.

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 GNC as Neutral (3) -

GrainCorp has upgraded guidance again. It now sits at 12% above previous guidance issued on June 21, thanks to rising volumes and margins in its Agri and Processing businesses in the June quarter.

UBS notes the company has enjoyed strong global grain prices throughout the June half, and believes this should continue to underpin earnings in 2022, but is also conscious that Australia's weather can turn on a dime and drought could easily follow in FY23.

For now though, the broker assumes an above-average east-coast winter crop in FY23 and expects a full export program and above-average levels of carryover.

UBS believes GrainCorp offers a good inflation hedge and the dividend story is attractive with more special dividends on the cards as the company seeks to return capital to shareholders.

For now, EPS forecasts slide -10% for FY23 to reflect a recent global softening in prices, but this is likely to be a moving feast and much depends on crop size.

Target prices falls to $8.50 from $10 after removing FY22 bumper earnings from through the cycle. Neutral rating retained.

Target price is $8.50 Current Price is $8.03 Difference: $0.47
If GNC meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $9.65, suggesting upside of 18.1% (ex-dividends)

The company's fiscal year ends in September.

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 IEL as Overweight (1) -

IDP Education has announced the appointment of Tennealle O'Shannessy as CEO and MD, replacing Andrew Barkla, who will step down from the role in September.

While the market may have some reservations about Ms O'Shannessy's role at Adore Beauty ((ABY)) - see share price performance since IPO - the broker likes her background and expertise in education, digital and consumer.

Overweight maintained. Target is $35. Industry view: In-Line.

Target price is $35.00 Current Price is $27.61 Difference: $7.39
If IEL meets the Morgan Stanley target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $33.24, suggesting upside of 21.4% (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

UBS rates IEL as Buy (1) -

IDP Education has appointed Tennealle O'Shannessy  CEO and managing director, starting February 23.

O'Shannessy was previously CEO of ASX-listed Adore Beauty ((ABY)) after spending 10 years in global leadership roles at SEEK (including SEEK's Managing Director, Americas) where she gained expertise in online employment marketplaces and education services, establishing Online Education Services in partnership with Swinburne University.

Buy rating and $34.60 target price retained.

Target price is $34.60 Current Price is $27.61 Difference: $6.99
If IEL meets the UBS target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $33.24, suggesting upside of 21.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

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

Morgan Stanley sees a balancing act for InvoCare in ensuring sufficient assets to meet liabilities, while at the same time not becoming risk averse at the height of market pessimism.

This view comes as the analyst sees risk to the 100m buffer between assets and liabilities after attaining a read through from Centuria Capital's ((CNI)) falling asset levels in its FY22 results.

The Equal-weight rating is maintained alongside a $11.25 price target. Industry view is In-Line.

Target price is $11.25 Current Price is $10.75 Difference: $0.5
If IVC meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $12.30, suggesting upside of 12.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.2

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

Ord Minnett rates JHX as Buy (1) -

Ord Minnett has considered implications for James Hardie Industries from competitor Louisiana-Pacific's March quarter results, noting the company reported a drag on earnings from raw material inflation. 

The broker noted Louisana-Pacific retained its strong demand expectations for siding products, and is yet to demonstrate a slow down from the remodel and repair market. Reading through, the broker anticipates low external risk for James Hardie Industries ahead of it presenting its first quarter results. 

The Buy rating and target price of $52.00 are retained.

Target price is $52.00 Current Price is $35.02 Difference: $16.98
If JHX meets the Ord Minnett target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $50.28, suggesting upside of 39.6% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.8

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

UBS rates JHX as Buy (1) -

James Hardie Industries' competitor Louisiana-Pacific's siding second-quarter results satisfied UBS and the broker notes the company has left FY22 guidance is unchanged.

Management at Louisiana-Pacific says it has seen no inventory destocking and channel inventories remain lean.

UBS finds the commentary encouraging for James Hardie, given concerns that construction demand might be slowing.

Buy rating and $53 target price retained.

Target price is $53.00 Current Price is $35.02 Difference: $17.98
If JHX meets the UBS target it will return approximately 51% (excluding dividends, fees and charges).

Current consensus price target is $50.28, suggesting upside of 39.6% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.8

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

Citi rates MGR as Buy (1) -

At first glance, Mirvac Group's FY22 result broadly met consensus and Citi forecasts but FY23 guidance missed.

Citi suspects management may simply be being conservative given pre-sales for residential indicate a strong year.

Book values rose strongly, resulting in a bump to net tangible assets, and gearing eased -100 basis points to 21.3%.

The broker notes 55% of debt is hedged and management expects the cost of debt to rise 70 basis points to 4.6% in FY23 from 3.9% in FY22.

Buy rating retained. Target price is $2.50, which compares with $3.13 in the FNArena data base on August 10.

Target price is $2.50 Current Price is $2.09 Difference: $0.41
If MGR meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $2.44, suggesting upside of 12.4% (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 MGR as Buy (1) -

At initial glance, Mirvac Group's full-year result slightly outpaced Ord Minnett's forecast, as a stronger residential result trumped softer commercial development.

Net tangible assets rose 3c to $2.79 in the half despite the Toombul writedown, and the company is now trading at a -25% discount to NTA.

Operating cash flow strongly outpaced and gearing is low at 21.3% with another $1.3bn of asset sales in the FY23 pipeline.

Average cost of debt rose to 3.9% from 3.4%. FY23 funds from operation guidance outpaced.

Buy rating and $2.50 target price retained.

Target price is $2.50 Current Price is $2.09 Difference: $0.41
If MGR meets the Ord Minnett target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $2.44, suggesting upside of 12.4% (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 MGR as Buy (1) -

UBS' initial response to the Mirvac Group FY22 earnings results is positive with the company reporting in-line with guidance and the 10.2c pre-announced dividend per share.

The broker notes Mirvac Group has again provided conservative guidance for FY23 EPS of 15.5c "at least", as well as a 10.2c dividend.

Guidance is based on some 2500 residential lot sales and non-core assets sales of -$1.3bn.

UBS points out the low 21% balance sheet gearing and views the residential market as firm into FY23 but highlights potential headwinds for FY24 earnings with Toombul income abating, residential slowing and the pull forward of non-core asset divestments.

A Buy rating and $2.45 price target are retained.

Target price is $2.45 Current Price is $2.09 Difference: $0.36
If MGR meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $2.44, suggesting upside of 12.4% (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 NIC as Outperform (1) -

Changes to Credit Suisse's modeling for Nickel Industries include increasing company debt to US$225m from a previously assumed US$200m, in line with company guidance.

Decreases to earnings per share forecasts through to FY24 reflect increased average interest rates on borrowings. 

The Outperform rating and target price of $1.50 are retained.

Target price is $1.50 Current Price is $1.08 Difference: $0.42
If NIC meets the Credit Suisse target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $1.60, suggesting upside of 41.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.8

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

Macquarie rates NWS as Neutral (3) -

News Corp's June-quarter result outpaced consensus and Macquarie's forecasts thanks to good cost control in News Media and SVS (Foxtel) - albeit likely non-recurring.

Dow Jones was strong and Risk and Compliance revenue grew19%

The broker expects professional information business growth will drive faster-than-expected margin growth, while at-risk advertising revenues in the current macro environment only comprised 16% of total FY22 revenue says the broker, thanks to the group's successful transitioning to recurring, subscription based and digitial revenue.

EPS forecasts rise 1% in FY23; 9% in FY24 and 6% in FY25.

Neutral rating retained. Target price rises to $27 from the last entry in the FNArena database on July 29 of $21.10.

Target price is $27.00 Current Price is $26.36 Difference: $0.64
If NWS meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $34.53, suggesting upside of 31.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.8

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

Credit Suisse rates OZL as Upgrade to Neutral from Underperform (3) -

OZ Minerals has been offered a $25 per share takeover bid by BHP Group ((BHP)), an offer that Credit Suisse notes represents 12x 2023 expected earnings and values OZ Minerals at a level far superior to any copper peers.

With both of OZ Minerals' copper mines at growth stages, the broker expects BHP would require key personnel to be retained to oversee integration of copper assets to avoid a sizeable cost increase.

The rating is upgraded to Neutral from Underperform and the target price increases to $28.00 from $14.50.

Target price is $28.00 Current Price is $25.40 Difference: $2.6
If OZL meets the Credit Suisse target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $24.00, suggesting downside of -6.9% (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

Citi rates QBE as Buy (1) -

At initial glance, Citi considers QBE Insurance's June-half profit to be "probably good enough".

Guidance was reiterated for a combined operation ratio of better than 94%. The insurance margin outpaced thanks to a higher investment yield.

Citi says a better than forecast catastrophe outcome was completely absorbed by recent reserve strengthening, which also helped QBE absorb the affects of the Russia/Ukraine conflict.

Gross written premium fell -1% shy of the broker's forecast but momentum continues. The dividend of 9c was well above Citi's forecast for 6c, a sign of management's confidence going forward.

Buy rating and $13.30 target price retained. 

Target price is $13.30 Current Price is $12.14 Difference: $1.16
If QBE meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $15.26, suggesting upside of 21.7% (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: 1.0

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

Macquarie rates QBE as Outperform (1) -

At initial glance, QBE Insurance's June-half result appears to be a touch weaker than expected, with most metrics on track save reserve strengthening, which fell well shy of Macquarie's forecast.

Gross operating premium was only slightly upgraded and did not include FX challenges. Gearing disappointed.

Outperform rating and $14 target price retained, the broker believing continuing strength in the global insurance pricing cycle, combined with rising bond yields, should support earnings in the second half.

Target price is $14.00 Current Price is $12.14 Difference: $1.86
If QBE meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $15.26, suggesting upside of 21.7% (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: 1.0

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

UBS rates QBE as Buy (1) -

At first glance, the initial response to the QBE Insurance 1H22 results by UBS is a beat on heavily downgraded consensus earnings forecasts, but in-line with UBS' estimates.

The company announced a 9c dividend per share, below the UBS forecast of 10c and above consensus of 7c.

Looking to guidance, the broker views the forecast growth in premiums as cautious as investment yields continue to rise.

On balance, QBE Insurance remains reliant on rising yields to support results and UBS is positive on improved profit expectations for the next 6-12months.

A Buy rating and $16 price target are retained.

Target price is $16.00 Current Price is $12.14 Difference: $3.86
If QBE meets the UBS target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $15.26, suggesting upside of 21.7% (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: 1.0

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

Macquarie rates RIO as Outperform (1) -

Macquarie reports on its recent attendance at a round table with Rio Tinto CFO Peter Cunningham.

The upshot: the lithium outlook is solid; the pipeline of Pilbara replacement projects is on track; ESG is expected to be a capital expenditure focus for the Simandou project; and the decarbonisation of its aluminium business is under way.

Outperform rating and $120 target price retained.

Target price is $120.00 Current Price is $99.18 Difference: $20.82
If RIO meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $110.36, suggesting upside of 15.8% (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: 0.7

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

Credit Suisse rates S32 as Outperform (1) -

Changes to Credit Suisse's modeling for South32 include an increase to the aluminium cost base for the June half and beyond, but the broker notes the impact is largely offset by lower alumina prices. 

South32 remains one of the broker's preferred base metals picks. The Outperform rating is retained and the target price decreases to $5.00 from $5.30.

Target price is $5.00 Current Price is $3.88 Difference: $1.12
If S32 meets the Credit Suisse target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $5.30, suggesting upside of 31.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 1.0

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

Citi rates SBM as Neutral/High Risk (3) -

St. Barbara disappointed the market following the lower grade announcement at Gwalia for FY23 and FY24 as well as a -$200m cash impairment at Atlantic, highlights Citi.

The delay in reporting the Gwalia lower grades issue is a red flag to the broker, who considers the mine plans are not proceeding as well as expected. 

The broker suggests the further write downs in Atlantic and the review of Simberi make for considerable headwinds and uncertainty.

Citi is finding it hard to be upbeat on the stock and earnings forecasts are cut for lower grades and FY24 production for Gwalia.

A Neutral rating is retained and the price target is reduced to $1.10 from $1.15.

Target price is $1.10 Current Price is $1.07 Difference: $0.03
If SBM meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $1.16, suggesting upside of 9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Credit Suisse rates SBM as Neutral (3) -

Having expected the worst, Credit Suisse notes St. Barbara's FY23 guidance for its Atlantic project was higher than anticipated, while Gwalia was in-line and Simberi a miss.

Incorporating guidance into its forecasts, Credit Suisse increases its earnings per share forecasts for FY23 and FY24.

The Neutral rating is retained and the target price increases to $1.05 from $0.90.

Target price is $1.05 Current Price is $1.07 Difference: minus $0.02 (current price is over target).
If SBM meets the Credit Suisse target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.16, suggesting upside of 9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Macquarie rates SBM as Outperform (1) -

Macquarie conducted a site visit to St. Barbara's Leonora operations and believes the company's Province Plan will increase the asset's regional strategic value as underground mining at Bardoc accelerates and the company installs a refractory processing capacity to the plant.

On the downside, management guided to higher for FY23 all-in-sustaining costs, and the broker downgrades earnings to a small loss for FY23, which then widens by -35% for FY24 on grade expectations.

FY25 EPS falls -12% to reflect the broker's notional net debt assumption to fund growth projects. With the improved resource value offset by EPS downgrades, the target price is steady at $1.10. Neutral rating retained.

Target price is $1.10 Current Price is $1.07 Difference: $0.03
If SBM meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $1.16, suggesting upside of 9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Macquarie rates SIG as Neutral (3) -

Macquarie believes fundamentals fail to justify Sigma Healthcare's share price, noting the stock rallied sharply after private equity (HMC Capital) took a 13.5% stake in the company to a price that now reflects a takeover premium.

The broker estimates the sale and leaseback of the DCs lowers FY23 earning and the enterprise value, and notes return on investment capital in the pharmacy business is weak, with Chemist Warehouse generating customer concentration risk.

Neutral rating retained given strong competition, customer issues associated with enterprise resource planning, and a cycling of the product mix away from higher margin covid-era PPE products.

Although, the broker conceeds the prospect of a takeover could tip the prospect to the upside. Target price is 57c.

Target price is $0.57 Current Price is $0.70 Difference: minus $0.13 (current price is over target).
If SIG meets the Macquarie target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.52, suggesting downside of -23.5% (ex-dividends)

The company's fiscal year ends in January.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.3

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

Ord Minnett rates TLS as Buy (1) -

At initial glance, Telstra's FY22 result outpaced Ord Minnett's forecast, landing at the top of guidance, and the dividend rises 0.5c to 16.5c.

On the flipside, capital expenditure also outpaced. All up, the broker expects consensus upgrades given estimates sit at the lower end of guidance.

Buy rating and $4.65 target price retained.

Target price is $4.65 Current Price is $4.01 Difference: $0.64
If TLS meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $4.40, suggesting upside of 11.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

UBS rates TLS as Neutral (3) -

UBS's initial reaction to the 2H22 Telstra results is muted, with reported earnings in-line with consensus and UBS forecasts.

Telstra beat on Fixed Enterprise, Infrastructure Fixed and Mobile was softer on postpaid net adds, but stronger on prepaids noted the analyst.

At first glance, the FY23 guidance is weaker than expected with a downgrade in Digicel.

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

Target price is $4.00 Current Price is $4.01 Difference: minus $0.01 (current price is over target).
If TLS meets the UBS target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.40, suggesting upside of 11.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Macquarie rates WDS as Neutral (3) -

Heading into Woodside Energy's result, Macquarie says the energy producer should guard its balance sheet to fund rising capital expenditure on major growth projects.

Production guidance flagged a reserves downgrade and the broker expects earnings are likely to miss forecasts.

Macquarie sits -16% below consensus. EPS forecasts for 2022 fall -4%; and -3% to -4% in FY23 and FY24.

Neutral rating retained. Target price slips -2% to $28.05.

Target price is $28.05 Current Price is $31.79 Difference: minus $3.74 (current price is over target).
If WDS meets the Macquarie target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $34.78, suggesting upside of 10.1% (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: 0.7

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

Morgan Stanley rates WDS as Overweight (1) -

When 1H results for Woodside Energy come around on August 30, Morgan Stanley thinks investors may receive a special dividend near US$0.50/share. This would take the 1H22 dividend to US$1.1/share, or over 10% yield on an annual basis.

Overweight. Industry View is Attractive. Price target $40.

Target price is $40.00 Current Price is $31.79 Difference: $8.21
If WDS meets the Morgan Stanley target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $34.78, suggesting upside of 10.1% (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: 0.7

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