Australian Broker Call

Citi rates AIA as Sell (5) -

Auckland International Airport's stock has rallied strongly since October, up 20%, which Citi expects could be attributable to traffic recovery. However, Citi warns too much may already be priced in, with the broker seeing overheads and interest costs driving potential downside in FY24.

Airport traffic through December reached 75% of pre-covid levels, and the broker anticipates the relaxation of restrictions in China will see traffic improve further. The broker expects any revenue impacts of improved traffic, as well as from new regulatory pricing, is already reflected in the share price, and further upside is limited. 

The Sell rating is retained and the target price increases to NZ$7.69 from NZ$7.24.

Current Price is $7.80. Target price not assessed.

Current consensus price target is $7.25, suggesting downside of -6.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Morgan Stanley rates AIA as Overweight (1) -

Prior to 1H results due on February 23, Morgan Stanley feels Auckland International Airport represents strong long-term intrinsic value as the covid recovery continues.

The analyst is expecting updates on international airline capacities, rent collection strategies and progress on capital works.

The Overweight rating is maintained and a NZ$7.67 target is set. Industry view: Cautious.

Current Price is $7.80. Target price not assessed.

Current consensus price target is $7.25, suggesting downside of -6.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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 AIS as Buy (1) -

With its assets impacted by lower throughput and grade in the second quarter, and a flow on impact on costs, Ord Minnett notes a softer than expected quarter from Aeris Resources. Tritton, Cracow and Mt Colin missed the broker's production expectations by -19%, -15% and -47% respectively. 

The broker flags the company managed cost impacts with lower capital spend and a one-off $29m working capital injection. The broker continues to see value in the stock, but expects investors will want to see progress towards guidance in the second half. 

The Buy rating is retained and the target price increases to $0.85 from $0.80.

Target price is $0.85 Current Price is $0.73 Difference: $0.125
If AIS meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Citi rates AKE as Buy (1) -

With Allkem delivering yet another production downgrade for Mt Cattlin ahead of Friday's H1 result release, Citi has trimmed its estimates while also grabbing the opportunity to make a few additional adjustments.

Target price has lost -40c and now sits at $16.90. Buy rating retained.

The broker anticipates management will announce a reserve update and mine life extension study at the end of the March quarter.

Target price is $16.90 Current Price is $11.49 Difference: $5.41
If AKE meets the Citi target it will return approximately 47% (excluding dividends, fees and charges).

Current consensus price target is $16.73, suggesting upside of 41.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

Ord Minnett rates ALK as Buy (1) -

Alkane Resources delivered a particularly strong December quarter on both production and costs according to Ord Minnett, an unsurprising result given the company lifted full year gold production guidance 15% and lowered costs -5% in early January. 

Despite initially being expected in December, the broker highlights all relevant approvals for the Tomingly expansion are now anticipated in late February. 

The Buy rating and target price of $1.10 are retained.

Target price is $1.10 Current Price is $0.64 Difference: $0.465
If ALK meets the Ord Minnett target it will return approximately 73% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

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

Prior to FY22 results on February 23, Morgan Stanley forecasts proportional earnings (EBITDA) for Atlas Arteria of $6.3bn in FY22, a rise of 16% against FY21.

The Equal-weight rating and $6.88 target are unchanged. Industry View: Cautious.

Target price is $6.88 Current Price is $6.70 Difference: $0.18
If ALX meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $6.62, suggesting downside of -0.7% (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

Macquarie rates AMI as Outperform (1) -

Aurelia Metals' December-quarter gold production outpaced Macquarie's forecasts by 2% and copper outpaced by 15%.

Lead production disappointed by -19% and zinc by -25%.

Management reiterated FY23 production and cost guidance and expected Final Development Consent in the March quarter, three months ahead of schedule.

FY23 EPS forecasts ease -9% and outer years are fairly steady.

Outperform rating and 20c target price retained.

Target price is $0.20 Current Price is $0.11 Difference: $0.09
If AMI meets the Macquarie target it will return approximately 82% (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

UBS rates AMP as Sell (5) -

UBS raises its target price for AMP to $1.09 from $1.00 after a preview of FY22 results due out on February 16.

The analyst expects 2H loan growth of 4% and a net interest margin of 135bps, which is at the bottom end of management
guidance for 135-140bps. Sell.

Target price is $1.09 Current Price is $1.10 Difference: minus $0.01 (current price is over target).
If AMP meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.22, suggesting upside of 12.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.2

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

UBS rates ASX as Sell (5) -

First half results for the ASX are due on February 16 and UBS expects few revenue surprises as trading activity indicators were reported in December.

The analyst sees potential for further writeoffs linked to broader distributed ledger technology (DLT) investments including the 5.4% ownership stake in Digital Asset Holdings.

The broker's Sell rating remains on caution over cost pressures, IT projects and regulatory fallout. The $68 target is unchanged.

Target price is $68.00 Current Price is $68.48 Difference: minus $0.48 (current price is over target).
If ASX meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $69.84, suggesting upside of 1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Morgan Stanley rates AWC as Overweight (1) -

The water licence for AWAC joint venture partner Alcoa's biggest refinery (Pinjarra) has been reduced by a third due to lower rainfall, as part of the WA government's reduced water allocations for the Murray regions.

Staged reductions of Alcoa's water license for the Cattamarra Coal Measures aquifer in Pinjarra will begin in 2026.

Morgan Stanley notes the changes come as Alcoa plans to expand the Pinjarra refinery to process an additional 5% of bauxite. No changes are made to the broker's Overweight rating and $1.75 target. Industry View: Attractive.

Target price is $1.75 Current Price is $1.51 Difference: $0.245
If AWC meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $1.50, suggesting downside of -1.3% (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: -0.2

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

Morgan Stanley rates AZJ as Underweight (5) -

Morgan Stanley is looking for updates by Aurizon Holdings on any potential future acquisitions as part of its diversification strategy when it releases 1H results on February 13.

The analyst believes the company will continue a focus on rapid organic growth in Bulk and expects ongoing headwinds for Above Rail Coal.

The Underweight rating is unchanged and a $3.66 target is set. Industry view: Cautious.

Target price is $3.66 Current Price is $3.44 Difference: $0.22
If AZJ meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $3.89, suggesting upside of 12.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

Macquarie rates BOE as Outperform (1) -

Boss Energy's December-quarter report appears to have satisfied Macquarie, given much of it was already announced in late January.

The Honeymoon restart is on-time and on budget and the company is targeting first production in the December quarter.

Boss Energy closed the quarter with $115.6m in cash and $88m in inventory and the broker admires the balance sheet, which boasts $200m of liquid assets, which can comfortably accommodate the company's -$106m capital expenditure forecast.

Outperform rating and $3.20 target price retained. 

Target price is $3.20 Current Price is $2.38 Difference: $0.82
If BOE meets the Macquarie target it will return approximately 34% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Citi rates BPT as Buy (1) -

With Beach Energy's share price underperforming in recent weeks, Citi's rating reflects the opportunity it sees for the stock to re-rate moving forward. The broker believes it is likely the bottom is in, and that remaining issues are well understood. 

Citi expects the cleansing statement released by the company on its Waitsia asset will be the last major change made to proven and probable resources. The broker notes the field is clearly complex, but feels data gathered through drilling should have sufficiently constrained uncertainty.

The Buy rating is retained and the target price decreases to $1.84 from $2.20.

Target price is $1.84 Current Price is $1.43 Difference: $0.41
If BPT meets the Citi target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $1.89, suggesting upside of 31.3% (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 BPT as Outperform (1) -

While now expected after 2Q results, Credit Suisse forecasts a FY23 guidance downgrade at February 23 results.

The broker lowers its target to $1.95 from $2.06 after an -11% 2P downgrade at Waitsia and an overall -8% production miss, along with lower estimates for FY23 and FY24 LNG price forecasts of -3% and -28%, respectively.

The Outperform rating stays as the analyst anticipates a higher dividend payout policy and sees material growth and price upside catalysts in FY24 from low market expectations.

Target price is $1.95 Current Price is $1.43 Difference: $0.52
If BPT meets the Credit Suisse target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $1.89, suggesting upside of 31.3% (ex-dividends)

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 BPT as Downgrade to Underperform from Neutral (5) -

Beach Energy's December-quarter result disappointed Macquarie, Waitsia drilling results disappointing (reserves cut by -15% - another downgrade); capital expenditure rising given a tight labour skills market; and news of a contractor reselection (the company is sensitive to schedule delays given LNG prices are unlikely to stay this high forever).

EPS forecasts fall -16% in FY23; and -15% in FY24. Rating is downgraded to Underperform from Neutral. Target price falls to $1.45 from $1.70.

Target price is $1.45 Current Price is $1.43 Difference: $0.02
If BPT meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $1.89, suggesting upside of 31.3% (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

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

Morgans upgrades its rating to Add from Hold despite second quarter production missing the consensus forecast by -5% and Beach Energy downgrading reserves at Waitsia. The target falls to $1.81 from $1.91.

Production fell for Bass Gas, Otway and Kupe, though the analyst notes the latter two were afflicted by plant outages and lower customer demand, rather than poor operational performance.

Also, the lower reserves at Waitsia won't impact delivery of commitments to customers over the next five years, explains the broker.

Morgans' FY24 and FY25 dividend forecasts are raised by 30% and 55%, respectively, as the company will likely move to a free cash flow metric.

Target price is $1.81 Current Price is $1.43 Difference: $0.38
If BPT meets the Morgans target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $1.89, suggesting upside of 31.3% (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

UBS rates BPT as Buy (1) -

Beach Energy reported Dec half production -8% below UBS, due to delayed well connections at Western Flank oil and soft customer nominations in the Otways.

An -11% downgrade to Waitsia 2P reserves does not materially impact the broker's valuation as production can still support Waitsia's LNG offtake contract, which is the main source of value.

Beach Energy remains a beneficiary of strong east coast gas prices, with two key east coast gas assets unconstrained, in the broker's view, from settling prices higher than the government's gas price cap.

Buy retained, target falls to $1.90 from $1.95.

Target price is $1.90 Current Price is $1.43 Difference: $0.47
If BPT meets the UBS target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $1.89, suggesting upside of 31.3% (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

Citi rates BUB as Neutral (3) -

While Citi remains supportive of Bubs Australia's strategies, the broker highlights it could not take a more positive outlook without improved sales momentum which it anticipates may only emerge from the fourth quarter.  

A second quarter update from the company saw momentum decline in key growth markets, China and the US.

China revenue declined -49% quarter-on-quarter, which Bubs Australia attributed to recent lockdown and supply disruptions. Citi worsens its full year net loss forecast to -$15.1m from -$8.3m.

The Neutral rating and target price of $0.32 are retained.

Target price is $0.32 Current Price is $0.28 Difference: $0.035
If BUB meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Morgans rates CBL as Speculative Buy (1) -

Control Bionics' 2Q cash flow report was broadly in line with Morgans forecasts and management remains confident in its FY23 forecasts.

The analyst highlights the company is extending its product offering to expand to new user groups such as med tech and consumer-oriented markets. 

The Speculative Buy rating and 85c target are unchanged.

Target price is $0.85 Current Price is $0.16 Difference: $0.69
If CBL meets the Morgans target it will return approximately 431% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

UBS rates CGF as Neutral (3) -

For 1H results due on February 14, UBS expects confirmation of Challenger's FY23 normalised PBT guidance of $485-535m. The consensus estimate is for $515m, which implies 9% growth as compared to the broker's assumption of 7%.

The analyst expects a 272bps cost of equity (COE) margin for the half. The target rises to $7.30 from $7.10. Neutral.

Target price is $7.30 Current Price is $7.57 Difference: minus $0.27 (current price is over target).
If CGF meets the UBS target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.34, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.1

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

Macquarie rates CHN as Outperform (1) -

Chalice Mining's December-quarter report advises that exploration has further extended the Gonneville deposit, and that an upgraded resource estimate is expected in March.

Macquarie believes the regional drilling holds strong potential, and believes the company's scoping study could prove a catalyst for a target upgrade.

Outperform rating and $8 target price retained.

Target price is $8.00 Current Price is $6.08 Difference: $1.92
If CHN meets the Macquarie target it will return approximately 32% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Credit Suisse rates CIP as Outperform (1) -

Centuria Industrial REIT's December-half result met Credit Suisse's forecasts and full-year guidance was retained.

Income rose but so did debt costs but the broker admires the REIT's strong portfolio fundamentals, noting asset values have been retained in the face of rising cap rates.

FFOPS forecasts rise 0.3% in FY23; fall -3.3% in FY24; and fall -3.6% in FY25.

Outperform rating retained, the broker appreciating the company's timing - deleveraging just as asset values have eased. Target price rises to $3.49 from $3.42.

Target price is $3.49 Current Price is $3.26 Difference: $0.23
If CIP meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $3.37, suggesting upside of 3.0% (ex-dividends)

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

Macquarie rates CIP as Neutral (3) -

Centuria Industrial REIT's December-half results met Macquarie's forecasts and the company reiterated FY23 guidance.

The broker believes the company will continue to enjoy solid fundamentals and that capital recycling might offset debt challenges.

Forecast FFOPS rises 0.9% in FY23; 2.9% in FY24; and 5.9% in FY25 to reflect higher like for like income growth thanks to solid re-leasing spreads.

Neutral rating retained. Target price rises 5% to $3.40 from $3.25.

Target price is $3.40 Current Price is $3.26 Difference: $0.14
If CIP meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $3.37, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

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

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

Morgan Stanley forecasts proved to be broadly accurate, with Centuria Industrial REIT reporting 1H funds from operations (FFO) of 8.33cpu. Guidance was maintained for FY23 FFO and DPS of 17cpu and 16cpu, respectively.

The analyst highlights average rental growth of 19% on deals done in the 1H and anticipates strong momentum for rent revenue growth as 30% of leases are set to expire between now and FY25.

Rental growth of 6-7% will offset the impact of each 25bps of cap rate expansion, points out the broker.

The Equal-weight rating and $3.25 target are retained. Industry View: In-line.

Target price is $3.25 Current Price is $3.26 Difference: minus $0.01 (current price is over target).
If CIP meets the Morgan Stanley target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.37, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

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

Morgans rates CIP as Hold (3) -

Strong tenant demand and low vacancy in key markets for Centuria Industrial REIT in the 1H has led to a positive (19%) spread between lease rates on expiring leases and the rates on new leases, explains Morgans. Occupancy was stable at 98.7%.

FY23 guidance for funds from operations (FFO) of 17cpu and DPS of 16cpu is unchanged.

Site coverage on the active portfolio is low at around 43%, observes the analyst, which provides future development opportunities.

The target rises to $3.38 from $3.31, in line with the broker’s net asset valuation, and after allowing for a lower rate of cap rate expansion. Hold.

Target price is $3.38 Current Price is $3.26 Difference: $0.12
If CIP meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $3.37, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

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 CIP as Hold (3) -

Centuria Industrial REIT has delivered funds from operations of $54m in its first half, a largely flat year-on-year result as higher interest expenses offset 18% revenue growth. The result was in line with Ord Minnett's expectations, and with full year guidance from the company.

Looking ahead the broker finds operating conditions favourable, with its main concern stemming from deteriorating credit metrics amid rising cost of debt. While cost of debt lifted to 3.3% in the first half of FY23, up from 2.0% in the first half of FY22, Ord Minnett expects this to increase to over 6.0% over the next five years. 

Finding the stock overvalued at its current price, the Hold rating is retained with a target price of $3.00.

Target price is $3.50 Current Price is $3.26 Difference: $0.24
If CIP meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $3.37, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

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

UBS rates CPU as Buy (1) -

Given lower market forecasts for central bank interest rate rises, UBS expects Computershare will downgrade earnings guidance at 1H results due on February 15.

The analyst notes the consensus forecast for management FY23 EPS growth is currently around 87%, which aligns with the broker's estimate.

The Buy rating and $30.50 target are unchanged.

Target price is $30.50 Current Price is $24.11 Difference: $6.39
If CPU meets the UBS target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $27.73, suggesting upside of 16.6% (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: 0.7

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

Morgan Stanley rates CSL as Overweight (1) -

When 1H results for CSL are released on February 14, Morgan Stanley feels a material change in immunoglobulin yield will likely be the most important factor in driving the share price. It's felt consensus forecasts are not allowing for associated margin expansion. 

Under yield improvement scenarios of 5%, 10-15% and a minor uptick (20% probability), the broker predicts a share price reaction of 10%, 15% and -5%, respectively.

The Overweight rating and $354 target are unchanged.

Target price is $354.00 Current Price is $298.40 Difference: $55.6
If CSL meets the Morgan Stanley target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $335.99, suggesting upside of 12.6% (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 DRR as Outperform (1) -

Deterra Royalties' December-quarter MAC royalty receipts missed Macquarie's forecasts by -10%, production outpacing weak sales.

But the broker believes the dividend yield remains attractive, and expects the December-half dividend to rise 4% on the June half (the company has already received $96.4m in royalty receipts in the first half despite the MAC disappointment).

EPS forecasts ease -2% in FY23.

Outperform rating retained. Target price rises to $5 from $4.90.

Target price is $5.00 Current Price is $4.69 Difference: $0.31
If DRR meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $4.93, suggesting upside of 2.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

Morgans rates EBR as Speculative Buy (1) -

Cash outflow in the 2Q was in line with Morgans expectations and cash of US$65m, and a further US50m debt facility is available for EBR Systems to sufficiently fund clinical progress through to potential commercial launch.

The analyst notes the pivotal Solve trial continues to progress, with headline results expected by the 1H of 2023.

No changes are made to the broker’s forecasts. The Speculative Buy rating and 99c target are unchanged.

Target price is $0.99 Current Price is $0.54 Difference: $0.447
If EBR meets the Morgans target it will return approximately 83% (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

Morgans rates FDV as Add (1) -

While 4Q sales were softer than Morgans expected and revenue and earnings were misses of -5% and -10%, respectively, Frontier Digital Ventures announced upcoming cost-out benefits from expense savings in the Latin American region. 

Revenues were largely weaker because of the Pakistan-based Zameen business, which was affected by the tough economic background and unfavourable currency movements, explains the analyst.

Ex Zameen, 4Q revenue would have increased by 1% on the previous corresponding period.

The Add rating is unchanged and the target is increased by 1c to $1.29.

Target price is $1.29 Current Price is $0.80 Difference: $0.495
If FDV meets the Morgans target it will return approximately 62% (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 FLT as Neutral (3) -

Citi describes Flight Centre Travel's first half update as pleasing, with the company exceeding its own guidance and delivering earnings of $95m. The company is guiding to full year earnings of $250-280m, which the broker notes implies limited growth. 

The broker notes commentary suggests as much as $90m of first half earnings could be attributable to corporate travel, and Citi warns corporate travel trends may now have stalled. The broker did find capital allocation for Leisure to be a positive sign, potentially indicating an optimistic longer-term outlook for the sector. 

The Neutral rating is retained and the target price increases to $16.98 from $16.60.

Target price is $16.98 Current Price is $18.65 Difference: minus $1.67 (current price is over target).
If FLT meets the Citi target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.79, suggesting downside of -9.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.2

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

Morgans rates FLT as Hold (3) -

Flight Centre Travel will acquire luxury travel business Scott Dunn for -$210m, funded by $40m in cash and a $180m underwritten institutional placement at $14.60, along with a $40m share purchase plan (SPP).

Morgans considers the purchase price is full and the transaction only offers mild EPS accretion, though encourages investors to take up the SPP on attractive pricing. 

Separately, the company’s 1H result came in ahead of guidance, led by a strong performance by Corporate, while FY23 guidance was in line with consensus forecasts.

The Hold rating is unchanged, while the target falls to $18.10 from $18.25 from dilution of the placement and SPP, as well as a lower net cash balances.

Target price is $18.10 Current Price is $18.65 Difference: minus $0.55 (current price is over target).
If FLT meets the Morgans target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.79, suggesting downside of -9.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.2

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

UBS rates FLT as Neutral (3) -

Flight Centre delivered a guidance-beating quarterly update, noting Chinese carriers bringing back capacity should be an industry tailwind, and lower ticket prices, while the corporate business continues to win new accounts.

That said, a potentially softer macroeconomic environment could impact both corporate and leisure travel, UBS warns.

Flight Centre will also acquire UK-based Luxury Travel Holdings (Scott Dunn), which the broker calculates as accretive.

Neutral and $17 target retained.

Target price is $17.00 Current Price is $18.65 Difference: minus $1.65 (current price is over target).
If FLT meets the UBS target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.79, suggesting downside of -9.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.2

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

Macquarie rates GLN as Outperform (1) -

Galan Lithium's December-quarter report appears to have met Macquarie's forecasts and the broker says strong flow rates suggest the company is on track to meet its pilot production rate at its Hombre Muerto West project, and spies upside risk to the resource estimate.

The broker says once all project approvals are received, construction is expected to start immediately and plans should be lodged for the full plant. 

Outperform rating retained and $1.90 target price retained.

Target price is $1.90 Current Price is $1.12 Difference: $0.78
If GLN meets the Macquarie target it will return approximately 70% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates GOR as Neutral (3) -

Gold Road Resources' largely pre-released December-quarter results met Macquarie's forecasts as did FY23 production guidance.

But all-in-sustaining cost guidance disappointed and the broker raises its AISC long-term forecasts.

Accordingly, EPS forecasts fall -5% for 2022; -21% in 2023; and -3% to -4% thereafter.

Neutral rating retained. Target price falls -6% to $1.70 from $1.80.

Target price is $1.70 Current Price is $1.47 Difference: $0.235
If GOR meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $1.85, suggesting upside of 25.9% (ex-dividends)

The company's fiscal year ends in December.

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 GOR as Downgrade to Accumulate from Buy (2) -

Ord Minnett has been disappointed by 2023 cost guidance from Gold Road Resources being 12% ahead of its expectations, with the company suffering the impacts of inflationary inputs and sustained higher spend. The broker lowers its earnings forecasts -14% and -4% in FY23 and FY24. 

Guidance followed a fourth quarter where production declined -11% quarter-on-quarter, and costs were higher than expected on larger mining and capital expenditure. Ord Minnett describes the latest result as a "slight step back" after Gold Road Resources outperformed peers over the last six months.

The rating is downgraded to Accumulate from Buy and the target price decreases to $1.80 from $2.00.

Target price is $1.80 Current Price is $1.47 Difference: $0.335
If GOR meets the Ord Minnett target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $1.85, suggesting upside of 25.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

UBS rates GQG as Buy (1) -

With FY22 results due on February 17, UBS is not expecting any major surprises and retains its Buy rating and $2.20 target for GQG Partners.

While there is no available consensus on the stock, notes the analyst, the broker's FY22 cash earnings forecast is for US$249.4m, with a 2H of US$116.1m.

Target price is $2.20 Current Price is $1.45 Difference: $0.755
If GQG meets the UBS target it will return approximately 52% (excluding dividends, fees and charges).

Current consensus price target is $2.04, suggesting upside of 40.4% (ex-dividends)

The company's fiscal year ends in December.

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: 1.0

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

UBS rates HUB as Buy (1) -

UBS expects 1H platform revenue margins for Hub24 (reports on February 21) will increase to 35.9bps, driven largely by a recovery in cash spread margins.

A forecast increase in earnings (EBITDA) margins may provide some catchup towards those of Netwealth Group, suggests the analyst.

The $31 target and Buy rating are unchanged.

Target price is $31.00 Current Price is $27.00 Difference: $4
If HUB meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $30.85, suggesting upside of 3.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

UBS rates IAG as Sell (5) -

UBS forecasts a 1H insurance margin of 13.7%, below the company's FY23 guidance range of 14-16%, when Insurance Australia Group reports its results on February 13, though the market is expected to focus on 1H exit margins.

The broker lowers its target to $4.20 from $4.30 and maintains its Sell rating.

Target price is $4.20 Current Price is $4.82 Difference: minus $0.62 (current price is over target).
If IAG meets the UBS target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.23, suggesting upside of 9.6% (ex-dividends)

The company's fiscal year ends in June.

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

UBS rates IFL as Neutral (3) -

UBS is forecasting -8% revenue margin compression when Insignia Financial reports 1H results on February 23.

The analyst sees clear upside risk from its FY24 forecasts, which allow for total costs of 32bps, down only -3bps from FY22.

The Neutral rating and $3.40 target are unchanged.

Target price is $3.40 Current Price is $3.47 Difference: minus $0.07 (current price is over target).
If IFL meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.86, suggesting upside of 10.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

Citi rates IGO as Buy (1) -

The first half saw IGO deliver a record dividend to shareholders. Production from the company's Greenbushes asset was up 5% quarter-on-quarter, with sales up 14%, and while full year output is expected to at or above the top end of guidance, costs are expected to trend higher in the second half.

Citi notes IGO has moved to quarterly reporting on Greenbushes, and while the broker likes the closer alignment with spot pricing it does highlight that with lithium pricing looking to have peaked a six month pricing lag is not a bad thing as prices trend down. 

The Buy rating is retained and the target price decreases to $17.10 from $17.20.

Target price is $17.10 Current Price is $13.24 Difference: $3.86
If IGO meets the Citi target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $16.17, suggesting upside of 18.9% (ex-dividends)

The company's fiscal year ends in June.

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

Credit Suisse rates IGO as Outperform (1) -

IGO's December-quarter result missed Credit Suisse's forecasts as weaker lithium JV earnings combined with higher than expected costs.

On the upside, the dividend met the broker's expectations.

December-half free cash flow outpaced consensus by roughly 30% but missed the broker's forecast by roughly 50%.

Greenbushes' production outpaced but pricing softened. 

Outperform rating retained. Target price falls to $16.50 from $16.90.

Target price is $16.50 Current Price is $13.24 Difference: $3.26
If IGO meets the Credit Suisse target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $16.17, suggesting upside of 18.9% (ex-dividends)

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

Macquarie rates IGO as Outperform (1) -

IGO's December-quarter and December-half results proved mixed, higher lithium volumes being offset by weaker nickel production.

Add to that an increase in operating and capital cost guidance for nickel and lithium; weaker cash flow generation; a -22% dividend miss; a production guidance downgrade at Nova; and a six month delay on a final invest decision for Kwinana; and Macquarie cuts EPS forecasts.

FY23 EPS forecasts fall -3%; and FY24 and beyond forecasts fall -5% to -7%.

Outperform rating retained. Target price falls -5% to $20 from $21.

Target price is $21.00 Current Price is $13.24 Difference: $7.76
If IGO meets the Macquarie target it will return approximately 59% (excluding dividends, fees and charges).

Current consensus price target is $16.17, suggesting upside of 18.9% (ex-dividends)

The company's fiscal year ends in June.

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

Morgan Stanley rates IGO as Underweight (5) -

Morgan Stanley remains Underweight on IGO due to timing and capex risks for projects, despite a sharply negative share price reaction to 2Q/1H results. Increasing operating costs and a full valuation are considered further negatives.

Prior to the results, the broker believed IGO was overvalued and priced for perfection. A raft of disappointments within the results included lower production and cost escalations, which caused a 22% increase to cash cost guidance at Forrestania.

Moreover, the ramp-up of Train 1 was delayed at Kwinana and there will now be a delay for Train 2.

The target falls to $11.30 from $12.15. Industry View: Attractive.

Target price is $11.30 Current Price is $13.24 Difference: minus $1.94 (current price is over target).
If IGO meets the Morgan Stanley target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.17, suggesting upside of 18.9% (ex-dividends)

The company's fiscal year ends in June.

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

UBS rates IGO as Buy (1) -

IGO's first half earnings were broadly in line with UBS' expectations; the 14cps dividend was a beat. However, despite the record returns and interim dividend, the broker is more concerned with ramp-up delays for Kwinana trains 1 & 2 and cost escalation.

UBS downgrades earnings forecasts across FY23-25 on Kwinana delays, a lower Greenbushes realised price forecast and broader portfolio cost escalation.

Buy retained on an $18.20 target, down from $19.90, as IGO remains the broker's preferred lithium pick through its high quality portfolio exposure to the EV raw materials thematic.

Target price is $18.20 Current Price is $13.24 Difference: $4.96
If IGO meets the UBS target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $16.17, suggesting upside of 18.9% (ex-dividends)

The company's fiscal year ends in June.

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

Morgans rates IME as Speculative Buy (1) -

Following 4Q results described as fair, Morgans noted ImExHS was slightly behind its target to be underlying earnings (EBITDA) positive for FY22, with a loss of -$0.1m.

While revenue missed with lower conversion of contracts to go-live and currency headwinds, the analyst feels the company is now running more efficiently following cost-out initiatives.

The Speculative Buy rating is kept, while the target falls to $1.82 from $2.03.

Target price is $1.82 Current Price is $0.42 Difference: $1.4
If IME meets the Morgans target it will return approximately 333% (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

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

In a review of Lendlease Group's development pipeline, Morgan Stanley was surprised by a heavy reliance on near-delivery-ready acquisitions to increase work in progress. The true viability of the pipeline and the potential for blockages is thus questioned.

The analysts concede their review (which is more a point of intrigue rather than a bear point) may be a tad simplistic as some projects may just have faster approval processes than the broker anticipated and complexities may be understated.

First half results are due on February 13 and Morgan Stanley forecasts profit of $152m, as well FY23 profit of $352m.

The Equal-weight rating and $10.50 target are unchanged. Industry View: In-Line.

Target price is $10.50 Current Price is $7.78 Difference: $2.72
If LLC meets the Morgan Stanley target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $10.71, suggesting upside of 40.3% (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

Macquarie rates LTR as Outperform (1) -

Liontown Resources's December-quarter result confirmed the already flagged 64% increase in the capital expenditure estimate for Kathleen Valley to $895m from $545m.

Macquarie says the company reports that tender proposals have outpaced the company's estimates by 30% as skills and materials shortages continue.

Outperform rating and $2.60 target price retained (it fell from $3.40 in mid January) given the project remains on track and the company has optimised the mine plan for the first five years of the project.

Target price is $2.60 Current Price is $1.29 Difference: $1.31
If LTR meets the Macquarie target it will return approximately 102% (excluding dividends, fees and charges).

Current consensus price target is $2.08, suggesting upside of 53.2% (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

UBS rates MFG as Sell (5) -

For 1H results due on February 16, UBS forecasts Funds Management profit (PBT) of $118.5m compared to the consensus estimate of $124m.

The broker's adjusted profit forecast of $93.6m is -9% below consensus. The Sell rating and $8.60 target are maintained.

Target price is $8.60 Current Price is $9.70 Difference: minus $1.1 (current price is over target).
If MFG meets the UBS target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.55, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Morgans rates MME as Add (1) -

Morgans considers the achievement of statutory profitabilty was a key highlight of MoneyMe's 2Q trading update.

Management expects 1H gross revenue will be greater than $117m (Morgans expected $107m) and upgraded FY23 gross revenue guidance to more than $220m from more than $200m. The broker had estimated $221m.

The above guidance changes are factored into the analyst's forecasts but are largely countered by an increase in the risk-free rate and a more conservative assumption for longer-term margins. The target rises to $1.20 from $1.17.

Target price is $1.20 Current Price is $0.25 Difference: $0.95
If MME meets the Morgans target it will return approximately 380% (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 MP1 as Neutral (3) -

Megaport's December-quarter earnings outpaced consensus and Credit Suisse's forecasts, but net port additions were sharply below the broker's expectations while legacy ports transitioned were roughly double the broker's estimate.

Credit Suisse expects the economic slowdown to continue to affect the company in FY23, and reduces its net port addition forecasts and underlying port growth forecasts.

On the upside, the broker spies a 100% price increase in May or June for the VXC product.

Neutral rating retained. Target price falls to $6.45 from $7.10.

Target price is $6.45 Current Price is $6.05 Difference: $0.4
If MP1 meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $9.05, suggesting upside of 50.3% (ex-dividends)

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.9

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

Macquarie rates MP1 as Outperform (1) -

Megaport's December-quarter revenue met Macquarie's forecast and outpaced consensus, but services growth disappointed as did operational metrics.

The broker expects the company's cost management program will accelerate cash flow this year.

EPS forecasts rise 3% in FY23 to reflect the earnings beat and expected cash-flow kick; but fall -77% in FY24 and -28% in FY25 to reflect the company's weaker operating metrics.

Outperform rating retained. Target price falls to $7.60 from $10.

Target price is $7.60 Current Price is $6.05 Difference: $1.55
If MP1 meets the Macquarie target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $9.05, suggesting upside of 50.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.9

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

Morgan Stanley rates MP1 as Overweight (1) -

While 2Q revenue was 3% higher than expected, Morgan Stanley observes the focus of Megaport has shifted to targeting positive free cash flows.

As a result of this new direction, management provided FY23/24 capex guidance -20% below consensus estimates and indicated cost savings of $8-10m will be made prior to the end of FY23.

The analyst considers outlook commentary (slower decisions by customers and a longer sales cycle) was in line with a global moderation in IT spending.

The $10.00 target and Overweight rating are unchanged. Industry View: Attractive.

Target price is $10.00 Current Price is $6.05 Difference: $3.95
If MP1 meets the Morgan Stanley target it will return approximately 65% (excluding dividends, fees and charges).

Current consensus price target is $9.05, suggesting upside of 50.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.9

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

Morgans rates MP1 as Add (1) -

Revenue and opex were in line for Megaport's 2Q/1H, according to Morgans, while gross profit and earnings (EBITDA) were a beat.

Investors may be wondering why the stock was sold off so savagely in reaction to the results. The broker suggests decelerating KPI's indicate slowing sales momentum is responsible and highlights a miss for gross profit acceleration.

The analyst believes management's focus turned away from just achieving sales growth, and also aimed at becoming free cash flow (FCF) positive. In doing so, impressive leverage was achieved for gross profit and earnings (EBITDA).

The company is undertaking initiatives to materially lower cash burn and Morgans anticipates positive free cash flow in FY25.

The target falls to $8.25 from $9.00. Add.

Target price is $8.25 Current Price is $6.05 Difference: $2.2
If MP1 meets the Morgans target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $9.05, suggesting upside of 50.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.9

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

UBS rates MP1 as Buy (1) -

While Megaport's overall miss was a negative, in UBS' view investors failed to also factor in partial offsetting positives. A large driver behind the short interest in the stock has been concerns around cash burn and a potential need to raise equity.

UBS highlights a doubling of prices of VCX's for a subset of customers, cost savings and capex reduction, all of which have materially de-risked.

The broker's earnings forecast downgrades imply a materially lower impact than the share price reaction. Target falls to $12.75 from $14.10, Buy retained.

Target price is $12.75 Current Price is $6.05 Difference: $6.7
If MP1 meets the UBS target it will return approximately 111% (excluding dividends, fees and charges).

Current consensus price target is $9.05, suggesting upside of 50.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.9

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

UBS rates MPL as Buy (1) -

For 1H results due on February 23, UBS expects underlying claims inflation broadly in line with the company's guidance of around 2.3%.

The broker also forecasts a 8.3% net margin for the half. The Buy rating and $3.70 target are unchanged.

Target price is $3.70 Current Price is $3.06 Difference: $0.64
If MPL meets the UBS target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $3.18, suggesting upside of 3.2% (ex-dividends)

The company's fiscal year ends in June.

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

UBS rates NHF as Neutral (3) -

UBS forecasts the 1H net margin for nib Holdings will ease to 9.5% from 9.9% in the prior half. Policy growth of 3-4% in FY23 is expected, which is towards the top end of management's guidance range for 3-4%.

The analyst's interim DPS forecast of 12cps is slightly behind consensus. The target rises by 10c to $7.80. Neutral.

Target price is $7.80 Current Price is $7.02 Difference: $0.78
If NHF meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $7.51, suggesting upside of 4.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

Macquarie rates NIC as Neutral (3) -

Nickel Industries' partly pre-released December-quarter result appears to have disappointed Macquarie, nickel metal production being in line but NPI production falling -21% short of the broker's forecasts due to the switch to nickel matte production.

On the upside, the broker notes conversion from NPI production to nickel matte production succeeded, yielding strong margins.

2022 EPS forecasts fall -5% to reflect the production miss but rise 3% to 9% across 2023 to 2026 to reflect the switch to nickel matte.

Neutral rating retained. Target price rises 8% to $1.05.

Target price is $1.05 Current Price is $1.02 Difference: $0.03
If NIC meets the Macquarie target it will return approximately 3% (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: 0.3

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

UBS rates NWL as Buy (1) -

UBS forecasts an administration fee margin of 15.4bps, a fall of -4% on the previous corresponding period, when Netwealth Group releases 1H results on February 15.

The broker feels consensus forecasts have been underestimating revenues from cash margins, as evidenced by the recent announcement of a 20bps increase in spreads to 135bps, commencing January 1.

The Buy rating and $17 target are unchanged.

Target price is $17.00 Current Price is $13.70 Difference: $3.3
If NWL meets the UBS target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $14.87, suggesting upside of 8.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

Ord Minnett rates NXD as Initiation of coverage with Buy (1) -

NextEd Group has upgraded its first half guidance, tightening revenue range to $43.4-43.7m and earnings range to $6.4-6.7m, off the back of the company's ongoing growth trajectory. 

Reporting record international student enrollments in the December quarter, up 350% year-on-year, NextEd Group continues to expand both its course offerings and classroom space. Notably, six new hospitality courses were launched in Perth and Brisbane, with Sydney, Melbourne and the Gold Coast to follow in the year.

The Buy rating is retained and the target price increases to $1.55 from $1.46.

Target price is $1.55 Current Price is $1.42 Difference: $0.13
If NXD meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

UBS rates ORG as No Rating (-1) -

Customer wins in the Commercial and Industrial segment saw Origin Energy's Dec half electricity and gas sales beat UBS. In addition, strong operational performance and improved coal deliveries on legacy contracts saw an Energy Markets earnings guidance upgrade of 17%.

UBS expects a continued earnings uplift in Energy Markets as customer tariffs are yet to reflect the wholesale costs of electricity. The earnings upgrade reinforces the broker's view such strength can provide strong earnings momentum in the near term.

UBS is on restriction.

Current Price is $6.98. Target price not assessed.

Current consensus price target is $8.17, suggesting upside of 16.7% (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

UBS rates OZL as Neutral (3) -

OZ Minerals reported strong Dec quarter copper/gold production, UBS notes, hitting revised 2022 guidance. Mostly flat guidance for 2023 is as expected.

Under the BHP Group ((BHP)) takeover scheme OZ Minerals may still pay a fully franked $1.75 dividend (up to $0.75 franking credits), the broker notes. The dividend will be declared with the result release this month and the shareholder vote is in April.

Neutral and $28.25 target retained.

Target price is $28.25 Current Price is $27.98 Difference: $0.27
If OZL meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $27.61, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.1

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

Macquarie rates PAN as Outperform (1) -

Panoramic Resources's December-quarter production result appears to have missed Macquarie's cost estimate and former cost guidance, as higher freight, fuel, consumables and labour took their toll.

Management retained FY23 production guidance but raise FY23 cost guidance. EPS forecast falls -36% in FY23.

Outperform rating retained, the broker not being overly surprised by the cost rise. Target price falls -4% to 22c.

Target price is $0.22 Current Price is $0.15 Difference: $0.07
If PAN meets the Macquarie target it will return approximately 47% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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) -

Credit Suisse's target for PointsBet Holdings falls to $1.40 from $2.15 after a reduction in the broker's long-term revenue and profit estimates. In the short term, forecasts are reduced (an improvement) for FY23 and FY24 earnings (EBITDA) losses. 

The analyst's financial model is adjusted due to a decision by management to target target ‘super-user’ sports bettors, resulting in a smaller overall US market share but a shorter break-even period as costs are contained.

Credit Suisse maintains its Neutral rating until PointsBet Holdings demonstrates it can attain profitable US market share.

Target price is $1.40 Current Price is $1.54 Difference: minus $0.135 (current price is over target).
If PBH meets the Credit Suisse target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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) -

Ord Minnett considers the latest quarterly update from PointsBet Holdings to be a driver for the company in beating net win expectations. The company reported group net wins of $103.3m, supported by a $10m beat from its Australian operations. 

The broker considered amendments to the company's NBC media agreement to be a key takeaway from the update, now spreading out marketing commitments over five years as opposed to three and reducing pressure on PointsBet Holdings' balance sheet. 

The Hold rating is retained and the target price decreases to $1.50 from $2.20.

Target price is $1.50 Current Price is $1.54 Difference: minus $0.035 (current price is over target).
If PBH meets the Ord Minnett target it will return approximately minus 2% (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: 0.0

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

Macquarie rates PMT as Outperform (1) -

Patriot Battery Metals drilling has again extended the strike of the high-grade zone at Corvette's CV5 and Macquarie observes the winter drilling program has started.

The broker cuts its equity funding dilution in light of the strong share price and increases capital raising price assumptions from $9 a share to $12 a share.

All this results in earnings upgrades across the forecasts period.

Outperform rating retained, the broker expecting a maiden resource estimate at Corvette will prove a near-term catalyst. Target price rises 9% to $1.75 from $1.60.

Target price is $1.75 Current Price is $1.43 Difference: $0.32
If PMT meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY23:

Forecast for FY24:

This company reports in CAD. 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 PNI as Downgrade to Sell from Neutral (5) -

UBS had already expressed its lack of enthusiasm for Pinnacle Investment Management, but today's February reporting season preview for diversified financials has gone one step further.

The broker has downgraded to Sell from Neutral while reducing the price target by -3% to $8.50.

Pinnacle Investment Management has been nominated as one of the companies likely to disappoint in February on higher costs, weaker fund flows and a weaker outlook for performance fees.

Target price is $8.50 Current Price is $9.82 Difference: minus $1.32 (current price is over target).
If PNI meets the UBS target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.98, suggesting upside of 0.8% (ex-dividends)

The company's fiscal year ends in June.

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

UBS rates PPT as Neutral (3) -

First half results for Perpetual are due on February 24. 

UBS is forecasting profit (UPAT) of $68.2m compared to the $65.4m consensus estimate.

The Neutral rating and $26.60 target are unchanged.

Target price is $26.60 Current Price is $27.14 Difference: minus $0.54 (current price is over target).
If PPT meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $29.82, suggesting upside of 9.8% (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

UBS rates PTM as Sell (5) -

First half results for Platinum Asset Management will be announced on February 24.

UBS forecasts profit of $53.2m, 14% above the consensus estimate.  Funds Management profit (PBT) of $58.5m is expected, -2.7% below
the $60.1m consensus figure.

The Sell rating and $1.55 target are unchanged.

Target price is $1.55 Current Price is $2.30 Difference: minus $0.75 (current price is over target).
If PTM meets the UBS target it will return approximately minus 33% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.89, suggesting downside of -18.3% (ex-dividends)

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

UBS rates PWH as Neutral (3) -

PWR Holdings has secured a long-term lease of a facility in Rugby, UK, to centre its UK/Europe operations.

The recently acquired Docking Engineering and the Bespoke Motorsport Radiators businesses will relocate to Rugby and the facility is large enough to support significant expansion, if required over time, beyond the current capacity, UBS notes.

Overall, the broker views this move as positive as it provides incremental growth capacity in the UK/Europe, and given the size of the premises, indicates management is confident in the growth outlook within OEM and Motorsports in particular.

UBS likes PWR Holdings, but it is well-priced. Neutral and $9.30 target retained.

Target price is $9.30 Current Price is $11.01 Difference: minus $1.71 (current price is over target).
If PWH meets the UBS target it will return approximately minus 16% (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

UBS rates PXA as Buy (1) -

Pexa Group's 1H result will be announced on February 23.

UBS forecasts volumes of 1.91m for listings (transfers) and refinancing activity, which is close to management's guidance for around 1.9m, which implies to the analyst an around -9.7% drop versus the previous corresponding period.

The broker's Buy rating and $19 target are unchanged. It's felt the rollout of UK expansion is on track and any value arising from this initiative is not priced into the stock.

The Buy rating and $19 target are unchanged.

Target price is $19.00 Current Price is $13.01 Difference: $5.99
If PXA meets the UBS target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $17.21, suggesting upside of 33.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Morgans rates PXS as Speculative Buy (1) -

Following a broadly in-line 2Q cash flow report, Morgans leaves its forecasts unchanged for Pharmaxis and notes good progress is being made on its clinical pipeline. 

Important trial results are expected in 2023 for both the lead drug PXS-5505 for Myelofibrosis and PXS-6302 topical drug for scarring, and the drug discovery pipeline is also being advanced, observes the analyst.

The Speculative Buy rating and 24c target are unchanged.

Target price is $0.24 Current Price is $0.05 Difference: $0.186
If PXS meets the Morgans target it will return approximately 344% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Credit Suisse rates QBE as Outperform (1) -

Credit Suisse feels catastrophe claims in FY22 represent downside risk to the consensus EPS forecast when QBE Insurance reports full year results in February.

Nonetheless, the broker feels the consensus estimate for gross written premium (GWP) growth of 5% is light on as momentum appears to have continued into January for both rates and volume.

The Outperform rating and $17.39 target are unchanged.

Target price is $17.39 Current Price is $14.92 Difference: $2.47
If QBE meets the Credit Suisse target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $16.49, suggesting upside of 9.9% (ex-dividends)

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: 0.9

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

UBS rates QBE as Buy (1) -

FY23 results for QBE Insurance are due on February 17 and UBS forecasts a reported insurance margin of 10.7% compared to the 10.1% expected by consensus.

The analyst expects buoyant top-line growth and potentially disappointing margin commentary.

The Buy rating and $17 target are unchanged.

Target price is $17.00 Current Price is $14.92 Difference: $2.08
If QBE meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $16.49, suggesting upside of 9.9% (ex-dividends)

The company's fiscal year ends in December.

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: 0.9

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

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

In anticipation of 1H results on February 23, Morgan Stanley will be looking for confirmation of Qube Holdings' capital structure
strategy, after completion of the off-market buyback, along with details on upcoming growth opportunities.

The Equal-weight rating is maintained and a $2.88 target is set. Industry view: Cautious.

Target price is $2.88 Current Price is $3.02 Difference: minus $0.14 (current price is over target).
If QUB meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.12, suggesting upside of 3.2% (ex-dividends)

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 RSG as Outperform (1) -

Resolute Mining's December-quarter outpaced Macquarie's forecasts but so did all-in-sustaining costs - in what is becoming the December-quarter refrain throughout the mining industy.

Guidance fell a touch shy of the broker.

EPS forecasts fall -16% for 2022. EPS forecasts rise 9% in 2023 to reflect guidance and an updated hedge book. After accounting for Mako guidance, EPS forecasts fall -15% in 2024 and -11% in 2025.

On the upside, net debt fell sharply after the company's asset sales and capital raising.

Outperform rating retained. Target price rises 10% to 33c.

Target price is $0.33 Current Price is $0.24 Difference: $0.09
If RSG meets the Macquarie target it will return approximately 38% (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

UBS rates SDF as Buy (1) -

As the February 22 release date for Steadfast Group's 1H results is approaching, UBS forecasts earnings (EBITDA) and underlying profit (NPATA) of $184m and $104.8m, compared to the consensus forecasts for $183m and $107.2m, respectively.

The Buy rating and $6.70 target are unchanged.

Target price is $6.70 Current Price is $5.64 Difference: $1.06
If SDF meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $6.08, suggesting upside of 8.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

UBS rates SDR as Buy (1) -

SiteMinder has provided another positive update, with revenue growth at pre-covid levels, broadly in line with UBS.

Accelerating subscription growth was a key positive in the broker's view, creating a higher quality revenue growth composition and reflecting a pick-up in sell-through activity.

The other major positive was a focus on reducing cash-burn, with management targeting "high standard deviation" percentage of revenue. A weaker global macro outlook has not impacted the business to date, consistent with commentary by major airlines.

Buy retained, target rises to $6.40 from $6.25.

Target price is $6.40 Current Price is $3.88 Difference: $2.52
If SDR meets the UBS target it will return approximately 65% (excluding dividends, fees and charges).

Current consensus price target is $5.23, suggesting upside of 34.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates SLR as Outperform (1) -

Silver Lake Resources' December-quarter production and all-in-sustaining costs disappointed Macquarie, missing by -14% and -12% respectively, with lower-than-expected grades at Deflector and Sugar zone proving the main production culprits.

Management retains guidance, expecting a stronger June half.

EPS forecasts fall -18% in FY23; and rise 6% in FY24; and 4% in FY24 to reflect more favourable hedging.

Outperform rating retained. Target price falls -6% to $1.60 from $1.70.

Target price is $1.60 Current Price is $1.09 Difference: $0.515
If SLR meets the Macquarie target it will return approximately 47% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Ord Minnett rates SLR as Buy (1) -

Silver Lake Resources has reported a softer than expected second quarter, with production down -16% on Ord Minnett's expectations, with much of the miss came from the Sugar Zone asset. While unexpected, the broker warns investors not to over analyse quarter-on-quarter variability given the asset's relative maturity in the company's portfolio. 

The broker anticipates Sugar Zone can deliver more meaningful improvements through FY24, and looks to progress on capital projects in the meantime. Ord Minnett adjusts its forecasts in line with guidance.

The Buy rating is retained and the target price decreases to $2.20 from $2.35.

Target price is $2.20 Current Price is $1.09 Difference: $1.115
If SLR meets the Ord Minnett target it will return approximately 103% (excluding dividends, fees and charges).

Market Sentiment: 1.0

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

UBS rates SUN as Buy (1) -

Prior to the release of 1H results on February 8, UBS forecasts excess natural hazards costs of -$100m and a favourable business insurance provision release.

The analyst anticipates underlying margin expansion of 0.3ppts half-on-half to 10.3%. The Buy rating and $15 target are unchanged.

Target price is $15.00 Current Price is $12.81 Difference: $2.19
If SUN meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $14.50, suggesting upside of 14.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.9

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

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

In anticipation of 1H results due on February 7, Morgan Stanley forecasts Transurban Group's traffic volumes will exceed 2019 levels by 6% in FY23 and proportional revenue will rise by 43% compared to the previous corresponding period.

The Equal-weight rating is kept and $13.71 target is set. Industry view: Cautious.

Target price is $13.71 Current Price is $14.09 Difference: minus $0.38 (current price is over target).
If TCL 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 $14.06, suggesting downside of -0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.1

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

Macquarie rates TYR as Neutral (3) -

Tyro Payments' pre-reported December-half profit and loss lines broadly met Macquarie's forecasts, thanks to a $3m gross-profit beat partly due to a one-off $2m adjustment of me&u.

Management upgraded FY23 guidance to reflect strong turnover, banking yields and other income.

Higher expenses dragged on the result.

Neutral rating retained due to the uncertain economic outlook. Target price rises to $1.65 from $1.60.

Target price is $1.65 Current Price is $1.60 Difference: $0.055
If TYR meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $1.92, suggesting upside of 21.0% (ex-dividends)

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 WAF as Outperform (1) -

West African Resources's FY23 production guidance met Macquarie's forecasts but all-in-sustaining costs disappointed.

EPS forecasts fall -29% in 2023; and -2% to -6% from 2024 to 2026.

Outperform rating retained. Target price falls -6% to $1.60.

Target price is $1.60 Current Price is $0.89 Difference: $0.71
If WAF meets the Macquarie target it will return approximately 80% (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