Australian Broker Call

Bell Potter rates AMA as Buy (1) -

A "decent but mixed" second quarter from AMA Group according to Bell Potter, with a lower earnings margin of 7.4% driving an earnings miss of $16.8m, compared to the broker's forecast $17.3m, while operating cash flow of $9.6m was a positive surprise.

Full year earnings guidance of $89-96m was reiterated, and while Bell Potter lowers its earnings margin forecasts over the coming three years off the weaker half it notes little impact on earnings forecasts.

The Buy rating is retained and the target price decreases to 14 cents from 15 cents.

Target price is $0.14 Current Price is $0.07 Difference: $0.071
If AMA meets the Bell Potter target it will return approximately 103% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Macquarie rates APA as Neutral (3) -

APA Group's first half is likely to deliver 8-9% earnings growth, Macquarie suggests, as the benefits of Basslink, Dugald SF and some of Alinta come through.

But cash flow will be flat given rising interest costs and one-offs. This is unlikely to change over the next 18 months, limiting dividend growth, the broker notes.

APA's opportunity pipeline is significant, but Macquarie sees it as challenging amid strong competition. Neutral and $8.94 target retained.

Target price is $8.94 Current Price is $8.22 Difference: $0.72
If APA meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $9.10, suggesting upside of 11.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.1

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

Ord Minnett rates ARB as Hold (3) -

Based on December data from the Federal Chamber of Automotive Industries, new vehicle sales in Australia increased  by 12.1%. Sales of SUV's and LCV's (key segments for ARB Corp) increased strongly, observes Ord Minnett.

Within ARB's key vehicle makes and models, sales increased by 42.9% in December, following a 40.6% increase in November, according to the broker.

As the company's order book remains at near record levels, Australian Aftermarket sales are being tempered by labour shortages at ARB's retail sites, the analyst adds.

The Hold rating and $36 target are unchanged.

Target price is $36.00 Current Price is $33.44 Difference: $2.56
If ARB meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $31.85, suggesting downside of -4.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Citi rates BPT as Neutral (3) -

In a first look at Beach Energy's 2Q operational report, Citi notes production was a -3% miss against the broker's forecast due to less condensate at Kupe and slightly lower outcomes across most assets.

Sales were a 28% beat due to an earlier sale of an LNG cargo from WA-stored volumes, explains the analyst. Excluding LNG, sales were a -12% miss due to lower production offset by timing of condensate cargoes. Net debt also missed on higher cash capex.

Management trimmed the top end of FY24 production guidance to 18-20mmboe from 18-21mmboe because of lower Otway nominations in the 1H, explains the broker.

Target $1.60. Neutral.

Target price is $1.60 Current Price is $1.54 Difference: $0.065
If BPT meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $1.81, suggesting upside of 13.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

Ord Minnett rates BRI as Buy (1) -

Prior to 1H results for Big River Industries on February 21, Ord Minnett lowers its FY24-26 earnings (EBITDA) estimates by an average of -
2.5%. Additional gross margin pressure is expected given the latest ABS pricing statistics for a number of key product categories.

The target falls to $2.43 from $2.48. Buy.

Target price is $2.43 Current Price is $2.04 Difference: $0.39
If BRI meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Morgan Stanley rates BWP as Underweight (5) -

Morgan Stanley sees BWP Trust's proposed merger with Newmark Property REIT ((NPR)) as a way for BWP to purchase assets at a discount to book, rather than aquire individual sites on market. Newmark owns $572m of large format retail.

BWP has offered 0.4 units for every Newmark share, implying to the broker $1.39/share, a 43% premium to Newmark's  last close of 97c, and a - 7% discount to net tangible assets (NTA).

The proposed off-market takeover requires 50.1% acceptance, explains the broker, with 18.3% of unitholders having already agreed.

Underweight. Target $3.47. Industry view: In-Line. 

Target price is $3.47 Current Price is $3.40 Difference: $0.07
If BWP meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $3.52, suggesting upside of 4.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.8

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

Ord Minnett rates BWP as Hold (3) -

Ord Minnett likes BWP Trust's potential takeover of Newmark Property REIT ((NPR)) given the good quality properties on offer and the highly defensive revenue stream. The transaction is considered relatively small with a minimal impact on BWP Trust distributions.

The broker believes the all-scrip deal will succeed based on the "reasonable" offer, which represents a 43% premium to Newmark's last trading price.

The Hold rating and target price of $3.60 are retained.

Target price is $3.60 Current Price is $3.40 Difference: $0.2
If BWP meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $3.52, suggesting upside of 4.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.8

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

Bell Potter rates C79 as Buy (1) -

Following deployment challenges over the holiday period, and subsequent delays to a number of unit deployments, Chrysos management has cautioned risk to achieving its more than eighteen unit deployment target for the full year.

Over the fourth quarter, deployments were an -8% miss to Bell Potter's expectations, while quarterly revenue of $10.1m missed by -6%, and minimum monthly assay payments ((MMAP)) of $8.9m missed by -2%.

The broker points out full year revenue is tracking towards the bottom end of the $45-58m guidance range, while earnings look to comfortably land in the $7-17m range.

The Buy rating is retained and the target price decreases to $8.30 from $8.70.

Target price is $8.30 Current Price is $7.21 Difference: $1.09
If C79 meets the Bell Potter target it will return approximately 15% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Bell Potter rates CLU as Buy (1) -

As per Bell Potter, Cluey's strategy remains clear and the company's cash burn reduction initiatives, decreased costs and drive to profitability have seen underlying earnings improve 55% year-on-year in the seasonally weaker second quarter. 

Quarterly revenue declined -20% year-on-year to $7.0m, while student sessions slowed by -4% and new students by -25%. Not only were numbers impacted by reduced customer acquisition spend as a cost-saving initiative, but also a shift towards Code Camp after-school sessions.

The Buy rating is retained and the target price decreases to 20 cents from 22 cents.

Target price is $0.20 Current Price is $0.07 Difference: $0.127
If CLU meets the Bell Potter target it will return approximately 174% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Morgans rates COE as Add (1) -

While Morgans assesses "solid" 2Q production and sales for Cooper Energy, a material increase in capex guidance relating to the Basker Manta Gummy (BMG) abandonment drags on the overall company valuation.

The beat versus the broker's group production forecast was evenly split between operations at Sole (Orbost), where record production was achieved, and Otway.

The extra BMG spend is largely offset by the analyst's increased conviction in management sustainably increasing production at Orbost.

The Add rating is retained and the target decreased to 25c from 26c.

Target price is $0.25 Current Price is $0.12 Difference: $0.135
If COE meets the Morgans target it will return approximately 117% (excluding dividends, fees and charges).

Current consensus price target is $0.20, suggesting upside of 63.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Morgan Stanley rates COH as Underweight (5) -

Morgan Stanley draws attention to Akouos, a subsidiary of Eli Lily, which has a gene therapy (AK-OTOF) for sensorineural hearing loss due to mutations in the otoferlin (OTOF) gene.

Akouos estimates a prevalence of 20,000 such mutations across the US and Europe. While the broker includes these facts under research for Cochlear, negative implications for the company are not referred to (but implied).

The first participant in a Phase 1/2 study for AK-OTOF has enabled pharmacologic hearing restoration for the first patient within 30 days of administration, note the analysts.

The Underweight rating and $240 target are unchanged. Industry view: In-line.

Target price is $240.00 Current Price is $297.79 Difference: minus $57.79 (current price is over target).
If COH meets the Morgan Stanley target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $241.07, suggesting downside of -19.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.5

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

Macquarie rates CXO as Neutral (3) -

Core Lithium's Dec Q production was -5% lower than Macquarie and costs 30% higher. The company nevertheless reported significantly improved recoveries of 60% which was higher than the broker's estimated 48%.

Core Lithium has revised FY24 guidance after placing Grant's Open pit in care & maintenance during January. Concentrate production has been revised 9% higher and concentrate grade has been revised -13% lower.

Neutral and 20c target retained.

Target price is $0.20 Current Price is $0.20 Difference: $0.005
If CXO meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $0.25, suggesting upside of 29.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.3

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

Morgan Stanley rates DMP as Overweight (1) -

Preliminary 1H results for Domino's Pizza Enterprises were a miss against Morgan Stanley's forecasts with weakness in Asia and Europe offset by a strong performance in A&NZ.

FY24 guidance was retracted. The broker feels earnings (EBIT) improvement from a restructure will be partially offset by 1H weakness. FY24 estimates are lowered by -12%, while FY25/26 estimates are largely unchanged.

Despite the disappointing 1H for Japan with same store sales (SSS) growth falling by -8.9%, the analysts point out January growth to-date has recovered to be flat.

The target falls to $68 from $70 and the Overweight rating is maintained. Industry view is In-Line. 

Target price is $68.00 Current Price is $57.30 Difference: $10.7
If DMP meets the Morgan Stanley target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $57.85, suggesting upside of 45.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

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

Following a 1H trading update, Morgans assesses Domino's Pizza Enterprises is struggling to restore its position in the Japanese market, and downgrades its rating to Hold from Add.

While both A&NZ and Germany performed well, explains the broker, same store sales (SSS) in Asia and France are weighing on revenue and depressing profits.

The analyst originally forecast $100m profit (PBT) for the 1H (consensus $103m), and now management expects between $87-90m, a fall of between -14-17% on the previous corresponding period.

The target falls to $50 from $61.

Target price is $50.00 Current Price is $57.30 Difference: minus $7.3 (current price is over target).
If DMP meets the Morgans target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $57.85, suggesting upside of 45.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

UBS rates DMP as Sell (5) -

Domino's Pizza Enterprises has guided to first half net profit before tax of $87-90m, a -13.8% miss to market expectations at the midpoint. Despite strength in its Australian and New Zealand operations, with Asia and Europe dragging. 

As per UBS, Asia had a weak start to the period and further deteriorated, while Europe had a strong start but deteriorated over the half and closed the period with negative same store sales growth. France continued to underperform.

The broker feels the risk of Domino's Pizza Enterprises not achieving its 7-9% organic store growth target is increasing, pointing out store growth is a key share price driver.

The Sell rating is retained and the target price deceases to $42.00 from $43.00.

Target price is $42.00 Current Price is $57.30 Difference: minus $15.3 (current price is over target).
If DMP meets the UBS target it will return approximately minus 27% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $57.85, suggesting upside of 45.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

Morgan Stanley rates EDV as Upgrade to Equal-weight from Underweight (3) -

Morgan Stanley upgrades its rating for Endeavour Group to Equal-weight from Underweight and raises its target to $5.80 from $5.60 as the focus should turn to operational performance now that conflicts have been resolved. 

A mutually agreed board renewal has been agreed after issues between substantial shareholders and management, explains the broker.

The analysts also feels structural risks (i.e. gaming regulation and the long-term decline in alcohol consumption) are reflected in the current share price.

Morgan Stanley's Industry view is In-Line.

Target price is $5.80 Current Price is $5.46 Difference: $0.34
If EDV meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $5.73, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Macquarie rates GMD as Neutral (3) -

Genesis Minerals' Dec Q saw production -5% below Macquarie, sales 6% higher and costs in line. The company closed the quarter with $190m in cash and no debt -- $5m better than the broker expected, largely due to an $8m bullion sell down.

Genesis reiterated that production at Leonora is expected to continue to gradually increase as the Admiral open pit ramps up and fills the mill.

Outperform and $2.00 target retained.

Target price is $2.00 Current Price is $1.59 Difference: $0.415
If GMD meets the Macquarie target it will return approximately 26% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Ord Minnett rates GMD as Hold (3) -

Second quarter results for Genesis Minerals were broadly in line with Ord Minnett's forecasts (as higher grades offset lower output), despite a seismic event at the Gwalia underground gold mine in WA.

Costs (AISC) were also in line with the broker's forecast.

The Hold rating is retained on valuation while the broker's target eases to $1.70 from $1.75. It's felt management's five-year outlook (expected in March) will serve as a near-term catalyst, should growth plans be further articulated.

Target price is $1.70 Current Price is $1.59 Difference: $0.115
If GMD meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Macquarie rates GQG as Outperform (1) -

GQG Partners posted $1.8bn of net inflows in the Dec Q, expects continued business momentum in 2024, and begins the year with a
promising pipeline, Macquarie notes. A positive market was the prime driver of a 12.7% increase in funds under management.

Macquarie has returned from research restriction with an Outperform rating. Earnings upgrades take the target to $2.25.

Target price is $2.25 Current Price is $1.78 Difference: $0.475
If GQG meets the Macquarie target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $2.20, suggesting upside of 22.9% (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: 1.0

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

Bell Potter rates IEL as Buy (1) -

The impact of several material policy changes impacting international students outlined by the Canadian government on IDP Education are unclear, says Bell Potter, but the broker does expect study and work opportunities in the region to be impacted.

Canada represents a large market for IDP Education, both in terms of student placements and IELTS testing volumes. The Canadian government has now announced an intake cap on international student applications for the next two years and eligibility criteria changes.

The broker lowers its student placement volumes forecast by -10% and its IELTS volumes -6%, resulting in its earnings per share forecast downgrades of -3% for FY24 and -7% for FY25 and FY26.

The Buy rating is retained and the target price decreases to $25.00 from $27.00.

Target price is $25.00 Current Price is $20.12 Difference: $4.88
If IEL meets the Bell Potter target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $26.29, suggesting upside of 33.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

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

Following Canada's announcement of a two-year cap on new International student visas, Morgans anticipates ongoing IDP Education share price uncertainty not only from this announcement but also potential policy changes going forward. 

The new announcement is expected to see a cap of around 360,000 student study permits granted in 2024, down by -35% on 2023, explain the analysts.

While the broker considers the earnings impact on IDP Education is manageable, and the company still has strong long-term growth prospects, the rating is lowered to Hold from Add. The target is also reduced to $23.45 from $27.90.

Target price is $23.45 Current Price is $20.12 Difference: $3.33
If IEL meets the Morgans target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $26.29, suggesting upside of 33.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

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

Following yesterday's research update on Iluka Resources post 4Q market update, Morgan Stanley now increases capex assumption for the Eneabba refinery and delays the date for first production.

Pricing assumptions for zircon, rutile and synthetic rutile are also updated. The broker's target falls to $7.15 from $7.40. Equal-weight. Industry view is Attractive.

Yesterday's research was summarised as follows:

Higher processed tailing production in the 4Q by Iluka Resources drove a 9% beat in 2H production of zircon, rutile and synthetic rutile (SR), compared to Morgan Stanley's forecasts. Overall, the broker feels it was a balanced result.

Pricing guidance was weak for zircon, while rutile was in line with the broker's estimate, and SR guidance was a marginally miss.

While markets remain weak for zircon, the analysts point out low rutile inventories are a positive.

Target price is $7.15 Current Price is $7.19 Difference: minus $0.04 (current price is over target).
If ILU meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.89, suggesting upside of 7.9% (ex-dividends)

The company's fiscal year ends in December.

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

Citi rates IMD as Buy (1) -

Back in December, Citi expressed the belief the worst is over for Imdex, triggering an upgrade to Buy from Neutral with increased price target of $2.20 from $1.60 prior.

Six weeks later or so, the broker observes subdued exploration levels to close out 2023 and weakness in nickel and lithium have led to a -10% drop in the shares since December.

Citi still retains its thesis, but now acknowledges that anticipated recovery in operational momentum may not arrive until the second half of calendar 2024.

The short-term challenges have already been priced in, the broker suggests, while there remains potential for upside surprise with the company's H1 financials release in February.

Buy. Target $2.20.

Target price is $2.20 Current Price is $1.70 Difference: $0.5
If IMD meets the Citi target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $1.99, suggesting upside of 15.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.8

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

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

After further consideration, following yesterday's research update on Judo Capital, Morgan Stanley decides to increase near-term forecasts and the target price rises to $1.21 from $1.07, while the Equal-weight recommendation is maintained.

A summary of yesterday's research follows.

Judo Capital's pre-announced 1H results revealed profit before tax (PBT) beat forecasts by consensus and Morgan Stanley by 20% and 57%, respectively. Expenses and impairment charges were lower than originally estimated.

Inaugural guidance is for profit of between $40-45m in the 2H and $107-112m in FY24.

Management is targeting profit growth of “15% or higher” in FY25, with loan growth expected to "accelerate", which suggests to the analysts profit of at least $126m and loans of at least $12.7bn.

Target price is $1.21 Current Price is $1.11 Difference: $0.1
If JDO meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $1.17, suggesting upside of 2.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Citi rates KGN as Sell (5) -

On Citi's assessment, Kogan’s 1H24 business update implied a decline in revenue but much faster recovery in margins than expected. The broker still expects to see a negative trading update in February.

Longer term, the broker maintains its view Kogan is unable to address mounting competition. It's only fair to say, Citi is not a believer.

Estimates have been upgraded post the market update, but longer term forecasts have been cut. Sell rating remains in place, while the price target equally remains at $4.30.

Target price is $4.30 Current Price is $5.02 Difference: minus $0.72 (current price is over target).
If KGN 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 $6.63, suggesting upside of 22.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Ord Minnett rates KGN as Buy (1) -

Kogan.com's adjusted 1H earnings are broadly tracking Ord Minnett's unchanged FY24 forecast. While gross profit margins remained stable, gross sales were a -6% miss against the broker's forecast.

In a significant profit turnaround, according to the analyst, 1H gross profit was $90m, up by more than 40% on the previous corresponding period. Profit margins were supported by the ongoing shift of mix to more platform or fee-based revenue.

While Amazon Australia is forecast to continue increasing its market share, Ord Minnett also believes Kogan.com can successfully defend its turf.

The Buy rating and $10.70 target are retained.

Target price is $10.70 Current Price is $5.02 Difference: $5.68
If KGN meets the Ord Minnett target it will return approximately 113% (excluding dividends, fees and charges).

Current consensus price target is $6.63, suggesting upside of 22.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

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

Liontown Resources has reviewed spend in a bid to preserve capital and near-term funding requirements, following the news that its previously arranged $760m debt facility would be terminated.

UBS is anticipating Liontown Resources will negotiate a reduced debt package between $300-400m, having already stated it is in talks with the lending syndicate. 

The broker feels the company is sufficiently funded for the Kathleen Valley project to remain on time and budget for first production in mid-2024.

The rating is upgraded to Buy from Neutral and the target price decreases to $1.25 from $1.50.

Target price is $1.25 Current Price is $0.94 Difference: $0.31
If LTR meets the UBS target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $1.38, suggesting upside of 49.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

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

Magellan Financial's remaining $50m option liability has been reduced by -$115m for a cost of $75m (to-date). Macquarie view's
this as a large cost for what appeared to be an unlikely scenario of the options being exercised.

Additionally, if the options were exercised this would have provided Magellan with up to $2bn of close-ended funds, which generates fee income.

This potentially suggests to Macquarie Magellan is planning to convert the close-ended fund to open-ended. This would likely see a
spike in outflows.

Positive market moves have nevertheless taken the target up to $7.60 from $7.00. Downgrade to Underperform.

Target price is $7.60 Current Price is $8.91 Difference: minus $1.31 (current price is over target).
If MFG meets the Macquarie target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.55, suggesting downside of -3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.3

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

Citi rates MIN as Buy (1) -

At first glance, Citi notes today's 2Q production results for Mineral Resources revealed better-than-expected lithium volumes at Wodgina and Mt Marion, while Bald Hill was in line. Costs at Mt Marion and Wodgina were beats, notes the analyst.

For iron ore, volumes were broadly in line, according to the broker, while realised pricing beat expectations.

Management noted 1H debt will be between $3.47-$3.61bn, higher than Citi's $2.87bn forecast. More details are awaited at 1H results.

In a potential remedy for the higher debt, according to the analyst, the company intends to introduce a partner to own a 49% interest in Onslow haul road in the 2H, to coincide with first Onslow ore in June.

Target $72. Buy.

Target price is $72.00 Current Price is $55.47 Difference: $16.53
If MIN meets the Citi target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $71.79, suggesting upside of 20.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Bell Potter rates NAN as Hold (3) -

A large miss at the revenue line has been the focus of Nanosonics' first half result. While the company had guided to full year revenue growth of 15-20%, first half revenue of $79.8m represented a -2% year-on-year decline for the period.

As per Bell Potter, lower than expected sales drove the result, but it is as yet unclear whether Nanosonics has lost market share or if slowing sales are a result of budget restrictions in the US hospital sector.

The stock experienced a major sell off following the news, with Bell Potter pointing out market conditions are not conducive to investor patience.

The Hold rating is retained and the target price decreases to $3.20 from $4.85.

Target price is $3.20 Current Price is $2.91 Difference: $0.29
If NAN meets the Bell Potter target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $3.75, suggesting upside of 23.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Morgans rates NAN as Add (1) -

Ahead of 1H results due on February 26, Nanosonics has issued a negative trading update. Purchasing decisions for new and replacement Trophon units are being deferred by hospitals, explains Morgans, due to budgetary constraints.

While lowering the target to $3.88 from $5.32, the broker expects management to navigate the current woes and adjust as needed, and retains an Add rating. 

The analysts still see significant value in the current installed base and potential for the Coris product, which remains on track for regulatory submission to the FDA in the 3Q of FY24.

Target price is $3.88 Current Price is $2.91 Difference: $0.97
If NAN meets the Morgans target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $3.75, suggesting upside of 23.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Ord Minnett rates NAN as Upgrade to Hold from Lighten (3) -

Nanosonics intends to downgrade 1H guidance when results are released on February 26, given sales have fallen by -4% on the previous corresponding period due to the impact on Trophon sales from budgetary pressures at hospitals.

Earnings (EBIT) for the 1H fell by -72% to $3m, with the company still investing in the Coris product. Trophon replacement sales were down by -23% year-on-year and new unit sales fell by -13%.

Despite these shorter-term negatives, Ord Minnett's longer-term assumptions are broadly unchanged. The $4.00 target and Hold rating are maintained.

Target price is $4.00 Current Price is $2.91 Difference: $1.09
If NAN meets the Ord Minnett target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $3.75, suggesting upside of 23.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Citi rates NST as Neutral (3) -

Northern Star Resources has maintained FY24 guidance, but with an H2 skew on anticipated higher grades from KCGM. It is Citi's assessment that management has a challenge at hand to keep a lid on costs.

Hence, Citi is prepared to model management's top line guidance, but the analysts remain sceptical about costs and bottom line.

Target lifts by 70c to $13 as the modeling is rolled forward. Neutral.

Target price is $13.00 Current Price is $12.81 Difference: $0.19
If NST meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $13.56, suggesting upside of 5.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Macquarie rates NST as Outperform (1) -

Northern Star Resources' Dec Q production beat Macquarie by 7% and sales by 4%, while costs were in line. FY24 guidance is retained and management expects a stronger 2H via KCGM open pit higher grades, improvements in throughput at Yandal and optimisations at Pogo.

The miner's net cash position was also better than expected. Macquarie nevertheless warns that while the project is progressing to plan, timing and cost control of the KCGM mill expansion remain important.

Target rises to $16.00 from $15.50, Outperform retained.

Target price is $16.00 Current Price is $12.81 Difference: $3.19
If NST meets the Macquarie target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $13.56, suggesting upside of 5.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

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

Northern Star Resources' 2Q production was in line with Morgan Stanley's forecast and FY24 management guidance was maintained. Production is expected to be 2H-weighted driven by higher milling rates at Thunderbox and grades from Pogo.

There were production beats at Carosue Dam Operations (CDO) and KCGM offset by misses at Jundee and Kalgoorlie due to lower milling rates, explains the broker.

Equal-weight. Target $12.95. Industry view is Attractive.

Target price is $12.95 Current Price is $12.81 Difference: $0.14
If NST meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $13.56, suggesting upside of 5.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Ord Minnett rates NST as Upgrade to Accumulate from Hold (2) -

Ord Minnett increases its target for Northern Star Resources to $13.90 from $12.40 following an 8% production beat versus the broker's forecast in the 2Q.

The broker attributes this performance to improved availability at the KCGM mill and early access to higher grades at Golden Pike. These positives combined to offset a slightly softer performance at Jundee, where grades were lower-than-expected.

The analysts increase the target by 12% to $13.90 and upgrade the rating for Northern Star to Accumulate from Hold.

Target price is $13.90 Current Price is $12.81 Difference: $1.09
If NST meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $13.56, suggesting upside of 5.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

UBS rates NST as Neutral (3) -

A solid December quarter result from Northern Star Resources, according to UBS, with the company reporting gold production of 424,000 ounces at an all-in sustaining cost of $1,824 per ounce, leaving it on track for full year guidance of 1.6-1.75m ounces at $1,730-1,790 per ounce.

Grades from the Kalgoorlie Consolidated Gold Mines (KCGM) were also 17% higher in the quarter, with mining commencing in the Golden Pike North. It is expected that movements at East Wall will allow unlimited access to Golden Pike North by the end of FY24.

The Neutral rating and target price of $11.95 are retained.

Target price is $11.95 Current Price is $12.81 Difference: minus $0.86 (current price is over target).
If NST meets the UBS target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.56, suggesting upside of 5.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Macquarie rates PFP as Outperform (1) -

NSW and Victorian deaths, which represent some 60% of national deaths, were down -7.3% in the first half, which comes out "better" than Macquarie's national forecast of -8.5% less deaths. In line with expectations, excess deaths are "normalising".

Propel Funeral Partners has acquired three funeral businesses and the freehold property of a funeral home within its existing network. Macquarie has trimmed earnings forecasts on higher FY24-25 interest expense, partially offset by higher market share from acquisitions.

Outperform and $5.95 target retained.

Target price is $5.95 Current Price is $5.33 Difference: $0.62
If PFP meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $5.98, suggesting upside of 14.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Bell Potter rates PLS as Hold (3) -

Pilbara Minerals has exceeded Bell Potter's production expectations, reporting December quarter spodumene production of 176,000 tonnes, while achieving an average realised price of US$1,113 per tonne, representing a -50% decline quarter-on-quarter. 

The broker notes realised pricing was consistent with weaker lithium markets. Further, the company is pushing ahead with its growth strategy despite the weaker market backdrop.

The P680 and P1000 expansion projects remain on track in terms of both schedule and budget, and completion of the P680 crushing and ore sorting facility should drive additional cost benefits.

The Hold rating and target price of $3.60 are retained.

Target price is $3.60 Current Price is $3.46 Difference: $0.14
If PLS meets the Bell Potter target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $3.72, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Citi rates PLS as Neutral (3) -

Post Pilbara Minerals's quarterly update, Citi analysts have removed the previously foreast 3c in interim dividend and have penciled in 2c in final dividend for FY24.

Given the weaker price realisation, the broker has reduced forecasts by -7%. Higher volumes have provided some offset.

Balancing a neutral view on the outlook for lithium pricing with negative expectations regarding free cash flow for the company, Citi sticks with a Neutral rating. Price target $3.60 (unchanged).

The broker emphasises it harbours no balance sheet concerns for Pilbara Minerals, but also: at current spot pricing, any supply response won't be coming from this company, the analyst assures.

Target price is $3.60 Current Price is $3.46 Difference: $0.14
If PLS meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $3.72, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Macquarie rates PLS as Outperform (1) -

Pilbara Minerals reported Dec Q production 8% higher than Macquarie but the average sales price was -21% lower.

Pilbara is managing cash prudently and has cut FY24 capital expenditure guidance to $820-875m from $875-975m which is positive, in the broker's view, ensuring a solid balance sheet.

Management has also indicated it is unlikely to pay a first half dividend, in line with Macquarie's base case. Capex reduction sees the target rise to $4.50 from $4.40, Outperform retained.

Target price is $4.50 Current Price is $3.46 Difference: $1.04
If PLS meets the Macquarie target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $3.72, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Morgan Stanley rates PLS as Underweight (5) -

While 2Q spodumene production for Pilbara Minerals beat forecasts by Morgan Stanley and consensus by 7% and 9%, respectively, there was a big miss on pricing. Costs were in line with expectation on account of lower recoveries

Realised spodumene pricing fell short of the broker and consensus by -30% and -18%, respectively, and the analysts suspect final pricing will be even lower with quotational pricing adjustments still pending.

Underweight. Target $2.85. Industry view: Attractive.

Target price is $2.85 Current Price is $3.46 Difference: minus $0.61 (current price is over target).
If PLS 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 $3.72, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

UBS rates PLS as Sell (5) -

While Pilbara Minerals reported strong December quarter production and sales of 176,000 tonnes and 160,000 tonnes respectively, realised spodument pricing of US$1,113 per tonne disappointed UBS being -15% below the broker's bottom of the street expectations.

More positively, costs were down -20% quarter-on-quarter thanks to reduced royalties and lower site unit costs. 

Pilbara Minerals has reduced capital expenditure and lowered dividends to make a $200m saving and protect the balance sheet. Despite this, the broker feels without more material cuts to supply, the market remains oversupplied, driving a risk of lower for longer prices.

The Sell rating is retained and the target price decreases to $2.75 from $3.05.

Target price is $2.75 Current Price is $3.46 Difference: minus $0.71 (current price is over target).
If PLS meets the UBS target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.72, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Morgan Stanley rates PMV as Overweight (1) -

In anticipation of the upcoming reporting season, Morgan Stanley sees upside risk to management's 1H EBIT guidance for Premier Investments of around $200m (consensus sits at $208m).

Not only does the company have form in beating expectations, the broker points out guidance was issued in early-December last year, ahead of key selling periods.

The analysts also note the Smiggle offshore expansion is accelerating with a new wholesale agreement in the Middle East.

Target $32.00. Overweight rating. Industry view: In-Line.

Target price is $32.00 Current Price is $27.67 Difference: $4.33
If PMV meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $25.60, suggesting downside of -8.5% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.2

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

Macquarie rates PRU as Outperform (1) -

Perseus Mining's Dec Q production met the top half of the first half guidance range and beat on costs. Second half guidance is in line with Macquarie's prior estimate. The broker describes the result as solid, albeit mixed across all mines.

The final cash position was a bit softer than expetred due to lower than expected sales.

The outcome of the company's upcoming $258m cash bid for OreCorp ((ORR)) has potential to adjust the broker's longer-term outlook.

Outperform and $2.60 target retained.

Target price is $2.60 Current Price is $1.86 Difference: $0.745
If PRU meets the Macquarie target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $2.17, suggesting upside of 15.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

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

PSC Insurance has become a top domestic insurance broker pick for UBS, second only to AUB Group ((AUB)), amid industry leading margins in its Australian business and scope for margin improvement in its UK business.

The UK operations have operated at a 32.5% margin, lower relative to the broader group margin of 37%, but the company expects the amalgamation of its wholesale operations to drive improved margins. The broker points out sizing this opportunity is difficult, with consensus assuming a 33% margin.

The rating is upgraded to Buy from Neutral and the target price of $5.40 is retained.

Target price is $5.40 Current Price is $4.65 Difference: $0.75
If PSI meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $5.74, suggesting upside of 21.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

UBS rates RMD as Neutral (3) -

ResMed's December quarterly update revealed better-than-expected core gross margin, the item that disappointed when Q1 financials were released last year, and UBS analysts, upon initial assessment, comment this bodes well for the periods ahead.

The broker makes the point reported gross margin fell due to costs associated with the widely discussed masks/magnets recall (label change) and questions remain about any impact (positive?) from GLP-1s.

Target US$175 (for the US listed shares). Neutral.

Current Price is $26.75. Target price not assessed.

Current consensus price target is $32.23, suggesting upside of 13.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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 SMR as Add (1) -

Fourth quarter production and sales for Stanmore Resources beat Morgans forecasts by 11% and 15%, respectively, which implies to the broker 4Q earnings will be in line with expectation.

The broker believes the surprise November special dividend, and the introduction of dividends overall, significantly improves the appeal of Stanmore for investors.

The Add rating is retained, while the target eases to $4.20 from $4.35.

Target price is $4.20 Current Price is $3.83 Difference: $0.37
If SMR meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

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

Macquarie rates WDS as Neutral (3) -

Woodside Energy's Dec Q saw production 1% ahead of Macquarie but sales -6% below. Progress was achieved at Scarborough, with drilling and pipe-laying under way, but platform fabrication in China will be on the critical path, the broker warns.

Woodside confirmed it is still looking for M&A opportunities, in all of LNG, deepwater and new energies. In LNG's case, talks with Santos ((STO)) continue but Macquarie believes confidence in value accretion is clearly needed.

Neutral and $31 target retained.

Target price is $31.00 Current Price is $30.97 Difference: $0.03
If WDS meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $35.53, suggesting upside of 14.2% (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: 0.1

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

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

Following Woodside Energy's in-line 4Q production results, Morgan Stanley notes 2023 production has landed near the top-end of management's guidance range, and in line with forecasts by the broker and consensus.

New FY24 production guidance is for a range between 185-195mmboe compared to forecasts by Morgan Stanley and consensus for 202mmboe and 198mmboe.

The analysts anticipate a neutral share market reaction to the December quarter update.

The broker is currently on research restriction and offers no target or recommendation.

Current Price is $30.97. Target price not assessed.

Current consensus price target is $35.53, suggesting upside of 14.2% (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: 0.1

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

UBS rates WDS as Neutral (3) -

While Woodside Energy's December result was in line with UBS's expectations, weaker realised pricing disappointed market expectations. The company is now guiding to production of 185-195m barrels of oil equivalent for 2024, a miss to the broker's assumed 198m barrels.

According to the broker, the timing of first oil and subsequent ramp up from the Sangomar oil project will be a key swing factor to 2024 guidance.

The company has confirmed it is in talks regarding a potential merger with Santos ((STO)), an announcement that has so far received mixed investor response on the broker's observation.

The Neutral rating is retained and the target price decreases to $32.60 from $32.90.

Target price is $32.60 Current Price is $30.97 Difference: $1.63
If WDS meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $35.53, suggesting upside of 14.2% (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: 0.1

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