Australian Broker Call

Macquarie rates AIZ as Neutral (3) -

Macquarie considers the FY22 loss reported by Air New Zealand of -NZ$725m as broadly in line with expectations and guidance.

The company offered no earning guidance but did highlight that domestic bookings are back at 100% pre-covid levels from April and international is trading at 65-70% pre-covid levels.

Overall, the company should achieve capacity of 75-80% pre-covid levels in FY23.

Considerable uncertainty remains around fuel prices and macro headwinds, nevertheless Macquarie adjust earnings forecasts by 22% for FY23 and FY24, off a low base, notes the analyst.

A Neutral rating is unchanged and the target is raised to NZ86c from NZ65c.

Current Price is $0.60. Target price not assessed.

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

Credit Suisse rates AKE as Downgrade to Underperform from Neutral (5) -

FY22 EBITDA missed forecasts. Production at Mount Cattlin for FY23 has been downgraded -12% to 140-150,000t while costs are up 14%. Credit Suisse notes possible upside from operating improvements with two improvement projects underway for Olaroz.

Allkem's recent share price improvement no longer appears to factor in the risk of a downturn emerging in the lithium market from the June half, the broker observes.

Believing this is a sector wide issue the rating is downgraded to Underperform from Neutral as a result. Target is reduced to $10.30 from $10.40.

Target price is $10.30 Current Price is $13.75 Difference: minus $3.45 (current price is over target).
If AKE meets the Credit Suisse target it will return approximately minus 25% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.21, suggesting upside of 9.3% (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

Macquarie rates AKE as Outperform (1) -

Allkem reported FY22 results considerably ahead of Macquarie's expectations with underlying earnings 21% better than forecast and free cashflow 24% above the analyst's estimate.

Looking ahead, management pointed to Olaroz delivering a realised price of US$47,000t for the 1H23 which is better than Macquarie forecast, while the Mt Cattlin price guidance of US$5,000/t is in line.

However the production guidance at Mt Cattlin was been lowered by -12% which leads the analyst to reduce FY23 earnings forecasts by -9% and higher depreciation charges in FY24 lowers forecast earnings by -5%.

The outlook for Allkem is dependent on the delivery on Stage 2 Olaroz and the completion of Sal de Vida construction, highlights Macquarie.

Outperform rating and $21 target are unchanged.

Target price is $21.00 Current Price is $13.75 Difference: $7.25
If AKE meets the Macquarie target it will return approximately 53% (excluding dividends, fees and charges).

Current consensus price target is $15.21, suggesting upside of 9.3% (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 AKE as Add (1) -

FY22 net profit for Allkem was in line with Morgans estimate. The Add rating is maintained as the broker still sees upside for the share price, despite a recent rally.

Management lowered FY23 production guidance for Mt Cattlin by -12% due to ongoing impacts from covid and a tight WA labour market, which the broker believes outweighs a 15% lift for pricing guidance at Olaroz. The target price slips to $15.40 from $16.72

Target price is $15.40 Current Price is $13.75 Difference: $1.65
If AKE meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $15.21, suggesting upside of 9.3% (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

Ord Minnett rates AKE as Buy (1) -

Allkem's FY22 net profit was 9% ahead of Ord Minnett's forecast. Pricing remains strong while the Mount Cattlin downgrade was disappointing, although the increase in the resource means the broker is optimistic about life extensions and growth options.

Substantial changes are made to assumptions, including utilisation across brine/hydroxide projects, higher price realisations and the removal of the borax division.

The changes drive the target up to $16.50 from $14.50. The stock screens the cheapest in the broker's lithium coverage and a Buy rating is maintained.

Target price is $16.50 Current Price is $13.75 Difference: $2.75
If AKE meets the Ord Minnett target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $15.21, suggesting upside of 9.3% (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

Macquarie rates APA as No Rating (-1) -

APA Group reported FY22 results below expectations with the FY23 dividend guidance of $0.55 disappointing the market according to Macquarie.

Capital expenditure for APA Group of $1.4bn for FY23 to FY25 is noted as well flagged, however the process of investing higher amounts in growing renewables and electrifying compressors will diminish the value of existing assets, Macquarie highlights.

The broker adjusts earnings forecasts by -1.1% for FY23 and 1% for FY24.

Macquarie is currently on research restriction.

Current Price is $11.02. Target price not assessed.

Current consensus price target is $10.85, suggesting downside of -3.5% (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

Ord Minnett rates APA as Hold (3) -

FY22 operating earnings were -3% below Ord Minnett's forecast. The broker believes APA Group is lacking catalysts as the failed attempt to buy Ausnet and the exit of the US strategy means investors are left with a stock that is leveraged purely to organic growth.

That said, the business is positioned through its balance sheet and skills set to gain leverage to the energy transition with investment required in gas pipelines, transmission infrastructure and renewable power plants.

Hold rating maintained. Target is reduced to $11.20 from $11.50.

Target price is $11.20 Current Price is $11.02 Difference: $0.18
If APA meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $10.85, suggesting downside of -3.5% (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

Credit Suisse rates APE as Outperform (1) -

First half profit of $195.1m was consistent with Credit Suisse estimates and followed an update in July. Constrained supply is limiting the potential for higher profits and the broker is aware of emerging downside risk to demand.

Nevertheless, supply is still considered key to the second half. Credit Suisse expects gross margins for Eagers Automotive will compress when demand is fully satisfied but this should not occur until 2024. Outperform retained. Target is raised to $14.60 from $14.50.

Target price is $14.60 Current Price is $13.16 Difference: $1.44
If APE meets the Credit Suisse target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $14.30, suggesting upside of 6.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Macquarie rates APE as Outperform (1) -

Eagers Automotive 1H22 revenue results were pre-announced, and reflected the supply chain problems with better than expected margins, highlights Macquarie.

The order book is up some 32% since the start of the year and management is guiding to ongoing strength in consumer demand.

As at April, the analyst observes Eagers Automotive has a 45k plus order bank and according to Deloitte's 2022 Dealership Benchmarks, a 50k order bank equals some $220m in gross profit.

Macquarie adjusts earnings forecasts by 1.7% for FY22 and 6.3% for FY23. Outperform rating is unchanged and the price target is raised to $17.00 from $16.00.

Target price is $17.00 Current Price is $13.16 Difference: $3.84
If APE meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $14.30, suggesting upside of 6.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Morgan Stanley rates APE as Overweight (1) -

Eagers Automotive had pre-guided its result. For Morgan Stanley, a highlight is the strength of the company's balance sheet, suggesting capital management and/or M&A options.

The company's order backlog has increased by 32%, up again in July-August. This provides a buffer against any downturn in the next 6-12 months, the broker notes.

"Don't underestimate execution," says the broker. Overweight and $12 target retained. Industry view: In-Line.

Target price is $12.00 Current Price is $13.16 Difference: minus $1.16 (current price is over target).
If APE meets the Morgan Stanley target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.30, suggesting upside of 6.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Morgans rates APE as Add (1) -

Morgans makes minor EPS forecast upgrades following 1H results for Eagers Automotive, and assuming supply, expects a stronger 2H. Underlying profit (NPBT) in the 1H was in line with guidance and showed no deterioration in demand.

The gross profit margin of 18.8% was around 80bps above the company's long-term average. An interim dividend of 22cps was declared.

The broker maintains its Add rating and raises its target to $14.58 from $14.00.

Target price is $14.58 Current Price is $13.16 Difference: $1.42
If APE meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $14.30, suggesting upside of 6.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Ord Minnett rates APE as Buy (1) -

Eagers Automotive's first half result was well guided to, and so contained little in the way of surprises. However, what is evident to Ord Minnett is the ongoing build up in the order book, which the broker now estimates is over six months worth of sales.

This provides significant protection for revenue and earnings, Ord Minnett suggests, in the event of any downturn in consumer demand for new cars. None is evident so far.

A robust cash position sees the company well placed to consider accretive acquisitions, just as it has executed in the past. Buy retained, target rises to $14.59 from $13.25.

Target price is $14.59 Current Price is $13.16 Difference: $1.43
If APE meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $14.30, suggesting upside of 6.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

UBS rates APE as Neutral (3) -

Eagers Automotive's first half profit was in line with UBS's estimates, while revenue was a slight miss, impacted by labour constraints and covid-related disruptions. The broker notes despite headwinds strong margins were retained. 

The broker believes market sentiment is that current large new vehicle order books held by auto dealers will take many months to normalise, but UBS sees this as a short-term rather than long-term trend given the correlation of car sales to consumer sentiment and house prices. 

The Neutral rating is retained and the target price increases to $13.00 from $12.90.

Target price is $13.00 Current Price is $13.16 Difference: minus $0.16 (current price is over target).
If APE 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 $14.30, suggesting upside of 6.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Macquarie rates APX as Underperform (5) -

Macquarie highlights the 1H22 Appen results were pre-reported with revenues down -7% from a lower spend from global customers. although China was better, showing 5% growth.

Management offered weaker than expected guidance with the 2H22 revenues compared to a higher 2H21 base, which management explained was due to excess.

New markets including China are forecast to achieve similar revenue contributions as Global services in 2025, according to the broker.

Macquarie lowers earnings forecasts by -25% and -21% for FY22 and FY23.

The Underperform rating is maintained and the price target is lowered to $3.30 from $3.60.

Target price is $3.30 Current Price is $4.12 Difference: minus $0.82 (current price is over target).
If APX meets the Macquarie target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.57, suggesting downside of -8.1% (ex-dividends)

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

Ord Minnett rates APX as Downgrade to Sell from Hold (5) -

The first half net loss of -US$3.8m was in line with Ord Minnett's forecast. There has been no material improvement in trading to date in the second half and the broker believes revenue and orders of US$360m may be at risk, as management has signalled much lower conversion levels.

The seasonal skew to the second half is also expected to be weaker. Challenges are stemming from decreased investment expenditure from Appen's largest customers and the broker envisages limited opportunity for this to turn around in the near term.

Rating is downgraded to Sell from Hold and the target lowered to $3 from $4.

Target price is $3.00 Current Price is $4.12 Difference: minus $1.12 (current price is over target).
If APX meets the Ord Minnett target it will return approximately minus 27% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.57, suggesting downside of -8.1% (ex-dividends)

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

Ord Minnett rates AUB as Buy (1) -

AUB Group's FY22 net profit was broadly in line with forecasts. Margin improvement was significant, and Ord Minnett suggests Australian broking could achieve its target of 35% margin soon if trends continue.

Guidance for FY23 implies organic growth in net profit of 8-10% along with a further 2-3% from acquisitions ex Tysers.

Ord Minnett finds early indications that the acquisition of Tysers has been favourable, with revenue growth increasing in the June half. The broker assesses the stock trades at a discount to broking peers and maintains a Buy rating with a target of $25.

Target price is $25.00 Current Price is $22.06 Difference: $2.94
If AUB meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $25.15, suggesting upside of 12.1% (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

Credit Suisse rates CAJ as Outperform (1) -

FY22 operating EBITDA was slightly below estimates, with Credit Suisse noting the impact of pandemic-related effects such as lockdowns and elective surgery restrictions.

The broker moderates the speed of Capitol Health's recovery for revenue and margins and lowers FY23 estimates by -6.2% while raising FY24 by 9.3%.

Still, management appears to have produced a credible result, the broker asserts, with the announcement of the acquisition of FMIG overshadowing operating difficulties. Outperform retained. Target is steady at $0.42.

Target price is $0.42 Current Price is $0.33 Difference: $0.09
If CAJ meets the Credit Suisse target it will return approximately 27% (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

Morgans rates CBL as Speculative Buy (1) -

Morgans makes only minor forecast changes following pre-released FY22 results for Control Bionics, and retains its Speculative Buy rating, while the target eases to $0.85 from $0.89.

After appointing local distributors, management expects FY23 sales growth in Asia. 

The broker believes covid delays are largely over and the sales pipeline is ready to be converted.

Target price is $0.85 Current Price is $0.23 Difference: $0.62
If CBL meets the Morgans target it will return approximately 270% (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 CCX as Neutral (3) -

Following FY22 results for City Chic Collective, Citi lowers its FY24 and FY24 EPS forecasts by -11% and -20%, respectively, and lowers its target to $2.09 from $2.47.

The analysts' downgrades resulted from a weaker-than-expected start to FY23 trading and higher D&A charges.

The broker remains Neutral-rated on concerns around the economic backdrop for consumers, as well as concerns regarding Avenue's and Evan's short-term trading.

Target price is $2.09 Current Price is $1.99 Difference: $0.1
If CCX meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $2.52, suggesting upside of 41.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

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

Macquarie rates CCX as Outperform (1) -

City Chic Collective reported FY22 results in line with Macquarie expectations although the analyst notes higher net debt of $4m from the rise in inventories over the period to $195.9m from $128.9m in FY21.

Management is forecasting the inventory level to continue to unwind over the course of FY23 and return to a net cash contribution.

Macquarie adjusts earnings forecasts by 4% and 2% for FY23 and FY24, respectively 

Outperform rating is unchanged and the target is raised to $2.60 from $2.50.

Target price is $2.60 Current Price is $1.99 Difference: $0.61
If CCX meets the Macquarie target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $2.52, suggesting upside of 41.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

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

Morgan Stanley rates CCX as Overweight (1) -

In a quick response, Morgan Stanley suggests City Chic Collective's result was in line with expectation. First half FY23 sales growth appears to be tracking below consensus expectation, but with improving momentum.

The broker nevertheless expects inventory build into cyclical weakness to remain a key debate for the company.

Overweight retained given the structural growth story remains intact. Target unchanged at $3.00. Industry View: In-Line.

Target price is $3.00 Current Price is $1.99 Difference: $1.01
If CCX meets the Morgan Stanley target it will return approximately 51% (excluding dividends, fees and charges).

Current consensus price target is $2.52, suggesting upside of 41.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

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

Ord Minnett rates CCX as Buy (1) -

City Chic Collective reported FY22 results which were in line with Ord Minnett expectations.

The analyst highlights the deterioration in the balance sheet with net debt of $4m from net cash of $71.5m in FY21, due to the inventory build up to $195.9m from $128.9m, unfortunately at the same time as the slowdown in trading.

Sales for the first seven weeks of FY23 are in line with the previous year.

Buy rating maintained. Target is reduced to $2.90 from $4.00.

Target price is $2.90 Current Price is $1.99 Difference: $0.91
If CCX meets the Ord Minnett target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $2.52, suggesting upside of 41.5% (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 CCX as Neutral (3) -

City Chic Collective delivered 39% sales growth, 11% earnings growth and 5% net profit growth in the last year, with UBS noting growth in the US plus size market supported the result. 

The US plus size market is currently estimated at $49m, but with growth ahead the broker anticipates this represents significant opportunity for City Chic Collective, despite a volatile start to the new year in the region.

The Neutral rating and target price of $2.00 are retained.

Target price is $2.00 Current Price is $1.99 Difference: $0.01
If CCX meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $2.52, suggesting upside of 41.5% (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 CHC as Neutral (3) -

FY22 earnings for Charter Hall beat guidance and the consensus expectation, while FY23 guidance for “at least 90cps” was ahead of the 88cps expected by consensus, though below Citi's 92.5cps forecast.

The analyst expects the development pipeline will help offset a slowing in transaction activity due to rising interest rates and their uncertain impacts upon asset values. The Neutral rating is retained.

Citi sees some upside to FY23 guidance and forecasts FY23 EPS of around 92cps. The target rises to $13.90 from $12.60.

Target price is $13.90 Current Price is $13.36 Difference: $0.54
If CHC meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $14.84, suggesting upside of 10.2% (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

Credit Suisse rates CHC as Outperform (1) -

Charter Hall's FY22 result beat Credit Suisse estimates. Property funds under management rose 25.5% to $65.6bn. FY23 guidance represents a decline, amid elevated performance and transaction fees, yet this was not unexpected.

The company is of the view that quality assets are less at risk for any meaningful valuation declines, partially because rental growth should offset any capitalisation rate softness. Credit Suisse retains an Outperform rating and lowers the target to $15.44 from $16.71.

Target price is $15.44 Current Price is $13.36 Difference: $2.08
If CHC meets the Credit Suisse target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $14.84, suggesting upside of 10.2% (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

Macquarie rates CHC as Outperform (1) -

Charter Hall reported FY22 results showing 89.5% growth on the previous year slightly ahead of consensus, assesses Macquarie.

The broker is forecasting FUM of $7.1bn for FY23 compared to FY22 FUM of $65,6bn and highlights that market volatility can impact on performance fees which are expected to come in at $120m, down from the FY22 estimate of $327m.

For the first time Charter Hall offered earnings guidance of no less than 90cents, in line with Macquarie's prior forecast, however the company usually upgrades the outlook over the course of the financial year.

Accordingly, the analyst upgrades earnings by 6.5% for FY23 and 2.1% for FY24 and sees upside risks from acquisitions and performance fees.

Outperform rating retained. Target price is $15.86.

Target price is $15.86 Current Price is $13.36 Difference: $2.5
If CHC meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $14.84, suggesting upside of 10.2% (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

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

Charter Hall Group's reported FY22 earnings of 115.6c were ahead of Morgan Stanley and 112c guidance, due to higher than expected performance fees. But with those big fees booked, FY23 guidance is for 90c, albeit still better than expected.

Net equity inflows were $4bn for the year, but $2.2bn in the the first half. Slower second half inflows simply reflect no raisings in the listed funds in the period, the broker notes, while unlisted inflows remained strong.

Property revaluations contributed 40% of FY22 funds under management growth, but again the pace slowed in the second half.

Equal-weight and $13.45 target retained. Industry view: In-Line.

Target price is $13.45 Current Price is $13.36 Difference: $0.09
If CHC meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $14.84, suggesting upside of 10.2% (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

Ord Minnett rates CHC as Buy (1) -

FY22 results were very strong, with operating earnings of 90%, and slightly ahead of Ord Minnett's forecasts. The outlook is underpinned by 7% growth in assets under management, $3.5bn in acquisitions in early FY23 as well as accelerating development work.

Ord Minnett points out Charter Hall's access to capital is "second to none" and investment demand appears to be holding up. Buy rating retained. Target is raised to $16.50 from $16.00.

Target price is $16.50 Current Price is $13.36 Difference: $3.14
If CHC meets the Ord Minnett target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $14.84, suggesting upside of 10.2% (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

Citi rates CWY as Neutral (3) -

According to Citi, rising costs thwarted a strong FY22 revenue performance by Cleanaway Waste Management. The broker lowers FY23 and FY24 earnings (EBITDA) forecasts by -2% and the target price falls to $2.84 from $3.19.

The broker forecasts FY23 earnings of $662m (inclusive of the GRL acquisition), slightly above the midpoint of management's guidance range of $630-670m. The Neutral rating is unchanged.

Target price is $2.84 Current Price is $2.83 Difference: $0.01
If CWY meets the Citi target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $2.87, suggesting upside of 2.6% (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

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

Damstra Holdings' result was pre-guided. For Morgan Stanley, most attention will be focussed on the outlook, specifically the growth versus cash-burn trade-off.

FY23 guidance metrics appear to be in line with the broker's forecasts. But the second half gross margin fell to 66.7% versus 73.4% in the first half, and 78.9% in FY21.

The broker remains Equal-weight with a 22c target and continues to see other, more compelling, opportunities in the software space.

Target price is $0.22 Current Price is $0.18 Difference: $0.04
If DTC meets the Morgan Stanley target it will return approximately 22% (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

Ord Minnett rates EXP as Buy (1) -

Experience Co's net loss was more than Ord Minnett expected, reflecting a business dealing with a raft of headwinds including covid, shortage of labour, weather, fuel and other cost pressures and the absence of inbound visitors.

The broker expects the bulk of these pressures to either moderate or reverse in the coming years as international capacity into Australia increases, labour shortages ease and tighter monetary policy reigns in inflation.

But the net effect of these impacts is earnings estimates have been downgraded by -73% in FY23. Target falls to 42c from 44c, Buy retained.

Target price is $0.42 Current Price is $0.23 Difference: $0.19
If EXP meets the Ord Minnett target it will return approximately 83% (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 FLT as Upgrade to Neutral from Sell (3) -

Following FY22 results, Citi upgrades its rating for Flight Centre Travel to Neutral from Sell after a material share price fall, and now that revenue margin issues are factored-in to consensus expectations. The target rises to $16.60 from $15.55.

Yesterday, the broker noted the underlying operating earnings loss was pre-reported in July, and there were no surprises in the FY22 result. Citi asserts revenue margins of around -25% below pre-pandemic levels are unsustainable and need to normalise before there is a proper recovery.

Moreover, capacity revisions are heading down instead of up. Hence, the broker calculates, for Flight Centre Travel to hit FY23 consensus revenue estimates at existing take rates implies 11% more than the total transaction value the market is expecting.

Target price is $16.60 Current Price is $16.55 Difference: $0.05
If FLT meets the Citi target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $16.34, suggesting downside of -3.8% (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

Credit Suisse rates FLT as Underperform (5) -

Flight Centre Travel produced a loss of -$183m at the EBITDA line in FY22, in line with expectations, reflecting the pandemic's impact on revenue margins and investor uncertainty regarding when leisure revenue will normalise.

Credit Suisse points out amid high capacity utilisation and airfares, the value proposition of travel agents to airlines to generate demand drops and along with this - commissions. Underperform maintained. Target is reduced to $13.50 from $14.00.

Target price is $13.50 Current Price is $16.55 Difference: minus $3.05 (current price is over target).
If FLT meets the Credit Suisse target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.34, suggesting downside of -3.8% (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

Macquarie rates FLT as Neutral (3) -

Flight Centre Travel reported FY22 results in line with the pre-announced headline numbers according to Macquarie.

The company's underlying loss rose to -$183m, however the all regions and business sectors, excluding Asia and other, returned to profits in the 4Q22.

Management noted strength in the Corporate business operations and the strong existing pipeline is positive for FY23, while Leisure has raised market share through agents to 34% from 21.2% in 2H19.

Flight Centre Travel views it as too early to provide FY23 guidance as the industry is still experiencing volatility as it recovers.

Macquarie adjusts earnings forecasts by 3% for FY23 and 1% for FY24, having recently reduced the forecasts by -19% and -14%, respectively.

A Neutral rating is maintained and the target price is $18.20.

Target price is $18.20 Current Price is $16.55 Difference: $1.65
If FLT meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $16.34, suggesting downside of -3.8% (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

Morgans rates FLT as Hold (3) -

Following FY22 results, Morgans retains its Hold rating for Flight Centre Travel on execution risks, a changing business model, and as a full earnings recovery is not expected until FY25. Reduced front-end airline commissions are creating uncertainty, explains the analyst.

The broker downgrades forecasts for FY23 and FY24 and lowers its target to $18.25 from $19.60. A material reduction in the Pedal Group earnings also contributed to downgrades.

Management is awaiting the resumption of normal travel patterns before offering guidance.

Target price is $18.25 Current Price is $16.55 Difference: $1.7
If FLT meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $16.34, suggesting downside of -3.8% (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 FLT as Neutral (3) -

Having delivered a good second half recovery, UBS notes Flight Centre Travel has maintained momentum into the new year, and the company is anticipating it can return leisure total transaction value to pre-covid levels by December 2023.

The broker also highlighted continuing strength in corporate, with the division having secured a further $2.5bn in contract wins over the year. A number of headwinds continue to impact, notably labour shortages and capacity constraints, and the broker anticipates hiring to be ongoing through to the end of 2022. 

The Neutral rating is retained and the target price decreases to $18.30 from $18.65. 

Target price is $18.30 Current Price is $16.55 Difference: $1.75
If FLT meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $16.34, suggesting downside of -3.8% (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

Macquarie rates GEM as Neutral (3) -

G8 Education reported a -10% miss on 1H22 results according to Macquarie with profits after tax impacted by the redundancy costs and other non-trading items. The results were otherwise in line.

The company continues to exit impaired centres, with -23 out of a total of 52 now complete as well as the expansion of greenfield sites with six to open over HY22.

Macquarie adjusts earnings forecasts for lower occupancy, higher operating expenses from inflationary pressures by -3% and -4% for FY22 and FY23.

Neutral rating and $1.00 target price.

Target price is $1.00 Current Price is $0.99 Difference: $0.01
If GEM meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

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

Morgans rates HMC as Add (1) -

Over FY22, assets under management (AUM) for Home Consortium grew to $5.8bn from $1.4bn, which led to a strong FY22 result, according to Morgans.

The 12cpu dividend was in line with the analyst's forecast, and FY23 guidance is for the same distribution. No funds from operations (FFO) guidance was provided (on uncertainty of transaction timings).

FY22 FFO were 31cpu compared to the brokers 29cpu forecast. Morgans reduces its FY23 FFO forecast by -12.5% due to increased tax, higher corporate costs and lower distributions from co-investments. The target falls to $6.12 from $7.38. Add.

Management is confident of attaining its $10bn AUM target by the end of 2024.

Target price is $6.12 Current Price is $5.30 Difference: $0.82
If HMC meets the Morgans target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $6.02, suggesting upside of 12.1% (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 HMC as Buy (1) -

Home Consortium reported FY22 funds from operations which came in 5% above Ord Minnett expectations due to higher profits from the sale of property.

The group has grown FUM to over $5bn and management is targeting $10bn by 2024 with Ord Minnett forecasting FUM to grow to $7.7bn in FY23 with trading profits of $34m.

Accordingly, forecasts for funds from operations have been upgraded and management has guided to a flat dividend of 12c.

A Buy rating is retained and the target is raised to $6.60 from $6.10.

Target price is $6.60 Current Price is $5.30 Difference: $1.3
If HMC meets the Ord Minnett target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $6.02, suggesting upside of 12.1% (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

Macquarie rates IEL as Outperform (1) -

Macquarie considers IDP Education generated FY22 results above expectations due to improved margins of 24.8% which are the highest since the company listed.

The analyst considers this exemplifies the operating leverage of the business with IDP Education benefiting from the synergies post the Indian acquisition and the higher usage of the computer-delivered centres.

The outlook is viewed positively with the qualified leads, up 36% and applications to Australia and New Zealand, up 33% compared to contractions 6 months ago.

Macquarie adjusts earnings forecasts by 5% for FY23 and 6% for FY24.

An Outperform rating and $32 target price.

Target price is $32.00 Current Price is $28.80 Difference: $3.2
If IEL meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $32.90, suggesting upside of 13.8% (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

Morgan Stanley rates IEL as Overweight (1) -

IDP Education's earnings came in ahead of Morgan Stanley's forecasts, with a margin increase offsetting a miss on revenues. Australian student placement volumes are expected to recover, if not exceed, pre-pandemic levels in FY23, and margins are expected to be at least sustained.

Multi-destination student placement volumes are still being impacted by Canada visa backlogs. 3,000 students received offers through FastLane in FY22, this is expected to exceed 10,000 in FY23. IELTS online now available in 31 countries, looking to be in 50-plus countries by the beginning FY24.

Overweight and $35 target retained.

Target price is $35.00 Current Price is $28.80 Difference: $6.2
If IEL meets the Morgan Stanley target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $32.90, suggesting upside of 13.8% (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

Morgans rates IEL as Hold (3) -

Following in-line FY22 results for IDP Education, Morgans expects further strong growth in FY23 supported by a recovery in Australian student placements and momentum for other divisions.

The broker also sees potential for acquisitions, which aren't allowed for in the target price of $31.10, up from $29.40. The Add rating is maintained.

While IELT's volumes were flat half-on-half, the analyst notes they were strong over FY22 and are are expected to improve over FY23. Price and gross profit margins are also expected to improve.

Target price is $31.10 Current Price is $28.80 Difference: $2.3
If IEL meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $32.90, suggesting upside of 13.8% (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

Ord Minnett rates IEL as Accumulate (2) -

FY22 results exceeded Ord Minnett's expectations. The outlook for student placement volumes is returning to above pre-pandemic levels in FY23 and this will be the main driver of revenue growth, Ord Minnett asserts, underpinning a 4% increase in FY23 EBIT estimates.

Following positive commentary from IDP Education, the broker increases margin assumptions. Normalising for future growth means the stock appears fair value and the broker retains an Accumulate rating, raising the target to $31.70 from $30.50.

Target price is $31.70 Current Price is $28.80 Difference: $2.9
If IEL meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $32.90, suggesting upside of 13.8% (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 IEL as Buy (1) -

IDP Education has delivered another strong result according to UBS, reporting an 8% net profit beat to the broker's estimates. The company benefited from solid student placement recovery, and from gross profit margin improvement in both placements and IELTS testing.

The broker views further broadening of the company's IDP Live as a way to unlock future material growth and reaffirm the company's technology differentiation. 

The Buy rating is retained and the target price increases to $34.70 from $34.60.

Target price is $34.70 Current Price is $28.80 Difference: $5.9
If IEL meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $32.90, suggesting upside of 13.8% (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

Citi rates IFL as Buy (1) -

While there is still a long way to go on Insignia Financial's integration of recent acquisition from ANZ Bank ((ANZ)) operations and MLC, Citi feels FY23 guidance is a positive step forward. The company expects positive flows for both Asset Management and Platforms.

Commentary at FY22 results included the expectation for a further $85m of synergies in FY23 and signaled a low for the earnings (EBITDA) margin, according to the analyst. The target rises to $3.90 from $3.40. Buy.

Management is targeting additional cost out over and above the synergy target, the broker adds.

Target price is $3.90 Current Price is $3.53 Difference: $0.37
If IFL meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $4.10, suggesting upside of 11.7% (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

Credit Suisse rates IFL as Outperform (1) -

FY22 earnings beat estimates, yet Insignia Financial provided outlook statements that were all softer than Credit Suisse anticipated. Predicted flows reflect only a modest improvement while the gross margin is expected to decline -1.5-2.5 basis points in FY23.

The broker is a little concerned about the rate of decline expected in platform considering this is not fully matched by cost reductions. Credit Suisse continues to envisage value in the stock, reiterating an Outperform rating and $4.30 target.

Target price is $4.30 Current Price is $3.53 Difference: $0.77
If IFL meets the Credit Suisse target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $4.10, suggesting upside of 11.7% (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

Morgan Stanley rates IFL as Overweight (1) -

Insignia Financial delivered a solid result, beating Morgan Stanley. There is upside on synergies, the broker suggests, the flow outlook is better despite tougher markets, and leading operating scale in wealth management, post the MLC merger, should translate to earnings growth.

Fixing the Advice business' profitability will take time and platform margins will see ongoing margin pressure, but Morgan Stanley thinks these are in the price already and the risk-reward looks attractive from here.

The stock still offers compelling value, the broker believes, on 9x forecasts FY24 PE with a growing dividend yield and upside risk on synergies and cost-outs. Overweight retained, target rises to $4.10 from $3.85. Industry view: Attractive.

Target price is $4.10 Current Price is $3.53 Difference: $0.57
If IFL meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $4.10, suggesting upside of 11.7% (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

Ord Minnett rates IFL as Buy (1) -

FY22 net profit was slightly ahead of Ord Minnett's estimates. Guidance is for margins to be broadly in line in FY23, which suggests to the broker Insignia Financial expects cost savings to offset the impact of the weaker markets to date.

The company appears to indicate it has achieved a floor in operating margin pressures, targeting an improvement in the cost-to-income ratio to mid to low 60% region from 73.8%. Ord Minnett considers this a "stretch" target rather than a "likely" target.

Buy rating maintained. Target is reduced to $4.10 from $4.12.

Target price is $4.10 Current Price is $3.53 Difference: $0.57
If IFL meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $4.10, suggesting upside of 11.7% (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

Citi rates JDO as Buy (1) -

At first glance yesterday, Judo Capital's FY22 maiden result met consensus and Citi's forecasts.

More importantly to the broker, which downgraded the target price sharply 10 days ago ahead of the result on concerns about FY23 given rising rates, management guided to another strong year of growth in FY23, expecting its loan book to rise to more than $9bn from $6bn.

Yesterday, Citi reversed the downgrade and returned the target price to $1.90 from $1.30. Today the target price is slightly adjusted to $1.80

The broker is seeking greater clarity about the reasons for management's confidence given expectations of rising interest rates.

Outperform rating retained.

Target price is $1.80 Current Price is $1.30 Difference: $0.5
If JDO meets the Citi target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $1.90, suggesting upside of 48.4% (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

Credit Suisse rates JDO as Outperform (1) -

FY22 results were ahead of prospectus and guidance is strong for FY23, particularly surrounding interest margins and loan growth, Credit Suisse observes.

The broker believes Judo Capital is building confidence in its ability to achieve "at-scale" metrics. The broker upgrades forecasts and maintains an Outperform rating and $2.50 target.

Target price is $2.50 Current Price is $1.30 Difference: $1.2
If JDO meets the Credit Suisse target it will return approximately 92% (excluding dividends, fees and charges).

Current consensus price target is $1.90, suggesting upside of 48.4% (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 JDO as Outperform (1) -

With Judo Capital delivering a solid second half result, Macquarie notes the impact of higher rates look to benefit the company in the coming year. Judo Capital guided to gross loans of $9bn during FY23, and the broker finds the company well placed to grow loans in the medium term. 

Macquarie updates its earnings per share forecasts 36%, -12% and -12% through to FY25, accounting for deposit margin benefits, as well as the offset of additional impairments and accelerated costs. 

The Outperform rating is retained and the target price decreases to $1.60 from $1.70.

Target price is $1.60 Current Price is $1.30 Difference: $0.3
If JDO meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $1.90, suggesting upside of 48.4% (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 KAR as Outperform (1) -

Karoon Energy has released its full results, reporting earnings of US$205m and net profit of $90m, both ahead of Macquarie's estimates. The broker notes Karoon Energy's growth strategy remains on track, but it has lifted growth capital expenditure expectations 9% to account for delays, diesel costs and inflation. 

Positively, the Bauna intervention is around halfway, and a pump replacement at PRA-2 has delivered a 2,000 barrels per day increase. The company continues to guide to an initial 5-10,000 barrels per day increase at Bauna, with completion expected in the fourth quarter. 

The Outperform rating and target price of $2.55 are retained. 

Target price is $2.55 Current Price is $2.07 Difference: $0.48
If KAR meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $2.65, suggesting upside of 24.4% (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 KAR as Add (1) -

Morgans assesses a strong underlying FY22 earnings (EBITDAX) result for Karoon Energy, which was a 6% beat compared to the consensus forecast. Underlying profit of US$89.6m also beat consensus and the broker forecasts for US$71m and US$68m.

While FY23 production guidance showed some slippage, production cost guidance was well below the analyst's forecast, demonstrating that the majority of opex at Bauna is fixed.

Morgans expects the share price will re-rate toward its unchanged $3.20 target price, and maintains its Add rating. 

Target price is $3.20 Current Price is $2.07 Difference: $1.13
If KAR meets the Morgans target it will return approximately 55% (excluding dividends, fees and charges).

Current consensus price target is $2.65, suggesting upside of 24.4% (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 KLS as Outperform (1) -

Kelsian Group delivered an in-line result according to Macquarie, reporting earnings of $183.7m. Notably, Australian bus revenue grew 14.5% in the year, with the existing business and the Go-West acquisition benefiting from inflation and resumed charter, special event and rail replacement work.

International bus earnings were up 6.0%, with the removal of London losses supporting a 10 basis point margin improvement. Despite ongoing recovery in tourism continuing to benefit, Macquarie decreases earnings per share estimates -24% and -6% in FY23 and FY24 to account for higher depreciation and amortisation.

The Outperform rating is retained and the target price decreases to $8.10 from $8.70.

Target price is $8.10 Current Price is $5.58 Difference: $2.52
If KLS meets the Macquarie target it will return approximately 45% (excluding dividends, fees and charges).

Current consensus price target is $8.14, suggesting upside of 48.5% (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

Ord Minnett rates MAF as Buy (1) -

MA Financial reported 1H22 earnings in line with Ord Minnett forecasts with the broker highlighting a better than expected Asset Management result as a "pleasant surprise".

Management re-guided to EPS growth of between 30-40% for FY22, excluding gains from M2M, as well as positive commentary around the first seven weeks of activity for the 2H22.

Ord Minnett's earnings forecasts are at the lower end of guidance, and the broker still considers the valuation as inexpensive.

Buy rating and $10 target are unchanged.

Target price is $10.00 Current Price is $6.13 Difference: $3.87
If MAF meets the Ord Minnett target it will return approximately 63% (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

Ord Minnett rates MCP as Hold (3) -

McPherson's reported FY22 results of $7m in line with the unaudited results provided to the market in July, according to Ord Minnett.

The results reflected the impacts of cost pressures and supply chain problems with management offering a guidance statement of "cautious optimism" noted the analyst.

A Hold rating and $1.12 target price are unchanged with Ord Minnett viewing the fully franked 7% yield as attractive to investors.

Target price is $1.12 Current Price is $0.79 Difference: $0.33
If MCP meets the Ord Minnett target it will return approximately 42% (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

Macquarie rates MGX as Neutral (3) -

Mount Gibson Iron released better-than-expected FY22 results but impairments and accounting for advanced stripping weighed on the headline numbers, explains Macquarie.

In the end, FY22 turned into a loss-making year for the miner, triggering a material drawdown of -$239m due to advanced stripping with the broker worried about the timing of the plant repair, identified as a key risk.

The company had earlier reported damage from a plant fire. Macquarie recently lowered its forecasts for iron ore pricing. All in all, combining all ingredients for future modeling, the broker's EPS forecasts have remained largely unchanged.

Underperform. Target 40c (was 50c).

Target price is $0.40 Current Price is $0.41 Difference: minus $0.01 (current price is over target).
If MGX meets the Macquarie 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: 0.5

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

Credit Suisse rates NEC as Outperform (1) -

FY22 results were in line with Credit Suisse estimates and the outlook for the first quarter of FY23 is better than anticipated as Nine Entertainment has signalled revenue growth across all segments.

Yet, costs are also higher than expected and TV operating expenditure growth expected to be similar to FY22. The broker lowers FY23-24 estimates by -5-6% to take into account higher costs. Outperform rating retained. Target is reduced to $3.30 from $3.40.

Target price is $3.30 Current Price is $2.18 Difference: $1.12
If NEC meets the Credit Suisse target it will return approximately 51% (excluding dividends, fees and charges).

Current consensus price target is $3.14, suggesting upside of 46.2% (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

Macquarie rates NEC as Neutral (3) -

FY22 results were ahead of expectations amid a strong performance in free-to-air TV and BVOD. Nine Entertainment has announced an on-market buyback for up to 10% of shares on issue.

Macquarie remains concerned about the cyclical outlook in 2023 and while understanding the valuation appeal believes the gap will not close until a trough in negative earnings revisions.

Neutral maintained. Target is raised to $2.42 from $2.10.

Target price is $2.42 Current Price is $2.18 Difference: $0.24
If NEC meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $3.14, suggesting upside of 46.2% (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

Ord Minnett rates NEC as Buy (1) -

FY22 underlying net profit was ahead of forecasts. Ord Minnett notes market concerns around weakness in advertising have been set aside. Furthermore, streaming content costs are rationalising and the focus has now turned to profitability.

Nine Entertainment has signalled there is enough room to maintain the current dividend pay-out ratio of 60-80% as well as pursue further investment opportunities. Ord Minnett maintains a Buy rating and reduces the target to $3.10 from $3.50.

Target price is $3.10 Current Price is $2.18 Difference: $0.92
If NEC meets the Ord Minnett target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $3.14, suggesting upside of 46.2% (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 NEC as Buy (1) -

Nine Entertainment delivered a solid second half according to UBS, and despite anticipating upcoming headwinds the broker notes the 10% buyback announced by the company reiterates confidence in the growth outlook.

Despite this, higher cost growth has driven the broker to reduce earnings forecasts by an average of -10%, anticipating group costs will rise 9% in the coming year driven by the cost of new sports rights, wage inflation and growth asset investment.

Volatility in the free-to-air ad markets remains a key risk according to UBS. The Buy rating is retained and the target price decreases to $3.10 from $3.90.

Target price is $3.10 Current Price is $2.18 Difference: $0.92
If NEC meets the UBS target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $3.14, suggesting upside of 46.2% (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

Macquarie rates NGI as Outperform (1) -

Navigator Global Investments' FY22 results were ahead of Macquarie's forecasts. The share of "NGI Strategic" distributions increased 45.4%.

The company's base adjusted EBITDA guidance for FY23 is US$36.5-38.5m which implies 22-28% growth.

Macquarie reduces dividend forecasts to allow for a lower dividend which is required to support the funding of deferred consideration. Deferred consideration of US$140m is payable over three years.

Outperform retained. Target is $2.19.

Target price is $2.19 Current Price is $1.43 Difference: $0.76
If NGI meets the Macquarie target it will return approximately 53% (excluding dividends, fees and charges).

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: 1.0

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

Ord Minnett rates NGI as Buy (1) -

Navigator Global Investments reported FY22 results, 3% above Ord Minnett expectations and higher than guidance.

Management offered a review of the company's operations which confirmed the analyst's confidence in the future earnings streams and cashflow potential.

Ord Minnett make no changes to the earnings forecasts post the FY22 results and the management update.

A Buy rating and $2.30 target price are retained.

Target price is $2.30 Current Price is $1.43 Difference: $0.87
If NGI meets the Ord Minnett target it will return approximately 61% (excluding dividends, fees and charges).

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: 1.0

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

Macquarie rates PAN as Neutral (3) -

Panoramic Resources has reported additional drilling results above the 900 fault at Savannah. The drill holes have all been successful in extending mineralisation along strike and down plunge. A resource estimate and updated mine plan is expected by the end of 2022.

While the latest round of drilling has been a success and should lead to an increase in the mineral resource, Macquarie has questions regarding the balance sheet and considers the stock fairly priced at current levels. Neutral rating and $0.24 target retained.

Target price is $0.24 Current Price is $0.23 Difference: $0.01
If PAN meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Macquarie rates PGL as Neutral (3) -

FY22 results originations were up 52% which delivered a record loan book as of June 2022. Originations in July are also up 58%, in what Macquarie highlights is typically a slower period following the financial year end.

The broker is looking for operating leverage at Prospa Group and notes confidence is building in the outlook. Neutral rating maintained. Target is unchanged at $0.83.

Changes made to EPS forecasts -1.3%/+7.4%/+6.6% for FY23/24/25.

Target price is $0.83 Current Price is $0.79 Difference: $0.04
If PGL meets the Macquarie target it will return approximately 5% (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

Citi rates PLS as Downgrade to Neutral from Buy (3) -

Following an around  40% rally in share price over the last month, Citi reviews the relative valuation of Pilbara Minerals against peers, and decides to lower its rating to Neutral from Buy.

No changes are made to the broker's forecasts.

Target price is $3.60 Current Price is $3.41 Difference: $0.19
If PLS meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $3.75, suggesting upside of 5.3% (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

Citi rates PPT as Buy (1) -

The initial earnings uplift for Perpetual from the proposed Pendal Group ((PDL)) acquisition is less than Citi expected. Management maintains the faith on longer term synergies though the broker notes the market is skeptical.

Following FY22 results, the analyst incorporates the acquisition into forecasts, and allows for (the more significant) FY23 guidance for cost growth. While the target falls to $30.00 from $34.50, the broker feels the stock is still relatively inexpensive and retains a Buy rating.

Perpetual has lifted the cash component of the bid price for Pendal Group to $1.976 from $1.67.

Target price is $30.00 Current Price is $27.44 Difference: $2.56
If PPT meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $32.20, suggesting upside of 15.0% (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

Macquarie rates PPT as No Rating (-1) -

FY22 adjusted net profit was ahead of Macquarie's expectations as slightly lower revenue was offset by lower costs and a lower tax rate.

Expense growth guidance for FY23 is set at 4-6%. Perpetual is targeting pre-tax synergies from the PDL acquisition of $60m by the end of the second year with completion expected in late 2022/early 2023.

The broker is on research restriction.

Current Price is $27.44. Target price not assessed.

Current consensus price target is $32.20, suggesting upside of 15.0% (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

Morgan Stanley rates PPT as Overweight (1) -

Perpetual delievered a sold result, Morgan Stanley suggests, slightly ahead on earnings and dividend. But the real news is the fund manager's offer to acquire Pendal Group ((PDL)).

Morgan Stanley sees strong financial merit and also strategic rationale in proposing to buy Pendal, but also outflow and execution risks, given some overlap.

But with the stock now trading on a 9.5x forecast FY24 PE, the broker believes most of these risks are in the price, and remains Overweight. Target falls to $34.50 from $36.00. Industry view: Attractive.

Target price is $34.50 Current Price is $27.44 Difference: $7.06
If PPT meets the Morgan Stanley target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $32.20, suggesting upside of 15.0% (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

Ord Minnett rates PTM as Hold (3) -

FY22 results exceeded Ord Minnett's forecasts as expenses were better controlled. The departure of founder Kerr Neilson from the board is a potential risk to sentiment, the broker asserts, as the risk of an eventual sell down may weigh on the share price.

Until fund flows recover, the broker does not expect a re-rating in the share price. The cost-to-income ratio has been steadily increasing, to 33% in FY22, and the broker notes the investment performance has been weak in core strategies for some time. Hold rating and $1.80 target maintained.

Target price is $1.80 Current Price is $1.89 Difference: minus $0.09 (current price is over target).
If PTM meets the Ord Minnett target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.91, suggesting upside of 1.8% (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

UBS rates PXA as Buy (1) -

In an early response to PEXA Group's full year results, UBS notes the company has delivered earnings of $130.5m, equating to year-on-year growth of 28%, and revenue of $280m, or 27% year-on-year growth, and described the update as reassuring. 

The broker highlights company guidance implies a modest margin decline in the coming year, largely attributed to ongoing domestic tech spend. 

The Buy rating and target price of $20.50 are retained.

Target price is $20.50 Current Price is $14.64 Difference: $5.86
If PXA meets the UBS target it will return approximately 40% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Credit Suisse rates QAN as Upgrade to Outperform from Underperform (1) -

The FY22 loss of -$1.86m was slightly more than Credit Suisse expected. Net debt was better than forecast. Qantas Airways expects a record fuel bill in FY23 of $5bn but has announced a -10% cut to domestic capacity, and anticipates unit revenue growth of 10% compared to FY19 levels will fully offset higher fuel costs.

Credit Suisse highlights the airline's pricing power in the domestic market, with a market share close to 70%, but remains surprised by the idea that higher fuel costs can be fully offset with capacity reductions and unit revenue increases.

It seems Qantas is assuming competitors are either unwilling or unable to fill a capacity gap. Rating is upgraded to Outperform from Underperform and the target lifted to $5.65 from $4.35.

Target price is $5.65 Current Price is $4.86 Difference: $0.79
If QAN meets the Credit Suisse target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $6.26, suggesting upside of 21.4% (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 QAN as Outperform (1) -

Macquarie considers the operating environment attractive for Qantas Airways amid strong travel demand and rational competition that is allowing capacity to be tailored and providing an ability to pass through higher fuel costs.

The broker forecasts $3.6bn in EBITDA in FY23, commensurate with pre-pandemic levels. a $400m share buyback also shows confidence while Qantas can also self-fund fleet renewal and expansion.

The broker finds the valuation attractive and retains an Outperform rating, raising the target to $7.05 from $6.60.

Target price is $7.05 Current Price is $4.86 Difference: $2.19
If QAN meets the Macquarie target it will return approximately 45% (excluding dividends, fees and charges).

Current consensus price target is $6.26, suggesting upside of 21.4% (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

Morgan Stanley rates QAN as Overweight (1) -

Morgan Stanley found Qantas Airways' result very much in line with the June update. No dividend was declared as expected but the buyback came as a surprise, and shows confidence in the balance sheet and outlook, the broker suggests.

Further capacity reductions show the market remains challenging, the broker notes, but targeted revenue per available seat kilometre (RASK) offsets are a positive. RASK performance expected to fully recover fuel and temporary cost increases due to operational issues.

Overweight and $6.60 target retained. Industry view: In-Line.

Target price is $6.60 Current Price is $4.86 Difference: $1.74
If QAN meets the Morgan Stanley target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $6.26, suggesting upside of 21.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Ord Minnett rates QAN as Buy (1) -

Underlying, Qantas Airways' FY22 result was slightly better-than-expected and though no dividend was declared, the $400m buyback came as a positive surprise to Ord Minnett.

The broker found FY22 a "strong result", with second-half operating earnings (EBITDA) of $526m coming in near the top end of guidance.

Ord Minnett sticks with its Buy rating while referring to Qantas' strong balance sheet and potential upside from the Loyalty business. Target rises to $7.20 from $6.90.

Target price is $7.20 Current Price is $4.86 Difference: $2.34
If QAN meets the Ord Minnett target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $6.26, suggesting upside of 21.4% (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 QAN as Buy (1) -

Qantas Airways has delivered underlying earnings of $281m, a 17% beat to UBS's estimates. The broker notes the result was supported by operating cash flow, which exceeded UBS's expectations by $430m and drove net debt below guidance.

The airline also announced a $400m on-market buyback, which the broker feels shows confidence in its outlook and signals the company's commitment to returning excess capital rather than investing in capacity.

FY24 targets were reiterated, but consensus forecasts remain materially lower, and UBS expects these will receive increasing attention moving forward. The Buy rating is retained and the target price increases to $6.80 from $6.55.

Target price is $6.80 Current Price is $4.86 Difference: $1.94
If QAN meets the UBS target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $6.26, suggesting upside of 21.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Citi rates QUB as Buy (1) -

FY22 profit for Qube Holdings was a 7% beat versus Citi's forecasts and exceeded expectations across all segments. A continuation of the strong operating environment is forecast. Management expects strong growth for pricing and the underlying market.

The broker upgrades FY23 and FY24 profit estimates by 6% and 7%, respectively, though lower market multiples and a higher discount rate combine to reduce the target price to $3.43 from $3.58.

Target price is $3.43 Current Price is $2.94 Difference: $0.49
If QUB meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $3.26, suggesting upside of 9.8% (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

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

Qube Holding's FY22 underlying earnings were up 19% year on year, ahead of Morgan Stanley, on revenue growth of 27%, despite headwinds from covid, weather, supply chain disruption and trade disputes.

A total dividend of 7c, including a special, is up 17% on FY21.

Equal-weight and $3.15 target. Industry view: Cautious.

Target price is $3.15 Current Price is $2.94 Difference: $0.21
If QUB meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $3.26, suggesting upside of 9.8% (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

Morgans rates QUB as Hold (3) -

Following FY22 results for Qube Holdings, Morgans increases its target price to $2.95 from $2.83. Half of the increase derives from lower net debt, while the balance is due to the performace of the Operating Division, explains the analyst.

Overall, the result showed strong revenue growth, but with margin contraction, and the broker notes a lower quality of earnings due to weaker cash flow conversion.

Morgans expects the Operating Division will continue to grow in FY23, offset by higher corporate costs and higher interest rates. The Hold rating is unchanged. 

Target price is $2.95 Current Price is $2.94 Difference: $0.01
If QUB meets the Morgans target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $3.26, suggesting upside of 9.8% (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

Ord Minnett rates QUB as Buy (1) -

Qube Holdings' FY22 performance proved in line with market consensus, with the 7c dividend a positive surprise (market: 6.5c). Management has guided towards a strong year ahead.

The broker believes 10% EPS growth is achievable as the average base line rate of growth beyond FY23, with upside potential from acquisitions and returns from customer projects.

While noting the shares are trading at a 16% premium against global peers, the Buy rating remains in place. Target has ever so slightly pulled back to $3.39 from $3.45.

Target price is $3.39 Current Price is $2.94 Difference: $0.45
If QUB meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $3.26, suggesting upside of 9.8% (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 REG as Neutral (3) -

FY22 adjusted EBITDA was in line with expectations. Macquarie notes staff expenses increased by 4% in the second half which was ahead of the increase in revenue of 1%.

The broker notes occupancy trends for Regis Healthcare are positive and the main risk going forward is staff availability.

Moreover, government funding uncertainty persists in relation to the definition of care under minimum staffing requirements from October 2023. Macquarie retains a Neutral rating and raises the target to $2.20 from $2.05.

Target price is $2.20 Current Price is $2.10 Difference: $0.1
If REG meets the Macquarie target it will return approximately 5% (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 REH as Hold (3) -

While FY22 results for Reece exceeded Morgans expectations, management is preparing for softening conditions as the housing cycle peak has passed. The analyst's earnings (EBITA) forecasts for FY24 and FY25 are lowered and the target falls to $16.80 from $18.25.

The broker's main positive for FY22 was an increase of 40bps in the US earnings margin in the face of higher labour costs and supply chain pressures. Also, investments in the branch network and digital have been ongoing.

More negatively, the A&NZ earnings margin fell -90bps from holding higher levels of inventory.

The Hold rating is maintained.

Target price is $16.80 Current Price is $16.02 Difference: $0.78
If REH meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $15.47, suggesting downside of -4.4% (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

Morgan Stanley rates RIO as Overweight (1) -

Rio Tinto has increased its offer to acquire the outstanding shares of Turquoise Hill by 18% on the initial proposal, as the previous offer was rejected. Morgan Stanley calculates the revised offer implies a long-term copper price of US$3.70-3.80/lb in real terms, up from US$3.30-3.40/lb previously.

This compares to the price implied by BHP Group's ((BHP)) offer for OZ Minerals ((OZL)) of US$3.90-3.95/lb.

The broker remains Overweight on Rio with a $113.50 target and a preference over BHP Group ((BHP)), while noting any future, higher bids will be scrutinised by the market. Industry view: Attractive.

Target price is $113.50 Current Price is $97.26 Difference: $16.24
If RIO meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $107.21, suggesting upside of 8.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.6

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

Citi rates RRL as Downgrade to Sell from Neutral (5) -

Citi's downgrade to Sell from Neutral is not directly linked to Regis Resources' FY22 performance, which proved ever so slightly better-than-forecast, both by Citi and market consensus.

But then...

The valuation is seen as full with the market ostensibly already awarding upside to the, as yet not approved, McPhillamys project, the broker suggests.

Citi doesn't see a lot of momentum for the gold price on the horizon. Even so, the broker sees better opportunities in the sector elsewhere.

There are a number of other negatives, with the broker highlighting "permitting an open pit project in NSW requires patience would be an understatement".

Target drops to $1.60 from $1.70.

Target price is $1.60 Current Price is $1.66 Difference: minus $0.06 (current price is over target).
If RRL meets the Citi target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.77, suggesting upside of 9.5% (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

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

The FY22 EBITDA of $336m missed Credit Suisse estimates, because of a non-cash stockpile write-down. Management has indicated stockpiles are attractive from a cash perspective and remain in the mine plan but are not likely to be positive for earnings given the sunk costs.

Regis Resources has also re-started dividend payments, with a final dividend of 2c. While Credit Suisse forecasts a 3c annual pay-out over the next few years it is becoming cautious about the balance sheet, should the company go ahead with McPhillamys.

Amid the continued risks, the broker downgrades to Neutral from Outperform. Target is reduced to $1.60 from $1.80.

Target price is $1.60 Current Price is $1.66 Difference: minus $0.06 (current price is over target).
If RRL meets the Credit Suisse target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.77, suggesting upside of 9.5% (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

Macquarie rates RRL as Outperform (1) -

FY22 results were in line with expectations at the net profit level while net cash beat Macquarie's estimates after lower lease balances. The 2c final dividend was the main surprise.

The key to the longer term outlook for Regis Resources remains government approval of the McPhillamys project. The broker reduces FY23 estimates for earnings per share by -9% to account for a notional lift in D&A assumptions. Outperform rating and $2.20 target maintained.

Target price is $2.20 Current Price is $1.66 Difference: $0.54
If RRL meets the Macquarie target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $1.77, suggesting upside of 9.5% (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

Macquarie rates RSG as Outperform (1) -

Resolute Mining's first half earnings were weaker than Macquarie estimated, affected by tax charges and a negative non-cash FX revaluation. The business is repairing its balance sheet and an improvement is forecast by the end of 2022.

Movements in commodity prices present the most significant risk to earnings forecasts, in the broker's view. A Buy rating is maintained and a 35c price target.

Target price is $0.35 Current Price is $0.30 Difference: $0.05
If RSG meets the Macquarie target it will return approximately 17% (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: 0.5

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

Credit Suisse rates S32 as Outperform (1) -

FY22 numbers were in line with Credit Suisse estimates, although the final distribution was better than forecast. The capital management program has increased, with US$250m now left to be returned by September 2023.

The broker found few surprises in South 32's production guidance for FY23 and FY24, with the exception of lower volumes from the Alumar smelter because of a slower recovery after the recent re-start.

Credit Suisse lowers FY23 and FY24 estimates for EBITDA by -3% and 8%, respectively, after accounting for guidance and higher smelter costs. Outperform maintained. Target is lowered to $4.60 from $5.00.

Target price is $4.60 Current Price is $4.27 Difference: $0.33
If S32 meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $5.09, suggesting upside of 19.7% (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: 1.0

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

Macquarie rates S32 as Outperform (1) -

Macquarie notes a solid finish to FY22 but remains disappointed by the costs guidance for FY23 with costs 10-20% higher than it estimated for the key operation in Australia.

Incorporating the results of guidance has resulted in material reductions to near-term earnings forecasts and the broker lowers FY23 and FY24 earnings estimates by -17% and -6%, respectively. Outperform maintained. Target is reduced to $5.60 from $5.90.

Target price is $5.60 Current Price is $4.27 Difference: $1.33
If S32 meets the Macquarie target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $5.09, suggesting upside of 19.7% (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: 1.0

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

Morgan Stanley rates S32 as Overweight (1) -

South32's FY22 result was broadly in line with Morgan Stanley. The dividend was below forecast, but the buyback has been expanded. FY23 cost guidance rose, but will only impact FY23 earnings by some -2%, the broker estimates.

FY24 production guidance is below estimate at Illawarra. But South32 continues to generate significant cash, enabling strong shareholder returns and buybacks, thus helping limit share price downside

The broker remains Overweight for capital returns potential, strong net cash, and a potential bottom in aluminium/alumina prices. Target rises to $4.60 from $4.50. Industry view: Attractive.

Target price is $4.60 Current Price is $4.27 Difference: $0.33
If S32 meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $5.09, suggesting upside of 19.7% (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: 1.0

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

Morgans rates S32 as Add (1) -

Morgans assesses a strong FY22 result (bang on the consensus forecast) for South32, with operating margin growth across all segments ex-Cannington and an impressive final dividend. A US14cps ordinary dividend was declared, along with a US3cps special dividend.

The broker feels the market is not fully allowing for the company's solid cash flow, healthy dividends and strong balance sheet. The Add rating is retained. The target slips to $5.50 from $6.00 partly because of increased unit cost assumptions.

Target price is $5.50 Current Price is $4.27 Difference: $1.23
If S32 meets the Morgans target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $5.09, suggesting upside of 19.7% (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: 1.0

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

Ord Minnett rates S32 as Buy (1) -

FY22 operating earnings were in line with Ord Minnett's forecast. From a value perspective, the broker suggests the recent run up in mining stocks leaves limited compelling investment options, particularly in the case of base metals.

Still, South32 is considered the "go-to" base metal play in Australia and its net cash position is likely to support ongoing share buybacks. The broker retains a Buy rating and raises the target to $5.00 from $4.60.

Target price is $5.00 Current Price is $4.27 Difference: $0.73
If S32 meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $5.09, suggesting upside of 19.7% (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: 1.0

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

Credit Suisse rates SKC as Outperform (1) -

SkyCity Entertainment has signalled a return to pre-pandemic operating earnings in FY23, which Credit Suisse asserts is a bold statement in the year of cost inflation amid early signs of consumers tightening expenditure.

The broker lowers its estimates by -4% in FY23 and -0.5% in FY24 on the basis of a slower recovery in table games. Otherwise, there is no change to its view and an Outperform rating is maintained with the target edging down to $2.90 from $2.95.

Target price is $2.90 Current Price is $2.62 Difference: $0.28
If SKC meets the Credit Suisse target it will return approximately 11% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

This company reports in NZD. 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 SKC as Outperform (1) -

Macquarie believes SkyCity Entertainment is showing momentum, as it recovers from covid-related restrictions. The broker envisages a re-rating with earnings that are resilient and amid strong cash generation.

A resumption of dividends is expected in the first half of FY23 and there is a capital management option looming.

Outperform maintained. Target is raised to NZ$3.30 from NZ$3.25.

Current Price is $2.62. Target price not assessed.

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: 1.0

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

UBS rates SRV as Buy (1) -

A solid result form Servcorp according to UBS, with the company delivering profit before tax at the upper-end of guidance, and guidance for the coming year of $41-43m up 2-7% on the broker's prediction. 

UBS notes operating conditions remain challenging, but the company continues to manage costs and generate free cash flow, and improving market dynamics should benefit.

The Buy rating is retained and the target price increases to $4.50 from $4.45.

Target price is $4.50 Current Price is $3.50 Difference: $1
If SRV meets the UBS target it will return approximately 29% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Ord Minnett rates TAH as Lighten (4) -

The early warning system for Tabcorp Holdings, suggests Ord Minnett, is its digital revenue market share, of which the cost to achieve this will now be more difficult to ascertain given the company is reporting tote and fixed odds yields together.

Ord Minnett struggles to see upside to current market share without promotional bonuses or benefits being significantly increased to simply defend existing market share.

Lighten and 90c target retained.

Target price is $0.90 Current Price is $1.01 Difference: minus $0.11 (current price is over target).
If TAH meets the Ord Minnett target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.08, suggesting upside of 5.2% (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

Ord Minnett rates TLC as Accumulate (2) -

The Lottery Corp posted a strong FY22 result, Ord Minnett suggests, however a lack of clear outlook commentary, coupled with the slow start to the FY23 jackpot sequence has weighed on sentiment. Capex guidance is ahead of forecast.

In alignment with the limited outlook commentary, management would not be drawn on potential uses, however the broker suspects the dividend payout ratio will skew to the top end of the target range.

Target falls to $4.95 from $5.15, Accumulate retained.

Target price is $4.95 Current Price is $4.43 Difference: $0.52
If TLC meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $4.98, suggesting upside of 13.4% (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

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

Viva Energy's first half result impressed Credit Suisse. Refining margins are expected to strengthen into the second half while the outperformance of the commercial business should continue.

The refining dividend has been pulled forward, given the strong cash position. Credit Suisse expects the company to remain net cash at the end of 2022 and believes further capital management is an increasing possibility.

Earnings upgrades are largely in commercial as refining costs are a partial offset. Rating is upgraded to Outperform from Neutral and the target lifted to $3.14 from $2.77.

Target price is $3.14 Current Price is $2.76 Difference: $0.38
If VEA meets the Credit Suisse target it will return approximately 14% (excluding dividends, fees and charges).