Australian Broker Call

Citi rates 29M as Buy (1) -

Citi updates 29Metals post the June-half results and to account for a stronger zinc price.

First-half statutory earnings (EBITDA) nosed out consensus and the company paid a small maiden dividend, a comforting gesture that Citi says reveals a willingness to return funds to shareholders.

Looking forward, Citi says its base-metals price deck suggest challenges going forward given the company's higher-cost assets versus ASX competitors, but it retains a Buy rating, viewing the company as a cheaper option overall in terms of base-metals exposure.

Citi raises zinc prices 10% for the balance of 2022, expecting smelter closures. EPS rise for 2022 and 2023. Target price rises 10c to $2.60 from $2.50. Buy retained.

Target price is $2.60 Current Price is $1.91 Difference: $0.69
If 29M meets the Citi target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $2.19, suggesting upside of 8.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Credit Suisse rates ALQ as Outperform (1) -

ALS provided maiden first half guidance at its AGM, signalling underlying net profit of between $157-162m. Credit Suisse increases expectations marginally for the first half but makes a corresponding reduction to second half forecasts.

The company has outlined five-year aspirational targets which, in short, means these are 11% ahead of the broker's FY27 forecasts. Further detail will be provided at the strategy briefing in September.

The broker retains an Outperform rating and reduces the target to $12.60 from $14.40.

Target price is $12.60 Current Price is $11.96 Difference: $0.64
If ALQ meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $13.37, suggesting upside of 12.1% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

UBS rates AMP as Sell (5) -

UBS has raised concern over AMP's mid-term outlook as the company continues to face challenges across all its operating segments.

The broker notes following pursuance of aggressive volume growth in the last year, the Bank segment has been left with heavy net interest margin contraction, down -39 basis points in the first half compared to last year, and with a return on equity in the single digits and well below its historic average.

The broker finds AMP expensive relative to peers. The Sell rating is retained and the target price increases to $0.95 from $0.90.

Target price is $0.95 Current Price is $1.12 Difference: minus $0.17 (current price is over target).
If AMP meets the UBS target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.05, suggesting downside of -9.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.3

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

Morgans rates AMS as Add (1) -

FY22 results for Atomos were a miss compared to forecasts by Morgans and consensus due to a business reset and 2H disruptions to sales momentum.

In the coming year, the broker expects revenue growth to be driven by the ongoing Connect (series 2) product rollout, and the commercial launch of the company's cloud and subscription offering.

Management expects sales and the level of spending across the business to normalise in FY23.

The Add rating is maintained, while the target falls to $0.75 from $1.08.

Target price is $0.75 Current Price is $0.24 Difference: $0.51
If AMS meets the Morgans target it will return approximately 213% (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 ATA as Hold (3) -

Atturra achieved a 3% beat over Morgans revenue forecast for FY22 and a 2% underlying earnings (EBIT) beat, while FY23 guidance was broadly in line.

Management noted organic revenue growth of 18% year-on-year for FY22. Further revenue growth of 19% derived from the acquisitions of Mentum, Kettering and Haynes.

The broker makes immaterial forecast changes and sees upside risk from additional acquisitions. Hold retained. The target rises to $0.80 from $0.72.

Target price is $0.80 Current Price is $0.72 Difference: $0.08
If ATA meets the Morgans 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:

Market Sentiment: 0.0

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

Morgans rates BBT as Add (1) -

Morgans expects the FY22 earnings (EBITDA) loss for BlueBet Holdings of -$5.5m will widen to -$10.5m in FY23 as share is built in the Australian market, and as the company becomes established in the US.

The broker increases its FY23 forecast loss to -$10.5m from -$1.4m and now forecasts a -$5.8m loss in FY24. The new target is set at $1.30, down from $1.40, made up of $0.80 for Australia and $0.50 for the US.

The analyst feels the opportunity remains and the Add rating is maintained. The company announced the US business (ClutchBet) has received its licence to operate from the Iowa Racing and Gaming Commission.

Target price is $1.30 Current Price is $0.43 Difference: $0.87
If BBT meets the Morgans target it will return approximately 202% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Ord Minnett rates BBT as Buy (1) -

BlueBet Holdings targets cash flow positivity for the Australian business in FY23 (as management also did for FY22). The FY22 gross profit margin was slightly lower than Ord Minnett expected, while opex was also a slight miss.

The broker retains its Buy rating and notes the company's capital-efficient approach is a standout in the sector.

The US business (ClutchBet) has received its licence to operate from the Iowa Racing and Gaming Commission. The analyst feels this licence win will be key to enabling discussions with potential partners for its US sportsbook-as-a-solution strategy.

The target falls to $0.80 from $1.20 based on Ord Minnett's -25% discount to customer lifetime valuation methodology.

Target price is $0.80 Current Price is $0.43 Difference: $0.37
If BBT meets the Ord Minnett target it will return approximately 86% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates BST as Neutral (3) -

Best & Less earnings fell -12.7% in FY22 thanks to lockdowns driving a -6.2% fall in sales. But the result beat Macquarie by 1.9%.

No guidance was offered due to macro uncertainty but management is confident high inflation is positive for its low-end value stores, and the broker notes FY23 will cycle said lockdowns.

But the broker is still concerned over the spending capacity of low-income earners.

Neutral retained, target rises to $2.50 from $2.40.

Target price is $2.50 Current Price is $2.70 Difference: minus $0.2 (current price is over target).
If BST meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Morgan Stanley rates BTH as Overweight (1) -

FY22 results were previously guided and annual recurring revenue (ARR) was up 12 6%  with EBITDA of $4.1m. Bigtincan Holdings has guided to ARR growth of 17%, slightly less than Morgan Stanley envisaged.

On the other hand, the company expects to break even in FY23 in terms of cash flow in FY23, whereas the broker expects a small loss.

The Overweight rating is reiterated as Morgan Stanley considers the risk/reward and guidance compelling. The $1.15 target is retained. Industry view: In-Line.

Target price is $1.15 Current Price is $0.70 Difference: $0.45
If BTH meets the Morgan Stanley target it will return approximately 64% (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 BUB as Buy (1) -

Bubs Australia's FY22 earnings lapped guidance thanks to stronger gross margins and optimisation.

Citi expects the company will again outpace the broker's conservative sales forecasts should access to the US infant formula market continue past November, a scenario the broker considers possible given recent favourable comments from Federal Drug Administration Commissioner Califf.

Citi expects US will be a key driver of longer term earnings, the company guiding to similar revenue and margins with China within three years.

Gross margins are forecast to ease in FY23 due to rising freight costs. 

Buy rating retained. Target price rises 9% to 84c from 77c.

Target price is $0.84 Current Price is $0.57 Difference: $0.27
If BUB meets the Citi target it will return approximately 47% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates BVS as Outperform (1) -

Following on from yesterday's initial response, Macquarie notes Bravura Solutions' result, at the lower end of guidance, achieved with above-average licence fees and elevated R&D capitalisation, so was a lower quality meet.

It was another disappointing result, but pipeline commentary and the potential for cost growth to slow in the second half FY23 leave the broker cautiously optimistic Bravura is nearing an inflection point.

The broker awaits a strategic review and FY23 guidance at the AGM.

Having cut its target to $2.40 from $3.45 yesterday, Macquarie further cuts to $2.00. Outperform retained on valuation.

Target price is $2.00 Current Price is $1.48 Difference: $0.52
If BVS meets the Macquarie target it will return approximately 35% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Ord Minnett rates BVS as Buy (1) -

Bravura Solutions' FY22 operating earnings met Ord Minnett's forecast, but adjusted net profit outpaced.

Rising labour costs hit margins as the company shifted away from offshoring due to covid.

No specific FY23 guidance was provided and the company is undertaking a three-month strategic revue.

Ord Minnett cuts near-term forecast to reflecting continuing cost pressure but appreciates the company's solid position and offering.

Buy rating retained. Target price falls to $1.75 from $2.35.

Target price is $1.75 Current Price is $1.48 Difference: $0.27
If BVS meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

UBS rates CAR as Neutral (3) -

If a report from an industry publication proves true, Carsales will be implementing dealer increases earlier than expected. UBS notes the company is reportedly bringing forward price increases for dealers to October 2022, having been expected in January 2023, and changes are larger than anticipated.

Lead fees will reportedly increase 8% for used vehicles and 9% for new vehicles. The broker notes gross margins for dealers expanded significantly in 2021, and finds this price increase modest in that context.

The Neutral rating and target price of $24.60 are retained.

Target price is $24.60 Current Price is $22.15 Difference: $2.45
If CAR meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $23.83, suggesting upside of 5.4% (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

Credit Suisse rates CQR as Neutral (3) -

Charter Hall Retail REIT has made a further upgrade to FY23 guidance following two transactions. Earnings per security are now expected to be no less than 28.7c and the distribution no less than 25.8c.

The company has acquired a 49% interest in a portfolio of 51 convenience retail properties in New Zealand leased to Z Energy. The acquisition price is $120m on a 5.5% capitalisation rate. The company has sold its 52% interest in the Coles Distribution Centre in Adelaide at book value to a Charter Hall ((CHC)) managed fund for $95.3m.

Credit Suisse marginally revises estimates for FY23-25 and retains a Neutral rating and $4.36 target.

Target price is $4.36 Current Price is $4.07 Difference: $0.29
If CQR meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $4.16, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.1

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

Morgans rates CWP as Add (1) -

Following FY22 results for Cedar Woods Properties, Morgans feels there is solid value at the current share price (with an attractive yield). However, some patience will be needed with a relatively weak near-term outlook for growth and sentiment.

FY22 profit was up 14% on the previous corresponding period and management expects growth in FY23 will be supported by pre-sales, though the outlook has dimmed materially. Through the 2H of FY22 the sales run-rate fell meaningfully.

The broker downgrades its FY23 EPS forecast by -5.7%, but still expects around 9% growth for the year. The target falls to $4.98 from $5.75. Add.

Target price is $4.98 Current Price is $4.51 Difference: $0.47
If CWP meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates DDH as Outperform (1) -

DDH1's 10% increase in FY22 earnings was pre-reported in July. It was a solid result in the face of covid headwinds, Macquarie suggests, as all key metrics were strong.

Management noted none of its clients are scaling back their drilling programs and demand remains strong, while WA covid cases are easing and absenteeism falling.

The medium-term growth outlook remains positive, Macquarie notes, underpinned by strong industry conditions, expansion of the drill rig fleet, higher utilisation and improving rates. The key downside risk is a material downturn in commodity prices.

Outperform and $1.10 target retained.

Target price is $1.10 Current Price is $0.82 Difference: $0.28
If DDH meets the Macquarie target it will return approximately 34% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Morgan Stanley rates DDR as Overweight (1) -

Morgan Stanley assesses the first half result and capital raising were consistent with its previous views. The $50m placement plus $10m share purchase plan alleviates an overhang and implies there is confidence in the longevity of demand.

The main risk lies with challenges in the supply chain. Overweight rating is maintained for Dicker Data. Target is $14. Industry View: In-Line.

Target price is $14.00 Current Price is $11.58 Difference: $2.42
If DDR meets the Morgan Stanley target it will return approximately 21% (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

Ord Minnett rates DDR as Hold (3) -

Dicker Data's FY22 result met Ord Minnett's forecast.

Management announced a $50m placement and $10m share purchase plan at $10.30 a share to expand the company's Kurnell warehouse.

Management also guided to potential growth in software to 40% of revenue and forecast an order book twice normal levels, says the broker.

The broker appreciates the company's improved margins, strong order book and near-term growth potential but is concerned about growing working capital demands given supply constraints, and the normalisation of demand.

Hold rating retained. Target price slips to $11.50 from $12.

Target price is $11.50 Current Price is $11.58 Difference: minus $0.08 (current price is over target).
If DDR meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

UBS rates FMG as Sell (5) -

Elevated shipments and iron ore pricing largely offset inflationary impacts and supported Fortescue Metals in delivering a strong full year result, mostly in line with UBS's expectations.

The company's Iron Bridge project remains on track for first production in the March quarter, but the broker continues to see risk of delayed and higher cost delivery. While cost guidance of US$18-18.75 per wet metric tonne was retained, the broker notes cost control will become increasingly important for the company if iron ore pricing declines. 

The Sell rating and target price of $15.80 are retained.

Target price is $15.80 Current Price is $18.95 Difference: minus $3.15 (current price is over target).
If FMG meets the UBS target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.69, suggesting downside of -9.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: -0.4

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

Morgans rates GDG as Add (1) -

FY22 profit for Generation Development was a slight beat versus Morgans foreecast, while the 1c 2H dividend was in line. EPS forecasts are raised on a combination of higher Investment Bond (IB) sales and improved Lonsec earnings, and the target rises to $1.69 from $1.54.

Management noted a good start to the financial year for IB sales. The broker likes the company's consistent funds under management (FUM) growth, stable revenue margins and increasing return on equity and retains its Add rating.

Target price is $1.69 Current Price is $1.39 Difference: $0.3
If GDG meets the Morgans 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: 1.0

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

Macquarie rates GOR as Outperform (1) -

Gold Road Resources' first half profit was within 3% of Macquarie's estimate, with stronger earnings offset by higher D&A. The dividend was 25% better than expected.

FY production guidance remains unchanged, with Gold Road in a comfortable position given Macquarie's expectations of a slightly stronger second half performance.

Importantly, Gruyere is tracking well to grow throughput towards 10mtpa which, along with grade is a key component of the miner’s organic production growth over the next two years.

Outperform and $1.60 target retained.

Target price is $1.60 Current Price is $1.25 Difference: $0.35
If GOR meets the Macquarie target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $1.72, suggesting upside of 36.2% (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 GOR as Buy (1) -

First half results for Gold Road Resources were broadly in line with Ord Minnett's estimates. An in-line 1cps dividend was declared.

Guidance is unchanged from that offered at the recent quarterly update. 

The broker's cash flow estimates improve on lower tax and slightly higher grades at Gruyere and the target rises to $1.75 from $1.70.

Target price is $1.75 Current Price is $1.25 Difference: $0.5
If GOR meets the Ord Minnett target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $1.72, suggesting upside of 36.2% (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

Morgans rates HLO as Add (1) -

Following Helloworld Travel's higher-than-expected FY23 earnings (EBITDA) guidance, Morgans upgrades its FY23 forecast by 16% and leaves FY24 unchanged.

FY22 results also beat expectations, with cashflow and the balance sheet stronger than the broker's forecasts. It's considered a sign of confidence the board declared a 10c final dividend.

Management is confident the leisure travel market will recover to pre-covid levels on a full-year basis by FY25.

The analyst assesses the company is materially undervalued and retains its Add rating and raises the target to $2.82 from $2.72.

Target price is $2.82 Current Price is $2.05 Difference: $0.77
If HLO meets the Morgans target it will return approximately 38% (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

Ord Minnett rates HLO as Hold (3) -

FY23 earnings guidance by Helloworld Travel far exceeded Ord Minnett's expectation. Management expects improved contributions from all segments.

The FY22 normalised net loss from continuing operations was -$29.4m compared to the broker's -$25.6m forecast. The 10c fully franked dividend should be considered a one-off, driven by the sale of Corporate.

Ord Minnett makes higher interest rate and D&A assumptions, and after factoring in FY23 guidance, the earnings forecast for FY23 rises strongly. However, a changed valuation technique lowers the target price to $2.15 from $2.45, while the Hold rating is unchanged.

Target price is $2.15 Current Price is $2.05 Difference: $0.1
If HLO meets the Ord Minnett 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: 0.5

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

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

Healius's FY22 result was in line with consensus and Citi's forecasts, thanks to strong demand for covid testing.

No guidance was provided and the limited disclosure for pathology fell short of peers, says the broker.

EPS forecasts rise 12% in FY23 as covid testing continues apace; and falls -21% in FY24, to reflect lower base business revenue forecasts, after the company said it expects a period of catch-up before trade normalises.

Citi says it will be hard for any pathology companies to outpace given earnings are forecast to more than halve in the next 1-2 years, a more severe covid variant being the only obvious wildcard.

Rating downgraded to Neutral from Buy. Target price falls to $4 from $4.30. 

Target price is $4.00 Current Price is $3.83 Difference: $0.17
If HLS meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $4.23, suggesting upside of 13.3% (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 HLS as Neutral (3) -

FY22 underlying earnings were in line with expectations yet Credit Suisse points out second half EBIT was -69% below the first half because of lower coronavirus testing while the base business was affected by absenteeism.

No guidance was provided by Healius. Credit Suisse forecasts base business pathology revenue growth of 5% and does not envisage a "quick fix" to the structural and behavioural changes that are affecting the health sector.

Neutral maintained. Target rises to $4.15 from $4.10.

Target price is $4.15 Current Price is $3.83 Difference: $0.32
If HLS meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $4.23, suggesting upside of 13.3% (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 HLS as Outperform (1) -

Healius' revenue and earnings were in line with Macquarie, albeit pathology earnings missed and imaging/day hospitals beat. Some 45% of the company's Sustainable Improvement Program phase 2 were achieved in FY22, with costs tracking below initial forecasts.

Notwithstanding a weaker operating environment over the second half of FY22, Macquarie sees the delivery of targets under the SIP as providing a degree of insulation to any near-term volatility and complementary to a base business recovery.

With valuation appeal on offer compared to peers, Outperform retained. Target falls to $4.90 from $5.00.

Target price is $4.90 Current Price is $3.83 Difference: $1.07
If HLS meets the Macquarie target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $4.23, suggesting upside of 13.3% (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 HLS as Equal-weight (3) -

FY22 results were broadly in line with expectations. Pathology revenue was up 30%, supported by the acquisition of Agilex and coronavirus testing.

The non-covid business was down slightly and Healius expects long-term base business growth of 5-6%, although Morgan Stanley points out the timing is uncertain. No FY23 guidance was provided.

The broker expects the underlying performance of pathology will accelerate as the pandemic eases, although this will be offset by a decrease in PCR testing and some uncertainty on the duration of associated funding.

The Equal-weight rating is retained. Target is raised to $3.90 from $3.75. Industry view In-Line.

Target price is $3.90 Current Price is $3.83 Difference: $0.07
If HLS meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $4.23, suggesting upside of 13.3% (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 HLS as Add (1) -

Covid testing underpinned in-line FY22 results for Healius, while covid-related surgery restrictions held back Imaging and Day Hospitals, explains Morgans. No FY23 guidance was provided.

The broker expects solid growth will stem from the backlog (from surgery restrictions) along with ongoing company growth initiatives and efficiencies. Assistance is also expected from some ongoing covid testing and the target is raised to $4.50 from $4.30. Add.

Target price is $4.50 Current Price is $3.83 Difference: $0.67
If HLS meets the Morgans target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $4.23, suggesting upside of 13.3% (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 HLS as Hold (3) -

Healius's FY22 result outpaced Ord Minnett, although the dividend fell short.

The company logged $30m in savings from its Sustainable Improvement Program and management expects to meet it $67m target.

Nonetheless, the broker expects group profits to plunge in FY23 as covid's super-profits subside.

Ord Minnett observes the post-pandemic Healius is stronger than it was before and has a very roomy balance sheet.

But a Hold recommendation is retained, the broker cautious heading into the great subsidence. Target price slips to $3.90 from $4.

Target price is $3.90 Current Price is $3.83 Difference: $0.07
If HLS meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $4.23, suggesting upside of 13.3% (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

Citi rates HVN as Buy (1) -

Harvey Norman has released FY22 financials and Citi, upon initial glance, concludes it was better-than-expected with profits before tax, ex revaluations, beating the broker and market consensus respectively by 2% and 5%.

In particular the international business was again the stand-out (out)performer, highlights the broker.

The 17.5c in dividends underwhelms, and Franchisee receivables increasing by $100m is also seen as a negative. Harvey Norman has reported it continues to experience strong momentum into FY23.

Citi sees one more strong period ahead (H1) and also believes that the market in general will prefer to remain cautious.

Target price is $4.70 Current Price is $4.33 Difference: $0.37
If HVN meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $4.52, suggesting upside of 7.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.4

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

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

FY22 results were in line with expectations. The impact of the pandemic has reduced patient activity and heightened costs. Morgan Stanley expects the headwinds will ease in the first half and Australasian revenue grow around 6% in FY23.

That said, several issues make it difficult to project the trajectory of the recovery in margins for Integral Diagnostics, such as higher capital expenditure in the absence of further attractive M&A opportunities as well as regulatory headwinds to MRI.

The broker expects FY23 EBITDA margins of 21.8%. Equal-weight rating maintained. Target is reduced to $3.00 from $3.51. Industry view In-Line.

Target price is $3.00 Current Price is $2.89 Difference: $0.11
If IDX meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $3.09, suggesting upside of 4.3% (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

Ord Minnett rates IDX as Lighten (4) -

Integral Diagnostics' FY22 result appears to have satisfied Ord Minnett but the broker is cautious heading into FY23 given the unknowns surrounding covid infection waves and inflation.

The broker doubts price rises will help much given strong competition and cuts FY23 and FY24 earnings forecasts by -15%.

Lighten recommendation retained. Target price falls to $2.55 from $2.65.

Target price is $2.55 Current Price is $2.89 Difference: minus $0.34 (current price is over target).
If IDX meets the Ord Minnett target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.09, suggesting upside of 4.3% (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

Credit Suisse rates IGO as Outperform (1) -

FY22 results were largely announced with the June quarter update. There was no change to FY23 guidance and no more incremental news on asset performance was provided.

An update on Kwinana is expected in the September quarter. The spodumene pricing mechanism will be restructured in September and take effect in 2023.

While IGO has told the market to assume the old structure is in place in the absence of any developments, Credit Suisse considers it highly unlikely the ATO will allow the prior structure to continue as the pricing market is evolved rapidly over the last few years.

In nickel, the broker believes IGO could disrupt the third-party nickel concentrate market and an update on strategy is expected in October. Outperform maintained. Target is raised to $14.50 from $13.00.

Target price is $14.50 Current Price is $13.15 Difference: $1.35
If IGO meets the Credit Suisse target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $14.26, suggesting upside of 6.6% (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

Macquarie rates IGO as Outperform (1) -

IGO’s FY22 result was solid, Macquarie suggests, with underlying earnings and cash flow in line. The final dividend was better than expected.

FY23 production and cost guidance is unchanged and IGO has numerous catalysts in FY23, the broker notes, including Cosmos guidance and the ramp-up and final investment decision on train 2 at Kwinana.

Improving the performance of the Kwinana Hydroxide plant presents a key near-term catalyst , Macquarie suggests.

Outperform and $21 target retained.

Target price is $21.00 Current Price is $13.15 Difference: $7.85
If IGO meets the Macquarie target it will return approximately 60% (excluding dividends, fees and charges).

Current consensus price target is $14.26, suggesting upside of 6.6% (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 IGO as Underweight (5) -

FY22 results were in line with expectations, although the dividend was lower than Morgan Stanley anticipated, at $0.10 versus $0.125. The broker had expected a higher pay-out, given strong cash generation into FY23. Guidance is unchanged from the June quarter update.

At Kwinana train 2 FID is expected in FY23 and Greenbushes to progress construction of CGP3 and supporting infrastructure. A scoping study for Mount Goode is expected to progress in FY23 and at Nova IGO will continue with its Silver Knight feasibility study.

Underweight maintained. Target is $9.95. Industry view: Attractive.

Target price is $9.95 Current Price is $13.15 Difference: minus $3.2 (current price is over target).
If IGO meets the Morgan Stanley target it will return approximately minus 24% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.26, suggesting upside of 6.6% (ex-dividends)

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Ord Minnett rates IGO as Lighten (4) -

Ord Minnett was unsurprised by IGO's FY22 results though underwhelmed by the 5c final dividend, given 8c was expected and consensus forecast 7c. The franking credit balance is considered well stocked for FY23.

The broker keeps its Lighten rating on concerns around project execution at both Kwinana and Cosmos. The target price of $8.40 is unchanged.

Target price is $8.40 Current Price is $13.15 Difference: minus $4.75 (current price is over target).
If IGO meets the Ord Minnett target it will return approximately minus 36% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.26, suggesting upside of 6.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

UBS rates IGO as Buy (1) -

UBS noted few surprises from IGO's full year result, but did highlight the dividend was lower than anticipated. The broker is expecting the company can deliver $2.25bn in earnings in the coming year, based on an average realised spodumene price of US$4,790 per tonne.

IGO remains UBS 's top battery raw materials pick. The Buy rating is retained and the target price increases to $16.00 from $15.85.

Target price is $16.00 Current Price is $13.15 Difference: $2.85
If IGO meets the UBS target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $14.26, suggesting upside of 6.6% (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

Morgans rates IME as Speculative Buy (1) -

Morgans is heartened by the approach to underlying cash flow breakeven (on a monthly run-rate basis) in the next six months, and noted ImExH's results show the company is on-track.

Attaining cash flow breakeven should help close the valuation gap with peers, according to the analyst.

After allowing for the recent $4m institutional placement, the broker's target falls to $2.03 from $2.53, while the Speculative Buy rating is unchanged.

Target price is $2.03 Current Price is $0.55 Difference: $1.48
If IME meets the Morgans target it will return approximately 269% (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

UBS rates IVC as Neutral (3) -

A higher death rate and increased spend per funeral have largely offset headwinds for InvoCare in its first half, and UBS notes an already strong start to the second half.

With the company facing easier comparables in the second half, the broker is anticipating 20% revenue growth and 15% earnings growth in the period. The broker does note InvoCare's softer performance compared to the rest of the industry could indicate market share loss.

The Neutral rating is retained and the target price decreases to $11.60 from $12.40.

Target price is $11.60 Current Price is $11.27 Difference: $0.33
If IVC meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $11.65, suggesting upside of 5.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Macquarie rates LME as Neutral (3) -

Limeade's first half result was below Macquarie's expectations, with revenue missing by -3.6%. Gross profit margins were lower than last year, driven by an increase in resources to implement customer technology platforms.

Management has downgraded its FY proforma loss guidance to -US$11-14m from -US$8-11m, impacted by filing fees and stock-based compensation costs, Revenue and earnings guidance remain unchanged.

Limeade remains focused on achieving earnings breakeven for 2023 and sustainable cash flow breakeven by the December quarter 2023.

Neutral retained, target falls to 22c from 34c.

Target price is $0.22 Current Price is $0.22 Difference: $0
If LME meets the Macquarie target it will return approximately 0% (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: 0.0

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

Citi rates LNK as Neutral (3) -

Citi revises down earnings forecast for Link Administration to reflect rising interest rates and after revising is forecast PEXA contribution, which is expected to continue to fall in FY23 before recovering.

EPS forecasts fall -15% for FY23 and FY24.

The revision includes company revenue guidance but Citi considers this to be a "side show" to the main event of the Dye and Durham bid and its apparent likelihood.

Neutral rating and $4.60 target price retained.

Target price is $4.60 Current Price is $4.35 Difference: $0.25
If LNK meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $4.70, suggesting upside of 9.3% (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 LNK as Neutral (3) -

FY22 results were slightly ahead of expectations. FY23 guidance has been confirmed, although this is slightly more positive than Credit Suisse anticipated because of the higher FY22 base.

Guidance is for EBIT growth of 10-12%, excluding margin income and the remainder of the cost reductions of the global transformation program. Contrary to this, the broker suspects  EBIT will actually decline -9-11%, cycling lower assets under administration and lower activity levels.

Credit Suisse retains a Neutral rating on Link Administration given the uncertainty regarding the completion of the DND transaction. Target is $4.50.

Target price is $4.50 Current Price is $4.35 Difference: $0.15
If LNK meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $4.70, suggesting upside of 9.3% (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 LNK as No Rating (-1) -

Link Administration's FY22 result was consistent with a pre-release in July for revenue, while costs were slightly lower.

There were no major pieces of new information. FY23 guidance remains unchanged.

Due to research restrictions Macquarie is unable to provide a rating or target price.

Current Price is $4.35. Target price not assessed.

Current consensus price target is $4.70, suggesting upside of 9.3% (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 LNK as Overweight (1) -

FY22 operating earnings were in line with Morgan Stanley's estimate. The broker is encouraged by the re-affirming of FY23 guidance for EBITDA growth of 8-10%.

Among the numbers, fund solutions were weaker because of increased regulatory costs. Link Administration has not yet been served litigation from two potential class actions, the broker adds.

Overweight. Target is $4.90. Industry view: Attractive.

Target price is $4.90 Current Price is $4.35 Difference: $0.55
If LNK meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $4.70, suggesting upside of 9.3% (ex-dividends)

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Morgans rates LNK as Hold (3) -

FY22 operating earnings (EBIT) for Link Administration were a slight beat versus recent July guidance while FY23 earnings guidance was unchanged. 

Morgans feels guidance suggests an improving growth profile, though shareholders are doubtless more focused upon the Dye and Durham takeover approach.

The broker increases its FY23 and FY24 EPS forecasts by 9% and 11% to reflect higher PEXA Group ((PXA)) earnings, and increases forecasts for the Retirement & Superannuation Solutions (RSS) and Corporate Markets (CM) businesses.

The target rises to $4.71 from $4.40 and the Hold rating is unchanged.

Target price is $4.71 Current Price is $4.35 Difference: $0.36
If LNK meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $4.70, suggesting upside of 9.3% (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 LNK as Accumulate (2) -

Link Administration's FY22 net profit after tax and amortisation outpaced Ord Minnett's forecasts but the company's statutory net loss fell well short at -$68m. 

Management reiterated pre-announced guidance, thanks to a strong second half, and the broker suspects earnings have bottomed.

Everything now hangs on the Dye & Durham bid, which is awaiting regulatory approval.

Accumulate rating and $4.80 target price retained. 

Target price is $4.80 Current Price is $4.35 Difference: $0.45
If LNK meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $4.70, suggesting upside of 9.3% (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

Citi rates LOV as Buy (1) -

Lovisa Holdings's acceleration of its store rollout in FY22 and its young market's lower sensitivity to interest rates has caused Citi to raise its conviction call on the company.

The broker notes June-half gross margins were at their highest since 79.3% 2019, as modest price increases combined with favourable currency movements to offset high freight costs.

EPS forecasts rise 1% in FY23.

Buy rating retained. Target price jumps 18% to $24 from $20.40, to reflect the broker's estimate of future potential opportunities in Italy, Mexico and China.

Target price is $24.00 Current Price is $21.52 Difference: $2.48
If LOV meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $22.84, suggesting downside of -0.7% (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 LOV as Outperform (1) -

Lovisa Holdings' FY22 result was ahead of Macquarie across key line items, including earnings. Sales were up 59.3%, helped by 85 new stores, with with price increases offsetting persistently offsetting freight costs.

Lovisa has delivered yet another solid result, Macquarie notes, despite th headwinds of logistics impacting rollout, consumer confidence uncertainty and inflationary pressures.

The broker believes the retailer is positively exposed to low price point costume jewellery and the youth segment in the current climate, which is likely to perform well during a downturn.

Outperform retained, target rises to $27.70 from $23.70.

Target price is $27.70 Current Price is $21.52 Difference: $6.18
If LOV meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $22.84, suggesting downside of -0.7% (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

Credit Suisse rates MIN as Outperform (1) -

FY22 results missed Credit Suisse estimates, with net debt at year-end materially above expectations mainly because of lagged cash receipts.

Mineral Resources expects to reduce its equity at Kemerton down to 15% from 40% in exchange for an additional 10% of Wodgina.

Meanwhile, the broker suggests the value of Ashburton is under appreciated. The project has received unconditional FID and has been upscaled to 35mtpa. Credit Suisse raises the target to $78 from $71. Outperform maintained.

Target price is $78.00 Current Price is $67.96 Difference: $10.04
If MIN meets the Credit Suisse target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $80.36, suggesting upside of 25.3% (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 MIN as Outperform (1) -

At first glance on Monday, Macquarie found Mineral Resources' FY22 result mixed but generally in line with forecasts. Cash flow generation proved a -5% miss given higher capital expenditure, which led to higher net debt and a lower dividend (both sharp misses).

The big news was the approval of the Onslow Iron project from the Red Hill Iron ((RHI)) joint venture partners. Mineral Resources plans to increase its stake to 60.3% from 40% and will build, fund, own and operate all of the infrastructure.

Baosteel has an offtake agreement for 50% of production, with an option to increase its rights to 75%.

Outperform and $100 target retained, after Monday's increase from $91.

Target price is $100.00 Current Price is $67.96 Difference: $32.04
If MIN meets the Macquarie target it will return approximately 47% (excluding dividends, fees and charges).

Current consensus price target is $80.36, suggesting upside of 25.3% (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 MVF as Overweight (1) -

Underlying FY23 net profit guidance is for at least 10% growth. Around 24 fertility specialist will be added in FY22-23.

While most healthcare services have experienced a material negative impact from rising consumable and staff costs, Monash IVF has signalled this is manageable.

Taking into account acquisitions, Morgan Stanley envisages combined FY23 earnings accretion of 7%.

Overweight maintained. Target is reduced to $1.15 from $1.20. Industry view In-Line.

Target price is $1.15 Current Price is $1.00 Difference: $0.15
If MVF meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $1.23, suggesting upside of 18.3% (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 MX1 as Speculative Buy (1) -

Morgans makes no changes to its forecasts for Micro-X following FY22 results which were a beat on revenue expectations though a miss on earnings (EBITDA). 

European approval for the Rover (digital mobile X-ray machine) and the launch of the Argus (X-ray camera) are considered near-term catalysts by the broker.

The Add rating and $0.36 target price are unchanged.

Target price is $0.36 Current Price is $0.12 Difference: $0.24
If MX1 meets the Morgans target it will return approximately 200% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

UBS rates NXT as Buy (1) -

While NextDC delivered a strong full year according to UBS, the broker raised concerns around how supply constraints are impacting on delivery of megawatt contracts. 

The broker noted while demand remains strong, constraints for switches and servers appear to be pushing new megawatt contracts into the new financial year, highlighting any megawatts contracted today could take twelve months to commence activation.

The broker remains positive on NextDC's longer-term story despite delays. The Buy rating is retained and the target price decreases to $13.85 from $14.90.

Target price is $13.85 Current Price is $10.25 Difference: $3.6
If NXT meets the UBS target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $12.97, suggesting upside of 23.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.9

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

Ord Minnett rates REG as Hold (3) -

Regis Healthcare's FY22 result broadly met Ord Minnett's forecasts, but the full-year dividend of 5.8cps seriously outpaced the broker's estimate of 3.5c.

The broker observes occupancy is beginning to rise as covid cases decline but remains cautious given the uncertainty surrounding the revised healthcare model, inflation and continued labour shortages and absenteeism.

Hold recommendation retained. Target price eases to $2.15 from $2.30.

Target price is $2.15 Current Price is $2.07 Difference: $0.08
If REG meets the Ord Minnett 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: 0.0

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

Credit Suisse rates SFR as Underperform (5) -

FY22 EBIT missed expectations owing to higher depreciation & amortisation. Net interest and tax were also higher than expected. Sandfire Resources has suspended its dividend to focus on the "transition" in the balance sheet, which makes sense to Credit Suisse.

The first instalment of the Motheo project finance facility will be drawn over the next six months and the balance by mid 2023. Upfront capital expenditure has increased 8% since the prefeasibility study last September, to US$397m, while costs have increased 15% to US$1.56/lb.

The broker retains an Underperform rating on liquidity concerns and raises the target to $3.55 from $3.35.

Target price is $3.55 Current Price is $4.55 Difference: minus $1 (current price is over target).
If SFR meets the Credit Suisse target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.64, suggesting upside of 21.7% (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: 0.4

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

Macquarie rates SFR as Outperform (1) -

Sandfire Resources' FY22 results was mixed, missing Macquarie's earnings estimates by -9% and featuring higher depreciation.

The Motheo expansion has been approved, although life of mine capital was 10% higher than the pre-feasibility study, which overshadowed the result.

Macquarie had already incorporated the expansion into its base case, but updated guidance has lower peak production than assumed, which impacts medium-term earnings forecasts.

Outperform retained, target falls to $5.70 from $6.00.

Target price is $5.70 Current Price is $4.55 Difference: $1.15
If SFR meets the Macquarie target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $5.64, suggesting upside of 21.7% (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: 0.4

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

Morgan Stanley rates SFR as Overweight (1) -

FY22 operating earnings were in line with expectations. No final dividend was declared, whereas Morgan Stanley had expected a $0.10 dividend in the second half.

Sandfire Resources indicated the dividend had been cancelled because of the financing requirements for Motheo and the repayment of debt facilities related to MATSA. 

The broker retains an Overweight rating, $5.60 target and Attractive industry view.

Target price is $5.60 Current Price is $4.55 Difference: $1.05
If SFR meets the Morgan Stanley target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $5.64, suggesting upside of 21.7% (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: 0.4

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

Ord Minnett rates SFR as Sell (5) -

Higher depreciation charges were largely responsible for Sandfire Resources' underlying profit of $111m for FY22, which missed Ord Minnett's $171m forecast.

As there was no final dividend, the full year 3c payout also missed the broker's 8c expectation.

The analyst's  FY23 net profit forecast and valuation is little changed after financial model updates, and the $3.80 target price is retained. It's felt there is better value to be had elsewhere in the sector. Sell. South32 ((S32)) is preferred for base metals exposure.

Target price is $3.80 Current Price is $4.55 Difference: minus $0.75 (current price is over target).
If SFR meets the Ord Minnett target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.64, suggesting upside of 21.7% (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: 0.4

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

UBS rates SFR as Buy (1) -

Sandfire Resources delivered full year net profit of US$111m, a miss to UBS's anticipated US$164m, and announced no final dividend. The broker was unsurprised by a lack of dividend, given the balance sheet is extended as the company focuses on funding the Motheo and MATSA deliveries.

The broker highlights a definitive feasibility study for Motheo was in line with its expectations, and first production remains scheduled for the June quarter, while MATSA guidance of 60-65,000 tonnes of copper in the coming year is also in line, and should generate around US$305m in earnings according to UBS.

The Buy rating is retained and the target price decreases to $6.10 from $6.20.

Target price is $6.10 Current Price is $4.55 Difference: $1.55
If SFR meets the UBS target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $5.64, suggesting upside of 21.7% (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: 0.4

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

Morgans rates SHJ as Add (1) -

FY22 earnings (EBITDA) were in line with guidance for Shine Justice and Morgans upgrades earnings expectations for FY23/4 by around 4%. FY23 guidance is for low double digit earnings growth. A 6c FY22 dividend was declared.

The broker points out the company has increased in scale, which should be reflected in stronger cash generation in FY24, despite the current suppression of cash flows due to growth initiatives.

Accretive acquisitions are expected to lend additional upside, and the analyst retains an Add rating. The target falls to $1.43 from $1.47.

Target price is $1.43 Current Price is $1.25 Difference: $0.18
If SHJ meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Ord Minnett rates SNL as Accumulate (2) -

FY22 net profit for Supply Network came in 3% ahead of Ord Minnett's forecast, while earnings were in line. A  20c final dividend contributed to the 32c FY22 payout, which compared to the analyst's 28.5c forecast.

The broker expects growth to moderate for the company as economic activity softens though the outlook remains positive with robust demand supported by strong activity in all regions. 

The target rises to $11.30 from $10.00 and the Accumulate rating is unchanged.

Target price is $11.30 Current Price is $10.50 Difference: $0.8
If SNL meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Morgan Stanley rates TYR as Downgrade to Equal-weight from Overweight (3) -

The FY22 result and outlook were a little better than Morgan Stanley expected. Going forward, the broker envisages the likely upside will come from industry consolidation, but this is a bull case proposition.

Morgan Stanley acknowledges its prior Overweight rating on Tyro Payments was the wrong call and, while the business largely met FY22 financial metrics, the speed and magnitude of the de-rating of payments stocks came as a surprise.

Morgan Stanley points out capital markets have changed permanently and it is not enough that companies grow topline revenue, they need to focus on being meaningfully profitable. Rating moves to Equal-weight from Overweight and the target is lowered to $1.40 from $4.70. Industry view: Attractive.

Target price is $1.40 Current Price is $1.09 Difference: $0.31
If TYR meets the Morgan Stanley target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $1.50, suggesting upside of 25.0% (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 TYR as Add (1) -

FY22 earnings (EBITDA) of $10.5m for Tyro Payments were a beat compared to the $8m forecast by consensus, while FY23 earnings guidance was a 25% beat. Morgans feels FY23 guidance shows improving operating leverage the market had been awaiting.

The broker raises its EPS forecasts, and sets a $1.70 target, up from $1.62. The Add rating is maintained with solid earnings growth expected.

Target price is $1.70 Current Price is $1.09 Difference: $0.61
If TYR meets the Morgans target it will return approximately 56% (excluding dividends, fees and charges).

Current consensus price target is $1.50, suggesting upside of 25.0% (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 WDS as Neutral (3) -

Woodside Energy's June first-half result was in line with consensus and outpaced Citi. Guidance was reiterated.

The interim dividend of $1.09 outpaced both consensus and the broker.

Citi revises up FY23 earnings forecast to reflect potential improvements in margins. EPS forecasts fall for FY22. Dividend forecasts weaken.

Neutral rating retained. Target price rises to $33.30 from $32.60.

Target price is $33.30 Current Price is $35.87 Difference: minus $2.57 (current price is over target).
If WDS meets the Citi target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $35.02, suggesting upside of 2.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.4

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

Macquarie rates WDS as Neutral (3) -

Woodside Energy's interim result beat Macquarie's forecast by 7% and the interim dividend of US109c was also better than expected. FY guidance is unchanged. US$9bn major growth capex through to 2024 is broadly consistent with the broker's estimate.

With BHP Petroleum acquisition now complete, Woodside is undertaking a strategic review which the broker suggests "is great to see". But while the strong dividend was pleasing, the 80% payout setting is going to be unsustainable as growth capex rises, the broker notes.

Neutral retained. Target rises to $30.50 from $28.05 on increased production rates.

Target price is $30.50 Current Price is $35.87 Difference: minus $5.37 (current price is over target).
If WDS meets the Macquarie target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $35.02, suggesting upside of 2.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.4

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

Morgan Stanley rates WDS as Overweight (1) -

First half results were ahead of expectations, supported by higher realised oil and gas prices along with increased production following the merger of the BHP Petroleum business.

Morgan Stanley notes Woodside Energy declared its largest interim dividend since 2014, at US$1.09.

The company has revised its gearing target to 10-20% from 15-35%, as it prepares to outlay US$9bn through to 2024 along with exploration expenditure of US$400-500m in 2022.

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

Target price is $40.00 Current Price is $35.87 Difference: $4.13
If WDS meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $35.02, suggesting upside of 2.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.4

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

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

Now that the share price has reached the $34.90 target price (down from $35.40) set by Morgans, the rating for Woodside Energy is downgraded to Hold from Add. This change follows 1H results that were in-line with the broker and above consensus forecasts.

The broker makes minor changes to forecasts. Management's 2022 capex guidance suggest a major 2H skew and negative free cash flow, and the analyst feels the dividend payout ratio could be cut in the short term. 

A record US109c ordinary dividend was declared for the half.

Target price is $34.90 Current Price is $35.87 Difference: minus $0.97 (current price is over target).
If WDS meets the Morgans target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $35.02, suggesting upside of 2.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.4

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

Ord Minnett rates WDS as Downgrade to Accumulate from Buy (2) -

Woodside Energy's June first-half result outpaced Ord Minnett by 9%, and the dividend sharply outpaced, the payout ratio setting a new record.

Once paid, the company's gearing will move into the 13% target range, and management advises share buyback and/or special dividends may be on the cards - but not in the near term.

Ord Minnett says management appears to be taking a more conservative balance-sheet stance than the broker had forecast, heading into a growth period, which might disappoint investors.

While this was a key input into the broker's forecasts, Ord Minnett still believes the company offers good value, growth, and leverage to spot LNG prices.

Rating is downgraded to Accumulate from Buy. Target price slips to $37 from $37.50.

Target price is $37.00 Current Price is $35.87 Difference: $1.13
If WDS meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $35.02, suggesting upside of 2.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.4

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

UBS rates WDS as Downgrade to Neutral from Buy (3) -

Woodside Energy delivered first half net profit of $1,819m and announced an interim dividend of 109 cents per share, in line with UBS's expectations.

The company reiterated its significant capital expenditure commitments over the coming 2-3 years, guiding to a $9bn spend on the Pluto-Scarborough and Sangomar projects by December 2024.

A higher average spot LNG estimate drives the broker's earnings per share forecast up 32% for FY22. The broker notes Woodside Energy offers attractive exposure to the tight global LNG market, but finds the stock to be trading above fair value. 

The rating is downgraded to Neutral from Buy and the target price increases to $34.00 from $33.65.

Target price is $34.00 Current Price is $35.87 Difference: minus $1.87 (current price is over target).
If WDS meets the UBS target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $35.02, suggesting upside of 2.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.4

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

Citi rates WEB as Buy (1) -

Webjet's trading update looks like a "material beat", reports Citi upon initial analysis. With one more month to go, Citi believes EBITDA is poised to beat market consensus by no less than 18% for H1.

Buy. Target $6.94.

Target price is $6.94 Current Price is $5.11 Difference: $1.83
If WEB meets the Citi target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $6.53, suggesting upside of 18.7% (ex-dividends)

The company's fiscal year ends in March.

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