Australian Broker Call

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

Adore Beauty's FY23 met on revenues but beat forecasts on EBITDA, reports Morgan Stanley, with sales making a solid start into FY24.

The broker points out an acceleration in sales will be required to meet consensus expectations for the year ahead. With EBITDA margin expected to return to 2-4% in FY24, the broker thinks investors will welcome the release positively.

Apparently, market consensus is positioned for a margin of 1.4% in FY24 only.

The Equal-weight rating and $1.15 target are unchanged. Industry view: In-Line. Estimates have been slightly decreased.

Target price is $1.15 Current Price is $1.05 Difference: $0.1
If ABY meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $1.13, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Ord Minnett rates ACL as Accumulate (2) -

Underlying earnings in FY23 were in line with Ord Minnett's expectations. FY24 EBIT guidance is $65-70m, implying 0-7% growth. Guidance factors in continued strength in the base business offset by reduced coronavirus earnings.

The broker retains a long-term group EBIT margin forecast of 11% although expects further incremental margin pressure in the near term that should be eventually offset by increased operating leverage from higher volumes. Accumulate rating. Target is $3.50.

Target price is $3.50 Current Price is $2.77 Difference: $0.73
If ACL meets the Ord Minnett target it will return approximately 26% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.8

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

Citi rates AIA as Neutral (3) -

It is Citi's initial observation that Auckland International Airport's FY23 has beaten market consensus, as well as its own guidance and the broker's forecast.

Responsible for the "beat" were better retail and car park revenue plus lower interest expense. FY24 guidance seems underwhelming, but the analysts point out management at the airport is usually conservative in its initial forecasts.

Target NZ$8.78. Neutral.

Current Price is $7.52. Target price not assessed.

Current consensus price target is $7.05, suggesting downside of -4.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: -0.2

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

Morgans rates AKE as Hold (3) -

Strong pricing offset reduced production at Mt Cattlin and softer 2H sales volumes at Olaroz, resulting in a record profit for Allkem in FY23, explains Morgans. Earnings (EBITDAIX) beat forecasts by consensus and the analyst by 4% and 6%, respectively.

FY24 guidance for Mt Cattlin production was solid, according to the broker at 210kt-230kt of spodumene concentrate, though guidance for Olaroz was weaker-than-expected at 22kt-26kt.

Given ongoing spot price declines for lithium and economic woes in China, Morgans sees risks to consensus price assumptions.

The target slips to $14.20 from $14.60. Hold.

Target price is $14.20 Current Price is $14.07 Difference: $0.13
If AKE meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $17.83, suggesting upside of 26.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.8

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

Macquarie rates APA as Neutral (3) -

APA Group's FY23 earnings disappointed Macquarie with management flagging the fact costs will continue to rise in FY24 and FY25 before stabilising in FY26.

The broker considers the acquisition of Alinta a positive and the multiple paid, whilst high, is attractive as earnings growth is well-established for the next two years.

Macquarie reduces EPS forecasts by -53% for FY24 and -41% for FY25. Target is lowered to $9.12 from $10.36 and a Neutral rating is maintained.

Target price is $9.12 Current Price is $9.26 Difference: minus $0.14 (current price is over target).
If APA meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.95, suggesting upside of 11.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Ord Minnett rates APA as Hold (3) -

FY23 results underwhelmed Ord Minnett and were slightly below expectations. The broker considers the acquisition of the Alinta Energy Pilbara business expensive, albeit small in the overall APA Group business.

Amid no obvious synergies from combining the businesses, management has emphasised the large renewable energy and storage development pipeline.

The broker is not convinced there is much value in a prospective development pipeline of early-stage projects in remote Western Australia, given relatively low barriers to entry. Hold rating maintained. Target is reduced to $9.50 from $10.20.

Target price is $9.50 Current Price is $9.26 Difference: $0.24
If APA meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $9.95, suggesting upside of 11.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Macquarie rates ASG as Outperform (1) -

FY23 results from Autosports Group beat Macquarie's estimates. Demand is observed to be resilient and the order bank broadly stable as supply normalises.

The company appears confident in its margin outlook and Macquarie notes the business is exposed to a more resilient customer base that will support demand, with a 7-8% dividend yield and strong balance sheet providing options for M&A.

Outperform rating retained. Target is raised to $3.15 from $2.75.

Target price is $3.15 Current Price is $2.59 Difference: $0.56
If ASG meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $3.13, suggesting upside of 20.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

UBS rates ASG as Buy (1) -

Autosports Group delivered a 4% beat of UBS' profit forecasts driven by strong organic and acquisition revenue growth. The broker expects double-digit FY24 earnings upgrades given current revenue growth expectations can almost be delivered from annualisation of FY23 acquisitions alone.

Ths implies little underlying revenue growth factored in. Management pointed to material consensus margin upside, guiding to a stable margin profile year on year in FY24.

UBS remains attracted to Autosports' luxury and prestige market position, strong order book, double-digit organic back-end revenue growth and M&A opportunities. Target rises to $3.20 from $2.80, Buy retained.

Target price is $3.20 Current Price is $2.59 Difference: $0.61
If ASG meets the UBS target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $3.13, suggesting upside of 20.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

UBS rates AUB as Buy (1) -

AUB Group's FY23 underlying profit was pre-guided, however the muted stock reaction in UBS' view reflects a debate on result quality considering the benefit of higher interest income was a key tailwind in margin expansion, and that FY24 guidance is on the softer side.

Supporting the margin expansion thesis, AUB lifted targets across four divisions. Collectively UBS thinks this can support 39% group margins over time (currently 33%) and is a key earnings differentiator versus peers.

Target rises to $34.50 from $32.99, Buy retained.

Target price is $34.50 Current Price is $29.59 Difference: $4.91
If AUB meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $34.36, suggesting upside of 13.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.9

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

Morgan Stanley rates AWC as Overweight (1) -

Morgan Stanley spotted a "challenging" six month period with cash outflows exacerbated by delayed tax payments. With risks remaining around approvals and project delays, the broker defines itself as a patient Overweight.

Revenues proved better-than-expected but a difficult H1 resulted all-in-all with a disappointing end outcome. Due to delays in mining permits, the AWAC JV is forced to process lower grade bauxite.

Morgan Stanley sees this situation continuing until at least H1 2024. Lower capex and lower restructuring costs are cited as two of few positives in yesterday's market update.

Morgan Stanley's price target for Alumina Ltd has now fallen to $1.45 from $1.65. Overweight. Industry View: Attractive.

Updated forecasts assume no dividends this year or next, but a very strong rebound in 2024 EPS after a dismal 2023.

Target price is $1.45 Current Price is $1.15 Difference: $0.3
If AWC meets the Morgan Stanley target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $1.25, suggesting upside of 11.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.0

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

Ord Minnett rates AWC as Hold (3) -

Ord Minnett found little "good" news in the first half result from Alumina Ltd. A net loss was reported compared with a profit for the same period previously.

Bauxite production in Western Australia continues to be affected by regulatory concerns and in the interim AWAC is processing bauxite within permit areas at Huntly. Ord Minnett observes production costs are higher and quality is lower, resulting in lower refinery earnings.

The broker assumes no dividend will be paid in 2023 but believes current issues are temporary in nature and retains its mid-cycle forecasts. Hold rating and $1.30 target maintained.

Target price is $1.30 Current Price is $1.15 Difference: $0.15
If AWC meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $1.25, suggesting upside of 11.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.0

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

Shaw and Partners rates C79 as Buy (1) -

Chrysos has intimated the company is in increased engagement with direct to mine-site customers and Shaw and Partners argues this is the key point that should have investors' attention.

This, the broker comments, has the potential to significantly accelerate the adoption of its flagship product, PhotonAssay. The broker reiterates its own Buy rating with a price target of $5.70 (unchanged).

Very few words are written about FY24 guidance provided, but with no changes made to forecasts, one assumes they matched expectations. This company is scheduled to report FY23 financials on August 29.

Target price is $5.70 Current Price is $5.78 Difference: minus $0.08 (current price is over target).
If C79 meets the Shaw and Partners 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 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

Bell Potter rates CGS as Hold (3) -

Cogstate's weaker FY23 result largely outpaced May guidance and Bell Potter's forecasts, but was hampered by clinical trial patient enrolment delays, a reduction in high margin business and elevated wages.

On the upside, management advises that signs of momentum are emerging for its Alzheimers solutions after the FDA gave first approval in July for lecanemab, and the company expects donanemab will gain approval by year end.

Three new large pharma customers have signed up for FY24, observes the broker, and the enrolment delays for trials have been fixed. Bell Potter expects revenue from these trials will be recognised over FY24 and FY25.

Hold recommendation retained. Target price falls to $1.60 from $1.70 to account for further potential delays, the global economic environment, and capital availability for R&D.

Target price is $1.60 Current Price is $1.42 Difference: $0.185
If CGS meets the Bell Potter target it will return approximately 13% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.0

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

Morgans rates CHL as Add (1) -

Most key performance metrics for Morgans were released prior to yesterday's FY23 result for Camplify Holdings.

The broker highlights ongoing improvement for the average booking value across the group at $1,733 compared to $1,240 in the previous corresponding period, underpinned by a growing contribution from New Zealand.

In a general overview, the analyst notes ongoing strong growth in the business, both organic, and factoring in the PaulCamper business, which was acquired in the period.

The Add rating and $2.90 target are unchanged. Morgans points to the prodigious opportunity offshore which should provide longer-term growth potential for patient investors.

Target price is $2.90 Current Price is $2.20 Difference: $0.7
If CHL meets the Morgans target it will return approximately 32% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

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

Citi is increasingly cautious about the margin outlook as Inghams Group ((ING)), one of four chicken suppliers, has signalled selling prices continue to increase and Collins Foods has remained disciplined in keeping menu price increases low relative to other quick service restaurants.

The broker's view on the long-term growth potential in Europe is unchanged, but the rating is downgraded to Neutral from Buy, given the incrreased risk to margins over the short term.

The company warned at its FY23 conference call that it would not see any margin benefits in 2023 from the recent moderation of canola prices. Citi reduces the target to $11.25 from $12.80.

Target price is $11.25 Current Price is $10.07 Difference: $1.18
If CKF meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $11.02, suggesting upside of 10.8% (ex-dividends)

The company's fiscal year ends in May.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Morgans rates COF as Add (1) -

Higher interest costs meant Centuria Office REIT's FY23 result came in below guidance, though higher property income provided an offset. The 14.1cpu dividend was in line with expectations.

Further asset sales are likely, notes the analyst, with gearing levels in focus and higher interest costs set to flow through in FY24.

Management's FY24 FFO guidance for 13.8cpu was in line with Morgans forecast and lower than FY23 due to higher interest costs. The dividend guidance is for 12.5cpu.

As the REIT is trading at a -40% discount to net tangible assets (NTA) Morgans feels negative office sentiment and expectations for further cap rate expansion are already incorporated in the current share price. Add. The target falls to $1.72 from $1.93.

Target price is $1.72 Current Price is $1.28 Difference: $0.44
If COF meets the Morgans target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $1.64, suggesting upside of 26.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Bell Potter rates COS as Buy (1) -

Cosol's FY23 result was largely pre-released, yet net profit after tax managed to outpace Bell Potter's forecasts by 8% thanks to a lower than expected tax rate. Operating cash flow, final dividend and net debt also beat the broker's forecast.

Depreciation and Amortisation missed, triggering a -3% fall in FY24 EPS (along with dilution). The broker still expects 21% EPS growth in FY24 and 17% growth in FY25, the broker spying strong organic and inorganic growth.

No FY24 guidance was provided in line with policy but management advised the outlook was positive.

Buy rating and $1.10 target price retained.

Target price is $1.10 Current Price is $0.81 Difference: $0.295
If COS meets the Bell Potter target it will return approximately 37% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Ord Minnett rates COS as Buy (1) -

Cosol's FY23 result was in line with expectations as a low tax rate drove an 8.3% beat at the net profit line. Since then the company has acquired AssetOn Group, which the broker notes is a strategically complementary asset management firm.

The outlook remains positive as FY24 organic revenue growth guidance of 10% was reiterated. Ord Minnett expects 17% underlying EPS growth and considers the stock inexpensive. Buy rating reiterated. Target edges up to $1.17 from $1.15.

Target price is $1.17 Current Price is $0.81 Difference: $0.365
If COS meets the Ord Minnett target it will return approximately 45% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Citi rates CTD as Buy (1) -

Looking closer, Citi assesses the in-line FY23 result was a sign Corporate Travel Management was offsetting the macro softness - uncontrollable - with contract gains.

Going forward, the broker expects the market will re-base for lower assumptions in terms of market recovery, which then presents upside risk should either volumes, international or commission rates ultimately be nearer pre-pandemic levels.

With contract gains the company has been able to guide to pro forma targets despite activity being materially below. Citi retains a Buy rating and reduces the target to $22.55 from $23.80.

Target price is $22.55 Current Price is $18.09 Difference: $4.46
If CTD meets the Citi target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $23.40, suggesting upside of 24.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

Macquarie rates CTD as Neutral (3) -

Corporate Travel Management's earnings were in line with guidance provided in July and Macquarie notes a stronger result and outlook in Europe and Asia was countered by North America and Australasia.

FY24 EBITDA guidance of $240-280m appears easily achievable although the broker points out two thirds of profit is weighted to the second half. Macquarie retains a Neutral rating, reducing the target to $20.40 from $21.95.

Target price is $20.40 Current Price is $18.09 Difference: $2.31
If CTD meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $23.40, suggesting upside of 24.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

Morgan Stanley rates CTD as Overweight (1) -

Corporate Travel Management had pre-guided FY23. And while FY24 guidance looks okay when compared with the market consensus forecast, the broker seeks an explanation for post release share price weakness in the guided FY24 skew towards H2.

The broker does acknowledge there are questions about the various divisions inside the group and how they all perform.

Morgan Stanley retains a positive view and believes Corporate Travel will be the first among peers to recover to pre-covid EPS. Share price weakness is seen as an opportunity.

Overweight rating reiterated with a price target of $29 (was $28.60). Industry view: In-line. Forecasts have been pared back.

Target price is $29.00 Current Price is $18.09 Difference: $10.91
If CTD meets the Morgan Stanley target it will return approximately 60% (excluding dividends, fees and charges).

Current consensus price target is $23.40, suggesting upside of 24.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

Morgans rates CTD as Add (1) -

Due to a recent trading update there were few surprises for Morgans in Corporate Travel Management's FY23 result.

The broker highights a timing issue resulted in materailly weaker cashflow than expected.

While FY24 underlying earnings (EBITDA) guidance is for $240-280m (midpoint $260m) compared to $265m previously, the broker still feels $265m is achievable.

Morgans makes only minor changes to forecasts and the target slips to $23.20 from $24. Add.

Target price is $23.20 Current Price is $18.09 Difference: $5.11
If CTD meets the Morgans target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $23.40, suggesting upside of 24.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

Ord Minnett rates CTD as Hold (3) -

On further analysis Ord Minnett found few surprises in the Corporate Travel Management commentary in the wake of the FY23 results, where net profit was ahead of expectations.

The share price reaction signals the market is now coming to terms with the possibility the corporate travel segment could be a structural loser from the pandemic, the broker asserts, largely because many are finding "in-person" meetings are not the only option.

Ord Minnett believes a reduction in corporate air traffic will have a material impact and in this environment larger operators have little choice but to keep winning market share or develop new revenue streams. Hold. Target is reduced to $19.65 from $20.46.

Target price is $19.65 Current Price is $18.09 Difference: $1.56
If CTD meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $23.40, suggesting upside of 24.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

UBS rates CTD as Buy (1) -

Corporate Travel Management's result was mixed, UBS notes. Europe performed strongly while Australia disappointed on both second half revenue and earnings margin. But client wins in the core business highlight the strength of the brand and provide a tailwind in FY24 and beyond, the broker suggests.

While the FY24 guidance range is relatively wide, FY25 earnings targets are conservative in the broker's view. UBS' operational assumptions remain largely unchanged at the group level, however the composition has changed.

Target falls to $25.60 from $26.60, Buy retained.

Target price is $25.60 Current Price is $18.09 Difference: $7.51
If CTD meets the UBS target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $23.40, suggesting upside of 24.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

Bell Potter rates CWP as Downgrade to Hold from Buy (3) -

Cedar Woods Properties FY23 result was broadly in line with Bell Potter's forecasts, although turnover proved a beat thanks to a high number of property settlements in June, largely from apartments. Its full-year dividend has fallen to 20c from an expected 26c.

No FY24 guidance was provided given uncertainty around construction costs and interest rates.

Bell Potter appreciates that Cedar Woods Properties is exposed to the more affordable end of the market and expects an uptick in sales when interest rates stabilise. But construction costs are expected to continue to pressure margins and the broker expect margins will be stable in FY24.

EPS forecasts fall -9.3% in FY24; and -13.7% in FY25.

Rating downgraded to Hold from Buy. Target price rises to $5.30 from $5.20.

Target price is $5.30 Current Price is $5.60 Difference: minus $0.3 (current price is over target).
If CWP meets the Bell Potter target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Macquarie rates CXO as Resume Coverage with Outperform (1) -

After a brief lull Macquarie resumes coverage of Core Lithium with an Outperform rating and $0.77 target. The company recently completed a $100m institutional share placement and a share purchase plan for up to $20m is now underway.

The use of the funds will be for early work at BP33, consisting of excavation and construction of a covered box cut. Catalysts also include updates on the production ramp up at Finniss and the work on improving process plant recoveries.

Target price is $0.77 Current Price is $0.41 Difference: $0.36
If CXO meets the Macquarie target it will return approximately 88% (excluding dividends, fees and charges).

Current consensus price target is $0.63, suggesting upside of 53.7% (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

Bell Potter rates CYC as Speculative Buy (1) -

Cyclopharm's June-half appears to have largely met Bell Potter's forecasts, although the gross margin appears to have been diluted, reflecting lower margin business in the mix.

The broker reports that FDA inspectors have completed their site inspection of the company's production facility in Sydney, a key step to obtaining approval for its technegas new drug application. While the outcome has not been advised the broker says discussions on product labelling (which have occurred) are usually a positive indicator.

Speculative Buy rating retained. Target price rises to $3.10 from $3.

Target price is $3.10 Current Price is $2.36 Difference: $0.74
If CYC meets the Bell Potter target it will return approximately 31% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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 DMP as Neutral (3) -

Macquarie highlights the leverage seen in the FY23 result, noting EBITDA declined across all regions largely because of deteriorating profitability as cost pressures built.

Domino's Pizza Enterprises has cut the 3-5 year annual growth target to 7-9% from 8-10% as management signalled the poor performance over the last year or so has caused growth to lag.

Macquarie welcomes the FY24 trading update, with same-store sales in Australasia and Europe up 6.6% to date. Management is looking to franchise its Malaysian and Singaporean business in the near future.

The broker retains a Neutral rating and raises the target to $50 from $46.

Target price is $50.00 Current Price is $53.70 Difference: minus $3.7 (current price is over target).
If DMP meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $54.33, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.1

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

Morgans rates DMP as Add (1) -

In the wake of FY23 results for Domino's Pizza Enterprises, Morgans sees green shoots of recovery and feels the worst has passed. Earnings (EBITDA) of $357m were in line with the broker's forecast.

Growth turned positive for both A&NZ and Europe in early FY24, driven by better volumes, though Morgans expects this will take longer in Asia.

Management stated debt is falling and is confident there will be no breach of banking covenants and no capital raise in FY24.

After a menu reset and removal of the delivery service fee, order counts are starting to trend up, observe the analysts.

FY24 guidance for earnings savings from restructuring and streamlining cost initiatives was upgraded to $33-40m from $25-30m. Management expects savings will increase to $53-63m by FY25.

The Add rating and $60 target are unchanged.

Target price is $60.00 Current Price is $53.70 Difference: $6.3
If DMP meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $54.33, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.1

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

Ord Minnett rates DMP as Accumulate (2) -

FY23 results were in line with Ord Minnett's forecasts. The broker observes throughout the year, Domino's Pizza Enterprises tried to protect franchisee margins against inflation by putting up menu prices and introducing service fees.

This had a significant impact on transaction volumes which meant same-store sales growth declined -0.2%. The broker observes management learnt from the experience and is now focused on rebuilding its value perception.

This is expected to mean same-store sales growth recovers to 2% in FY24. The broker pushes back the medium-term store count forecast, expecting the network will reach 5000 stores by FY29 rather than FY28.

Accumulate maintained. Target is steady at $68.

Target price is $68.00 Current Price is $53.70 Difference: $14.3
If DMP meets the Ord Minnett target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $54.33, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.1

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

UBS rates DMP as Sell (5) -

Domino's Pizza Enterprises' FY23 underlying earnings were down -23% year on year and -3% below UBS, with second half earnings below June guidance of -21%.

Trading for the first seven weeks of FY24 show network sales 12.8%, with A&NZ and Europe both up 6.6% but Asia down -7.8%.

Higher cost savings support FY24 earnings yet UBS notes lower gains on sale are an FY24 headwind. Sharing cost savings with franchisees is sound, yet there is arguably more to do.

UBS retains Sell due to concerns about delivery recovery as the consumer is challenged, difficulty regaining share from strong competitors, the need to reinvest further into franchisees to achieve forecast store growth, and ongoing risks around the bank covenant.

Target rises to $43 from $40.

Target price is $43.00 Current Price is $53.70 Difference: minus $10.7 (current price is over target).
If DMP meets the UBS target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $54.33, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.1

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

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

FY23 results were in line with expectations. Citi observes management has been able to offset cost inflation and therefore expects to maintain margins in FY24.

No numerical guidance was provided and the broker points out cost inflation, the introduction of 60-day dispensing and the unwinding of the Chemist Warehouse contract are risks for the short term which do not seem to be reflected in the valuation multiple.

Rating is downgraded to Sell from Neutral as organic revenue growth is expected to decelerate. Target is reduced to $32 from $36.

Target price is $32.00 Current Price is $33.32 Difference: minus $1.32 (current price is over target).
If EBO 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 $34.61, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.2

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

Morgan Stanley rates EBO as Overweight (1) -

FY23 results from Ebos Group were in line with Morgan Stanley's expectations. Although the company expects another year of profitable growth in FY24 Morgan Stanley questions whether margins will continue to expand.

While  the company successfully managed inflationary pressures, the broker notes growth in margins was attributed to completed acquisitions and may be a challenge in FY24.

It is also possible the 60-day dispensing rule may have an adverse impact on profitability. Overweight retained. Target is reduced to $39 from $40. Industry view In-Line.

Target price is $39.00 Current Price is $33.32 Difference: $5.68
If EBO meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $34.61, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.2

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

Morgans rates EBO as Add (1) -

Ebos Group posted another solid year of growth in FY23, according to Morgans. There was a 33.2% rise in underlying earnings (EBITDA) to $582m, assisted by acquisitions in the field of medical technology and consumables.

Underlying earnings for the Healthcare and Animal Care segments rose by 32.7% and 24%, respectively.

Management proffered no specific guidance but expects profitable growth will continue in FY24 after a strong start in July.

Morgans raises its target to $39.43 from $38.07. Add.

Target price is $39.43 Current Price is $33.32 Difference: $6.11
If EBO meets the Morgans target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $34.61, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.2

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

Ord Minnett rates EBO as Lighten (4) -

Ebos Group's FY23 underlying EBITDA proved 9% better-than-expected. Cost control and acquisitions in higher-margin medical technology made the difference.

The EBIT margin expanded by 40bps and Ord Minnett points out this was achieved against a background of cost pressures in labour and freight.

The broker cannot get excited about the current valuation, suggesting the market is extrapolating temporay, and thus unsustainable tailwinds.

Lighten. Fair value estimate rises to $28 from $27.

Target price is $28.00 Current Price is $33.32 Difference: minus $5.32 (current price is over target).
If EBO 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 $34.61, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.2

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

Macquarie rates EHL as Outperform (1) -

FY23 operating earnings were in line with guidance and Macquarie notes revenue was a record $875m, up 16%, reflecting ongoing high demand for Emeco Holdings' equipment and services.

FY24 outlook is positive with strong earnings momentum noted and growth expected in all regions. The broker asserts the de-risking contract portfolio resets the business for sustainable growth and retains an Outperform rating. Target edges down to $1.08 from $1.10.

Target price is $1.08 Current Price is $0.66 Difference: $0.42
If EHL meets the Macquarie target it will return approximately 64% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Macquarie rates FCL as Resume Coverage with Outperform (1) -

Fineos Corp's FY23 results were in line with the earlier trading update and FY24 guidance is unchanged. In aggregate the company expects to achieve positive free cash flow in FY25. Macquarie assesses this is important, given the seasonality of cash flow.

System integrators are expected to have a greater role in product implementation. The broker resumes coverage with an Outperform rating and $2.47 target.

Target price is $2.47 Current Price is $2.04 Difference: $0.43
If FCL meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $3.01, suggesting upside of 40.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.9

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

Ord Minnett rates FCL as Accumulate (2) -

Fineos Corp's FY23 financials had largely been pre-released. Ord Minnett saw positives in an improving gross profit margin, while higher non-core, less-recurring income helped the EBITDA to beat its forecast.

Operating costs proved 1% higher than expected. The latter is compensated for by the higher margins, the broker explains.

Ord Minnett finds the shares remain "materially undervalued". Accumulate. Fair Value is estimated at $3.30 (unchanged).

Target price is $3.30 Current Price is $2.04 Difference: $1.26
If FCL meets the Ord Minnett target it will return approximately 62% (excluding dividends, fees and charges).

Current consensus price target is $3.01, suggesting upside of 40.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.9

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

Bell Potter rates GNP as Buy (1) -

GenusPlus Group's FY23 result was mixed, the top line missing Bell Potter's forecast and the underlying result outpacing.

The company closed June 30 with net cash of $19m.

Management has guided to high single to low double-digit growth in FY24 earnings (EBITDA). The broker's assumptions sat at the top end of this range and Bell Potter considers guidance to be conservative in the face of cost inflation and wage uncertainty.

The broker spies margin pressure going forward. EPS forecasts fall -34% in FY24; -30% in FY25; and -27% in FY26.

The broker appreciates the company's leverage to renewable power, battery energy storage and transmission infrastructure investment, as well as its opportunity to scale through NBN opportunities and battery energy storage projects.

Buy rating retained. Target price rises to $1.33 from $1.30 after benchmarking against peers.

Target price is $1.33 Current Price is $1.15 Difference: $0.18
If GNP meets the Bell Potter target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Macquarie rates HMC as Neutral (3) -

FY23 earnings were ahead of expectations driven by larger non-cash recognition of profits from the HMC Capital Partners Fund 1. The company expects strong underlying earnings growth in FY24 and reaffirmed the target of  $10bn of committed FUM by December.

Macquarie assesses the ability of the company to raise capital in a tough environment reflects its unique offering. Valuation multiples are unchanged and a Neutral rating is retained. Target edges down to $4.90 from $4.99.

Target price is $4.90 Current Price is $5.42 Difference: minus $0.52 (current price is over target).
If HMC meets the Macquarie target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.34, suggesting downside of -1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

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

HMC Capital's FY23 profit beat Morgan Stanley's estimates. FY24 guidance is for strong underlying earnings growth and a distribution of $0.12, although the broker is not entirely sure if "underlying" includes transaction fees or MTM movements.

The broker suspects the investor-driven global health care strategy, along with aspirations for infrastructure, could rapidly scale up assets while noting the company has ruled out acquiring an existing fund manager to achieve this.

Target is raised to $5.75 from $4.35. Equal-weight. Industry view: In-Line.

Target price is $5.75 Current Price is $5.42 Difference: $0.33
If HMC meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $5.34, suggesting downside of -1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

UBS rates HMC as Neutral (3) -

HMC Capital's FY23 result was 13% above UBS but the broker considers it a low quality earnings beat. That said, this is overshadowed by HMC's significant growth aspirations and plans to transition to a diversified alternative asset manager.

HMC has announced a new growth opportunity for a global healthcare/life sciences fund which materially opens up a larger subset of opportunities, UBS notes, along with existing real estate strategies, energy transition and private credit.

But the market is already pricing in successful execution, despite a lack of detail. Target rises to $5.51 from $4.90, Neutral retained.

Target price is $5.51 Current Price is $5.42 Difference: $0.09
If HMC meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $5.34, suggesting downside of -1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Morgan Stanley rates HSN as Overweight (1) -

On an initial take, Morgan Stanley assesses the FY23 result from Hansen Technologies supports a positive investment thesis, with underlying revenue and EBITDA slightly ahead of expectations.

Margins have been maintained above pre-pandemic levels and the market is expected to react positively to the FY24 revenue growth target of 5-7% before acquisitions, and EBITDA margin target of "above 30%".

Overweight rating and $5.75 target. Industry View: Attractive.

Target price is $5.75 Current Price is $5.65 Difference: $0.1
If HSN meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $6.26, suggesting upside of 10.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Ord Minnett rates HSN as Buy (1) -

FY23 results from Hansen Technologies were better than Ord Minnett expected with guidance signalling operating momentum should continue to improve. There is a potential catalyst in M&A although the broker remains focused on the organic outlook.

The company is guiding to 5-7% organic revenue growth in FY24 and has maintained EBITDA margin guidance of "above 30%". Ord Minnett reiterates a Buy rating and raises the target to $6.80 from $6.00.

Target price is $6.80 Current Price is $5.65 Difference: $1.15
If HSN meets the Ord Minnett target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $6.26, suggesting upside of 10.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Shaw and Partners rates HSN as Buy (1) -

Shaw and Partners reiterates its Buy rating for Hansen Technologies following a FY23 release that has lifted the broker's optimism.

Not only is FY24 guidance stronger than what was communicated earlier, the broker also found management seems more confident about upcoming M&A transactions.

H2 proved stronger in terms of revenue growth, margin and cashflow and earnings forecasts have lifted in response. Buy. Target $6.30 (up 10c).

Target price is $6.30 Current Price is $5.65 Difference: $0.65
If HSN meets the Shaw and Partners target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $6.26, suggesting upside of 10.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Morgan Stanley rates IEL as Overweight (1) -

IDP Education posted revenue and earnings in FY23 that were slightly ahead of expectations. Second half IELTS volumes were below Morgan Stanley's estimates because of lower Canadian volumes.

There is increased confidence in the medium-term and the company has reiterated guidance for a return to high single-digit volume growth. Morgan Stanley observes underlying student migration trends are robust and the business is expected to continue taking market share in FY24.

Overweight rating. Target is raised to $32.20 from $32.10. Industry View: In-Line.

Target price is $32.20 Current Price is $25.50 Difference: $6.7
If IEL meets the Morgan Stanley target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $26.84, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

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

IDP Education's FY23 results were in line with Morgans expectations with softer 2H IELTS volumes offset by stronger Australian student placement (SP). It's thought SP will continue to drive strong compound growth to FY26.

Second half IELTS volumes were impacted by a market issue in Canada, stemming from visa delays, and some heightened competition, note the analysts.

Leads, Applications and Enrolments grew by 26%, 40% and 53%, respectively for SP in FY23. The broker explains system growth remained solid across all jurisdictions and the company's Fastlane technology enabled market share gains, primarily in Australia.

The rating is upgraded to Add from Hold and the target rises to $27.90 from $27.70.

Target price is $27.90 Current Price is $25.50 Difference: $2.4
If IEL meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $26.84, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

UBS rates IEL as Buy (1) -

IDP Education's FY23 earnings growth of 39% was impressive albeit compositionally different to UBS' forecast, with stronger Student Placement (SP) offset by softer IELTS. But In the broker's view, the positives far outweighed the negatives.

UBS continues to highlight ongoing SP market recovery, combined with strong market share gain opportunities, with acceleration potential through Fastlane, and a solid competitive position in IELTS, improving with the roll-out of One Skill Retake.

Target rises to $30.45 from $30.25, Buy retained.

Target price is $30.45 Current Price is $25.50 Difference: $4.95
If IEL meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $26.84, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Ord Minnett rates IFL as Accumulate (2) -

Upon initial assessment, it seems Insignia Financial's FY23 performance missed Ord Minnett's forecasts on just about all of the key financial metrics (between -5.7%-7.6% lower).

Regarding the integration of MLC, management has suggested a second wave of acquisition synergies and cost efficiencies is underway.

Accumulate. Target $3.90.

Target price is $3.90 Current Price is $2.91 Difference: $0.99
If IFL meets the Ord Minnett target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $3.43, suggesting upside of 31.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

Macquarie rates ILU as Outperform (1) -

First half earnings (EBITDA) from Iluka Resources were lower than Macquarie anticipated because of inventory movements. Recent share price movements have priced near-term earnings headwinds despite the softness and the broker believes the longer-term investment case is unchanged.

The broker's view is underpinned by the company's dominant position in mineral sands and its rare earths projects. Outperform maintained. Target reduced to $10.50 from $12.50.

Target price is $10.50 Current Price is $8.27 Difference: $2.23
If ILU meets the Macquarie target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $10.26, suggesting upside of 23.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.1

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

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

In a first take on the first half, where cash flow beat forecasts, Morgan Stanley notes subdued economic activity in China has affected zircon demand while Europe remains relatively stable. The pigment market remains soft albeit prices are resilient.

Equal-weight. Target is $10.25. Industry view: Attractive.

Target price is $10.25 Current Price is $8.27 Difference: $1.98
If ILU meets the Morgan Stanley target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $10.26, suggesting upside of 23.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.1

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

Ord Minnett rates ILU as Accumulate (2) -

On Ord Minnett's assessment, Iluka Resources' half-yearly update met expectations except for a lower dividend; 3c fully franked marked a decline by -90% on FY22.

The broker lowers sales forecasts for zircon and synthetic rutile as demand has softened because of uncertainty about the Chinese property market.

It is Iluka's long standing strategy to adjust supplies when times get tougher, and Ord Minnett supports this sensible approach.

The fair value estimate has fallen by 50c to $10.50. Accumulate.

Target price is $10.50 Current Price is $8.27 Difference: $2.23
If ILU meets the Ord Minnett target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $10.26, suggesting upside of 23.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.1

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

UBS rates ILU as Sell (5) -

With revenue, costs and volumes pre-reported, the focus of Iluka Resources' result was on the mineral sands market and the company's project pipeline, UBS notes.

Iluka's decision to curtail Sierra Rutile 1 in the face of lower demand is the clearest signal yet that the market is not immune to the broader macro outlook, the broker suggests.

Delayed capex spend at Eneabba and Balranald is likely related to the continued headwinds in building new projects and UBS remains wary on capex budgets and project timelines.

The broker does not expect a turnaround in market conditions near-term and with ongoing project execution risk remains on Sell. Target falls to $8.25 from $10.65.

Target price is $8.25 Current Price is $8.27 Difference: minus $0.02 (current price is over target).
If ILU meets the UBS target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.26, suggesting upside of 23.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.1

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

Macquarie rates KAR as Outperform (1) -

Karoon Energy reported FY23 earnings that were slightly below Macquarie's expectations. Maiden FY24 guidance, released in late July, was reiterated including production of 9-11mmbbl.

Macquarie assesses the company is performing well and should benefit from the firm oil pricing that is expected over the second half of 2023.

M&A remains a key strategy to offset declining earnings over FY25-26 although a lack of progress in target markets makes the broker suspect the company will need to compromise on either price or criteria to secure a deal in the next year or so. Outperform rating and $2.95 target maintained.

Target price is $2.95 Current Price is $2.28 Difference: $0.67
If KAR meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $2.84, suggesting upside of 23.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.8

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

Ord Minnett rates KGN as Accumulate (2) -

For a pre-guided follow-up, Ord Minnett was hugely surprised by the share market shellacking that followed the FY23 release from Kogan.com.

A more muted short-term outlook, as guided by management, is seen as the major factor. Shoppers are still reining in their discretionary spending, points out the broker.

A more cautious approach has resulted in lowered forecasts, though the $10.70 in fair value assessment has remained intact. The dividend is expected to be reinstated in August 2024. Accumulate retained.

Target price is $10.70 Current Price is $5.00 Difference: $5.7
If KGN meets the Ord Minnett target it will return approximately 114% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Morgans - Cessation of coverage

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

Morgan Stanley rates LFS as Underweight (5) -

Further to the first half results, which were in line, Morgan Stanley expects ongoing earnings volatility while a re-rating of Latitude Group will be challenging given economic pressures.

The impact of the cyber incident on volumes and delinquencies is reducing although, as consumers endure tough times, the broker also suspects there will be a wide range of potential outcomes amid the delicate balance of restoring margins and volumes at the same time.

Target is raised to $1.06 from $1.00. Underweight. Industry View: In-line.

Target price is $1.06 Current Price is $1.19 Difference: minus $0.13 (current price is over target).
If LFS meets the Morgan Stanley target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.00, suggesting downside of -15.7% (ex-dividends)

The company's fiscal year ends in December.

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 LNK as Equal-weight (3) -

Morgan Stanley believes Link Administration needs to further invest in technology to retain key clients and it will be losing the HESTA contract part way through FY25 which highlights the ongoing risks.

The Woodford issue is also yet to be resolved while a sale of the fund solution business to Waystone could broadly offset the UK FCA redress payment, the broker adds.

Equal-weight retained. Target is lowered to $1.45 from $2.06, given the loss of the HESTA contract. Industry view: In-Line.

Target price is $1.45 Current Price is $1.41 Difference: $0.04
If LNK meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $1.48, suggesting upside of 8.5% (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 MGX as Outperform (1) -

FY23 results were largely in line with Macquarie's estimates. Mount Gibson Iron has now provided FY24 guidance for shipments of 3.8-4.2m wmt at a cost of $65-70/wmt FOB.

Incorporating the result and guidance means an -8% decrease in Macquarie's EPS estimates for FY24 and lifting life-of-mine cost assumption means a -5% decrease in EPS for FY25. Outperform retained. Target slips to $0.50 from $0.55.

Target price is $0.50 Current Price is $0.42 Difference: $0.085
If MGX meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Morgans rates MLG as Add (1) -

In the wake of FY23 results that exceeded exprectations, Morgans feels MLG Oz is turning the business around with solid revenue growth and early signs of a margin uplift.

Revenue grew by 32.4% on the previous corresponding period, while statutory profit fell due to a -$6.6m loss on the sale of a crusher and a -$3.1m write-off of ancillary equipment, explains the analyst.

Proceeds from the crusher sale of around $10m have de-geared the balance sheet, observes the broker, and provided working capital support.

The target slips to 98c from $1.01. Add.

Target price is $0.98 Current Price is $0.62 Difference: $0.36
If MLG meets the Morgans target it will return approximately 58% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Macquarie rates MMS as Outperform (1) -

FY23 normalised EPS rose 10.5%, supported by growth in electric vehicles and ongoing elevated end-of-lease income. Macquarie notes enquiries for EV increased markedly throughout the year and the industry conditions and business momentum remain attractive.

The exit of the UK should also be well received by investors. McMillan Shakespeare expects similar market conditions to continue into FY24 also anticipating acquisition opportunities within the plan management sector.

The broker retains an Outperform rating and raises the target to $23.94 from $20.47.

Target price is $23.94 Current Price is $22.03 Difference: $1.91
If MMS meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $20.29, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Morgan Stanley rates MMS as Overweight (1) -

FY23 results for McMillan Shakespeare were slightly better than Morgan Stanley was expecting in the face of supply headwinds.

In a robust performance, Group Remuneration Services (GRS) displayed 12% novated order growth up from 3% in FY22 helped by electric vehicles, explains the broker. Plan and Support Services (PSS) experienced ongoing strong customer growth

Outlook commentary was generally positive, according to the analysts, though management provided no specific guidance.

Target $20.60. Overweight. Industry view: In-line.

Target price is $20.60 Current Price is $22.03 Difference: minus $1.43 (current price is over target).
If MMS meets the Morgan Stanley target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $20.29, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Ord Minnett rates MMS as Hold (3) -

Underlying net profit in FY23 was ahead of Ord Minnett's expectations amid a strong performance in the GRS business. EV volumes continue to climb and contributed to over 21% of orders in June.

Warehouse costs have risen yet the broker observes benefits in the long-term have also increased because of a combination of higher average vehicle values and an increase in novated volumes.

Estimates are revised up 1-7% over the forecast period and a Hold rating is maintained. Target rises to $20.50 from $14.50.

Target price is $20.50 Current Price is $22.03 Difference: minus $1.53 (current price is over target).
If MMS meets the Ord Minnett target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $20.29, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Citi rates NHC as Neutral (3) -

Production in the July quarter fell short of expectations with New Hope missing guidance. FY23 saleable coal production of 7.2mt was down -9%.

The company has pre-released FY23 EBITDA, at $1.75bn, with an average realised price of $346.70/t. Consequently Citi downgrades estimates for FY23 EBITDA by -21%.

Neutral rating maintained and the target is raised to $5.30 from $4.50.

Target price is $5.30 Current Price is $5.70 Difference: minus $0.4 (current price is over target).
If NHC 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 $5.28, suggesting downside of -5.5% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.1

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

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

National Storage REIT's underlying earnings were in line with Macquarie's estimates in FY23 while FY24 underlying EPS guidance is 14% ahead of expectations.

Although there is limited evidence of distress, the company has indicated that vendors are considering asset sales as they become more cautious about the macro economic outlook.

As gearing is at 20% following the equity raising in March, the broker believes the business is well able to take advantage of opportunities for acquisitions in the medium term. Rating is upgraded to Neutral from Underperform and the target lifted to $2.30 from $2.23.

Target price is $2.30 Current Price is $2.25 Difference: $0.05
If NSR meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $2.32, suggesting upside of 0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.3

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

Ord Minnett rates NSR as Hold (3) -

National Storage REIT's FY23 underlying earnings of 11.5c per security beat Ord Minnett's 11.3c forecast. FY24 guidance and the broker's forecast for the year ahead are pretty much aligned.

Ord Minnett has increased its fair value estimate by 2% to $2.25 and finds after a -10% price fall, the securities are pretty much trading in line with that revised estimate.

The REIT spent -$234m on acquisitions in FY23 and with higher interest rates, the broker suggests this is likely to slow down. Yet, management has a history of exceeding expectations in this department, Ord Minnett adds.

While some moderation in growth for the sector overall might be ahead, the broker remains confident in the growth profile longer term. Hold.

Target price is $2.25 Current Price is $2.25 Difference: $0
If NSR meets the Ord Minnett target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $2.32, suggesting upside of 0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.3

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

Citi rates NST as Neutral (3) -

At first glance, it looks like Northern Star Resources' FY23 underlying EBITDA has matched market expectations, including Citi's.

The broker points out dividends are still expected to remain unfranked for at least the next 18 months.

Guidance hasn't changed from June. Plus management has flagged an extension of the on-market buy back for another 12 months.

Neutral. Target $12.

Target price is $12.00 Current Price is $10.61 Difference: $1.39
If NST meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $12.06, suggesting upside of 8.2% (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

Bell Potter rates PNV as Buy (1) -

PolyNovo's FY23 result appears to have disappointed Bell Potter, despite a strong performance, due to a net loss miss following a sharp rise in costs: staffing, corporate and admin costs and R&D expenditure.

This left the company with $46.8m in cash at June 30, which the broker believes will be sufficient to continue its expansion.

The cost increases were to be expected given the company's expansion, particularly in the US, and have been accompanied by an increase in client hospitals to 299 from 189, while global hospital accounts rose to 638 from 470, observes the broker.

Meanwhile, the expansion of the company's manufacturing facility will allow the company to increase production volumes five fold (equating to $500m revenue), says the broker.

Buy rating retained. Target price eases to $2 from $2.40 to account for a likely expansion in headcount to drive growth. FY24 EPS estimate also falls.

Target price is $2.00 Current Price is $1.48 Difference: $0.525
If PNV meets the Bell Potter target it will return approximately 36% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Macquarie rates PNV as Outperform (1) -

PolyNovo's sales in FY23 were ahead of expectations with strong growth in regions outside of the US. Macquarie forecasts sales growth of 47% in FY24. The expanded sales team should underpin growth and the launch of MTX will support sales in the medium to longer term, the broker adds.

Higher operating expenditure means EPS estimates are reduced by -86% in FY24 and by -27% in FY25. Outperform retained. Target is reduced to $2.70 from $2.75.

Target price is $2.70 Current Price is $1.48 Difference: $1.225
If PNV meets the Macquarie target it will return approximately 83% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

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

First half net profit missed Citi's estimates, entirely because of net interest margins. The broker was surprised by the contraction to a first half exit of 2.04% from the December exit net interest margin of 2.29%.

The broker observes Pepper Money has deliberately sacrificed price, including incomplete customer mortgage price rises to mitigate churn, and, while assets are largely in line with forecasts, this has come at a significantly lower net customer yield.

Rating is downgraded to Neutral from Buy and the target is lowered to $1.45 from $1.90.

Target price is $1.45 Current Price is $1.34 Difference: $0.115
If PPM meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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 PPM as Neutral (3) -

Pepper Money's first half results were below estimates. Macquarie observes, despite asset repricing resulting in strong margins as of December 2022, rising fund costs eroded margins subsequently.

The broker was also disappointed with the weaker origination volumes and significant prepayment in the mortgage segment and continues to believe the operating environment is challenged while higher rates persist. Rising rates and deposit tailwinds have allowed banks to compete intensely in the mortgage segment.

Neutral maintained. Target is reduced to $1.35 from $1.60.

Target price is $1.35 Current Price is $1.34 Difference: $0.015
If PPM meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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 PRN as Upgrade to Buy from Neutral (1) -

Citi would not be surprised if there are multiple guidance upgrades throughout FY24 as Perenti, through its FY23 results, continues to demonstrate an ability to deliver improvements in productivity.

FY23 EBITA is considered to be an appropriate base and the broker forecasts $257m in FY24. Management's FY24 guidance might have disappointed the market, but Citi believes it is likely to prove conservative.

The broker believes there are sufficient tailwinds to fuel growth in the business and on that basis believes the sell-off is overdone, upgrading to Buy from Neutral. Target is unchanged at $1.25.

Target price is $1.25 Current Price is $0.99 Difference: $0.26
If PRN meets the Citi target it will return approximately 26% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Macquarie rates PRU as Outperform (1) -

Perseus Mining has increased the reserves for the CMA underground prospect and Yaoure open pit. An updated life-of-mine plan for Yaoure will be provided later in the quarter although Macquarie extends its assumptions for mine life already.

Indicated resources at CMA have increased to 7.3mt at 4.2g/t for 976,000 ounces of gold. This has meant reserves have lifted to 4.9mt at 3.51g/t for 559,000 ounces.

Macquarie observes the stock is attractive on a free cash flow basis at around 19% for the next two years and retains an Outperform rating with a $2.60 target.

Target price is $2.60 Current Price is $1.72 Difference: $0.885
If PRU meets the Macquarie target it will return approximately 52% (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 PSI as Outperform (1) -

FY23 results from PSC Insurance were in line with guidance and a recent trading update and FY24 guidance includes 7-12% organic growth in underlying EBITDA.

Macquarie observes operating conditions are supportive and the balance sheet has the capacity to fund accretive growth. Organic growth of 11% was broad-based across the three operating segments. Acquisitions continue to be a feature with 13 completed over the year.

Macquarie retains an Outperform rating and reduces the target to $5.60 from $5.65.

Target price is $5.60 Current Price is $4.94 Difference: $0.66
If PSI meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $5.68, suggesting upside of 16.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.6

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

Morgan Stanley rates PSI as Overweight (1) -

Morgan Stanley anticipates a positive share price reaction to FY23 results by PSC Insurance given double-digit earnings growth and the launch in early-June of the company's APEX insurance trading platform.

FY23 underlying earnings (EBITDA) were in line with pre-reported guidance. Compared to consensus forecasts, Distribution and Agency was a 5% beat, while the UK was a -3% miss.

The dividend of 13.5cps was broadly in line with expectations. FY24 guidance is for underlying earnings of $122-127m, a 12% rise at the mid-point versus FY23.

Overweight. The target rises to $5.90 from $5.70. Industry view:  In-Line. The broker feels risks are to the upside thanks to growth by
acquisition, best-in-class margins and proven offshore capabilities.

Target price is $5.90 Current Price is $4.94 Difference: $0.96
If PSI meets the Morgan Stanley target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $5.68, suggesting upside of 16.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.6

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

Ord Minnett rates PSI as Hold (3) -

PSC Insurance had upgraded guidance in June and the FY23 financials proved in line with that update. Ord Minnett points out the original guidance was -7% lower.

No less than 13 acquisitions were made in the year, even though PSC Insurance missed out on Tysers and Honan Insurance. Those acquisitions are projected to add $7m to EBITDA on an annualised basis.

Ord Minnett is now projecting faster insurance price increases than expected earlier, with margins no longer expected to weaken (modest margin decline is projected for the next five years).

The current insurance agency EBITDA margin of 55% compares with 50% for Steadfast Group ((SDF)) and 38% for AUB Group ((AUB)), points out the analyst.

Hold. Fair value has lifted to $5.20 from $4.90.

Target price is $5.20 Current Price is $4.94 Difference: $0.26
If PSI meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $5.68, suggesting upside of 16.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.6

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

Morgan Stanley rates PTM as Underweight (5) -

FY23 profit was a slight beat against forecasts by Morgan Stanley and consensus on stronger revenue.

While the base fee rate fell by -3bps year-on-year to 112bps, it still came in ahead of the broker's 110bps forecast.

Management is responding to client demand for Separately Managed Accounts (SMAs) with a new wholesale fee rate, which the analysts believe provides potential for stronger flows.

Andrew Clifford is stepping down as CEO but will remain co-CIO.

Underweight. Target is $1.45. Industry view: In-Line.

Target price is $1.45 Current Price is $1.62 Difference: minus $0.165 (current price is over target).
If PTM meets the Morgan Stanley target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.60, suggesting upside of 4.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.4

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

Ord Minnett rates PTM as Accumulate (2) -

Platinum Asset Management's FY23 result seems to have met Ord Minnett's forecast, but the broker explains profit in the core funds management business actually missed by -4%.

Higher investment income saved the fund manager's bacon, but the broker is not impressed, defining that part as a cyclical and non-core source.

As a result, Ord Minnett's fair value estimate drops to $1.90 from $2.10, on weaker forecasts. The cost structure remains too high, states the broker. Further cost cuts are expected.

Ord Minnett also points out the performance of the fund is quite erratic and it is believed the fund is currently yet again underperforming against its peers. Accumulate.

Target price is $1.90 Current Price is $1.62 Difference: $0.285
If PTM meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $1.60, suggesting upside of 4.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.4

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

UBS rates PTM as Sell (5) -

Platinum Asset Management's underlying second half profit missed UBS by -4% due to a stronger investment performance without the revenue and flow benefits.

Management fee revenues were robust with fee margins resilient, the broker notes, while performance fees were pre-guided. The miss was driven by higher staff-related costs which have been a recurring feature in recent results.

UBS notes strategic uncertainty will result from the CEO stepping down. Sell and $1.50 target retained.

Target price is $1.50 Current Price is $1.62 Difference: minus $0.115 (current price is over target).
If PTM meets the UBS target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.60, suggesting upside of 4.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.4

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

Morgans rates PWR as Add (1) -

FY23 results for Peter Warren Automotive were broadly in line with Morgans expectations. The 2H gross profit margin fell by -130bps half-on-half showing the impact of some cyclical and structural costs.

Management expects revenue growth in FY24 though there is potential for some limited margin contraction on new vehicles as supply improves.

The order book closed relatively flat over the 2H with a further 40% added in July from the recent dealership acquisitions, explain the analysts.

The Add rating and $3.20 target are unchanged.

Target price is $3.20 Current Price is $2.67 Difference: $0.53
If PWR meets the Morgans target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $3.35, suggesting upside of 26.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Macquarie rates QAL as Outperform (1) -

Qualitas's FY23 results met guidance but disappointed Macquarie due to higher net interest expense. FY24 guidance sharply disappointed the broker's and consensus' forecasts. FY24 EPS forecasts fall -16% to reflect lower than forecast performance fees.

Macquarie retains the faith citing favourable conditions and plenty of dry powder to deploy to a large pool of opportunity, believing guidance is conservative.

Funds under management rose roughly 41% to $6.1bn, thanks to strong institutional investments which the broker says provides strong line of EPS sight into FY24 and beyond.

The broker expects an improvement in the residential market in FY24 and notes private real estate credit is delivering margins in the region of 10%.

Outperform rating retained. Target price eases to $3.05 from $3.18.

Target price is $3.05 Current Price is $2.47 Difference: $0.58
If QAL meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Morgans rates QAL as Add (1) -

The Qualitas FY23 result was broadly in line with Morgans expectations with funds under management (FUM), the driver of future earnings, increasing by 77% year-on-year. Earnings growth through FY24 and beyond is anticipated.

FUM growth was driven by six substantial institutional mandates totalling $3.2bn, explains the analyst.

The broker atrributes only a minor valuation impact from downgraded FY24 profit (NPBT) guidance of between $5-9m as it was largely due to segments that attract a lower multiple.

The Add rating is maintained and the target eases to $3.20 from $3.35.

Target price is $3.20 Current Price is $2.47 Difference: $0.73
If QAL meets the Morgans target it will return approximately 30% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Shaw and Partners rates RDY as Buy (1) -

Shaw and Partners has grabbed the opportunity of today's post-FY23 research update to reiterate its Buy rating for ReadyTech. Ex non-recurring revenues the release was in line, comments the broker.

But it's evidence of ongoing momentum for the Enterprise division that has the broker enthusiastic, plus strong improvement in the cash margin, which was also evident in management's guidance now including it (implied at 19%).

The broker highlights the company's target for FY26 sees cash margins expand further to circa 24%. Price target climbs to $5 from $4.60 on higher forecasts.

Target price is $5.00 Current Price is $3.23 Difference: $1.77
If RDY meets the Shaw and Partners target it will return approximately 55% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Macquarie rates REH as Underperform (5) -

Reece's FY23 result outpaced Macquarie's forecasts thanks to a strong performance from its US business, with a particularly strong beat on dividend.

Management commentary was cautious, pointing to disinflation, pressure on volumes and a tough trading environment. Interest costs were expected to continue to drag on the company's floating rate debt performance.

EPS forecasts rise 4.2% in FY24; fall -2.5% in FY25; and fall -0.3% in FY26.

Underperform rating retained to reflect the tough trading environment. Target price rises to $15.90 from $14.50 to reflect the beat.

Target price is $15.90 Current Price is $19.99 Difference: minus $4.09 (current price is over target).
If REH 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 $14.64, suggesting downside of -24.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -1.0

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

Morgan Stanley rates REH as Underweight (5) -

While the FY23 result for Reece was slightly ahead of consensus expectations, Morgan Stanley notes management commentary is suggestive of softening demand. While not unexpected, this outlook is concerning given the company's elevated multiple.

FY23 adjusted earnings (EBIT) rose by 19% on the previous corresponding period and outpaced forecasts by the broker and consensus by 4% and 3%, respectively. Earnings in A&NZ and the US rose by 11% and 36%, respectively.

A  FY23 dividend of 25cps compares to 22.5cps in the previous corresponding period.

Target $11.00. Underweight. Industry View: In-Line.

Target price is $11.00 Current Price is $19.99 Difference: minus $8.99 (current price is over target).
If REH meets the Morgan Stanley target it will return approximately minus 45% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.64, suggesting downside of -24.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -1.0

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

Morgans rates REH as Downgrade to Reduce from Hold (5) -

Despite a slight beat for FY23 results, Morgans downgrades its rating for Reece to Reduce from Hold on valuation and a weaker outlook.

The broker explains the result was mainly driven by price increases, with price growth in the A&NZ region and the US of 9% and14%, respectively, during the year. US earnings growth far exceeded expectation though volumes deteriorated as the year progressed.

Management anticipates volumes will continue to decline and expects margin pressure from higher costs in both regions in FY24.

The target falls to $15.50 from $15.60.

Target price is $15.50 Current Price is $19.99 Difference: minus $4.49 (current price is over target).
If REH meets the Morgans target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.64, suggesting downside of -24.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -1.0

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

Ord Minnett rates REH as Downgrade to Lighten from Hold (4) -

FY23 results from Reece were slightly below Ord Minnett's forecasts at the net profit line, attributed to a slowing construction market. Demand moderated in the second half and with higher interest charges led to a -9.2% decline in second half net profit.

The broker reduces FY24 and FY25 estimates for earnings by -14.2% and -13.6%, respectively. Amid elevated valuation multiples, Ord Minnett downgrades to Lighten from Hold while raising the target to $16.50 from $15.50.

Target price is $16.50 Current Price is $19.99 Difference: minus $3.49 (current price is over target).
If REH meets the Ord Minnett target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.64, suggesting downside of -24.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -1.0

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

Bell Potter rates RFG as Buy (1) -

Retail Food's FY23 result broadly met Bell Potter's forecast but management reports a slow start to FY24 (same-store sales up but network sales down due to store closures cycled from FY23). No FY24 guidance was provided.

EPS forecasts are downgraded to reflect expectations of softer earnings and expansion costs.

Buy rating retained. Target price eases -8% to 12c from 13c.

Target price is $0.12 Current Price is $0.06 Difference: $0.065
If RFG meets the Bell Potter target it will return approximately 118% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Ord Minnett rates RHC as Hold (3) -

Upon initial assessment, it seems Ramsay Health Care's FY23 excels in "misses" against Ord Minnett's forecasts, including a dividend of no more than 75c versus 83c expected.

EPS came in -10% below the broker's forecast, and -16% below market consensus.

Management has specified its guidance per region, and for the operations in Australia FY24 earnings are expected to reflect mid-single digit volume growth as the market continues to recover.

Hold. Target $68.

Target price is $68.00 Current Price is $55.32 Difference: $12.68
If RHC meets the Ord Minnett target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $63.93, suggesting upside of 30.7% (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 June-half result outpaced Macquarie's forecasts thanks to $64m in one-offsets related to FX and inventory gains, and provision reversals that yielded a beat on operating costs. Free cash flow proved a miss.

Management advised it was on track to meet 2023 guidance.

The company closed June 30 with net debt of US$37.1m (in line), excluding US$19.9m of bullion on hand.

2023 EPS forecasts rises 54% to reflect a net profit after tax beat. 2025 EPS forecasts fall -5% to reflect tax adjustments.

Outperform rating and 55c target price retained. 

Target price is $0.55 Current Price is $0.34 Difference: $0.21
If RSG meets the Macquarie target it will return approximately 62% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 1.0

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

Ord Minnett rates S32 as Hold (3) -

Judging from Ord Minnett's initial glance over South32's FY23 release, it appears net profit hasn't quite matched expectations and the US8.1c in full year dividend compares with US9.2c penciled in by the analyst.

Today's declared dividend of US3.2c is 100% franked.

Overall, comments the broker, South32 faced lower commodity prices and industry-wide inflationary pressures. Today's result is labelled a "miss" on consensus estimates, also marking a significant decline on FY22 results.

FY24 group capital expenditure guidance is set at -US$860m. Hold. Target $4.10.

Target price is $4.10 Current Price is $3.75 Difference: $0.35
If S32 meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $4.48, suggesting upside of 21.8% (ex-dividends)

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.7

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

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

A strong 2H performance within FY23 results for SiteMinder was due to better than expected property additions, transaction product uptake, gross margins and unit economics, explains Morgans.

Overall, FY23 earnings and profit were in line with the analysts' forecast, but below consensus. There was considered to be a material improvement in profitability during the 2H compared to the 1H, driven by operating leverage, scale and the company's cost out program.

The broker upgrades its rating to Add from Hold and raises its target to $4.80 from $3.80. These changes also incorporate recently upgraded FY24 guidance for positive underlying earnings (EBITDA) and free cash flow brought forward to the 2H of FY24 from Q4.

Target price is $4.80 Current Price is $4.28 Difference: $0.52
If SDR meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $5.35, suggesting upside of 22.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.8

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

Ord Minnett rates SDR as Buy (1) -

SiteMinder posted a normalised net loss in FY23 that was larger than Ord Minnett expected. The broker's analysis continues to highlight the challenges the travel industry faces regarding raising capital from both public and private markets.

Revenue growth remains strong at around 30% per annum and the company has reiterated this as a short-medium term target.

With strong momentum as it enters FY24, SiteMinder appears in a good position, Ord Minnett asserts, given a material cash balance of $51m plus an undrawn debt facility of $30.2m.

Buy rating maintained. Target is reduced to $5.68 from $5.88.

Target price is $5.68 Current Price is $4.28 Difference: $1.4
If SDR meets the Ord Minnett target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $5.35, suggesting upside of 22.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.8

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

UBS rates SDR as Buy (1) -

SiteMinder's strong result was largely pre-reported but the full release highlights the quality of the composition, UBS notes.

In the broker's view all the growth drivers are in place, with normalising airfares supporting an ongoing travel recovery and wallet share upside from new product launches in FY24.

UBS' forecasts are for FY24 revenue up 28%, with potential upside at US$0.65 on the Aussie, and earnings of $3.9m compared to a loss of -$21.9m in FY22.

Target rises to $6.95 from $6.80, Buy retained.

Target price is $6.95 Current Price is $4.28 Difference: $2.67
If SDR meets the UBS target it will return approximately 62% (excluding dividends, fees and charges).

Current consensus price target is $5.35, suggesting upside of 22.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.8

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

Macquarie rates SGF as Outperform (1) -

SG Fleet's FY23 result was mixed, beating Macquarie's revenue forecasts; in-line on cash net profit after tax; and missing on costs.

The business performed well on most metrics, posting strong EOL income, solid new business in Australia Novated and Australia Corporate, while the novated funded fleet pipeline rose 28%.

The broker observes that supply is still patchy with mainstream vehicle models still in short supply.

Balance sheet corporate leverage improved and the broker expects all trends to continue into FY24.

EPS forecasts ease -1.5% in FY24; and -1.4% in FY25 to reflect expectations of continued cost pressure.

Outperform rating retained. Target price rises to $2.97 from $2.90 on a rolled-forward valuation.

Target price is $2.97 Current Price is $2.75 Difference: $0.22
If SGF meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Morgan Stanley rates SGF as Overweight (1) -

Thanks to broad demand tailwinds, FY23 results for SG Fleet beat Morgan Stanley's expectations with orders resilient in Fleet and accelerating in Novated, assisted by electric vehicle demand in both divisions.

Profit (NPATA) of $85.1m for FY23 exceeded the broker's $82m forecast, while cash conversion was solid and de-leveraging continued.

Management noted the LeasePlan integration is mostly on track, albeit most of the $20m in synergies were pushed out 
into FY26 from FY25.

Overweight rating. Target $2.90. Industry View: In-line. 

Target price is $2.90 Current Price is $2.75 Difference: $0.15
If SGF meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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