Australian Broker Call

Bell Potter rates AIS as Buy (1) -

In the wake of 4Q results by Aeris Resources, Bell Potter now forecasts a -$15m loss for FY24, down from a $5m profit, and lowers the FY25 and FY26 EPS forecasts by -12% and -27% respectively, to reflect FY25 guidance.

Despite these changes, the broker believes the result was encouraging, noting Tritton delivered its best quarter of FY24, with mined grades of 1.89% copper, the highest since Q4 2018. Mined tonnes also rose on the ramp-ups at the Budgerygar and Avoca Tank mines.

The Buy rating is unchanged, and the target slips to 28c from 30c.

Target price is $0.28 Current Price is $0.20 Difference: $0.085
If AIS meets the Bell Potter target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $0.25, suggesting upside of 26.7% (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 ALQ as Outperform (1) -

ALS Ltd's FY25 guidance implies earnings growth of 5% with stronger growth anticipated in FY26 and beyond, suggests Macquarie.

Macquarie states minerals volumes are performing in line with the broker's expectations and the Environmental and Food segments are trading well.

The target price has been raised to $16.15 from $15.20, maintaining an Outperform rating with the analyst upbeat on the long-term outlook from cost transformation initiatives and the growing PFAS market.

Macquarie adjusts EPS forecasts for FY26 and FY27 by 0.8% and 1.3%, respectively.

Target price is $16.15 Current Price is $15.44 Difference: $0.71
If ALQ meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $14.44, suggesting downside of -8.3% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Shaw and Partners rates AVL as Buy (1) -

Shaw and Partners observes Australian Vanadium completed the first phase of the optimised feasibility study, depicting downstream plant location and mining areas at the June quarter results.

The company also received a $14.7m payment from the Australian Government, and it will focus on the second phase, finalising the mine plan and completing the design for the upstream and downstream processing plants.

There are no changes to the broker's earnings forecasts.

Buy rating and 8c target unchanged. High risk.

Target price is $0.08 Current Price is $0.02 Difference: $0.064
If AVL meets the Shaw and Partners target it will return approximately 400% (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 BC8 as Buy (1) -

Black Cat Syndicate June quarter results highlighted the refurbishment of the Paulsens processing facility and development at the Kal East project, Shaw and Partners notes, and the high-grade stockpile strategy at Paulsens has commenced.

The company reported cash of $14m at June end, and an ore sale agreement was established for the Kal East project. 

No changes to the broker's earnings forecasts. Target price 8c and Buy rating unchanged. High risk.

Target price is $0.86 Current Price is $0.37 Difference: $0.495
If BC8 meets the Shaw and Partners target it will return approximately 136% (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 BHP as Neutral (3) -

Macquarie observes the BHP Group joint acquisition with Lundin Mining of Filo Corp, the owner of the Filo del Sol (FDS) project, whereby BHP Group will pay -US$2.1bn for a 50% share in FDS and Lundin's Josemaria (JM) project.

The broker believes the high cost is ameliorated by the projects' significant size, grade, and growth potential.

The FDS project is highlighted by Macquarie for its high-grade, while the JM project is noted for its potential synergies and early copper production capabilities

No changes to the analyst's earnings estimates. Neutral rating and $43 target maintained.

Target price is $43.00 Current Price is $42.30 Difference: $0.7
If BHP meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $45.67, suggesting upside of 7.3% (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: 0.4

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

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

BHP Group and Lundin Mining have announced a joint acquisition and partnership to expand their copper operations in South America via Filo Corp, which is listed on the Toronto Stock Exchange.

A concurrent deal is for BHP to buy into Lundin Mining's Josemaria project, which is close by Filo's Filo del Sol project in Argentina, explains Morgan Stanley.

All up, BHP's potential total cash payment should be around -US$2.1bn, according to the broker.

Equal-weight rating and $46.30 target retained. Industry view: Attractive.

Target price is $46.30 Current Price is $42.30 Difference: $4
If BHP meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $45.67, suggesting upside of 7.3% (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: 0.4

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

Citi rates CIA as Buy (1) -

According to Citi, Champion Iron reported 1Q25 results which were 2% ahead of consensus forecasts and -1% below the broker's estimate.

Cash costs came in higher than expected and iron ore production and sales were above Citi estimates.

The July wild fires caused an evacuation of the workforce at Bloom Lake, but the facilities were not impacted, the broker highlights.

Citi retains the $8.20 target price and Buy rating.

Target price is $8.20 Current Price is $6.28 Difference: $1.92
If CIA meets the Citi target it will return approximately 31% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

Macquarie rates CIA as Outperform (1) -

Champion Iron reported a strong 1Q25 result with production and sales exceeding the consensus expectations by 9% and 7%, respectively, the Macquarie analyst highlights.

The company reported a cash balance of CA$295m, which fell short of consensus forecasts, due to a build-up in working capital which is expected to unwind soon, and the July forest fires caused no damage, but temporarily impacted rail capacity.

Macquarie maintains the $7.50 target price with earnings forecasts revised upwards by 14% for FY25 and 37% for FY26.

Outperform rating unchanged.

Target price is $7.50 Current Price is $6.28 Difference: $1.22
If CIA meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

Bell Potter rates CIP as Hold (3) -

Centuria Industrial REIT's 4Q funds from operations (FFO) were in line with Bell Potter's forecast and just missed consensus. 

Management's FY25 FFO and dividend guidance is for 17.5cpu and 16.3cpu, respectively. The analysts consider this guidance is conservative.

The portfolio is around -20% under-rented, and with 39% of the portfolio expiring to FY28, the opportunity to capture growth remains, according to the company.

The Hold rating is retained and the target price falls to $3.30 from $3.35.

Target price is $3.30 Current Price is $3.18 Difference: $0.12
If CIP meets the Bell Potter target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $3.45, suggesting upside of 8.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Macquarie rates CIP as Neutral (3) -

Macquarie observes the FY24 Centuria Industrial REIT results were a bit weaker than forecast, some -1% below the analyst's estimates.

Property income grew 6.5% on the back of over 43% pre-leasing spreads for the year, the broker highlights, but management noted demand has started to slow and sub-lease space is being offered by larger tennants.

Macquarie cautions on the dividend outlook for the REIT with the payout ratio continuing to move lower, and guidance is now suggesting around a 93% payout on funds from operations.

The target price has been slightly reduced to $3.20 from $3.22, with a Neutral rating maintained. 

Target price is $3.20 Current Price is $3.18 Difference: $0.02
If CIP meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.45, suggesting upside of 8.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

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

Centuria Industrial REIT's FY24 funds from operations (FFO) of 17.2cpu was in line with guidance. First-time FY25 guidance of 17.5cpu came in ahead of Morgan Stanley's 17.0cpu estimate due to a lower cost of debt. Consensus predicted 17.7cpu.

FY25 dividend guidance is for 16.3cpu. Management advised data centres currently make up 12% of the portfolio and the REIT will be 'increasing its strategic exposure to data centres' via -$39m of acquisitions in Western Australia.

While the FY24 result was "fine", according to Morgan Stanley, broader conditions in the industrial market appear to be softening.

Target $3.81. Equal-weight. Industry view: In-Line. 

Target price is $3.81 Current Price is $3.18 Difference: $0.63
If CIP meets the Morgan Stanley target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $3.45, suggesting upside of 8.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Bell Potter rates CRD as Speculative Buy (1) -

Rather than focus on numbers within Conrad Asia Energy's 4Q report, Bell Potter highlights ongoing progress on the Mako gas project via offtake negotiation, infrastructure access and funding workstreams.

A final investment decision (FID) on the project is expected by the end of 2024.

The Speculative Buy rating is maintained and the target falls to $1.70 from $1.85 after the broker's assumes a US$30m near-term capital raise at a -10% discount to the current share price.

Target price is $1.70 Current Price is $0.85 Difference: $0.85
If CRD meets the Bell Potter target it will return approximately 100% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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: 1.0

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

Bell Potter rates CU6 as Speculative Buy (1) -

Bell Potter raises its target for Clarity Pharmaceuticals to $10.00 from $4.00 on an upgraded valuation for existing assets, which are considered superior to many of those owned by peers. Only minor changes are made to the broker’s earnings forecasts.

Clarity's assets in clinical stage development continue to show outstanding safety with good indications of efficacy, highlight the analysts.

Following the company's Q4 cash flow statement, the broker estimates the cash runway extends deep into 2026.

The Speculative Buy rating is maintained.

Target price is $10.00 Current Price is $6.37 Difference: $3.63
If CU6 meets the Bell Potter target it will return approximately 57% (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 CVN as Outperform (1) -

Macquarie updates small and medium sized energy producers post the latest quarterly updates.

Carnarvon Energy is benefitting from improved cost management, Macquarie highlights, which improves the company's cash position.

The broker notes the delay in the final investment decision by Santos ((STO)) on Dorado has also delayed any "transaction" on Carnarvon Energy.

Macquarie adjusts EPS forecasts by 48% for FY24 and 79% for FY25 and the target price is raised 4% to 29c.

Outperform rating unchanged.

Target price is $0.29 Current Price is $0.16 Difference: $0.13
If CVN meets the Macquarie target it will return approximately 81% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Shaw and Partners rates EV1 as Buy (1) -

Evolution Energy Minerals reported successful anode product testwork in the June 2024 quarter, confirming the ability of Chilalo graphite to match premium quality standards.

Shaw and Partners views this as a "milestone" which supports the company's strategic investment process.

Buy rating with a high-risk assessment and a price target of 24c are retained.

No changes to earnings forecasts.

Target price is $0.24 Current Price is $0.03 Difference: $0.212
If EV1 meets the Shaw and Partners target it will return approximately 757% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Bell Potter rates FDV as Speculative Buy (1) -

Latin America remains the current value driver for Frontier Digital Ventures, highlights Bell Potter, when noting the dominant contribution from the region in 2Q results. Overall earnings (EBITDA) grew by 10% to $1.8m in the period.

Bell Potter retains a Speculative Buy rating and the broker's target slips to 74c from 77c to reflect a mixed performance across
portfolio companies.

The analysts attribute these varied performances to a combination of difficult trading conditions and operational investments by management to accelerate growth.

Target price is $0.74 Current Price is $0.42 Difference: $0.325
If FDV meets the Bell Potter target it will return approximately 78% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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 FFM as Buy (1) -

Shaw and Partners notes FireFly Metals made significant progress in the June 2024 quarter with drilling at Green Bay extending known mineralisation by 460m beyond the current resource.

The broker expects a substantial resource upgrade this quarter. and the company remains on track for significant resource growth.

A Buy rating is retained with a $1.10 target price. High Risk. FireFly Metals remains a "key pick" for 2024.

No changes to earnings forecasts.

Target price is $1.10 Current Price is $0.80 Difference: $0.3
If FFM meets the Shaw and Partners target it will return approximately 38% (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 FPR as Buy (1) -

FleetPartners Group reported 3Q24 earnings growth of 7.8% year-on-year which Citi anticipates will continue as the company's order backlog remains at 2.2times the pre-covid levels.

The broker believes the results were better than expected with strong growth in new business wins and improved supply, while end-of-lease income continues to come in better than forecast and should reach 10% growth in FY24.

A Buy rating and $4.10 target price are retained.

Target price is $4.10 Current Price is $3.42 Difference: $0.68
If FPR meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $3.78, suggesting upside of 11.4% (ex-dividends)

The company's fiscal year ends in September.

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

Bell Potter rates GOR as Buy (1) -

Production for Gold Road Resources in Q2 was impacted by a significant rainfall event in late-Q1 at Gruyere, highlights Bell Potter, and recovery is expected to take the next six months to resolve.

As a result of these production issues, management presented a "weak" Q2 report, in the broker's assessment, and gold production guidance was downgraded to 290koz from 305koz for FY24.

Longer-term, management highlighted potential for significantly higher gold production and earnings.

The Buy rating and $2.10 target are retained.

Target price is $2.10 Current Price is $1.70 Difference: $0.405
If GOR meets the Bell Potter target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $2.06, suggesting upside of 20.6% (ex-dividends)

The company's fiscal year ends in December.

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 GOR as Buy (1) -

Gold Road Resources' Q4 did not live up to expectations and Ord Minnett points at rainfall in March as explanation. Add higher costs and management at the firm felt the need to downgrade guidance for FY24.

The broker suggests the downgrade still leaves FY24 in line with forecasts, both by itself and market consensus. There should be no more bad news, unless unforeseen events happen, the broker suggests.

Ord Minnett is reluctant to turn too bearish on the gold miners generally given the disconnect with the price of bullion. Buy retained, price target weakens to $1.90 from $1.95.

Forecasts have been lowered.

Target price is $1.90 Current Price is $1.70 Difference: $0.205
If GOR meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $2.06, suggesting upside of 20.6% (ex-dividends)

The company's fiscal year ends in December.

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 GSS as Speculative Buy (1) -

Bell Potter highlights respiratory sales for Genetic Signatures bounced back in the 4Q. Non-covid test sales rose by 14% on the previous corresponding period, which matched the highest previous quarter over the last three years.

Total revenue of $9.8m slightly beat the broker's $9.3m forecast, while the pro-forma cash balance of $44.5m is described as "healthy" by the analysts.

The Speculative Buy rating and $1.10 target are maintained.

Target price is $1.10 Current Price is $0.80 Difference: $0.3
If GSS meets the Bell Potter target it will return approximately 38% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Bell Potter rates IGO as Sell (5) -

While IGO's 4Q spodumene concentrate (SC6) production of 332kt outpaced Bell Potter's 302kt forecast, Bell Potter highlights current pricing continues to weigh.

The broker explains the market is still implying long-term lithium prices of US$1,425/t SC6 and US$17,000/t for lithium hydroxide, which are materially higher than spot prices of circa US$940/t SC6 and US$11,500/t, respectively.

FY25 guidance for production at Greenbushes is 1,350t-1,550t SC6 at a $350/t cash cost of production (ex-royalties/transport), with around -$900m of capex required.

The Sell rating is unchanged, and the broker's target falls to $5.00 from $5.15 on lower forecast commodity prices and reductions in forecast nickel production.

Target price is $5.00 Current Price is $5.55 Difference: minus $0.55 (current price is over target).
If IGO meets the Bell Potter target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.05, suggesting upside of 8.0% (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 IGO as Underweight (5) -

After yesterday's research note (summarised below), Morgan Stanley decides to lower its target for IGO to $4.60 from $5.05. Industry View: Attractive.

Following the 4Q operational report for IGO, Morgan Stanley is remaining Underweight-rated as FY25 guidance for the Nova operation was particularly weak and upcoming capex at the Greenbushes mine is significantly higher-than-expected.

Management is guiding to FY25 nickel production at Nova of around 17kt, thereby missing forecasts by the broker and consensus by -22% and -24%, respectively.

The analysts attribute the worsening capex at Greenbushes (of -$900m) for FY25 to either a significant increase in capex for the Chemical Grade Plant 3 (CGP3) or pre-strip costs.

Target price is $4.60 Current Price is $5.55 Difference: minus $0.95 (current price is over target).
If IGO meets the Morgan Stanley target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.05, suggesting upside of 8.0% (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 JMS as Outperform (1) -

Jupiter Mines served up a mixed 4Q24 trading update, according to Macquarie, with strong production and sales overshadowed by weaker realised prices and higher costs.

The analyst highlights manganese production of 914kt at the Tshipi Borwa mine, exceeding its forecasts by 10% and shipments rose 35% quarter-on-quarter.

Lower realised prices and increased royalties produced lower-than-expected net profits.

Macquarie adjusts the FY24 EPS by -9%, resulting in a target price drop of -8% to 37c, but the company is still forecast to a pay a 1c dividend per share.

Outperform rating unchanged.

Target price is $0.37 Current Price is $0.25 Difference: $0.125
If JMS meets the Macquarie target it will return approximately 51% (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 KAR as Outperform (1) -

Macquarie updates small and medium sized energy producers post the latest quarterly updates.

The broker highlights Karoon Energy reported Bauna outages/operational issues; higher reserve declines than forecast; a softer update from Neon; lower production at Who Dat and weaker gas prices.

Capital management including a US$25m buyback and a 20%-40% payout program is viewed positively by Macquarie.

Outperform retained with $2.40 target.

Target price is $2.40 Current Price is $1.87 Difference: $0.535
If KAR meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $2.39, suggesting upside of 22.6% (ex-dividends)

The company's fiscal year ends in December.

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

Shaw and Partners rates LGI as Buy (1) -

Shaw and Partners highlights a surge in electricity prices due to a cold winter and reduced wind power generation.

The broker notes LGI could generate higher than guidance EBITDA results in FY24 from electricity pricing, post the April 2024 announcement.

The Buy rating and a target price of $3.60 are maintained. High risk.

No changes to the broker's earnings forecasts which are in line with consensus estimates.

Target price is $3.60 Current Price is $2.90 Difference: $0.7
If LGI meets the Shaw and Partners target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $3.32, suggesting upside of 14.6% (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 LOT as Speculative Buy (1) -

Lotus Resources released its June quarterly report and also announced the signing of the Mine Development Agreement with the
Malawi Government for the restart of the Kayelekera Uranium mine.

Bell Potter notes conditions within the agreement are largely in line with the feasibility study estimates in August 2022.

Speculative Buy retained. The target raised to 65c from 60c on a roll-forward of the analysts' valuation model.

Target price is $0.65 Current Price is $0.26 Difference: $0.39
If LOT meets the Bell Potter target it will return approximately 150% (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 LOT as Buy (1) -

Lotus Resources announced the finalisation of the mine development agreement for the Kayelekera Uranium mine with the Government of Malawi, Shaw and Partners notes.

The brokers observes the agreement is in line with the definitive feasibility study and includes a 5% royalty rate and a 30% corporate tax rate. It also allows for the advancement of off-take discussions and financing considerations.

The Buy rating is maintained with a target price of $0.72. High Risk.

No changes to earnings forecasts.

Target price is $0.72 Current Price is $0.26 Difference: $0.46
If LOT meets the Shaw and Partners target it will return approximately 177% (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 MGR as Downgrade to Neutral from Buy (3) -

Citi believes APRA's position on leaving the mortgage serviceability buffer at current rates, and higher-for-longer interest rates, means the sales environment for residential and land lease developers will remain challenging.

The broker lowers the near term settlement forecasts and downgrades Mirvac Group to a Neutral rating from Buy and the analyst continues to prefer Stockland ((SGP)).

The $2.10 target for Mirvac Group is unchanged. 

Target price is $2.10 Current Price is $2.14 Difference: minus $0.04 (current price is over target).
If MGR meets the Citi target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.19, suggesting upside of 1.2% (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

Citi rates NIC as Buy (1) -

The June quarter report from Nickel Industries revealed a 5% lift in production, quarter-on-quarter and cash costs rose 6% and production of nickel metal remained flat which was in line with the Citi analyst's expectations.

Nickel Industries ended the quarter with US$359m in cash and US$390m in net debt and post quarter management drew an additional US$300m from the BNI facility, bringing total liabilities to US$1,050m.

The target price is maintained at $1.05 with a Buy rating as the analyst anticipates improved margins in the future due to increased nickel pig iron prices and cost management.

The broker's earnings forecasts are adjusted slightly, with a -1% decrease in EBITDA for FY24.

Target price is $1.05 Current Price is $0.86 Difference: $0.195
If NIC meets the Citi target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $1.15, suggesting upside of 36.7% (ex-dividends)

The company's fiscal year ends in December.

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: 1.0

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

Morgan Stanley rates NIC as Overweight (1) -

Second quarter earnings (EBITDA) for Nickel Industries beat Morgan Stanley's forecast by 5% (missed consensus by -7%). The impact of better production and lower costs was offset by lower realised pricing, note the analysts.

Realised nickel pig iron (NPI) prices missed consensus forecasts by between -7-11%. Cash of US$358.1m as at June 30 was around -US$100m lower than-expected by the broker likely due to higher capex for the 1H and working capital differences.

The Overweight rating and 95c target are maintained. Industry View: Attractive. Morgan Stanley removes its US$100m buyback forecast for 2024 given weakness in nickel pricing. 

Target price is $0.95 Current Price is $0.86 Difference: $0.095
If NIC meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $1.15, suggesting upside of 36.7% (ex-dividends)

The company's fiscal year ends in December.

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: 1.0

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

Bell Potter rates NOU as Speculative Buy (1) -

Noumi's year-on-year growth in Q4 for plant-based beverages and the Dairy & Nutritionals segment was 11% and 9%, respectively, highlights Bell Potter.

So far in 2024, revenue trend growth rates are exceeding the broker's forecasts.

For FY24, management expects to report an improvement in operating earnings in both operating segments.

The Speculative Buy rating and 17.5c target are retained.

Target price is $0.18 Current Price is $0.13 Difference: $0.05
If NOU meets the Bell Potter target it will return approximately 40% (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 NTU as Speculative Buy (1) -

Speculative Buy rating retained as the broker corrects itself to have previously assumed Chinese shareholders need to sell 614m shares by August 2nd.

The correct date is September 2nd. Ord Minnett predicts a weak share price until the selling has been completed. Additional capital raisings have been incorporated in modeling.

Today's target price is 4c.

Target price is $0.04 Current Price is $0.03 Difference: $0.01
If NTU meets the Ord Minnett target it will return approximately 33% (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 ORG as Buy (1) -

Post the June quarter Origin Energy report, Citi highlights it expects the FY24 earnings guidance not to be impacted by the May/June volatility now that the market is aware of the APLNG distributions.

The broker indicates FY25 EBITDA downside risks are now better understood, with higher Eraring coal costs priced in and Citi believes FY25 will be a trough year for earnings.

The target price is reduced to $11.50 from $12.00, with a maintained Buy rating.

Earnings forecasts are revised down slightly for FY25.

Target price is $11.50 Current Price is $10.49 Difference: $1.01
If ORG meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $11.13, suggesting upside of 5.6% (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

Macquarie rates ORG as Outperform (1) -

Macquarie emphasises the 4Q24 commentary from Origin Energy highlighting evidence of the "megatrend of electrification from gas and oil" with electricity sales better than expectations and higher profitability of electricity sales over the oil/gas equivalent energy.

The broker points to strength from APLNG and a robust 4Q24 performance for Origin Energy, despite higher coal costs and expanded provisions for Eraring,

Macquarie's earnings forecasts are adjusted, with FY24 EPS up 1.8% and FY25 EPS revised down -2.8%.

The target price is raised to $10.74 from $10.52, maintaining an Outperform rating.

Target price is $10.74 Current Price is $10.49 Difference: $0.25
If ORG meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $11.13, suggesting upside of 5.6% (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

Bell Potter rates PBH as Buy (1) -

Along with the relase of the 4Q cashflow report, management at PointsBet Holdings upgraded FY24 guidance for normalised earnings (EBITDA) to a loss of around -$1.8m from a loss of between -$4-6m.

Bell Potter highlights a record cash inflow from operating activities of $11.4m and a cash balance of $28.1m as at June 30.

The Buy rating and 63c target are maintained.

Target price is $0.63 Current Price is $0.51 Difference: $0.125
If PBH meets the Bell Potter target it will return approximately 25% (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 PDN as Overweight (1) -

While the Langer Heinrich life-of-mine (LOM) production profile is largely unchanged, Morgan Stanley notes higher costs in a technical report highlight inflationary risk to broader uranium project restart costs.

Overall, the broker's real post tax valuation (NPV) for the mine of US$1.8bn compares to the technical study post tax NPV of US$1.52bn.

Overweight. Target $16.65. Industry view: Attractive.

Target price is $16.65 Current Price is $11.41 Difference: $5.24
If PDN meets the Morgan Stanley target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $16.29, suggesting upside of 38.9% (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: 1.0

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

Ord Minnett rates RED as Speculative Buy (1) -

Post combining with Silver Lake Resources, Red 5 is now the largest ex-Afrika gold producer in the Small Ordinaries, points out Ord Minnett.

The broker lauds the strong balance sheet, no debt, lower risk assets and relative value appeal. Assuming management can deliver on its promises, this stock should be able to outperform the sector, is the suggestion made.

FY25 guidance will be provided alongside the release of FY24 financials. Target has lost -2c to 53c on minor adjustments made to the modeling. Speculative Buy.

Target price is $0.53 Current Price is $0.39 Difference: $0.14
If RED meets the Ord Minnett 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

Citi rates RIO as Neutral (3) -

Rio Tinto reported 1H2024 earnings which met Citi's expectations with an underlying net profit of US$5.8bn and underlying EBITDA of $12.1bn.

The dividend payout ratio of 50% resulted in an interim dividend of US$1.77 per share, which was in line with the broker's forecast but -4% below consensus.

Despite a strong performance in aluminium and copper divisions, weaker market conditions in TiO2 and increased costs affected the overall results. 

The target price is revised to $128 from $137 on a slight decrease in earnings forecasts and lowered China growth estimates from Citi.

Neutral rating unchanged.

Target price is $128.00 Current Price is $117.48 Difference: $10.52
If RIO meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $128.58, suggesting upside of 7.2% (ex-dividends)

The company's fiscal year ends in December.

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: 0.5

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

Macquarie rates RIO as Neutral (3) -

Rio Tinto reported 1H2024 results which met the Macquarie analyst's forecasts, although cash flow was below estimates due to more elevated working capital from higher costs and inventory levels.

The broker points to the strong performance from aluminium and copper which exceeded forecasts, while the minerals segment underperformed due to weaker TiO2 prices.

Despite a -9% cut in FY24 EPS estimates from the analyst due to increased costs, the target price remains unchanged at $118 per share, with a Neutral rating maintained.

Macquarie notes the strength of the Rio Tinto balance sheet which offers M&A and capital management opportunities.

Target price is $118.00 Current Price is $117.48 Difference: $0.52
If RIO meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $128.58, suggesting upside of 7.2% (ex-dividends)

The company's fiscal year ends in December.

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: 0.5

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

Morgan Stanley rates RIO as Overweight (1) -

Rio Tinto's 1H results were in line with Morgan Stanley's forecasts. A small miss on iron ore and aluminium earnings were offset by a strong beat for copper, explains the broker. FY24 guidance was maintained.

The US$1.77 interim dividend missed forecasts by the broker and consensus by -3% and -2%, respectively.

From a later conference call, the analysts noted management is "not afraid" of large scale M&A, citing potential interest in expanding the copper footprint.

The Overweight rating and $137.50 target are maintained. Industry view is Attractive.

Target price is $137.50 Current Price is $117.48 Difference: $20.02
If RIO meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $128.58, suggesting upside of 7.2% (ex-dividends)

The company's fiscal year ends in December.

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: 0.5

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

Ord Minnett rates RIO as Buy (1) -

Rio Tinto's H1 performance proved within reach of Ord Minnett's forecasts (-1% differential), as well as market consensus, though the dividend missed consensus by some -3%, though it met the broker's estimate.

Among the highlights cited by the broker is the fact the giant Simandou iron ore project in Guinea remains on track for first output by the end of 2025; the Rincon lithium project in Argentina is scheduled for late this year.

Also, management highlighted soft conditions in the key China market, particularly in construction, the broker notes.

Buy, target $133. Only minor adjustments have been made to forecasts.

Target price is $133.00 Current Price is $117.48 Difference: $15.52
If RIO meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $128.58, suggesting upside of 7.2% (ex-dividends)

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: 0.5

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

UBS rates RIO as Neutral (3) -

UBS views the Rio Tinto 1H2024 results as "solid" with earnings meeting the analyst's and consensus expectations, although the US177c dividend was a bit weaker than anticipated.

Management retained 2024 guidance with around 3% copper volume growth forecasts from 2024 to 2028, the broker highlights and net debt was US$5.1bn, due to increased working capital needs.

The target price remains $125, and a Neutral rating is maintained with slight adjustments to EPS forecasts.

UBS has a slight preference for Rio Tinto over BHP Group ((BHP))..

Target price is $125.00 Current Price is $117.48 Difference: $7.52
If RIO meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $128.58, suggesting upside of 7.2% (ex-dividends)

The company's fiscal year ends in December.

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: 0.5

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

Citi rates SDR as Buy (1) -

Despite weaker-than-expected 4Q revenue for SiteMinder, Citi believes its FY25 forecast has been de-risked by the launch of the Smart Distribution service, which adds a second monetisation stream for the core Channel Manager offering.

This service involves large Global online travel agents (OTAs) paying Siteminder in exchange for improved setup and configuration of hotels and ongoing improvement and optimisation of the connectivity solution. 

The analysts lower the FY25 subscription ARPU forecast by -2% to reflect 2H weakness, partly offset by Smart Distribution service revenue. The weakness relates to elevated discounting to onboard larger properties, explains Citi.

Citi retains a positive outlook for SiteMinder. Buy. Target rises to $6.60 from $6.15.

Target price is $6.60 Current Price is $5.60 Difference: $1
If SDR meets the Citi target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $6.77, suggesting upside of 21.1% (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 SDR as Overweight (1) -

Morgan Stanley suggests SiteMinder's 4Q results provide optimism to the market around the sales growth opportunity. Revenue matched the broker's forecast.

While the broker expects upgrades to consensus revenue forecasts, higher reinvestment is expected to limit operating leverage.

That being said, the market will likely reward revenue reacceleration, even at the expense of near-term operating leverage, suggest the analysts, who note the achievement of positive free cash flow (FCF) in the 2H.

The Overweight rating and $6.80 target are unchanged. Industry view: In-Line. 

Target price is $6.80 Current Price is $5.60 Difference: $1.2
If SDR meets the Morgan Stanley target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $6.77, suggesting upside of 21.1% (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 SDR as Buy (1) -

Ord Minnett highlights SiteMinder is preparing for the launch of two new products (Dynamic Revenue Plus “DRP” and Channels Plus “CP”) which explore entirely new and disruptive innovations that could reshape the organisation’s future.

The broker can potentially see material incremental revenue growth to $389m by FY30, increasing to $864m in FY35.

On current modeling, the current 'old' business is worth some $8, while the new products, excluding Smart Platform, might well be worth $6 for a total value of $14, the broker surmises.

These calculations come with the warning that such glorious scenarios seldom unfold in a straight line. There seems to be enough confidence for Ord Minnett to re-iterate its Buy rating. Target has shifted to $7.55 from $6.72.

Target price is $7.55 Current Price is $5.60 Difference: $1.95
If SDR meets the Ord Minnett target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $6.77, suggesting upside of 21.1% (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

UBS rates SDR as Buy (1) -

SiteMinder reported 4Q24 revenues which were -6% below UBS estimates due in-part to short-term incentives for new subscriptions.

The broker observes management's commentary was broadly positive and the outlook for FY25 is stronger, with management expecting accelerated annual recurring revenue growth driven from new products like the Smart Distribution Program.

UBS retains its earnings forecasts awaiting  FY24 results. The $6.65 target price and Buy rating are unchanged.

Target price is $6.65 Current Price is $5.60 Difference: $1.05
If SDR meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $6.77, suggesting upside of 21.1% (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 SLH as Buy (1) -

Shaw and Partners highlights port container volumes for the June quarter are supportive of the outlook for Silk Logistics, post a challenging trading environment in the 1H24 when twenty-foot container unit volumes fell noticeably at Australian ports.

The broker points to a robust increase in volumes at the Freemantle ports. Port Botany volumes have also improved, along with Brisbane and Melbourne.

A Buy rating and $2.10 target price are unchanged. High risk.

Target price is $2.10 Current Price is $1.43 Difference: $0.67
If SLH meets the Shaw and Partners target it will return approximately 47% (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 STN as Buy (1) -

Shaw and Partners notes progress in the June quarter towards developing the Apollo Hill Gold Project into a large-scale, long-life gold mining operation for Saturn Metals.

The company ended the quarter with cash of $4.1m. post a share placement of $14m on July 1.

Buy rating and 37c target unchanged. High risk.

No change to the broker's earnings forecasts.

Target price is $0.37 Current Price is $0.19 Difference: $0.185
If STN meets the Shaw and Partners target it will return approximately 100% (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 STX as Neutral (3) -

Macquarie updates small and medium sized energy producers post the latest quarterly updates.

Strike Energy reported 4Q24 results which met the Macquarie analyst's expectations, even with higher costs.

The broker believes the "risk/reward" for the shares has improved with the market no longer factoring in successful exploration, and drilling has commenced at Erregulla and Booth. 

Macquarie revises the EPS forecasts for Strike Energy by -58% in FY24 and -37% for FY25.

Target price at 22c and Neutral rating unchanged.

Target price is $0.22 Current Price is $0.20 Difference: $0.02
If STX meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $0.27, suggesting upside of 28.6% (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 SUN as Overweight (1) -

Morgan Stanley suggests the market is underestimating the capital Suncorp Group can return to shareholders over the next few years, which the broker believes will be around $7bn.

This number comprises $4.4bn via Bank and Life sale net proceeds, while $2.5bn could result from replicating Insurance Australia Group's ((IAG)) capital structure, explain the analysts.

The $20.20 target and Overweight rating is unchanged. Industry View: In-Line.

Target price is $20.20 Current Price is $17.81 Difference: $2.39
If SUN meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $18.00, suggesting upside of 0.8% (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

Macquarie rates TBN as Outperform (1) -

Macquarie updates small and medium sized energy producers post the latest quarterly updates.

The broker adjusts the EPS forecasts for Tamboran Resources by 58% for FY25 due to lower operating costs and reduced depreciation/amortisation, alongside IPO proceeds and smaller interest costs.

The Outperform rating remains and the target price is changed to 30c from 40c.

Target price is $0.30 Current Price is $0.18 Difference: $0.12
If TBN meets the Macquarie target it will return approximately 67% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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 TEA as Buy (1) -

Tasmea reported FY24 net profit is expected to be in line or exceed its prospectus forecasts, Shaw and Partners observes, alongside the  acquisition of West Coast Lining Systems for up to -$11.45m.

The broker adjusts EPS forecasts for FY25 by 3.0% and states the acquisition will allow Tasmea to grow its specialist service skills.

The Buy rating is maintained with a price target of $2.15. High risk.

Target price is $2.15 Current Price is $1.70 Difference: $0.455
If TEA meets the Shaw and Partners target it will return approximately 27% (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 TNE as Outperform (1) -

Macquarie came away from the TechnologyOne investor day with an upbeat view of the company.

The broker highlighted the strong early traction of the SaaS-Plus model in the UK, with 80 customers signed and 20 currently billing and points to the annual recurring revenue being 40% higher.

A shift to SaaS-Plus is expected to lead to lower margins initially but promises long-term gains with an internal rate of return around 39%.

Macquarie revises earnings forecasts for FY24 and FY25 by 3% and 7%, respectively, driven by higher revenues from SaaS-Plus and UK growth.

The target price has been raised to $22.20 from $18.30. Outperform rating maintained.

Target price is $22.00 Current Price is $20.58 Difference: $1.42
If TNE meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $18.97, suggesting downside of -10.5% (ex-dividends)

The company's fiscal year ends in September.

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

Morgans rates WGN as Add (1) -

A week ago, Wagners Holding Co provided a FY24 trading update showing strong trading conditions within the Construction, Materials & Services (CMS) segment, notes Morgans, particularly in May and June.

Group operating earnings (EBIT) of $40m was a significant beat versus prior guidance for between $31m to $34m, partly due to a circa $5m contribution from the concluding Sydney Metro contract, explains the broker.

The Add rating is maintained and the target rises to $1.25 from $1.15.

Target price is $1.25 Current Price is $0.95 Difference: $0.305
If WGN 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