Australian Broker Call

Bell Potter rates 4DX as Buy (1) -

4DMedical's Imbio acquisition has completed and will provide some 'much needed' revenue over the coming twelve months, according to Bell Potter.

The broker anticipates solid progress on multiple commercialisation opportunities over 2024, including anticipating first revenues from its Philips collaboration within the year.

The company reported total first half revenue of $7.8m, comprising $0.4m in software as a service revenue, while revenue loss for the half totalled -$14.9m. 

The Buy rating is retained and the target price decreases to $1.10 from $1.25.

Target price is $1.10 Current Price is $0.70 Difference: $0.405
If 4DX meets the Bell Potter 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

Ord Minnett rates 4DX as Speculative Buy (1) -

First half results were largely in line with Ord Minnett's forecasts. The cost base was better than expected. Operating revenue rose 63% and commercialisation in the US market accelerated.

4DMedical has signed a teaming agreement with Philips, with a target of delivering XV technology into Veterans Affairs. The broker also notes the acquisition of Imbio, a highly synergistic imaging AI business. Multiple catalysts are expected in the near term.

Speculative Buy rating and a target price of $1.20.

Target price is $1.20 Current Price is $0.70 Difference: $0.505
If 4DX meets the Ord Minnett target it will return approximately 73% (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 ABG as Buy (1) -

Ord Minnett remains concerned about the drop in occupancy to 92.6% in the December half, given the oversupply of offices. Rent increases on the other hand support confidence in the outlook for Abacus Group.

The broker was impressed with the leasing spreads over the first half and tenant incentives were steady. Leasing spreads are not expected to stay this strong but should remain positive.

Modest downside to distributions is anticipated as rising debt costs will properly weigh on earnings growth until around 2027, the broker adds. Buy rating. Target is $1.75.

Target price is $1.75 Current Price is $1.14 Difference: $0.61
If ABG meets the Ord Minnett target it will return approximately 54% (excluding dividends, fees and charges).

Current consensus price target is $1.40, suggesting upside of 23.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Citi rates ACL as Buy (1) -

First half results from Australian Clinical Labs were weaker than expected and EBIT guidance has been reduced to $60-65m amid subdued second half pathology volumes.

Citi cuts FY24 and FY25 estimates for EPS by -19% and -9%, respectively. The broker observes the main issue centres on what is a sustainable EBIT margin, and assumes 10% by FY26. Buy rating retained. Target is reduced to $3.35 from $3.60.

Target price is $3.35 Current Price is $2.43 Difference: $0.92
If ACL meets the Citi target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $3.13, suggesting upside of 30.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Macquarie rates ACL as Neutral (3) -

Australian Clinical Labs posted first half revenue in line with expectation but higher opex led to a -33% miss on profit, Macquarie reports. FY24 earnings guidance has been cut by -8% and implies a 62.5% skew to the second half. The broker has cut its forecast to the lower end of the range.

The second half had started well, with underlying earnings up 204% year on year, but this growth rate has "materially moderated into February".

While Macquarie expects a recovery in pathology over the medium-longer term, subdued GP volumes are a near-term constraint. A
significant second half skew is required to meet the guidance provided.

The broker awaits signs of a recovery in GP consultations before becoming more positive. Neutral retained.

Target falls to $2.55 from $3.20.

Target price is $2.55 Current Price is $2.43 Difference: $0.12
If ACL meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $3.13, suggesting upside of 30.6% (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 AHL as Add (1) -

While Adrad's 1H revenue and pro forma earnings (EBITDA) were in line with Morgans expectations, underlying profit was a miss due to a higher D&A charge.

Distribution (formerly Aftermarket) and Heat Transfer Solutions (HTS) exhibited solid revenue growth, notes the analyst, rising by 7% and 8%, respectively. More negatively, HTS margins were impacted by warranty issues which have largely been fixed.

Management maintained FY24 guidance.

The target eases to $1.30 from $1.40 and the Add rating is maintained.

Target price is $1.30 Current Price is $0.77 Difference: $0.53
If AHL meets the Morgans target it will return approximately 69% (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 AMI as Outperform (1) -

Aurelia Metals' first half earnings were 41% higher than Macquarie expected, driven by higher revenue on in-line operating costs.

The miner is well capitalised to complete the Federation project, the broker notes, with net cash of $97.4m at the end of 2023 and total liquidity of $163m.

FY24 guidance has been maintained for gold, copper, zinc and lead production and cost guidance is also unchanged.

Outperform and 22c target retained.

Target price is $0.22 Current Price is $0.13 Difference: $0.09
If AMI meets the Macquarie target it will return approximately 69% (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 AMI as Speculative Buy (1) -

Aurelia Metals delivered a slightly softer result than Ord Minnett was expecting. Margins improved as cost reductions combined with higher gold prices.

The broker looks towards the upcoming site visit to Cobar which should showcase progress at Federation and the options within the region.

The strong financial position has likely de-risked the future growth trajectory and there is potential from further exploration success, none of which the broker asserts are captured in current trading. Speculative Buy rating and 21c target retained.

Target price is $0.21 Current Price is $0.13 Difference: $0.08
If AMI meets the Ord Minnett target it will return approximately 62% (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 APM as Equal-weight (3) -

First half results from APM Human Services International were largely in line with guidance and Morgan Stanley expects the stock will trade on the likelihood of a deal from a revised $2/share private equity bid, as opposed to fundamentals.

The broker remains concerned about elevated debt levels although notes cash conversion is strong at 95%. Equal-weight rating maintained along with a $1.22 target. Industry view is In-Line.

Target price is $1.22 Current Price is $1.60 Difference: minus $0.38 (current price is over target).
If APM meets the Morgan Stanley target it will return approximately minus 24% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.50, suggesting downside of -9.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

Ord Minnett rates APM as Accumulate (2) -

APM Human Services International has received a revised offer from CVC Asia-Pacific at $2 cash per share, having previously rejected the initial offer of $1.60.

Ord Minnett believes this proposal better reflects the long-term fundamental value and the likelihood of the deal closing is now considered "high".

Accordingly, the target is raised to $2. This development overshadows the first half result, the broker points out, which was largely in line with expectations. Accumulate rating.

Target price is $2.00 Current Price is $1.60 Difference: $0.4
If APM meets the Ord Minnett target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $1.50, suggesting downside of -9.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

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

Further to the initial reaction to Articore Group's first half result, Morgan Stanley highlights the recovery in margins and return to profitability at the EBITDA line. On the downside, sales continue to decline.

The broker now models second half sales to decline -5% and decreases EBITDA estimates by -30% for FY24. A return to sustained sales growth would mean a more positive view.

Equal-weight rating retained. Target is reduced to $0.55 from $0.70. Industry view: In-Line.

Target price is $0.55 Current Price is $0.51 Difference: $0.04
If ATG meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $0.63, suggesting upside of 24.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Morgans rates AVD as No Rating (-1) -

Avada Group's 1H revealed like-for-like revenue and earnings growth of 4% and 6%, respectively, and underlying profit rose by 19.3% to $3.2m. Margins were steady half-on-half, notes Morgans.

Management noted a strong pipeline of infrastructure projects and maintenance work, and did not comment on underlying earnings guidance last reaffirmed in November.

The board intends to declare a FY24 full year dividend, should the cash flow conversion continue on the current path, explains Morgans.

No rating or a target price is provided.

Current Price is $0.48. Target price not assessed.

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

Bell Potter rates AVG as Hold (3) -

Australian Vintage has managed to hold revenue flat year-on-year in the first half at $136.1m, with resilient brand premiumisation and mix went some way to offset volume declines. Underlying earnings of $8.6m represented 59% year-on-year growth, and a beat to Bell Potter.

Segmentally, the company saw a 3 basis point market share gain in Australia over the half, while market share remained flat in the UK.

The broker points out cost inflation is easing, albeit Australian Vintage still suffered a -$6.1m inflation impact in the first half. Inflation will continue to be offset by benefits of cost out, pricing and and improved gross margins.

The Hold rating is retained and the target price decreases to 41 cents from 46 cents.

Target price is $0.41 Current Price is $0.37 Difference: $0.045
If AVG meets the Bell Potter target it will return approximately 12% (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

Ord Minnett rates AWC as Hold (3) -

The 2023 results from Alumina Ltd were worse than Ord Minnett expected given an underlying net loss of -US$92m against its estimate of -US$24m. The year produced lower production volumes, higher inputs and weaker realised alumina prices.

AWAC will curtail alumina production at the Kwinana refinery in the second quarter while taking action at San Ciprian to improve profitability.

Ord Minnett points out an anticipated turnaround of the business may prove somewhat academic, given the Alcoa offer. Hold rating and $1.16 target.

Target price is $1.16 Current Price is $1.07 Difference: $0.09
If AWC meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $1.10, suggesting upside of 4.0% (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: 0.3

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

Ord Minnett rates BBT as Buy (1) -

BlueBet Holdings outperformed expectations in terms of gross profit margins leading to an EBITDA outcome that was ahead of Ord Minnett's forecasts.

The broker notes investment in product enhancement and better promotional targeting have enabled the business to acquire customers at a lower cost and greater margin.

Louisiana came online in January and the company is therefore at the end of the first stage of its US program, progressing discussions with potential partners regarding the B2B SaaS strategy. Buy rating retained. Target is $0.80.

Target price is $0.80 Current Price is $0.23 Difference: $0.57
If BBT meets the Ord Minnett target it will return approximately 248% (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 BOE as Upgrade to Buy from Hold (1) -

Boss Energy has reported a $57.6m profit after tax in the first half, with Bell Potter pointing out this was impacted by a $62.3m revaluation within the company's uranium inventory. 

The company continued to keep overheads tight in the period, with exploration expenditure picking up a little year-on-year to -$2.2m. It is expected the company will deploy -$45m for exploration and expansion studies, with the Honeymoon restart now complete.

The rating is upgraded to Buy from Hold and the target price decreases to $6.34 from $6.41.

Target price is $6.34 Current Price is $4.91 Difference: $1.43
If BOE meets the Bell Potter target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $5.70, suggesting upside of 13.7% (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 BOE as Outperform (1) -

Boss Energy's first half underlying result was largely as Macquarie expected. A gain on uranium inventory valuation saw reported profit materially beat. The first drum of uranium is expected to be produced from Honeymoon in the March quarter.

Boss has also acquired 30% of the high-grade Alta Mesa ISR project in Texas, growing its production base globally, the broker notes, and also has organic growth optionality as recent drilling success could see production increase.

Macquarie believes Boss Energy offers material upside at uranium spot prices versus its own forecasts.

Outperform and $6.00 target retained.

Target price is $6.00 Current Price is $4.91 Difference: $1.09
If BOE meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $5.70, suggesting upside of 13.7% (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

Morgan Stanley rates BTH as Overweight (1) -

Morgan Stanley assesses, for the first time in a while, Bigtincan Holdings has the potential to reset expectations. The broker lowers recurring revenue forecasts by -16-20% while upgrading EBITDA forecasts for FY24-25 as a result of cost reductions.

The main take from the first half results is that free cash flow profitability has accelerated, albeit at the expense of the top line.

The catalysts, in the broker's view, are delivery of margin expansion, balance sheet repair and a re-acceleration of sales.

Overweight retained as the installed recurring revenue base appears to have stabilised and the risk/reward remains attractive. Target is reduced to $0.38 from $0.73. Industry view: In line.

Target price is $0.38 Current Price is $0.22 Difference: $0.16
If BTH meets the Morgan Stanley target it will return approximately 73% (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 CCX as Hold (3) -

City Chic Collective posted in underlying EBITDA loss of -$7.5m in the first half, in keeping with the guidance provided in the January update.  Margins have recovered in the first eight weeks to February 25 and the average order value and selling price have increased.

Following an end to discounting activity, a return to profitability is anticipated in the second half, although Ord Minnett asserts there is a significant risk to this target.

This is particularly given sales declines are yet to stabilise and the consumer environment is weak. The broker retains a Hold rating and $0.50 target.

Target price is $0.50 Current Price is $0.47 Difference: $0.03
If CCX meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $0.57, suggesting upside of 28.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

Bell Potter rates CYC as Buy (1) -

Cyclopharm's full year result has demonstrated a 14% increase in commercial revenue to $26.4m, comprised of a 6% increase in Technegas revenues and a 24% increase in 3PL revenues.

Gross margins declined amid the sales mix shift towards lower margin items. The company reported an earnings loss of -$7.9m. 

Revenue generation from the Technegas US roll out has commenced, with the company set for installation of initial orders in the first quarter.

The Buy rating and target price of $3.80 are retained.

Target price is $3.80 Current Price is $1.80 Difference: $2
If CYC meets the Bell Potter target it will return approximately 111% (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

Citi rates DDR as Buy (1) -

Having had some more time to digest the H1 release, Citi analysts continue to feel more encouraged by Dicker Data's outlook, with management at the firm confident all segments will grow in FY24.

Citi analysts feel confident that growth will combine with enlarged margins on the back of improvement in New Zealand plus increased contribution from the DAS business.

The analysts hail the arrival of AI and project benefits will only grow in the years ahead. One of the comments made is that Microsoft is currently offering greater incentives for companies like Dicker Data to sell Microsoft Pilot.

Amendments to estimates consist of ups and downs, with the price target lifting 5% to $13.60. Buy.

Target price is $13.60 Current Price is $12.11 Difference: $1.49
If DDR meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $12.80, suggesting upside of 1.7% (ex-dividends)

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 DGL as Buy (1) -

DGL Group's reported first half earnings of $30.4m were an -8% miss to Bell Potter's forecasts for the company, while group revenues of $217m were also a miss. 

Segmentally, manufacturing and warehousing were in line with the broker, benefitting from $12.6m in acquisitions, while e-solutions also missed. 

Bell Potter expects full year revenue and earnings will prove broadly in line with the previous year. The Buy rating is retained and the target price decreases to 75 cents from $1.20. 

Target price is $0.75 Current Price is $0.70 Difference: $0.05
If DGL meets the Bell Potter target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $0.81, suggesting upside of 17.9% (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 DRO as Downgrade to Hold from Buy (3) -

DroneShield's full year result was largely in-line with Bell Potter's expectations, but with a significant net profit beat. Net profits of $9.3m were helped by a better than expected tax benefit of $6.2m. The company reported full year revenue of $55.1m and earnings of $3.8m. 

The broker was particularly interested in the greater insight provided into the company's increased pipeline. The current sales pipeline totals $510m, with $338m related to 2024.

The company also has a $29m contracted order book, and a further $57m in potential contracts.

The rating is downgraded to Hold from Buy and the target price increases to 90 cents from 50 cents.

Target price is $0.90 Current Price is $0.93 Difference: minus $0.03 (current price is over target).
If DRO meets the Bell Potter target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in December.

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 DSE as Buy (1) -

Dropsuite’s FY23 result was broadly in-line with Ord Minnett across all key metrics, noting results were largely pre-released in January. The company delivered positive operating cash flow and free cash flow for a third consecutive year, the broker notes.

Dropsuite has provided qualitative guidance for FY24, being strong market tailwinds for cyber security and regulation, pursuing accretive M&A opportunities, annual recurring revenue to continue, plus internal investment to drive continued growth.

Ord Minnett sees Dropsuite as striking the right balance between growth and profitability and expects this dynamic to persist for the next few years given a large, under-served addressable market and structural industry tailwinds remaining in place.

Buy (Higher Risk) and 34c target retained.

Target price is $0.34 Current Price is $0.27 Difference: $0.075
If DSE meets the Ord Minnett target it will return approximately 28% (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 DSE as Buy (1) -

Dropsuite provided a 2023 result that was largely preannounced. Shaw and Partners upgrades FY24-26 revenue forecasts by 8-9% and cash costs by 11-12%.

Qualitative guidance was unchanged, in line with expectations, and the company is considered well-positioned to deliver recurring revenue growth, maintaining cash flow and profitability broadly in line with 2023 levels.

Shaw and Partners reiterates its Buy rating and raises the target to 41c from 35c.

Target price is $0.41 Current Price is $0.27 Difference: $0.145
If DSE meets the Shaw and Partners target it will return approximately 55% (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

Morgans rates EBR as Speculative Buy (1) -

FY23 results for EBR Systems were broadly in line with Morgans expectations. A net loss of -US$35m was greater than the  broker's --US$34m forecast, largely due to a US$3m increase in interest expense.

The analysts see around eight quarters of runway afforded by around US$73m of cash/short term investments on hand, given the current quarterly cash burn of circa -US$9.5m.

Management noted the design and verification testing schedule for the final Premarket Approval (PMA) module remains on track. A FDA filing should occur in the 3Q of 2024.

The Speculative Buy rating and $1.49 target are unchanged.

Target price is $1.49 Current Price is $0.81 Difference: $0.685
If EBR meets the Morgans target it will return approximately 85% (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

Morgans rates EPY as Add (1) -

Commenting on EarlyPay's 1H result, Morgans notes the recent management focus has been on improving risk controls and the funding structure. This strategy is expected to result in lower 2H earnings but also a lower-risk earnings base.

EarlyPay reported underlying profit and pro forma profit of $2.2m and $2.9m, respectively.

FY24 guidance is for more than $4.8m pro-forma profit, implying to the analysts $1.9m of profit in the 2H.

The company expects to resume dividend payments in the 2H and Morgans forecasts 0.8cps. A buyback and/or acquisitions will also be considered, noted management.

The Add rating and 28c target are unchanged.

Target price is $0.28 Current Price is $0.20 Difference: $0.08
If EPY meets the Morgans 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

Bell Potter rates FDV as Buy (1) -

Frontier Digital Ventures disclosed full year portfolio earnings of $7.8m, with revenue from consolidated entities up 15% to $67.9m and revenue from equity accounted entities down -50.5% to $12.8m. 

Having focused on operating profitability and positive cash flow through 2023, Bell Potter notes the company appears to have shifted towards a focus on balancing margin expansion and cash flow with revenue growth. 

The broker feels the Iris platform is the company's most immediate opportunity to accelerate revenue growth, with the platform targeting a $1.2bn annual commission pool. 

The Buy rating is retained and the target price increases to 77 cents from 74 cents.

Target price is $0.77 Current Price is $0.43 Difference: $0.345
If FDV meets the Bell Potter target it will return approximately 81% (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

Citi rates FLT as Buy (1) -

Further to the first half result from Flight Centre Travel, Citi still considers the result messy, albeit in line. Guidance implies around $320m, post amortisation, as the base for future earnings. Hence, adjustments are less significant than the price action implies.

While the company reported ticket prices fell -13% there was no mention that the reduction has accelerated materially. As Flight Centre is now definitely a corporate business it implies higher group margins in the future.

The broker suggests FY25 should reveal a year of full capacity in domestic and international with real airline prices largely in line with the period before the pandemic.

Citi suspects it will be the strongest macro environment for the company in five years and retains a Buy rating. Target rises to $24.15 from $23.60.

Target price is $24.15 Current Price is $20.89 Difference: $3.26
If FLT meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $24.51, suggesting upside of 14.5% (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 FLT as Outperform (1) -

Flight Centre Travel has reiterated FY24 guidance, which implies a second half 69% profit skew above historical levels, Macquarie notes, on seasonality. Profit is still in a recovery phase.

Second half trading has started well with ongoing solid demand in Corporate and Leisure, driving the second-strongest total transaction value start to year ahead of the seasonally busiest March quarter.

Flight Centre is executing well, Macquarie suggests, winning market share, delivering improving revenue and profit margins, and progressing towards its 2% profit target.

On an undemanding valuation, the broker retains Outperform. Target rises to $23.25 from $22.15.

Target price is $23.25 Current Price is $20.89 Difference: $2.36
If FLT meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $24.51, suggesting upside of 14.5% (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

Morgans rates FLT as Add (1) -

Morgans believes consensus underestimated Flight Centre Travel's seasonal skew and, consequently, forecasts materially missed the company's 1H results, explains Morgans.

Regarding the broker's forecasts, Corporate and Leisure (the two key segments) both beat estimates, and margins are scaling nicely in the analysts' view.

Morgans believes the company is well on track to deliver FY24 earnings guidance (which management reaffirmed) and post-result share price weakness presents a buying opportunity. The Add rating is maintained and the target rises to $27.27 from $26.00. 

Management raised FY24 profit (NPBT) guidance to $300-340m from $270-310m, observe the analysts, as the accountants are now backing out non-cash convertible notes amortisation of around -$30m.

Target price is $27.27 Current Price is $20.89 Difference: $6.38
If FLT meets the Morgans target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $24.51, suggesting upside of 14.5% (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 FLT as Buy (1) -

Flight Centre Travel's result was in line with Ord Minnett and highlighted a business that has re-invented itself post covid, such that the
the total transaction value target appears within reach, the broker comments.

The result was overshadowed by the confusion and uncertainty surrounding the “upgraded guidance” driven by a change in accounting treatment for the amortisation of convertible notes.

Ord Minnett notes that while it was not a good day to spring this, it has no impact.

The key from the broker's perspective was the material improvement in performance of the Leisure and Corporate Divisions. Both reported solid sales growth, higher revenue margins, and a material improvement in profit margins.

Ord Minnett retains Buy and sees the current share price weakness as a buying opportunity. Target falls to $25.39 from $26.68.

Target price is $25.39 Current Price is $20.89 Difference: $4.5
If FLT meets the Ord Minnett target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $24.51, suggesting upside of 14.5% (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 FLT as Neutral (3) -

Further to the first half result from Flight Centre Travel, which slightly missed forecasts, UBS reduces FY24-27 estimates for EBITDA by -2-4%.

The broker points out management has observed no discernible deterioration in consumer sentiment and leisure demand remains strong with 65% of corporates expecting higher travel expenditure in 2024. Reduced airfares should also support demand.

UBS finds the risk/reward balanced given uncertainty surrounding the execution on the 2% pre-tax profit target for FY25. Neutral retained. Target is reduced to $22.50 from $23.00.

Target price is $22.50 Current Price is $20.89 Difference: $1.61
If FLT meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $24.51, suggesting upside of 14.5% (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 GMD as Initiation of coverage with Neutral (3) -

UBS initiates coverage on Genesis Minerals with a Neutral rating and $1.75 target. The broker is comfortable 300,000 ozpa is achievable from the large gold inventory and two processing hubs.

Capital expenditure, forecast at -$160m/year over the next three years, is expected to deliver the growth before the free cash per yield lifts to around 3-5%.

Despite a positive outlook on gold for the next 12-18 months, UBS observes a lot of the growth is already priced in by the market.

Target price is $1.75 Current Price is $1.58 Difference: $0.175
If GMD meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $1.91, suggesting upside of 25.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Macquarie rates KLS as Outperform (1) -

Kelsian Group has grown its first half earnings with the All Aboard America! (AAAHI) acquisition, Singapore recovering and Marine & Tourism performing well over the first quarter, Macquarie notes.

D&A and net interest expenses came in higher than the broker's expectations, which drives downgrades to earnings expectations.

The outlook is still focused on the tendering pipeline and M&A, Macquarie notes. The second half will benefit from the ramp-up of new Sydney contracts and Bankstown rail replacement, AAAHI momentum and the return of international tourism and fare increases for Marine & Tourism.

Outperform and $7.70 target retained.

Target price is $7.70 Current Price is $5.80 Difference: $1.9
If KLS meets the Macquarie target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $7.17, suggesting upside of 20.3% (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 KLS as Hold (3) -

Despite Kelsian Group's modest growth outside the International Bus Division, group earnings for the half were broadly in line with Ord Minnett's expectations. The miss at the profit level reflected much higher-than-expected depreciation and interest expenses.

The result highlighted the increasing importance of the US market as the major source of growth for the group. The broker's estimates suggest the AAAHI acquisition is tracking well ahead of guidance at the time of acquisition.

The modest growth delivered by the Australian Bus and Tourism & Marine during the half has certainty heightened pressure on the US to be the key “breadwinner” moving forward, Ord Minnett suggests.

Target falls to $5.91 from $6.26, Hold retained.

Target price is $5.91 Current Price is $5.80 Difference: $0.11
If KLS meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $7.17, suggesting upside of 20.3% (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 KSL as Add (1) -

FY23 net profit and underlying profit for Kina Securities beat Morgans forecasts by 3.5% and 10%, respectively, as costs and bad debts were well contained in a tough net interest margin environment.

The price target for Kina Securities rises to $1.24 from $1.14 after the broker raises EPS forecasts on a higher forecast for non-interest income and lower cost estimates.Add rating retained. 

A 6cps interim dividend was declared and no detailed guidance was provided, notes the analyst.

Target price is $1.24 Current Price is $0.90 Difference: $0.34
If KSL meets the Morgans target it will return approximately 38% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 1.0

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

Morgans rates LNW as No Rating (-1) -

Morgans assesses a strong 4Q result for Light & Wonder with consolidated revenue rising by 13% on the previous corresponding period, and a slight beat compared to the consensus forecast.

For the eleventh consecutive quarter revenue grew, and this quarter's beat against consensus was driven by double-digital growth across the Gaming, SciPlay and iGaming segments, explains the analyst.

Earnings (EBITDA) also beat consensus by 6% due to operating efficiencies across all businesses, notes the broker.

Management noted the business is well-positioned to continue its growth trajectory.

Morgans doesn't provide a forecast, a target or a rating.

Current Price is $154.94. Target price not assessed.

Market Sentiment: 0.0

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

Ord Minnett rates LNW as Hold (3) -

Light & Wonder's 2023 earnings were up 22%, 3% ahead of Ord Minnett.

The firm enjoyed double-digit revenue and earnings growth across all segments by leveraging content R&D spending across gaming, the broker notes.

However, while hit games can come down to chance, Ord Minnett does not believe Light & Wonder has garnered the appropriate intellectual property or brand assets to enjoy excess economic returns over the long run, particularly given stiff competition from Aristocrat Leisure ((ALL)).

Target rises to $150 from $140, Hold retained.

Target price is $150.00 Current Price is $154.94 Difference: minus $4.94 (current price is over target).
If LNW meets the Ord Minnett target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Morgans rates MAP as Speculative Buy (1) -

There were no surprises for Morgans within 1H results for Microba Life Sciences given quarterly reporting.

Losses increased to -$11.5m from -$5.7m due to R&D activity ramping-up, acquisition costs and expenses incurred prior to new product launches, explain the analysts.

While no guidance was provided, management expects 2024 will be a breakthrough year, a sentiment the broker goes along with due to the imminent launch of MetaPanel, and the opening of international sales channels.

The Speculative Buy rating and 35c target are maintained.

Target price is $0.35 Current Price is $0.19 Difference: $0.165
If MAP meets the Morgans target it will return approximately 89% (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 MEZ as Lighten (4) -

Ord Minnett assesses a "solid" 1H for Meridian Energy, especially as dry weather reduced the hydroelectric output and there were positive one-offs in the previous corresponding period.

Wholesale earnings (EBITDA) increased by 28% in the 1H mainly due to higher sales prices, notes the analyst.

While the broker believes Meridian Energy is in "robust financial health", the Lighten rating is kept on overvaluation and the NZ$4.80 target is also unchanged.

Current Price is $5.28. Target price not assessed.

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: -1.0

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

Morgans rates MME as Speculative Buy (1) -

Most key 1H metrics for MoneyMe had been pre-released. Total revenue fell by -11% on the previous corresponding period on a gross loan book of around $1.2bn, which was a flat outcome on the sequential half, explains Morgans.

The broker highlights ongoing improvement in asset quality within the lending book as the business originates an increasing proportion of secured assets.

As a result of this change, and a valuation roll-forward, Morgans' target falls to 23c from 25c. The Speculative Buy rating is maintained.

Target price is $0.23 Current Price is $0.08 Difference: $0.15
If MME meets the Morgans target it will return approximately 188% (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 MTO as Hold (3) -

First half profit for Motorcycle Holdings was down -6% on Morgans forecast, while earnings (EBITDA) -pre-AASB- of $14.2m were inside the $14-16m range guided by management.

There was improving trade in January/February, and management further noted the company's market share of new motorcycles is continuing to grow and the product range is expanding.

The broker's Hold rating is maintained and the target reduced to $1.90 from $1.95. It's felt the operating performance will improve in the 2H.

An interim dividend of 3cps was declared. The analyst forecasts a 7cps final dividend.

Target price is $1.90 Current Price is $1.67 Difference: $0.23
If MTO meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Morgans rates MX1 as Speculative Buy (1) -

First half results for Micro-X were broadly in line with Morgans expectations.

The broker highlights the upcoming commercial launch of Argus is the key near-term focus for management. Sales to key security and policy agencies are expected soon.

Sales for the mobile x-ray (Mobile DR) product totaled $4.4m for the 1H and the analysts forecast $5m for the 2H.

The Speculative Buy rating is maintained and the target eases to 25c from 27c. Morgans doesn't rule out a need for additional capital to fund working capital requirements.

Target price is $0.25 Current Price is $0.12 Difference: $0.135
If MX1 meets the Morgans target it will return approximately 117% (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 NHF as Downgrade to Hold from Add (3) -

While nib Holdings' 1H underlying operating profit beat the consensus estimate by 13%, Morgans assesses the outperformance was of low quality. The main driver, notes the analyst, was a covid provision release in the Australia Residents Health insurance (ARHI) business.

The broker forecasts slightly softer earnings for all key divisions and reduces its target to $8 from $8.47. As share price upside to valuation is reduced, the rating for nib Holdings is downgraded to Hold from Add.

It's also difficult for the broker to judge how long claims tailwinds (linked to covid) will continue to support ARHI super profits.

Management lowered New Zealand net margin guidance to 7-8% from 8-9%.

An interim dividend of 15cps was declared compared to the 14cps expected by consensus.

Target price is $8.00 Current Price is $7.38 Difference: $0.62
If NHF meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $8.04, suggesting upside of 10.5% (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

Shaw and Partners rates NOL as Buy (1) -

NobleOak Life delivered first half results that revealed it continues to win market share. FY24 guidance is for growth of 15-20% and Shaw and Partners expects the lower end of the range, maintaining relatively conservative forecasts beyond FY24 which provide plenty of room for upside.

Forecasts reflect the new accounting standards while the investment thesis is maintained. Insurance margins remain strong, with the net claims experience better than the broker expected. Buy rating retained. Target is unchanged at $2.85.

Target price is $2.85 Current Price is $1.48 Difference: $1.37
If NOL meets the Shaw and Partners target it will return approximately 93% (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 NXT as Buy (1) -

In yet another research update on NextDC following this week's H1 release, Citi analysts have adopted the view the company's booking momentum will only increase further over the medium term as AI is genuinely ramping up.

Citi sees potential for 50 MWs per annum of bookings in the next few years, and increasing further.

Forecasts have been upgraded but only to take into account lower interest costs in the short term. The big momentum build is expected to genuinely show up medium to longer term.

Citi's target price lifts by 28% to $19.75. Buy.

Target price is $19.75 Current Price is $17.15 Difference: $2.6
If NXT meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $17.23, suggesting downside of -1.7% (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

Morgans rates NXT as Add (1) -

NextDC’s 1H result revealed revenue in line with Morgans forecast and a 7% beat for earnings (EBITDA), largely due to timing changes for additional growth-related operating costs.

For the broker, the symbiotic relationship between hyperscale and enterprise (cloud and corporate colocation) is the key attraction of NextDC.

While cloud/hyperscale represented the majority of the record 149MW’s contracted (a 77% rise) in the 1H, the company also sold a record 4MW of enterprise capacity in the 2Q of FY23, explains the analyst.

The broker’s forecasts for the next three years are largely unchanged, but medium-term estimates rise due to increased confidence in the outlook.

The target is increased to $20.00 from $14.50. Add. It’s felt the post-result share price rise is related to general excitement around the significant upcoming wave of digital demand.

Target price is $20.00 Current Price is $17.15 Difference: $2.85
If NXT meets the Morgans target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $17.23, suggesting downside of -1.7% (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

UBS rates NXT as Buy (1) -

UBS welcomes the strong result from NextDC with first half revenue and underlying earnings ahead of expectations. Demand is strong, driven by the cloud, AI and the enterprise shift to co-location. Momentum in contracted megawatts continues.

UBS considers the business in a favourable position to benefit from strong baseline cloud demand, and the main constraints to growth are inventory in the short term and energy availability over the longer term. Buy rating and $20.10 target, raised from $17.20.

Target price is $20.10 Current Price is $17.15 Difference: $2.95
If NXT meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $17.23, suggesting downside of -1.7% (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

Morgans rates PBP as Hold (3) -

Probiotec's 1H result was in line with Morgans forecasts and company guidance. Underlying profit was $6m in a broadly flat year-on-year performance.

Indonesian-based pharmaceuticals company Pyridam is seeking to acquire Probiotec at $3.00/share. The broker notes shareholders will receive a scheme booklet in early-April and a scheme meeting is scheduled for May 29.

An interim dividend of 3cps was declared. The $3.00 target and Hold rating are maintained.

Target price is $3.00 Current Price is $2.79 Difference: $0.21
If PBP meets the Morgans 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: 0.0

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

Ord Minnett rates PNV as Sell (5) -

Ord Minnett leaves its earnings estimates broadly unchanged in the wake of 1H results by PolyNovo. A 55% increase in 1H sales was mainly due to the opening of 223 new hospital accounts, which suggests to the broker effective marketing.

The Sell rating is maintained as the analyst believes the market is too optimistic about both the speed and the extent of PolyNovo's commercial rollout and the required spending on R&D to stay competitive in the long-term. The $1.00 target is unchanged.

Target price is $1.00 Current Price is $2.13 Difference: minus $1.13 (current price is over target).
If PNV meets the Ord Minnett target it will return approximately minus 53% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.01, suggesting downside of -10.5% (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 PPM as Neutral (3) -

In an early assessment of today's FY23 result released by Pepper Money, Citi notes an underlying profit beat of between 8-12% against consensus forecasts, largely due to lower bad and doubtful debts (BDD). The 2% net interest margin (NIM) met expectations.

Overall, the broker assesses a largely in-line result.

The -$40m BDD charge, compared to the consensus expectation for -$55m, related to a whole of loan sale in asset finance releasing a provision model overlay, explains the broker. Adjusting out this difference, revenue ex-BDDs was in line.

While lending assets under management (AUM) beat expectations, slowing mortgage churn was responsible, rather than better originations, notes Citi.

A 10% buyback and higher dividend payout ratio in future periods was announced, which suggests to the broker slower growth and a smaller balance sheet going forward.

The analyst believes near-term return on equity (ROE) improvement is being prioritised over long term-value creation.

Target $1.40. Neutral.

Target price is $1.40 Current Price is $1.42 Difference: minus $0.015 (current price is over target).
If PPM meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Citi rates PPT as Neutral (3) -

Citi assesses the prospects for Perpetual remain dependent on the outcome of the strategic review and the benefits of a separate future for Corporate Trust and Wealth Management divisions. Without the ensuing benefits the broker believes the outlook will be difficult.

Citi lowers FY25 and FY26 estimates for EPS by -2% and maintains that investors need to decide whether to gamble on a positive outcome from the strategic review or remain on the sidelines. Neutral retained. Target is reduced to $25.70 from $26.30.

Target price is $25.70 Current Price is $24.36 Difference: $1.34
If PPT meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $26.99, suggesting upside of 13.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

Macquarie rates PPT as No Rating (-1) -

Perpetual's first half result was below Macquarie's expectations on revenue and costs. And revenue was inflated by corporate costs and a one-off benefit from a lease modification.

Macquarie is on research restriction.

Current Price is $24.36. Target price not assessed.

Current consensus price target is $26.99, suggesting upside of 13.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

Morgan Stanley rates PPT as Overweight (1) -

The first half result from Perpetual missed Morgan Stanley's estimates, attributed to higher costs and asset management. While revenue was broadly in line with expectations this appears to be supported by a one-off earn-out provision release.

The broker also notes there was no update on the strategic review, and expects a modestly negative share price reaction to the numbers.

Pendal synergies are running ahead of plan but this was not enough to protect costs. Morgan Stanley retains an Overweight rating and $28.10 target. Industry view is In-Line.

Target price is $28.10 Current Price is $24.36 Difference: $3.74
If PPT meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $26.99, suggesting upside of 13.4% (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 PPT as Hold (3) -

Thanks to effective cost containment, 1H earnings for Perpetual exceeded Ord Minnett's forecast but profit fell short of expectation, despite a 46% rise on the previous corresponding period, with the inclusion of Pendal.

According to Ord Minnett, Perpetual's recent share price retreat suggests fading optimism for a successful acquisition by WH Soul Pattinson ((SOL)).

The Hold rating and $27.50 target are retained.

Target price is $27.50 Current Price is $24.36 Difference: $3.14
If PPT meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $26.99, suggesting upside of 13.4% (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 PPT as Neutral (3) -

Further to the first half result from Perpetual, which slightly missed expectations, UBS notes the strategic review update was deferred to April, a disappointment given the level of interest in the company's assets.

The broker notes asset management earnings have deteriorated and margins in the key Corporate Trust divisions have compressed further.

Further delays to the review could prove detrimental, UBS asserts, particularly if existing shareholders end up retaining the asset management business.

The broker's still of the view the business is over geared for one that is leveraged to equity markets and retains a Neutral rating. Target is reduced to $25 from $27.

Target price is $25.00 Current Price is $24.36 Difference: $0.64
If PPT meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $26.99, suggesting upside of 13.4% (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

Shaw and Partners rates QOR as Buy (1) -

Qoria posted a first half result which was broadly in line with expectations. The second half is seasonally stronger with price increases and UK regulatory changes providing positive impetus allowing Shaw and Partners to forecast positive cash flow in the first half of FY25.

The company has highlighted cost reductions have improved cash operating earnings (EBITDA) by around $6m. The broker forecasts FY25 cash EBITDA of $4m. Buy rating reiterated along with a $0.40 target.

Target price is $0.40 Current Price is $0.24 Difference: $0.16
If QOR meets the Shaw and Partners target it will return approximately 67% (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 RHC as Neutral (3) -

In initial response, Citi notes Ramsay Health Care's first half earnings were below consensus expectations and expects a negative share price reaction. Adjusted net profit of $140m was 16% ahead, helped by lower minority interests.

The company still expects top-line growth and margin recovery to be slowed down by ongoing cost pressures, combined with an increase in digital and data expenditure. Citi retains a Neutral rating and $51 target.

Target price is $51.00 Current Price is $51.19 Difference: minus $0.19 (current price is over target).
If RHC meets the Citi target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $56.14, suggesting upside of 2.5% (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 RMC as Upgrade to Buy from Hold (1) -

As expected, says Bell Potter, Resimac Group's half year results were down, but more positively the broker sees signs of a turnaround in new settlements. First half net profits were down -48% year-on-year to $20.1m, with loan book growth anticipated in the second half.

Resimac Group's asset finance business has continued to grow, now having surpassed $1bn, spurred on by tight cost control. The broker feels forward-looking indicators appear good, but the company is not yet out of the woods.

The rating is upgraded to Buy from Hold and the target price increases to $1.30 from $1.19.

Target price is $1.30 Current Price is $0.99 Difference: $0.31
If RMC meets the Bell Potter target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $1.13, suggesting upside of 10.0% (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 RMY as Buy (1) -

RMA Global pre-reported first half earnings of -$1.9m and a net loss of -$2.1m. For Bell Potter the headline of the result was a 51% year-on-year increase in US subscription revenue to $2.2m, as well as slighlty higher Australia and New Zealand revenue. 

Improving US subscription revenues is central to the broker's thesis on RMA Global, and the company is achieving this amid a difficult operating environment.

The broker sees high risk of an equity raise given cash burn in the half. The Buy rating is retained and the target price decreases to 12 cents from 14 cents.

Target price is $0.12 Current Price is $0.07 Difference: $0.05
If RMY meets the Bell Potter target it will return approximately 71% (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 RRL as Sell (5) -

Citi updates its modelling to take into account the first half results with EBITDA well ahead of expectations. Regis Resources expects a $20m cash refund in the second half and has made no changes to FY24 guidance.

The McPhillamys section 10 approvals remain outstanding and a funding strategy is expected in the June quarter. Updates on Duketon growth projects are also expected in the second half. Sell rating and $1.25 target retained.

Target price is $1.25 Current Price is $1.83 Difference: minus $0.58 (current price is over target).
If RRL meets the Citi target it will return approximately minus 32% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.08, suggesting upside of 14.1% (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

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

Steadfast Group missed Morgan Stanley's estimates for the first half, largely because of timing. The broker is confident in the multi-year growth opportunity but, with the stock trading on a 19x net profit PE, suspects investors probably need execution on the US expansion to justify a premium multiple.

On the positive side, there was no change to FY24 guidance and network gross written premium growth was 14.3%. On the downside, lower revenues meant the broking division missed estimates by -11.5%.

Morgan Stanley retains an Equal-weight rating and reduces the target to $6.10 from $6.20. Industry view: In-Line. 

Target price is $6.10 Current Price is $5.71 Difference: $0.39
If SDF meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $6.38, suggesting upside of 9.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Ord Minnett rates SDF as Hold (3) -

Steadfast Group revealed 1H revenue and earnings (EBITDA) growth of 19% and 21%, respectively. Ord Minnett attributes this good performance to not only higher premiums but also volume growth from new client wins and the addition of new brokers.

The benefit of higher interest rates on deposited customer premiums (before they are forwarded to the insurer) was tempered by higher interest costs on debt.

Management reiterated FY24 guidance, implying to the analyst around 20% profit growth for the financial year.

A fully franked interim dividend of 6.75cps was declared and Ord Minnett expects a 17cps total for FY24.

The Hold rating and $6.30 target are unchanged.

Target price is $6.30 Current Price is $5.71 Difference: $0.59
If SDF meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $6.38, suggesting upside of 9.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

UBS rates SDF as Buy (1) -

First half underlying net profit from Steadfast Group missed UBS estimates, although this is explained by the skew to the second half in terms of recent acquisitions.

The broker welcomes the reaffirmation of FY24 guidance, suspecting any upgrade to forecasts is likely to be deferred to the third or fourth quarter.

Margins remain an area of disappointment in broking and the trajectory of margins will be of increasing interest in the broker's opinion. Buy rating retained. Target edges down to $6.70 from $6.80.

Target price is $6.70 Current Price is $5.71 Difference: $0.99
If SDF meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $6.38, suggesting upside of 9.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Morgans rates SLH as Add (1) -

Morgans assesses a "resilient" 1H result for Silk Logistics in light of soft trading conditions, recent port disruptions and a larger-than-expected pullback in customer inventories.

While underlying earnings (EBITDA) beat the broker's forecast by 3%, underlying profit missed by -6%.

The broker downgrades its FY24 earnings (EBIT) forecast by -14% to more closely align with management's FY24 guidance for between $34-37m. The company expects conditions will remain challenging for the rest of the year.

A fully franked interim dividend of 2.8cps was declared. Morgans' target falls to $2.65 from $3.00 and the Add rating is maintained.

Target price is $2.65 Current Price is $1.54 Difference: $1.115
If SLH meets the Morgans target it will return approximately 73% (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 SPK as Neutral (3) -

Spark New Zealand reported first haIf earnings below Macquarie but reaffirmed FY24 guidance, suggesting a heavy second half bias. The implied bias is not uncommon, the broker notes, and Spark has confidence in its ability to deliver necessary revenue/opex outcomes.

The company had biased its capex investment towards the first half to enable it to drive revenue growth and, in particular, cost containment in the second, Macquarie points out, to support the quantum lift in earnings required to meet guidance.

Spark NZ continues to offer dependable modest earnings growth and annual forecast dividend growth of some 3.5%. In times of cyclical
uncertainly and market volatility, this defensive attribute is valued by investors, Macquarie suggests.

Neutral and NZ$5.29 target retained.

Current Price is $4.81. Target price not assessed.

Current consensus price target is $4.50, suggesting downside of -4.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

This company reports in NZD. 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 SPK as Hold (3) -

Spark New Zealand's 1H adjusted revenue rose by 1% though net profit fell by -5% largely due to higher interest costs and the impact of a NZ$159m stock buyback, explains Ord Minnett.

The analyst's forecasts are largely unchanged and the Hold rating and target price of $4.50 are retained.

Mobile gross profit increased by 4%, while voice and broadband gross profit fell by -28% and -1%, respectively. Within mobile, the broker notes mobile services revenue rose by 6% and the gross margin expanded by 100bps to 66.2%.

Target price is $4.50 Current Price is $4.81 Difference: minus $0.31 (current price is over target).
If SPK meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.50, suggesting downside of -4.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

This company reports in NZD. 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

Bell Potter rates STX as Buy (1) -

It is Bell Potter's opinion that Strike Energy's financials are yet to reflect the transition to producer from explorer, nor its completed Talon Energy acquisition and increased Walyering ownership.

The company reported first half revenue of $8.1m, earnings of $0.9m and profit before tax of -$7.4m. 

Testing of the unsuccessful South Erregulla 2 and 3 wells continues, hoping to inform a resource and reserve upgrade and development plan by mid-year. As per Strike Energy, results have restricted future upside potential of the field.

The Buy rating is retained and the target price decreases to 32 cents from 46 cents.

Target price is $0.32 Current Price is $0.21 Difference: $0.11
If STX meets the Bell Potter target it will return approximately 52% (excluding dividends, fees and charges).

Current consensus price target is $0.35, suggesting upside of 57.6% (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 TYR as Accumulate (2) -

First half earnings (EBITDA) released by Tyro Payments slightly beat Ord Minnett's forecast. The earnings margin of 26%, up from 20% in the previous corresponding period, demonstrates strong operating leverage, in the analyst's view.

Management's FY24 guidance suggests to the broker ongoing growth for volumes and earnings.

The Accumulate rating is unchanged and the target falls to $1.85 from $2.00 after Ord Minnett lowers its transaction volume forecasts. It's felt higher borrowing costs and cost of living pressures will weigh on medium-term consumer spending.

Target price is $1.85 Current Price is $1.05 Difference: $0.8
If TYR meets the Ord Minnett target it will return approximately 76% (excluding dividends, fees and charges).

Current consensus price target is $1.54, suggesting upside of 36.0% (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

Shaw and Partners rates TYR as Buy (1) -

First half results from Tyro Payments were strong with costs better than Shaw and Partners expected. EBITDA guidance for FY24 has been upgraded to $54-58m and gross profit to $208-215m. The broker finds this encouraging, building on what is historically a strong first half.

Operating leverage was a highlight as EBITDA margins increased 5.6 percentage points. Shaw and Partners believes the sell-off in the stock provides a "fantastic" entry point and reiterates its Buy rating. Target is $1.60.

Target price is $1.60 Current Price is $1.05 Difference: $0.55
If TYR meets the Shaw and Partners target it will return approximately 52% (excluding dividends, fees and charges).

Current consensus price target is $1.54, suggesting upside of 36.0% (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

Shaw and Partners rates VGL as Buy (1) -

Shaw and Partners welcomes the 2023 results from Vista International with revenue in line and costs lower than expected. Hence, the broker believes investors should clearly envisage the potential for positive cash flow in the fourth quarter of 2024.

2024 revenue has been guided to between $152-157m and recurring revenue of $134-139m.The company has signed two new customers, Flix Brewhouse and Galaxy Theatres, post its prior update.

The broker is encouraged by the cloud momentum, expecting this to build through 2024. Buy rating reiterated. Target is raised to $2.20 from $2.00.

Target price is $2.20 Current Price is $1.54 Difference: $0.66
If VGL meets the Shaw and Partners target it will return approximately 43% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 1.0

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

Macquarie rates WAF as Outperform (1) -

West African Resources' updated ten-year production outlook suggests total production 6% higher than Macquarie's prior estimate.

The new outlook includes M5 underground for the first time, which the broker had already included, and Kiaka first gold is now expected in the Sep Q, in line with expectations.

Kiaka is on budget thus far, Macquarie notes, but timing and cost control for the development remain important.

Outperform and $1.40 target retained.

Target price is $1.40 Current Price is $0.86 Difference: $0.54
If WAF meets the Macquarie target it will return approximately 63% (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

Citi rates WDS as Sell (5) -

Prior to Woodside Energy's 2023 results release, Citi had upgraded 2023 estimates for net profit by 10%. Post the release, the broker has added modest increases on top.

The analysts do question management's mantra of prioritising 'value' over 'volume' when unsanctioned growth lacks scale?

Citi finds the investment case looks "complicated" following three years of declining dividends. The broker is projecting lower dividends ahead: on constant FX and energy prices that dividend is projected to fall to 105c in 2026 (from 140c in 2024).

The broker has retreated from its funding shortage call. Still prefers Santos ((STO)) for the time being. Sell. Target $26.

Target price is $26.00 Current Price is $30.17 Difference: minus $4.17 (current price is over target).
If WDS meets the Citi target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $33.70, suggesting upside of 10.8% (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: 0.3

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

Morgans rates WDS as Add (1) -

Woodside Energy's FY23 underlying earnings (EBITDA) and profit beat consensus forecasts by 1% and 9%, respectively, due to better-than-expected production costs, royalties and D&A expense, explains Morgans.

The final dividend of US60cps also beat forecasts by consensus and the broker for US48cps and US40cps, respectively, supported by the recent agreement to sell-down a -15% stake in Scarborough, note the analysts.

The broker highlights gearing of 12% is at the low end of management's targeted range of 10-20%.

The Add rating is maintained and the target price eases to $34.20 from $34.30.

Target price is $34.20 Current Price is $30.17 Difference: $4.03
If WDS meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $33.70, suggesting upside of 10.8% (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: 0.3

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

Citi rates WOR as Buy (1) -

Further to the first half result from Worley, which was largely in line and demonstrated consistency, Citi opens a "positive 90-day catalyst watch" focused on the potential for contract wins in the Middle East.

The broker suspects Saudi Arabia is the opportunity that is not yet fully appreciated by the market. The company has also indicated it could be shortly announcing a sizeable new contract and executives were travelling to Saudi Arabia. Buy rating and $20.50 target.

Target price is $20.50 Current Price is $16.10 Difference: $4.4
If WOR meets the Citi target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $18.46, suggesting upside of 10.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Macquarie rates WOR as Outperform (1) -

Worley's first half underlying profit was just below Macquarie's estimate. Stronger than expected cash flow was a key positive. The company's growing backlog and factored sales pipeline support a positive outlook, the broker suggests.

Worley has captured profitable market share over the last 12-18 months, and there is potential for further contract wins in the near term which should also help mitigate concerns post Ecuador issues.

The result confirmed a robust earnings outlook supported by progress towards a 7.5-8.0% earnings margin target and double-digit revenue growth in the base business, Macquarie suggests.

The broker observes Worley shares are back trading close to a market multiple but with above average earnings growth prospects.

Outperform retained, target falls to $18.10 from $18.85 on a higher risk-free rate.

Target price is $18.10 Current Price is $16.10 Difference: $2
If WOR meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $18.46, suggesting upside of 10.2% (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 WOR as Lighten (4) -

A 30% increase in 1H underlying profit to $155m for Worley still fell short of Ord Minnett's $215m forecast as revenue growth and margin improvement was lower-than-expected, particularly from the energy and chemicals segments.

The Resources segment performed largely as the analyst expected.

Management maintained FY24 guidance. The total work backlog increased by 5% over the level existing at June 30, 2023. A 25cps interim dividend was declared.

The Lighten rating and $13.25 target are retained.

Target price is $13.25 Current Price is $16.10 Difference: minus $2.85 (current price is over target).
If WOR meets the Ord Minnett target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.46, suggesting upside of 10.2% (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 WOR as Buy (1) -

First half EBITA growth of 28% from Worley was largely in line with expectations, underpinned by ongoing margin expansion. UBS attributed the margin expansion to both rate improvements, given elevated engineering demand, and a favourable mix.

Worley has reiterated guidance for FY24 aggregated revenue growth and the broker expects 13% or more. The margin target of 7.5-8.0% was also confirmed.

UBS believes the stock offers significant earnings leverage to a potential four-fold increase in energy investment globally along with decarbonisation projects. The broker reiterates a Buy rating and raises the target to $22.00 from $21.30.

Target price is $22.00 Current Price is $16.10 Difference: $5.9
If WOR meets the UBS target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $18.46, suggesting upside of 10.2% (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 WTC as Neutral (3) -

Citi analysts had earlier noted WiseTech Global's "solid" H1 performance was carried by lower cost growth, in particular in recent acquisitions, and they'd concluded there remains upside potential to management's FY24 EBITDA guidance.

Citi's updated forecasts suggest the bias is towards bettering guidance this year. On increased forecasts the broker's target has jumped to $90 from $71.75.

Today's update suggests the analysts have a whole series of questions for management at the company. Neutral rating retained.

Target price is $90.00 Current Price is $94.43 Difference: minus $4.43 (current price is over target).
If WTC meets the Citi target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $92.59, suggesting downside of -1.7% (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