Australian Broker Call

Morgans rates ART as Add (1) -

Airtasker's 1Q update demonstrated to Morgans the resilience and adaptability of the marketplace, given more than 50% of the end market was in lockdown. Gross marketplace volume grew 6.2% on the previous corresponding period.

While the analyst had underestimated the recent spend on people and product, it's felt this will aid long-term growth. The broker retains its Add rating and lowers its target price to $1.27 from $1.30.

Target price is $1.27 Current Price is $1.10 Difference: $0.17
If ART meets the Morgans target it will return approximately 15% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Ord Minnett rates CRW as Accumulate (2) -

Ord Minnett notes a 29% increase in active members and transaction value in the September quarter. Cashrewards has reiterated a target of 500,000 active members by early FY23.

The broker expects a rebound in travel transactions in 2022 and over the medium term this will be a source of upside.

Cash receipts of $6.5m in the quarter were in line with estimates. Ord Minnett maintains an Accumulate rating and $1.30 target.

Target price is $1.30 Current Price is $1.12 Difference: $0.18
If CRW meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Macquarie rates DCN as Outperform (1) -

Dacian Gold production from Mount Morgan in the first quarter was well below Macquarie's estimates. Production is expected to improve over the course of FY22.

Guidance for FY22 has been maintained at 100-110,000 ounces. A 5-year plan has been outlined for the Laverton operations with annual gold production guidance of 115-125,000 from FY24-26.

Macquarie reduces estimates for cough earnings by -16% to account for the weak production and delays in underground developments.

Outperform maintained. Target is $0.25.

Target price is $0.25 Current Price is $0.23 Difference: $0.02
If DCN meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Citi rates EOS as Neutral (3) -

Citi has downgraded its earnings forecasts for Electro Optic Systems Holdings by between -$5m and -$17m from FY21-FY23 following earnings downgrades issued by the company. 

The broker notes the downgrade was largely driven by customer-led delays. Further, while the company retains medium-term opportunities in defense it is hard for Citi to determine the size and timing of these and so remains cautious about this opportunity pipeline. 

The Neutral/High Risk rating is retained and the target price decreases to $4.00 from $4.50.

Target price is $4.00 Current Price is $3.19 Difference: $0.81
If EOS meets the Citi target it will return approximately 25% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Morgans rates FMG as Upgrade to Hold from Reduce (3) -

Morgans assesses an in-line 1Q result for Fortescue Metals Group during a period of falling demand for low-grade iron ore and an -8% decline in shipments by the group. The broker raises its rating to Hold from Reduce after a -50% decline in the share price.

Management maintained FY22 guidance. The broker feels lower iron ore prices and the low-grade discounts will directly reduce the group’s extraordinary dividend and pace of investment in Fortescue Future Industries (FFI). The target price falls to $13 from $14.15.

Target price is $13.00 Current Price is $13.93 Difference: minus $0.93 (current price is over target).
If FMG meets the Morgans target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.57, suggesting upside of 16.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.1

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

Citi rates GUD as Buy (1) -

It is Citi's view that the acquisition of Vision X will be a strategically sound move for GUD Holdings given its potential to increase a foothold in Europe and expand into the US market. 

The transaction, set to complete by end of November, will also allow GUD to reduce reliance on legacy auto customers and reduce exposure to ICE vehicles. The broker increases earnings forecasts by between 6-11% through to FY24.

The Buy rating is retained and the target price increases to $13.55 from $12.30.

Target price is $13.55 Current Price is $12.20 Difference: $1.35
If GUD meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $13.67, suggesting upside of 12.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Macquarie rates GUD as Outperform (1) -

GUD Holdings has acquired Vision X for US$71.4m, which Macquarie suggests will be highly complementary to the existing BWI business.

The broker finds the acquisition compelling from an accretion perspective as well as a longer-term strategic objective.

The broker retains an Outperform rating and considers the main risk lies with Vision X not achieving not hit its growth targets. Target is raised to $15.75 from $13.60.

Target price is $15.75 Current Price is $12.20 Difference: $3.55
If GUD meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $13.67, suggesting upside of 12.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

UBS rates GUD as Buy (1) -

FY22 earnings guidance of $112-116m (pre Vision X) is in line with UBS estimates, underpinned by pent-up demand as the population starts to move around.

UBS notes a second round of price increases for the larger automotive business will be effective from the third quarter, offsetting cost inflation.

The broker expects a $22m headwind to earnings in FY22 from freight rates, supplier price increases and the roll off of JobKeeper, yet the company should be able to offset this. Buy rating and $12.90 target maintained.

Target price is $12.90 Current Price is $12.20 Difference: $0.7
If GUD meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $13.67, suggesting upside of 12.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Macquarie rates GWA as Outperform (1) -

The first quarter trading update revealed GWA Group's Australian sales were up 6% while New Zealand sales were down -32%. The latter was affected by the 5-week impact from lockdowns. A strong rebound has occurred in NZ sales in late September.

Macquarie believes the buoyant renovations market should continue for some time and the backlog of new building work has been extended through supply chain constraints.

Outperform retained. Target is raised to $3.30 from $3.25.

Target price is $3.30 Current Price is $2.72 Difference: $0.58
If GWA meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $3.21, suggesting upside of 17.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Morgan Stanley rates HCW as Initiation of coverage with Overweight (1) -

Morgan Stanley initiates coverage on the only listed, health-dedicated REIT, HealthCo Healthcare & Wellness REIT, with an Overweight rating and $2.45 target price. The broker likes exposure to the health mega-trend and contracted rent increases.

Should management succeed in the plan to quintuple the REIT's size by 2024, the analyst estimates around 15% upside for the FY26 funds from operations (FFO) forecast. There is also expected to be significant roll-up potential.

Target price is $2.45 Current Price is $2.13 Difference: $0.32
If HCW meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Citi rates MQG as Upgrade to Buy from Neutral (1) -

Citi notes Macquarie Group has reported a fourth consecutive quarter averaging around $1bn in net profit after tax, after first half profit after tax of $2,043m. Given market conditions, the broker expects the trend to continue for the next two quarters. 

While the broker notes Macquarie Group is well placed to benefit from an evolving energy crisis, an acceleration in equity investments is offering sustainability to outer-year results. 

Citi increases its FY22 net profit after tax forecast 17% to $4,145m and forecasts for FY23 and FY24 by around 10%, noting it expects earnings to moderate in FY23 and FY24.

The rating is upgraded to Buy from neutral and the target price increases to $226.00 from $200.00.

Target price is $226.00 Current Price is $197.83 Difference: $28.17
If MQG meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $210.60, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Morgan Stanley rates MQG as Overweight (1) -

After Macquarie Group's 7% 1H profit beat and indications from management of a strong 2H outlook for Macquarie Capital and commodities, Morgan Stanley raises its target price to $245 from $240.  The Overweight rating is unchanged. Industry view in-line.

The broker also likes that green revenues are growing and anticipates a less capital-intensive mix for Green Investment Group (GIG). This segment will move into Macquarie Asset Management (MAM) from FY23, which is expected to lead to a multiple re-rate.

The group is raising $1.5bn to provide “additional flexibility to invest in new opportunities”.

Target price is $245.00 Current Price is $197.83 Difference: $47.17
If MQG meets the Morgan Stanley target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $210.60, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Morgans rates MQG as Hold (3) -

Following Macquarie Group's 1H results, Morgans raises its target price to $200 from $181.10 due to a lift in long-term growth assumptions and a valuation adjustment. The Hold rating is unchanged after a strong recent share price rally.

The analyst attributes the announced capital raise to the strong share price, as opposed to the investment opportunities cited by management.

While the profit and dividend were slightly below consensus forecasts, the broker focused on a rise in return on equity (ROE) to 17.8% from 14.3% in FY21.  

Target price is $200.00 Current Price is $197.83 Difference: $2.17
If MQG meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $210.60, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Morgans rates NVX as Hold (3) -

Following Novonix' 1Q results, Morgans gleans from increased product manufacturing costs that the initial Samsung 500t contract is close to completion. Thus, the analyst removes the risk discount on the Novonix Anode Material business and the target rises to $7.32 from $5.68.

The broker retains its Hold rating and earnings forecasts, despite strong demand for battery materials, as a lot of long-term growth is already priced-in and the share price has recently rallied hard. 

Target price is $7.32 Current Price is $7.40 Difference: minus $0.08 (current price is over target).
If NVX meets the Morgans target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Macquarie rates OGC as Outperform (1) -

Positive reconciliation at Haile has offset some of the obstacles created by lockdowns in New Zealand. Production guidance for both Haile and Didipio have been upgraded.

Significantly, Macquarie points out the re-start at Didipio is going well and 2021 guidance has been lifted. Yet at Haile approvals related to water discharge are awaited, which if delayed have potential to affect 2022 production.

Outperform rating and target of $2.90 unchanged.

Target price is $2.90 Current Price is $2.50 Difference: $0.4
If OGC meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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 ORG as Hold (3) -

Origin Energy's production for the September quarter was in line with Ord Minnett's forecasts. The broker expects a strengthening of LNG prices although notes realised LNG prices were significantly below peers.

The variance is a result of the planned maintenance affecting LNG productions and as a result no cargoes were sold at spot.

Yet, the main concern centres on energy markets and the impact from lower wholesale electricity prices. Ord Minnett retains a Hold rating and raises the target to $5.25 from $5.15.

Target price is $5.25 Current Price is $5.05 Difference: $0.2
If ORG meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $5.68, suggesting upside of 10.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

UBS rates ORG as Buy (1) -

Origin Energy posted a strong first quarter with APLNG revenue of $634m net. This was up 24% and stemmed from higher realised pricing in both LNG and domestic gas.

In energy markets, weather-adjusted electricity demand was -4.5% below pre-pandemic levels while small commercial volumes were -8-10% lower. UBS observes a recovery in electricity demand continues to be hindered by strong growth in rooftop solar.

The company will cycle the Eraring power station capacity down to reduce exposure to lower average daytime electricity prices.

Buy rating retained. Target is raised to $6.00 from $5.85.

Target price is $6.00 Current Price is $5.05 Difference: $0.95
If ORG meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $5.68, suggesting upside of 10.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Citi rates RMD as Neutral (3) -

ResMed Inc's 1Q adjusted EPS came in 10% above consensus forecasts and a 4% beat versus Citi's forecast. Mask sales were below expectation, SaaS was in-line while device sales were higher than estimated. The broker retains its Neutral rating.

The Philips’ recall leaves a yearly market gap of around US$800m for CPAP devices and management expects to make long-term market share gains. Other than stating increased freight costs will weigh on margins, the company offered no other guidance.

Price target lifts to $38.50 from $36.50.

Target price is $38.50 Current Price is $37.17 Difference: $1.33
If RMD meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $39.10, suggesting upside of 10.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.3

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

Macquarie rates RMD as Neutral (3) -

First quarter revenue was ahead of expectations. The impact associated with the recall at Phillips continues to present opportunities for ResMed, Macquarie asserts. Still supply constraints over the short term exist.

The broker believes the current share price is capturing expectations for the longer-term gains in market share. Neutral rating retained. Target is raised to $38.00 from $37.50.

Target price is $38.00 Current Price is $37.17 Difference: $0.83
If RMD meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $39.10, suggesting upside of 10.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.3

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

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

Following ResMed's 1Q results, Morgan Stanley raises its target price to $37.30 from $36.20. The broker assesses very strong device growth driven by price/mix/volume. The Overweight rating is unchanged. Industry view: In-Line.

The 1Q Philips recall benefit was US$80-90m compared to the analyst's estimate for US$25m and was considered the main driver of an earnings beat. Going forward it's felt the recall benefit is less reliant on reduced supply bottlenecks, which increases the broker's conviction.

Target price is $37.30 Current Price is $37.17 Difference: $0.13
If RMD meets the Morgan Stanley target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $39.10, suggesting upside of 10.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.3

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

Morgans rates RMD as Add (1) -

Following ResMed's better than expected 1Q result, Morgans expects a strong medium-term earnings outlook will outweigh shorter-term margin pressure and supply constraints. The latter is expected to limit market share gains from the Phillips device recall.

The analyst highlights double-digit device growth and recovering patient flows though a rise in US masks of 5% was thought soft. The broker retains its Add rating and reduces its target price to $40.80 from $41.34.

Target price is $40.80 Current Price is $37.17 Difference: $3.63
If RMD meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $39.10, suggesting upside of 10.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.3

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

Ord Minnett rates RMD as Hold (3) -

ResMed's first quarter net income was ahead of Ord Minnett's forecasts. Despite the opportunity presented by the recall of the Philips product management has still warned that supply chain issues will constrain sales growth.

Gross margins are under pressure from higher freight costs and this is expected to continue well into 2022. Ord Minnett expects ResMed will retain some market share when Phillips returns in FY23 although there will be some reversion which will mean headwinds to growth.

The broker retains a Hold rating and $36 target.

Target price is $36.00 Current Price is $37.17 Difference: minus $1.17 (current price is over target).
If RMD meets the Ord Minnett target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $39.10, suggesting upside of 10.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.3

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

Citi rates RSG as Neutral (3) -

Despite recovery efforts in the September quarter, Citi notes rainfall at Resolute Mining's Syama Oxide project drove a 15% increase to all-in sustaining costs. 

Overall, group production was a -5% miss on Citi's forecast but steady quarter-on-quarter, while group all-in sustaining costs were up 14% driven by Syama Oxide. The broker reduces 2021 underlying earnings -13% and production -3%. 

The Neutral/High Risk rating and target price of $0.60 are retained.

Target price is $0.60 Current Price is $0.42 Difference: $0.18
If RSG meets the Citi target it will return approximately 43% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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 RSG as Outperform (1) -

The September quarter production results were mixed with a stronger performance at Mako while Syama was affected by high rainfall. Macquarie notes Syama oxide production was particularly weak.

Incorporating the update and updating the hedge book means the broker's estimates for 2021 move to a small profit from a small loss and 2022 estimates are lifted by 9%. Outperform retained. Target is $0.70.

Target price is $0.70 Current Price is $0.42 Difference: $0.28
If RSG meets the Macquarie target it will return approximately 67% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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 SZL as Buy (1) -

The trading update highlighted the improvement in gross loss rates. Ord Minnett observes Sezzle is one of the fastest growing listed BNPL businesses and a valuation gap has opened up with others such as Affirm and Afterpay ((APT)).

The broker remains bullish on the stock and believes the gap will narrow, particularly as more traction is obtained as the relationship with Target garners momentum.

Ord Minnett retains a Buy rating and reduces the target to $9.90 from $10.00.

Target price is $9.90 Current Price is $5.30 Difference: $4.6
If SZL meets the Ord Minnett target it will return approximately 87% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

Citi rates TWE as Neutral (3) -

Citi notes expansion into high growth Sparkling Wine could be a potential opportunity for Treasury Wine Estates, given the company appears open to merger and acquisition opportunities into adjacent categories. 

The broker notes while the company appears well-positioned to pursue acquisitive activity given net debt reduction in FY21, this position is likely to improve further as the company continues its $300m divestment. 

The Neutral rating and target price of $12.86 are retained. 

Target price is $12.86 Current Price is $11.52 Difference: $1.34
If TWE meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $12.34, suggesting upside of 6.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Macquarie rates WBC as Neutral (3) -

Earlier today Westpac Bank released its FY21 report and Macquarie, upon initial assessment, concludes the process of rebasing earnings at the bank is continuing.

The broker remarks while Westpac has successfully arrested further market share decline, success has come at the cost of margin pressure.

Macquarie finds its own below-consensus forecast for FY22 is being vindicated and consensus downgrades are anticipated. The bank did announce a $3.5bn share buyback.

Neutral rating with a target price of $26.50.

Target price is $26.50 Current Price is $25.67 Difference: $0.83
If WBC meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $28.47, suggesting upside of 19.7% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.7

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

Citi rates WSA as Neutral (3) -

Despite an -18% quarter-on-quarter production decrease by Western Areas in the September quarter, as well as a 29% increase in direct costs, Citi notes the company has maintained FY22 full-year guidance.

The broker notes head grade and recovery decline at the Flying Fox mine drove results, and direct costs can be expected to vary quarter-to-quarter as the project approaches end of mine life. Citi increases expected costs and reduces FY22 underlying earnings forecast -4%. 

The Neutral rating and target price of $3.40 are retained. 

Target price is $3.40 Current Price is $3.16 Difference: $0.24
If WSA meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.15, suggesting upside of 4.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.2

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