Australian Broker Call

Morgan Stanley rates AD8 as Overweight (1) -

Audinate Group provided no update on FY23 as is usual at its technology briefing but has signalled AV demand is likely to remain robust over the medium term.

Morgan Stanley notes the company has historically been more prominent across greenfield projects and will naturally benefit from maintenance expenditure going forward.

Customer surveys signal increased AV budget allocations in the near term. Something to watch into 2026-27 is the fact that, currently, around 20-30% of budgets have been allocated to AV compared with normalised 15-20% going forward, the broker points out.

The Overweight rating and $10 target are unchanged. Industry view is In-Line.

Target price is $10.00 Current Price is $9.43 Difference: $0.57
If AD8 meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $10.53, suggesting upside of 11.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Shaw and Partners rates AD8 as Buy (1) -

Shaw and Partners highlights the significant market opportunity in terms of the networked ecosystem that Audinate Group flagged at its technology briefing.

This networking is the factor that is helped Dante become the de facto standard in the market, the broker asserts. If the company executes on its plans significant earnings upside is expected over coming years.

Shaw and  Partners believes this is a very attractive stock to own, given potential for long-term rewards and retains a Buy rating. Target is $11.75.

Target price is $11.75 Current Price is $9.43 Difference: $2.32
If AD8 meets the Shaw and Partners target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $10.53, suggesting upside of 11.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates AMI as Outperform (1) -

Aurelia Metals has secured funding facilities with Trafigura and entered into an offtake agreement for 700,000t of concentrate from Peak, commencing January 1, 2024.

The company will also undertake a fully underwritten equity raising of $40m. Integrating the Federation project into its base case results in a 4-8% lift in Macquarie's estimates for EPS in FY23-27.

Outperform retained. Target edges up to 24c from 23c.

Target price is $0.24 Current Price is $0.12 Difference: $0.125
If AMI meets the Macquarie target it will return approximately 109% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Morgans rates ARX as Add (1) -

FY23 results for Aroa Biosurgery were in line with prior guidance, and included 286% growth for Myriad Matrix for soft tissue repair, which was just below Morgans bullish forecast.

The broker highlights gross margins rose by 8% to 84%, with management expecting an increase over time to the high-80% level. Moreover, manufacturing capacity increased by more than 300%, which supported sales of NZ$150m.

Management guided to FY24 revenue growth of 25-30%.

Morgans makes no changes to its revenue forecasts though an increase in the broker's estimated cost base (in line with guidance) has the effect of lowering the target to $1.50 from $1.57. Add.

Target price is $1.50 Current Price is $0.94 Difference: $0.565
If ARX meets the Morgans target it will return approximately 60% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

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

Shaw and Partners rates BML as Buy (1) -

Shaw and Partners observes the demand outlook for lead is robust as lead-acid batteries are still the technology for reliable energy storage. Boab Metals is developing the Sorby Hills lead-silver project in Western Australia.

The strong demand outlook is not matched by supply and the broker expects the company's lead-silver concentrate will be highly sought by global smelters. Details of offtake agreements are expected to be released in coming weeks.

The broker retains a Buy rating and $0.52 target.

Target price is $0.52 Current Price is $0.19 Difference: $0.33
If BML meets the Shaw and Partners target it will return approximately 174% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

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

Bank of Queensland has entered into enforceable undertakings with both APRA and AUSTRAC to address risk management.

Given the additional oversight and sign-off required as well as improvement in systems, controls and governance, Macquarie asserts there is increased risk of additional costs as business complexity grows.

APRA has also applied a $50m capital charge for operational risk, effective immediately. Despite this, the broker notes the bank is well capitalised.

As the downside risks are now better reflected in the share price Macquarie upgrades to Neutral from Underperform and lowers the target to $5.70 from $6.15.

Target price is $5.70 Current Price is $5.47 Difference: $0.23
If BOQ meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $6.47, suggesting upside of 17.8% (ex-dividends)

The company's fiscal year ends in August.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.2

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

Morgan Stanley rates BOQ as Underweight (5) -

Bank of Queensland has agreed to enforceable undertakings with both APRA and AUSTRAC which follows several breaches of prudential standards in 2022 and 2023. The bank has agreed to a remedial action plan and the appointment of an independent reviewer.

Morgan Stanley believes the bank will need to prioritise the remedial action plan, which increases the probability that the $60m provision for strengthening risk management will need to be lifted.

It also increases execution risk relating to its operating performance and multi-year transformation plan. The broker retains an Underweight rating, $6 target and In-Line industry view.

Target price is $6.00 Current Price is $5.47 Difference: $0.53
If BOQ meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $6.47, suggesting upside of 17.8% (ex-dividends)

The company's fiscal year ends in August.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.2

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

Ord Minnett rates BOQ as Buy (1) -

Ord Minnett assesses Bank of Queensland's enforceable undertaking with the regulators APRA and AUSTRAC has no impact on its estimates. The broker believes the shares are cheap as the market awaits evidence the bank can improve its operating efficiency.

As with other banks in Australia the downward trajectory of net interest margins, which Ord Minnett expects will stabilise in FY24, and uncertainty surrounding bad debts are likely to weigh on the share price. Buy rating and $8.50 target maintained.

Target price is $8.50 Current Price is $5.47 Difference: $3.03
If BOQ meets the Ord Minnett target it will return approximately 55% (excluding dividends, fees and charges).

Current consensus price target is $6.47, suggesting upside of 17.8% (ex-dividends)

The company's fiscal year ends in August.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.2

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

Ord Minnett rates CAJ as Initiation of Coverage with Buy (1) -

Ord Minnett initiates coverage of the Australian diagnostic imaging sector with a Buy rating on Capitol Health and a $0.33 target.

The broker observes revenue growth in the sector is accelerating, supported by a recovery in volumes after the pandemic as well as higher Medicare indexation.

Diagnostic imaging is the broker's preferred exposure across domestic healthcare given its price/mix growth and defensive qualities and a relative preference is retained for Capitol Health versus Integral Diagnostics ((IDX)).

The market has grown in Australia at a compound rate of 6% over the last decade to reach around $5bn in FY22. M&A activity also remains elevated across the sector.

Target price is $0.33 Current Price is $0.28 Difference: $0.045
If CAJ meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $0.35, suggesting upside of 24.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

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

Morgan Stanley updates its estimates and valuation after the recent trading update from City Chic Collective.

EBITDA forecasts are downgraded for FY23 as sales growth decelerated further in the second half, by -26% in the first 19 weeks.

Gross margins have also decreased by -19 percentage points to date as the company looks to stimulate demand to reduce inventory.

The Equal-weight rating is unchanged. Target is reduced to $0.40 from $0.60. Industry view: In line. 

Target price is $0.40 Current Price is $0.36 Difference: $0.04
If CCX meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $0.48, suggesting upside of 32.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Ord Minnett rates CGF as Downgrade to Hold from Accumulate (3) -

Challenger is diversifying its revenue stream and the 2023 investor briefing highlighted plans to improve distribution capabilities and expand the product range.

Ord Minnett considers the priorities sensible yet defensive, helping to alleviate competition particularly from providers of vanilla fixed-term annuities or term deposits.

The broker continues to envisage room for Challenger to expand both product sales and margins. Nevertheless, the consolidation among super funds has resulted in a smaller pool of institutional customers for retirement product providers.

Rating is downgraded to Hold from Accumulate and the target lowered to $7.30 from $7.90.

Target price is $7.30 Current Price is $6.20 Difference: $1.1
If CGF meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $6.99, suggesting upside of 12.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

UBS rates CGF as Neutral (3) -

FY23 profit (PBT) guidance was slightly raised by Challenger at its investor day to a level broadly in line with existing forecasts by UBS and consensus.

While the broker came away more informed on growth opportunities, no greater clarity was attained for a pathway to a sustainable return on equity (ROI) or higher cost of equity (COE) margins.

There was no management update on recent sales, but flows in April were surprisingly strong, observes the analyst.

The Neutral rating and $6.80 target are maintained.

Target price is $6.80 Current Price is $6.20 Difference: $0.6
If CGF meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $6.99, suggesting upside of 12.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Citi rates CIA as Buy (1) -

March quarter EBITDA was below Citi's estimates while revenue was broadly in line. Higher freight, tax and D&A contributed to the miss to expectations at the net profit line.

While the phase 2 ramp-up has been slower than expected, production and realised prices were higher in the quarter. Champion Iron expects phase 2 to be at full production in August 2023. Buy rating and $8.40 target maintained.

Target price is $8.40 Current Price is $6.00 Difference: $2.4
If CIA meets the Citi target it will return approximately 40% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 1.0

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

Macquarie rates CIA as Outperform (1) -

Champion Iron's FY23 result was weaker than Macquarie expected while the final dividend was also below forecasts.

Bloom Lake is raming up and this should provide a tailwind into FY24, the broker acknowledges. The phase 2 is ahead of schedule and this will mean production capacity doubles to 15mtpa over the next year.

Outperform and $7.80 target retained.

Target price is $7.80 Current Price is $6.00 Difference: $1.8
If CIA meets the Macquarie target it will return approximately 30% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 1.0

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

Macquarie rates CNU as Neutral (3) -

As an NZ-regulated business Chorus is required to release information disclosure accounts and has done so for 2022. Macquarie believes investors will be most interested in the impact of inflation, with higher actual inflation compared with forecasts.

This results in higher inflation-indexed regulated asset base revaluations.

The broker's Neutral rating and NZ$8.70 target are maintained.

Current Price is $7.68. Target price not assessed.

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: -0.5

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

Bell Potter rates CWP as Buy (1) -

Cedar Woods Properties has announced a joint venture with QIC Real Estate to develop land owned by QIC adjacent to the Robina town centre in Queensland. Cedar Woods intends to purchase a 50% interest in the development eventually. The site is expected to produce around 400 homes.

Bell  Potter observes the announcement highlights the scope for carrying out developments through joint ventures and using third-party capital, which should benefit shareholders.

The broker also expects the shares will perform well as investors look through the stabilising of interest rates towards improving sales and profitability in FY24 and beyond. Buy rating and $5.40 target retained.

Target price is $5.40 Current Price is $4.81 Difference: $0.59
If CWP 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 FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Macquarie rates HAS as Downgrade to Neutral from Outperform (3) -

Hastings Technology Metals will now develop Yangibana in two stages with the first intent on producing a rare earth concentrate from the mine. First production is targeted for early 2025.

The total capital cost for stage I and 2 has increased 40% from the previous estimate, to $948m. Incorporating higher costs translates to material reductions to Macquarie's earnings forecasts.

Forecast losses widen for FY23-25 while earnings fall -35-68% for FY26-30. The next catalyst is securing debt financing agreements for stage 1. Macquarie downgrades to Neutral from Outperform and reduces the target to $1.70 from $2.70.

Target price is $1.70 Current Price is $1.70 Difference: $0
If HAS meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Bell Potter rates HHR as Initiation of coverage with Speculative Buy (1) -

Bell Potter initiates coverage on Hartshead Resources with a Speculative Buy rating and 7c target. The core asset is a 40% interest in a UK southern gas basin licence where a staged development is planned.

The initial phase is expected to reach a final investment decision in the second half of 2023, aiming for first production in 2025.

Bell Potter expects the equity will re-rate as the phase 1 project is de-risked and financing is secured. The investment provides value leverage to UK and European gas markets.

Target price is $0.07 Current Price is $0.02 Difference: $0.05
If HHR meets the Bell Potter target it will return approximately 250% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Ord Minnett rates IDX as Initiate Coverage with Accumulate (2) -

Ord Minnett initiates coverage of the Australian diagnostic imaging sector with an Accumulate rating on Integral Diagnostics (formerly white labelled from Morningstar) and a $3.50 target.

The broker observes revenue growth in the sector is accelerating, supported by a recovery in volumes after the pandemic as well as higher Medicare indexation.

Diagnostic imaging is the broker's preferred exposure across domestic healthcare given its price/mix growth and defensive qualities.

The market has grown in Australia at a compound rate of 6% over the last decade to reach around $5bn in FY22. M&A activity also remains elevated across the sector.

Target price is $3.50 Current Price is $3.34 Difference: $0.16
If IDX meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $3.29, suggesting upside of 0.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

Bell Potter rates IGL as Buy (1) -

Bell Potter observes IVE Group has been caught in the recent sell-off of retailers amid soft trading updates along with concerns about reduced consumer spending.

While concerns may be understandable, the broker believes the company will not be overly affected by any weakness in consumer sentiment and/or advertising given a dominant market position, diversity and the integration of Ovato.

Bell Potter retains a Buy rating and $3 target.

Target price is $3.00 Current Price is $2.28 Difference: $0.72
If IGL meets the Bell Potter target it will return approximately 32% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Bell Potter rates IKE as Speculative Buy (1) -

The FY23 results from ikeGPS Group revealed revenue growth of 93% while underlying EBITDA improved to -$2.1m and the reported net loss was -$7.9m. Bell Potter notes a strong performance was driven by growth in transaction revenue.

The broker raises operating expenses in its estimates which results in downgrades to underlying EPS in FY24 and FY25. The broker does not factor in revenue from NextGen PoleForman ahead of the product launch and pending greater visibility.

Speculative Buy rating maintained. Target is reduced to $1.18 from $1.23.

Target price is $1.18 Current Price is $0.78 Difference: $0.405
If IKE meets the Bell Potter target it will return approximately 52% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

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 PPE as Add (1) -

A strategic review at PeopleIN was launched last November as the board felt the share price was failing to fully reflect shareholder value. 

The review has concluded, a sale is no longer being contemplated, and management will refocus on delivering organic growth, while also targeting some incremental acquisitions, observes Morgans.

While management reiterated earnings guidance, the broker, taking into account the challenging operating environment, decides to lower its earnings estimates towards the bottom of the guidance range. Also, a lower multiple is adopted based on the failed sale process.

The target falls to $4.00 from $4.90. Add.

Target price is $4.00 Current Price is $2.89 Difference: $1.11
If PPE meets the Morgans target it will return approximately 38% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Morgan Stanley rates PSQ as Overweight (1) -

Morgan Stanley found the investor briefing consistent with expectations and guidance for $270m in patient fees suggests the rebound is occurring against a more stable and leaner cost base. This should drive margin expansion.

Pacific Smiles has focused on its value proposition to dentists, enabling education and therefore higher-value and more specialised work.

The NSW government advised the company in May that it deems the services & facilities agreements are relevant contracts under the law in terms of payroll tax. The company has indicated it will treat any changes as a pass-through to customers.

Overweight rating and $2 target price retained. Industry view is In-Line.

Target price is $2.00 Current Price is $1.37 Difference: $0.63
If PSQ meets the Morgan Stanley target it will return approximately 46% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

UBS rates QBE as Buy (1) -

UBS expects the market will take a while to absorb the implications of QBE Insurance's adoption of the new global insurance accounting
standard AASB17. The new standard commenced at the beginning of 2023.

Importantly, financial impacts should not be material and the broker makes no changes to its forecasts at this time.

The Buy rating and $18 target are maintained.

Target price is $18.00 Current Price is $14.62 Difference: $3.38
If QBE meets the UBS target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $16.22, suggesting upside of 11.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.8

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

Ord Minnett rates STG as Speculative Buy (1) -

Straker Translations posted a FY23 result that was better than Ord Minnett anticipated, beating estimates at the gross margin and adjusted EBITDA lines.

The timely execution of cost reductions helped offset the overhang of a challenging macro environment that developed in the second half, the broker observes.

No explicit guidance was provided for FY24 although management expects modest revenue growth with cash flow and EBITDA to be positive. The broker observes the business is well funded with NZ$12.5m in cash and no debt.

The Speculative Buy rating is retained. Target is raised to $1.51 from $1.46.

Target price is $1.51 Current Price is $0.69 Difference: $0.82
If STG meets the Ord Minnett target it will return approximately 119% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

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 TAH as Overweight (1) -

Morgan Stanley notes Tabcoorp Holdings is experiencing improvement in Queensland after establishing a level playing field, its strongest performing state in terms of turnover and margins.

The business is reviewing the retail footprint and plans to close 31 agencies. Venues are also to be converted to digital only. No additional capital expenditure is flagged above what has previously been guided.

A level playing field is now being progressed in NSW and discussions have commenced in South Australia on its introduction, although there is no timeline as yet.

The Overweight rating and $1.30 target are unchanged. Industry view is In-Line.

Target price is $1.30 Current Price is $1.14 Difference: $0.16
If TAH meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $1.14, suggesting downside of -1.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

Citi rates VUK as Buy/High Risk (1) -

Citi updates its model to include Virgin Money UK's guidance for FY23 which includes increased cost and impairments.

The broker continues to model GBP100m in buybacks in FY23, rising to GBP250m per annum thereafter, but now assumes a lower purchase price following recent declines in the share price.

Buy/High Risk retained. Target is reduced to GBP2.00 from GBP2.65.

Current Price is $2.83. Target price not assessed.

Current consensus price target is $3.60, suggesting upside of 26.3% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY23:

Forecast for FY24:

This company reports in GBP. 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 WES as Lighten (4) -

After a few "stellar" years Ord Minnett expects Wesfarmers' commodity-exposed business will be a drag on group profit as prices moderate.

Management anticipates a rapid decline in global ammonia prices because of a reduction in European natural gas prices and subdued global demand.

Meanwhile, while significantly increasing near-term sales forecasts for the discount department stores Ord Minnett assesses this is offset by a lower short-run sales outlook for the higher-margin Bunnings business.

The broker considers this share is overvalued and retains a Lighten rating. Target is $42.

Target price is $42.00 Current Price is $47.67 Difference: minus $5.67 (current price is over target).
If WES meets the Ord Minnett target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $49.38, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

UBS rates WOR as Buy (1) -

Greater acceptance of reimbursable LNG delivery models could open up a new market for Worley, believes UBS, after management announced agreed terms for an engineering, procurement and construction (EPC) deal in the US.

The contract is for Phase 1 of Venture Global's CP2 LNG terminal in Louisiana, and Worley will have limited participation in the LNG
development cycle, which avoids project cost overrun issues. Financial details will be available on finalisation of the contract.

The Buy rating and $18.90 target are unchanged.

Target price is $18.90 Current Price is $16.29 Difference: $2.61
If WOR meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $16.48, suggesting upside of 0.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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