Australian Broker Call

Macquarie rates 29M as Initiation of coverage with Outperform (1) -

29Metals owns the Golden Grove multi-metal underground mine in Western Australia and the Capricorn copper mine in Queensland. The company expects to produce 37,000t of copper in 2021 from these two core operations.

Production growth is largely underpinned by rising head grades and the company is expected to deliver an 11% compound growth rate over the next five years.

Macquarie initiates coverage with an Outperform rating and $3 target and believes improved production results will be the key catalyst over 2021.

Target price is $3.00 Current Price is $2.35 Difference: $0.65
If 29M meets the Macquarie target it will return approximately 28% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Macquarie rates AGI as Outperform (1) -

US casino revenues were up 8% versus pre-covid levels in June 2021, based on data from 25 US states, or around 95% of the market.

Locally, markets continue to outperform tourism driven markets, and Macquarie sees an improving trend in visitor traffic and airport passenger volumes.

For Ainsworth Game Technology, the broker maintains an Outperform rating, supported by improved balance sheet capacity, and the recent GameAccount Network deal. Macquarie also retains its $1.30 price target.

Target price is $1.30 Current Price is $1.01 Difference: $0.29
If AGI meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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

Macquarie rates ALL as Neutral (3) -

US casino revenues were up 8% versus pre-covid levels in June 2021, based on data from 25 US states, or around 95% of the market.

Locally, markets continue to outperform tourism driven markets, and Macquarie sees an improving trend in visitor traffic and airport passenger volumes.

For Aristocrat Leisure, the broker maintains a Neutral rating, due to caution on digital volumes cycling covid benefits, and thinks that North American land-based expectations, which include growth, are captured in forecasts. The $39 price target is also maintained.

Target price is $39.00 Current Price is $41.56 Difference: minus $2.56 (current price is over target).
If ALL meets the Macquarie target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $43.52, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.6

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

Macquarie rates ANN as Neutral (3) -

Increased demand for personal protective equipment during the pandemic has supported earnings in FY21 yet Macquarie is cautious heading into the results on August 23, particularly regarding the sustainability of growth over the medium to longer term.

The broker envisages a more favourable supply/demand balance will present downside risk to average selling prices in FY22 and into FY23.

Still, at present, industrial trends appear favourable and Ansell retains a strong balance sheet. Neutral maintained. Target is raised to $40.30 from $40.20.

Target price is $40.30 Current Price is $40.64 Difference: minus $0.34 (current price is over target).
If ANN meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $45.01, suggesting upside of 12.6% (ex-dividends)

The company's fiscal year ends in June.

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 APT as Outperform (1) -

The proposed acquisition of Afterpay by Square is on par with the ratio that both companies' shares have traded at in the year to date, Macquarie observes.

While Afterpay has signed a "no-shop" clause whereby it cannot solicit other offers, the broker points out, if a superior offer is made and the clause is not breached, Afterpay still has the option of accepting at the cost of a -$375m break fee.

Macquarie retains an Outperform rating and moves the target to $160 from $140.

Target price is $160.00 Current Price is $127.85 Difference: $32.15
If APT meets the Macquarie target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $122.23, suggesting downside of -3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

Morgan Stanley rates APT as No Rating (-1) -

In the wake of Afterpay's partly pre-reported FY21result, Morgan Stanley notes some investors have been concerned about the merchant fee falling.

The broker points out the fees were flat year-on-year at 3.9% in FY21, and improved by more than 15 basis points (bps) half-on-half to around 4.0% in the second half, on a mix tilt to SME's. 

Higher-margin US affiliate cards were introduced at the end of FY21 and Afterpay is trialing further monetisation opportunities.

The analyst reduces revenue forecasts by -5% in FY22-23, given lower FY21 gross merchant value (GMV), partly offset by circa 10bps better merchant margins. The underlying earnings (EBITDA) estimates fall -19% and -13% for FY22 and FY23, given the operating leverage.

The broker has no rating or target price. Industry view: In-Line.

Current Price is $127.85. Target price not assessed.

Current consensus price target is $122.23, suggesting downside of -3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

Ord Minnett rates CBA as Hold (3) -

Ord Minnett has updated forecasts on Commonwealth Bank in line with changes made by the company to financial reporting. 

The broker notes the effect of these changes is a small uplift in operating expense forecasts, due to higher expensing of investment spending. Ord Minnett's cash net profit forecasts decrease -0.4% for the second half of FY21, and -0.3% for both FY22 and FY23 accordingly. 

Commonwealth Bank is Ord Minnett's least preferred pick among the major banks. The Hold rating and target price of $92.00 is retained.

Target price is $92.00 Current Price is $101.45 Difference: minus $9.45 (current price is over target).
If CBA meets the Ord Minnett target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $89.54, suggesting downside of -12.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.5

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

Macquarie rates CCP as Outperform (1) -

FY21 net profit was up 11% despite low purchased debt ledger (PDL) forward flows while FY22 guidance implies 8% growth, Macquarie notes. Results were supported by productivity in debt-buying business.

The broker believes the company is navigating the current low volumes well, while there are plenty of potential positives in the outlook. The broker retains an Outperform rating and reduces the target to $33.10 from $34.80.

Target price is $33.10 Current Price is $28.58 Difference: $4.52
If CCP meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $32.95, suggesting upside of 11.9% (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

Morgans rates CCP as Add (1) -

Credit Corp Group delivered FY21 profit in-line with expectations and up 10.7% on the underlying previous corresponding period. This was considered driven by the US division, which increased around 120%.

The broker highlights second half profit was up 8.5% on the first half, benefitting from the Collection House ((CLH)) book acquisition. FY22 guidance is for $85-95m, with the bottom-end considered to reflect a (typically) conservative position early in the year.

The analyst notes A&NZ purchased debt ledger (PDL) supply remains subdued, however, the group’s US outlook is building with a strong contracted purchasing position. Morgans retains its Add rating and raises its target price to $33.75 from $33.45.

Target price is $33.75 Current Price is $28.58 Difference: $5.17
If CCP meets the Morgans target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $32.95, suggesting upside of 11.9% (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

Ord Minnett rates CCP as Buy (1) -

Credit Corp Group's underlying net profit for FY21 of $88.1m was a slight miss on Ord Minnett's forecast of $89.7m, but up 10.8% on FY20 results. The company has also reported a fully franked final dividend of 36 cents per share. 

Ord Minnett notes that guidance provided by management for FY22 was below market expectations, and the broker expects this to be conservative.

According to the broker, Credit Corp maintains a favourable market position with $370m in liquidity ready to capture market share gains when industry volumes return.

The Buy rating is retained and the target price increases to $32.00 from $31.50.

Target price is $32.00 Current Price is $28.58 Difference: $3.42
If CCP meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $32.95, suggesting upside of 11.9% (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

Credit Suisse rates COF as Neutral (3) -

FY21 results were broadly in line with expectations while Credit Suisse suspects FY22 guidance could be conservative. A lower earnings outlook is largely stemming from an FY21 lease surrender payment as well as the sale of 465 Victoria Avenue, Chatswood.

The main driver over the short term is successful management of current vacancies and the upcoming lease expiries and the broker suspects FY22 will be a trough year. Neutral maintained. Target rises to $2.48 from $2.20.

Target price is $2.48 Current Price is $2.45 Difference: $0.03
If COF meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $2.48, suggesting upside of 1.7% (ex-dividends)

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

Morgan Stanley rates COF as Overweight (1) -

In-line with Morgan Stanley's estimate, Centuria Office REIT reported FY21 funds from operations (FFO) of $102.2m. For the first time management provided FY22 FFO/DPS guidance of 18cps/16.6cps, both below the broker's 18.6cps/17.6cps estimates.

The analyst highlights positives including occupancy at the end of FY21 of 93.1%, up from 91.5% at the half-year, and leasing activity was strong. One negative is FY22 FFO guidance was -3% below the broker's estimate.

The broker remains bullish on the REIT and office markets in general, and estimates FY22 FFO of 18.3cps. Morgan Stanley maintains its Overweight rating and $2.70 target price. Industry view: In-line.

Target price is $2.70 Current Price is $2.45 Difference: $0.25
If COF meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $2.48, suggesting upside of 1.7% (ex-dividends)

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

Morgans rates COF as Hold (3) -

FY21 results for Centuria Office REIT were in-line with guidance, as was the FY21 DPS of 16.5c (83% payout ratio). Guidance was for funds from operations (FFO) of 18c and DPS of 16.5c, which implies to Morgans a distribution yield of 6.8%, paid quarterly.

At June, the weighted average lease expiry (WALE) across the portfolio was 4.3 years and occupancy 93.1%. The analyst notes FY22 and FY23 lease expiries are 7.2% and 13.4%.

Morgans adjust its FY22 FFO to be in-line with guidance, with upside likely, dependent on some leasing outcomes, particularly at Robina Town Centre. The broker retains its Hold rating and edges up its price target to $2.50 from $2.49.

Target price is $2.50 Current Price is $2.45 Difference: $0.05
If COF meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $2.48, suggesting upside of 1.7% (ex-dividends)

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

UBS rates COF as Sell (5) -

FY21 results were in line with UBS estimates. The result was supported by a Foxtel lease surrender payment and adjusting for this abnormal item, as well as guidance for FY22 of at least 18.0c per security, the broker is underwhelmed.

Yet, UBS acknowledges that maybe guidance is also conservative and reflecting caution regarding current lockdowns. Sell rating maintained and the target is steady at $2.25.

Target price is $2.25 Current Price is $2.45 Difference: minus $0.2 (current price is over target).
If COF meets the UBS target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.48, suggesting upside of 1.7% (ex-dividends)

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

Credit Suisse rates COH as Neutral (3) -

Credit Suisse expects a final dividend of $1.08 when the company reports its FY21 results on August 20. Management has not updated the market since the first half results in February, so unit and services sales growth will be key areas to focus on.

The broker expects management will provide a wide earnings guidance range for FY22 and forecasts net profit of $307m. As a result of FX changes, the broker upgrades estimates and increases the target to $235 from $225. Neutral maintained.

Target price is $235.00 Current Price is $249.20 Difference: minus $14.2 (current price is over target).
If COH meets the Credit Suisse target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $220.73, suggesting downside of -11.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.1

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

Macquarie rates CSL as Neutral (3) -

Foot traffic at the company's US plasma collection centres has remain subdued. These trends are likely to have an impact on finished products in the second half of FY22 and FY23, Macquarie suggests.

The number of new coronavirus cases in the US has increased recently and unemployment benefits will continue until September. Meanwhile, restrictions in relation to paid donations from Mexican citizens are ongoing.

This forms the basis of Macquarie's assumptions and a Neutral rating is maintained. Target is reduced to $308 from $312.

Target price is $308.00 Current Price is $294.31 Difference: $13.69
If CSL meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $301.44, suggesting upside of 3.3% (ex-dividends)

The company's fiscal year ends in June.

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: 0.3

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

Citi rates EOS as Buy (1) -

The $100bn Australian guided missile program is an opportunity for the company to expand into a new defence category yet Citi notes at this stage the earnings potential is unclear.

The government is likely to spread the contract over multiple partners and two decades. Initially, the company may also have to depend on foreign and other tech partners, the broker adds, while Electro Optic has not made any missile sales before.

Buy/High Risk retained. Target is $5.15.

Target price is $5.15 Current Price is $4.30 Difference: $0.85
If EOS meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Citi rates GUD as Neutral (3) -

GUD Holdings released its FY21 financials earlier today and Citi, upon initial glance, concludes the bottom line result is broadly in-line when adjusted for several one-offs impacting on the financial performance.

These one-offs, explain the analysts, relate to acquisition due diligence and execution, as well as restructuring. Management has refrained from providing guidance; too many uncertainties.

Citi analysts note the shares have rallied ahead of today's release, but they see limited potential for consensus to further upgrade FY22 forecasts, excluding any further acquisitions.

Neutral. Target $14.20.

Target price is $14.20 Current Price is $12.10 Difference: $2.1
If GUD meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $13.57, suggesting upside of 16.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.4

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

Macquarie rates NWH as Outperform (1) -

NRW Holdings has won numerous new contracts, totalling $155m with key clients, within the Minerals, Energy and Technology (METS) business. Macquarie sees upside in this business, with management targeting a revenue run-rate of $500-600m.

The METS business derives from the newly-acquired Primero Group. Macquarie maintains its Outperform rating and $2.15 target price.

Target price is $2.15 Current Price is $1.76 Difference: $0.39
If NWH meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Macquarie rates NWS as Outperform (1) -

Macquarie considers the Oil Price Information Service acquisition for -US$1.15bn is in-line with group strategy though made at a reasonably full valuation.

Separately for upcoming results, the broker forecasts FY21 reported earnings (EBITDA) of US$1,350m, which is around 3% above consensus. It's estimated this is underpinned by continued strong cost management in the Books and SVS (Foxtel) businesses.

In the medium term, the analyst expects increasing focus on the performance of the digital assets, which underpin the high-single-digit earnings growth profile.

Macquarie retains its Outperform rating and lifts its target price to $51 from $46.30, with higher Dow Jones earnings (higher multiple) more than offsetting SVS' declines (lower multiple).

Target price is $51.00 Current Price is $32.13 Difference: $18.87
If NWS meets the Macquarie target it will return approximately 59% (excluding dividends, fees and charges).

Current consensus price target is $42.33, suggesting upside of 32.0% (ex-dividends)

The company's fiscal year ends in June.

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

UBS rates NWS as Buy (1) -

News Corp will acquire Oil Price Information Services for -US$1.15bn and expects a tax benefit of US$180m as part of the transaction. The service provides benchmark and reference pricing as well as news and analysis for both the oil sector and renewables.

The acquisition is subject to the completion of the S&P Global and IHS Markit merger in the fourth quarter of 2021. UBS observes this provides Dow Jones with another relatively defensive subscription-based data product.

OPIS revenues have grown at a consistent rate during the GFC and oil market downturn, as well as the current pandemic. The broker estimates the proposed acquisition will return the company to a modest net debt position by June 2022. Buy rating and $39.50 target retained.

Target price is $39.50 Current Price is $32.13 Difference: $7.37
If NWS meets the UBS target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $42.33, suggesting upside of 32.0% (ex-dividends)

The company's fiscal year ends in June.

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

Morgan Stanley rates NXL as Overweight (1) -

Morgan Stanley conducts a read-over from Square Inc's proposed acquisition of Afterpay ((APT)). It views US/global players' interest in globally scalable technology and software out of Australia as fundamentally positive for stocks such as Nuix.

However, the broker concludes every M&A situation is unique, and there is no need to alter existing earnings/valuation or base case scenarios. Morgan Stanley retains its Overweight rating and $6.40 price target. Industry view is Attractive.

Target price is $6.40 Current Price is $2.60 Difference: $3.8
If NXL meets the Morgan Stanley target it will return approximately 146% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

UBS rates OSH as Buy (1) -

Santos ((STO)) has lifted its proposed scrip ratio for the merger with Oil Search to 0.6275 of its shares for every Oil Search share. This is a 6.5% increase.

The Oil Search board will recommend the revised offer in the absence of a superior proposal and has granted four weeks of exclusive due diligence.

UBS remains supportive of the strategic rationale, given this merger will create the largest Australian listed oil & gas company with the opportunity to be self-funding.

The broker believes the market is currently undervaluing the Oil Search portfolio, although recognises the growth projects are more likely to achieve full value as part of a merged business. Buy rating and $4.65 target maintained.

Target price is $4.65 Current Price is $3.94 Difference: $0.71
If OSH meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $4.57, suggesting upside of 14.7% (ex-dividends)

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 REA as Outperform (1) -

In a FY21 results preview, Macquarie sees upside risk to consensus EPS, underpinned by a continued mix-shift benefit. It's forecast listing volumes will reach prior cyclical peaks, given the strength of the housing market.

While the broker suggests valuation support is limited, the group's continued audience strength will likely underpin yield/EPS growth. Macquarie lifts its target price to $185 from $179.1, reflecting higher cash flow forecasts but partially offset by a higher risk-free rate.

The broker's Outperform rating is retained. The analyst will be focusing upon the execution of the Elara business, progress of the referrals model for Move and the cost-base outlook for the Australian business.

Target price is $185.00 Current Price is $166.12 Difference: $18.88
If REA meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $161.07, suggesting downside of -3.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

Macquarie rates SDF as Outperform (1) -

Premium rate trends incorporated in the recent results of Arthur J. Gallagher (one of the largest insurance brokers in the world), support Macquarie's investment case for Steadfast Group.

The broker makes no changes to EPS forecasts and retains its $4.70 target price and Outperform rating. 

Target price is $4.70 Current Price is $4.49 Difference: $0.21
If SDF meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $4.67, suggesting upside of 3.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.9

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

UBS rates STO as Buy (1) -

Santos has lifted its proposed scrip ratio for the merger with Oil Search ((OSH)) to 0.6275 of its shares for every Oil Search share. This is a 6.5% increase.

The Oil Search board will recommend the revised offer in the absence of a superior proposal and has granted four weeks of exclusive due diligence.

UBS remains supportive of the strategic rationale, given this merger will create the largest Australian listed oil & gas company with the opportunity to be self-funding. Buy rating and $8.25 target retained.

Target price is $8.25 Current Price is $6.42 Difference: $1.83
If STO meets the UBS target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $8.02, suggesting upside of 24.4% (ex-dividends)

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: 0.7

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

Macquarie rates TPW as Neutral (3) -

Macquarie notes the trend of active customers spending more per transaction is positive, after the group reported absolute
active customer numbers were up 62% versus the previous corresponding period. Average revenue per active customer was up 12%.

The broker believes these metrics are key to the group achieving long term revenue and profitability targets, and supports investor confidence in the ability of the group to deliver.

Macquarie retains its $12.60 target price and Neutral rating.

Target price is $12.60 Current Price is $12.57 Difference: $0.03
If TPW meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $14.41, suggesting upside of 16.1% (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

Morgan Stanley rates TYR as Overweight (1) -

Morgan Stanley conducts a read-over from Square Inc's proposed acquisition of Afterpay ((APT)). It views US/global players' interest in globally scalable technology and software out of Australia as fundamentally positive for stocks such as Tyro Payments.

However, the broker concludes every M&A situation is unique, and there is no need to alter existing earnings/valuation or base case scenarios. Morgan Stanley retains its Overweight rating and $4.60 price target. Industry view is Attractive.

Target price is $4.60 Current Price is $3.49 Difference: $1.11
If TYR meets the Morgan Stanley target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $4.25, suggesting upside of 22.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Morgan Stanley rates WTC as Overweight (1) -

Morgan Stanley conducts a read-over from Square Inc's proposed acquisition of Afterpay ((APT)). It views US/global players' interest in globally scalable technology and software out of Australia as fundamentally positive for stocks such as WiseTech Global.

However, the broker concludes every M&A situation is unique, and there is no need to alter existing earnings/valuation or base case scenarios. Morgan Stanley retains its Overweight rating and $35 price target. Industry view is Attractive.

Target price is $35.00 Current Price is $32.23 Difference: $2.77
If WTC meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $33.23, suggesting upside of 2.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Morgan Stanley rates XRO as Overweight (1) -

Morgan Stanley conducts a read-over from Square Inc's proposed acquisition of Afterpay ((APT)). It views US/global players' interest in globally scalable technology and software out of Australia as fundamentally positive for stocks such as Xero.

However, the broker concludes every M&A situation is unique, and there is no need to alter existing earnings/valuation or base case scenarios. Morgan Stanley retains its Overweight rating and $137 price target. Industry view is  Attractive.

Target price is $137.00 Current Price is $143.28 Difference: minus $6.28 (current price is over target).
If XRO meets the Morgan Stanley target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $124.50, suggesting downside of -14.7% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: -0.2

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