Australian Broker Call

Credit Suisse rates 360 as Outperform (1) -

Life360's 2020 revenue grew 39% to US$81.6m, right at the top end of the guidance range with operating cash outflow higher than guided as well. In the second half, US annual revenue per paying circle was up 11% led by membership launch.

For 2021, the company has guided to an annualised monthly revenue of US$110-120m and an operating loss of at most -US$15m. 

Outperform rating. Target rises to $5.40 from $4.50.

Target price is $5.40 Current Price is $4.70 Difference: $0.7
If 360 meets the Credit Suisse target it will return approximately 15% (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 A2M as Sell (5) -

Following a2 Milk’s 1H21 net profit of $120m, -8% below Citi estimates, the broker has retained its Sell rating with the price target falling to $7.15 from $9.40.

With demand adding to numerous unresolved issues confronting the company, Citi downgraded its FY21, FY22, and FY23 net profit estimates by -25%, -30%, and -30% respectively to largely reflect the lower FY21 guidance.

Earnings revisions assume a slower recovery in the daigou channel in ANZ, and at a lower margin from increased incentives.

In commenting on the result, Citi noted that a2’s China label is facing gross margin pressure from FX (temporary) and higher ingredient and packaging costs (permanent).

As the China label product continues to outperform English label (CBEC and Daigou), Citi expects gross margins to be adversely impacted over the medium term.

Target price is $7.15 Current Price is $8.76 Difference: minus $1.61 (current price is over target).
If A2M meets the Citi target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.20, suggesting upside of 2.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

This company reports in NZD. 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

Macquarie rates A2M as Neutral (3) -

A -33% fall in a2 Milk earnings was consistent with guidance. Second half guidance has been downgraded -- the third downgrade in six months, the broker notes.

The issue is a slower post-covid recovery in the Chinese diagou market, although management expects diagou will bottom and the June quarter will see significant improvement from March. The broker suspects the market will remain cautious, fearing further downside risk.

Margins will decline in the second half as marketing ramps up. Neutral retained, target falls to $9.75 from $11.50.

Target price is $9.75 Current Price is $8.76 Difference: $0.99
If A2M meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $9.20, suggesting upside of 2.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

This company reports in NZD. 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

Morgans rates A2M as Add (1) -

The a2 Milk Co's result was considered weak by Morgans though slightly ahead of guidance. Despite management issuing another material downgrade, the broker believes the company is well placed over the medium to longer-term once channels normalise.

The analyst reduces FY21-23 profit (NPAT) forecasts by -13.7%, -14.1% and -13.9%, respectively, though is still forecasting solid earnings growth from FY22. This is driven by a recovery in the daigou as covid restrictions ease and growth in China and North America. 

Add rating and target is decreased to $10.40 from $12.20.

Target price is $10.40 Current Price is $8.76 Difference: $1.64
If A2M meets the Morgans target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $9.20, suggesting upside of 2.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

This company reports in NZD. 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

Ord Minnett rates A2M as Downgrade to Lighten from Hold (4) -

First half net profit was below Ord Minnett's forecasts and FY21 guidance has been downgraded.

The broker notes concerns around inventory, channel mix, daigou and demand and acknowledges the challenges are greater than feared when the rating was upgraded to Hold.

The company has acknowledged excess inventory among non-customers that has hindered daigou economics and is introducing a new traceability tool to address the issue.

Rating is downgraded to Lighten from Hold and the target reduced to $7.70 from $10.30.

Target price is $7.70 Current Price is $8.76 Difference: minus $1.06 (current price is over target).
If A2M 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 $9.20, suggesting upside of 2.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

This company reports in NZD. 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

UBS rates A2M as Buy (1) -

First half underlying results were in line with UBS estimates. The broker believes the company's plan to reactivate the daigou channel is logical.

UBS expects a meaningful recovery in indirect infant formula sales in the next two years plus substantial medium-term market share gains in China through its off-line roll-out.

Estimates are lowered for FY21-22 to reflect more major corrective action in the short term by the company and a slower retail daigou recovery. UBS maintains its Buy rating and reduces the target to NZ$15.60 from NZ$17.00.

Current Price is $8.76. Target price not assessed.

Current consensus price target is $9.20, suggesting upside of 2.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

This company reports in NZD. 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

Macquarie rates AGI as Outperform (1) -

Ainsworth Game Technology's loss was in line with guidance. Pokie suppliers should now be through the worst of covid, the broker suggests. More than 90% of casinos have reopened in the key North American market.

The broker forecasts a lower second half loss than the first, and a return to profitability in FY22. Ainsworth is the only supplier in
Australia showing improved new game performance over the last 12 months.

A removal of the broker's prior -15% "uncertainty" discount lifts its target to 95c from 65c. Neutral retained.

Target price is $0.95 Current Price is $0.95 Difference: $0
If AGI meets the Macquarie target it will return approximately 0% (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 AIZ as Underperform (5) -

Air New Zealand's loss was not as bad as feared, thanks to strong domestic and cargo revenues and lower operating expense.

A 91% jump in cargo was driven by pent up demand and government support. The result as a whole was also underpinned by government wage subsidies and direct goverment support for aviation. Some of this support unwinds in the second half, the broker warns.

To offset, Air NZ will need to see increased passenger revenues and/or further cost savings, and the airline has some big payments to make in FY22. The broker continues to assume a big capital raising ahead, some -40% dilutive. Target rises to NZ$1.20 from NZ$1.15.

Underperform retained.

Current Price is $1.50. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

UBS rates AIZ as Sell (5) -

First half results were broadly in line with expectations. The main interest for UBS was the cash burn.

Air NZ expects a second-half cash burn of -NZ$45-55m per month, with international borders closed but domestic travel as usual and no social distancing along with government support for cargo.

UBS increases short-term loss estimates as higher operating costs are only partially offset by stronger cargo revenue. Sell maintained. Target is NZ$0.65.

Current Price is $1.50. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

Credit Suisse rates ALX as Outperform (1) -

Atlax Arteria's 2020 proportional revenue was $1,233m, in line with Credit Suisse's forecast but 2% ahead of consensus. Proportional operating income fell slightly short of the broker's estimate.

Management guides to 13c for the first half distribution and appears upbeat on delivering distribution growth especially with the Warnow debt restructure that could contribute at least EUR6m pa to Atlas's distributions.

Credit Suisse expects traffic recovery to accelerate in the second half of the year and reach pre-covid levels by the first half of 2022.

Target drops to $7.20 from $7.90 with an Outperform rating.

Target price is $7.20 Current Price is $5.49 Difference: $1.71
If ALX meets the Credit Suisse target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $6.26, suggesting upside of 12.8% (ex-dividends)

The company's fiscal year ends in December.

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 ALX as Neutral (3) -

Atlas Arteria's 2020 earnings met the broker's forecast, with a lower tax obligation offset by currency headwinds. The recovery out of covid stalled in France on the re-lockdown, but the broker notes the APRR was rebounding quickly beforehand.

The dividend was a little lower than expected given the impact of higher AUD/EUR and AUD/USD rates. Currencies and bond rates will continue to provide a headwind, the broker notes, and option upside at both APRR and Greenway are now more distant.

Target falls to $5.87 from $6.08. Neutral retained.

Target price is $5.87 Current Price is $5.49 Difference: $0.38
If ALX meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $6.26, suggesting upside of 12.8% (ex-dividends)

The company's fiscal year ends in December.

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

Morgan Stanley rates ALX as Upgrade to Overweight from Equal-weight (1) -

Atlas Arteria's toll road earnings were in line with Morgan Stanley's forecast. APRR's operating income of EUR1,550m was down -20% over last year but higher than the broker's estimate.

Operating income for Dulles Greenway was higher than Morgan Stanley expected and in line for Warnow Tunnel. The company has guided to a second-half distribution of 13c citing French traffic resilience and recovery potential this year.

Morgan Stanley upgrades its rating to Overweight from Equal-weight with the target falling to $6.33 from $6.82. Industry view: Cautious.

Target price is $6.33 Current Price is $5.49 Difference: $0.84
If ALX meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $6.26, suggesting upside of 12.8% (ex-dividends)

The company's fiscal year ends in December.

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

Morgans rates ALX as Add (1) -

The FY20 earnings (EBITDA) margins were close to Morgans expectations as traffic remains materially below pre-covid levels. The AUD/EUR and bond yields are also considered a headwind for DPS and valuation.

Mind you, the analyst believes the share price has captured most of this and the Add rating is retained while the target is decreased to $6.14 from $6.51.

Management issued guidance for the 2H20 distribution of 13cps which is below the 17.5cps the analyst was expecting. Consequently, Morgans downgrades the FY21 forecast DPS to 26cps from 31cps.

Target price is $6.14 Current Price is $5.49 Difference: $0.65
If ALX meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $6.26, suggesting upside of 12.8% (ex-dividends)

The company's fiscal year ends in December.

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

UBS rates ALX as Neutral (3) -

UBS notes net profit in the second half was down -15% which is likely to lead to a -30% decline in cash flow distribution. So far in 2021 APRR traffic is down -25%, reflecting low ski season traffic and an ongoing 6pm curfew.

The broker finds the capital restructure of Warnow Tunnel a clear positive for the injection of $67m will free up distributions from the asset. The Neutral rating is under review. Target is reduced to $5.75 from $6.10.

Target price is $5.75 Current Price is $5.49 Difference: $0.26
If ALX meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $6.26, suggesting upside of 12.8% (ex-dividends)

The company's fiscal year ends in December.

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 AMI as Outperform (1) -

Aurelia Metals' underlying earnings beat the broker by 10%. Cash flow was in line and no dividend was declared as expected. Aurelia completed the acqusition of the recently commissioned Dargues mine in the period and will now focus on its ramp-up.

The addition of Dargues to the portfolio has increased the miner’s gold exposure and the broker expects this to increase further as exploration adds mine life. The Federation resource update is also a key step forward.

Outperform and 65c target retained.

Target price is $0.65 Current Price is $0.40 Difference: $0.25
If AMI meets the Macquarie target it will return approximately 63% (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

Ord Minnett rates AMP as Hold (3) -

Ord Minnett considers AMP’s attempts to release locked up value, through today’s announced non-binding agreement with ARES for sale of 60% of the Private Markets business of AMP (AMP Capital), as a significant positive for shareholders.

At first glance, Ord Minnett believes the transaction appears to be a significant premium to the value implied for AMP Capital in the current share price and the value in its sum of the parts (SOTP) valuation for the AMP group worth $1.55.

Ord Minnett had valued the deal at $2bn (17x net profit), whereas its implied worth is $3.15bn (including surplus capital $2.25bn plus $0.9bn).

The broker notes that the difference is worth 33cps. Hold rating and target price of $1.55 retained.

Target price is $1.55 Current Price is $1.40 Difference: $0.15
If AMP meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $1.50, suggesting downside of -0.1% (ex-dividends)

The company's fiscal year ends in December.

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

Morgans rates AMX as Add (1) -

The first half result contained a -28% miss against Morgans revenue forecasts mainly due to lumpiness of large projects. The key highlight was considered MetroMap's annual recurring revenue (ARR) up 99% since June and rising 20% in the quarter to $3.3m.

Though the 3D product underperformed expectations in the half, the analyst considers it remains a huge opportunity with the first US enterprise contract announced recently.

Add rating and target is decreased to $1.61 from $1.83. With shares trading at roughly half the EV/revenue multiple of closest peers, Morgans believes an increasing proportion of subscription revenue will eventually lead to a re-rating.

Target price is $1.61 Current Price is $1.17 Difference: $0.44
If AMX meets the Morgans target it will return approximately 38% (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

Morgans rates ANP as Add (1) -

First half results showed a net reported loss of -$2.0m, a 53% improvement on the pcp. General expenses (staff, R&D and patent) were broadly similar with the main driver of the variance being -$2.4m in non-cash share based payments, explains Morgans. 

The broker expects a significant increase in R&D expenses, with drug formulation and trial preparatory work and submissions to roll through in the 2H. There are no changes to forecasts and the analyst maintains a Speculative Buy rating and target of $0.377.

Target price is $0.38 Current Price is $0.18 Difference: $0.197
If ANP meets the Morgans target it will return approximately 109% (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

Credit Suisse rates APE as Neutral (3) -

Having dealt well with the pandemic, Credit Suisse believes the first half of 2021 will be more of the same for Eagers Automotive. 

Profit before tax of $209m was up 112% driven by the Automotive Holdings Group and an extremely robust last quarter.

No guidance has been provided but despite the uncertainties, the broker believes the current conditions are enough to warrant material upgrades.

Neutral rating maintained. Target is raised to $13 from $9.40.

Target price is $13.00 Current Price is $12.93 Difference: $0.07
If APE meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $14.76, suggesting upside of 11.4% (ex-dividends)

The company's fiscal year ends in December.

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 APE as Overweight (1) -

Morgan Stanley finds plenty of operational positives in Eagers Automotive's result. Eagers Automotive saw profitable trading since November with all metrics up except inventory, but noted inventory remains an investment focus.

The broker notes the company is on a path to recovery and has plenty of structural opportunities. The current market uncertainty over CEO succession is overdone and makes for a good buying opportunity, adds Morgan Stanley.

Overweight retained. Target is $17. Industry view: In-Line.

Target price is $17.00 Current Price is $12.93 Difference: $4.07
If APE meets the Morgan Stanley target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $14.76, suggesting upside of 11.4% (ex-dividends)

The company's fiscal year ends in December.

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

Citi rates APT as Neutral (3) -

Due largely to lower late fees and higher than expected operating expenditure, especially around marketing spend, Afterpay reported earnings (EBITDA), excluding share based payments, of $48m, up from $7m in the previous corresponding period, but -37% below Citi’s estimate of $76m.

Citi noted that while the number of active customers in ANZ of 3.4m was flat on 1Q, and missed its expectations of 3.6m, the UK generated a maiden earnings (EBITDA) profit of $6.5m and ANZ earnings (EBITDA) margins improved to 54%.

While lower than expected late fees resulting in Net Transaction Margins missing its expectations, Citi sees the decrease in late fees contribution as positive from a sustainability and regulatory perspective.

Citi notes the key question post the result will be the level of operational expenditure investment (both employee and marketing) required going forward given the international expansion but, more importantly, increasing competition in the sector.

Neutral and $115 target retained on Afterpay.

Target price is $115.00 Current Price is $134.36 Difference: minus $19.36 (current price is over target).
If APT meets the Citi target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $118.47, suggesting downside of -0.9% (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

Credit Suisse rates APT as Outperform (1) -

Afterpay's sales beat consensus in its first half with an in-line net transaction margin. While earnings were below Credit Suisse's expectations due to higher costs, sales were strong enough to have the broker reaffirm its investment thesis.

The broker upgrades its sales forecast by circa 10-15% across the forecast period but has pushed any profitability benefit to outer years due to ongoing investment and a higher diluted share count.

Outperform rating is maintained with the target rising to $145  from $124.

Target price is $145.00 Current Price is $134.36 Difference: $10.64
If APT meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $118.47, suggesting downside of -0.9% (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 Overweight (1) -

Morgan Stanley estimates average transaction per active customer in the first half rose to 11.1x from 9.6x in the previous quarter. Even so, the broker thinks Afterpray is in the early stages of building its global platform.

Afterpay Money is expected to launch in the September quarter in Australia with EU Pagantis's acquisition expected to be completed by March.

Morgan Stanley's FY21 merchant revenues estimates have reduced by -5% on lower starting customer numbers in the first half. Revenue forecasts for FY21-22 fall by -4-10% on lower customer numbers.

Overweight retained and the target falls to $159 from $170.10. Industry view: In-Line.

Target price is $159.00 Current Price is $134.36 Difference: $24.64
If APT meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $118.47, suggesting downside of -0.9% (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

Morgans rates APT as Hold (3) -

The first half (NPAT/Loss) of -$79m was comfortably below consensus of -$12m although Morgans considers it a solid result, with the miss appearing due to non-cash items/one-off items. The Hold rating is maintained and the target increased to $125.3 from $110.6.

The company will issue $1.25bn in convertible notes to increase ownership of Afterpay US and the inherent longer-term benefits are the reason for the increased price target. Some offset is a lowering of FY22 EPS by circa -20% on more conservative leverage assumptions. 

Morgans now forecasts an FY21 NPAT/ Loss of -$85m versus -$30m previously, on higher one-off and non-cash items than expected.

Target price is $125.30 Current Price is $134.36 Difference: minus $9.06 (current price is over target).
If APT 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 $118.47, suggesting downside of -0.9% (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

UBS rates APT as Sell (5) -

Target remains at $30 with a Sell rating. For those who have been following UBS's out-of-the-pack coverage of Afterpay, maybe that's the message that counts?

The broker acknowledges the company released a strong set of numbers but also that yet another capital raising is taking place, plus there is more selling from one of the co-founders.

Cumulatively, Afterpay has now raised in excess of -$2bn in capital since last July, points out the broker, adding "We believe this vindicates our view that the market continues to mis-price or ignore how much capital is required to fund APT's growth".

No changes were made to forecasts.

Target price is $30.00 Current Price is $134.36 Difference: minus $104.36 (current price is over target).
If APT meets the UBS target it will return approximately minus 78% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $118.47, suggesting downside of -0.9% (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 APX as Upgrade to Buy from Accumulate (1) -

2020 results were broadly in line with expectations. The company experienced a slowdown in Relevance work over the second half as major customers deferred and redirected expenditure.

Ord Minnett envisages an opportunity for Appen to continue its growth path and leverage the global trend of investment in artificial intelligence.

The broker considers the stock trading on undemanding multiple and upgrades to Buy from Accumulate. Target is reduced to $24.75 from $30.00.

Target price is $24.75 Current Price is $16.86 Difference: $7.89
If APX meets the Ord Minnett target it will return approximately 47% (excluding dividends, fees and charges).

Current consensus price target is $22.23, suggesting upside of 33.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

Ord Minnett rates ASB as Hold (3) -

Due to much stronger shipbuilding margins from the US division, Austal reported 1H21 underlying earnings (EBIT) of $70.5m, up 17.6% on the prior corresponding period (pcp) and ahead of Ord Minnett’s $63.6m forecast.

At 4.0cps, the unfranked interim dividend was slightly below the broker's 5.0cps forecast, and represents a 28% payout ratio (down on the circa 40% seen in 2H20). 

Due to appreciating AUD, reduced USA Support activities and covid related program delays in Australasia, revenue guidance has reduced to around $1.65bn.

During its initial glance, Ord Minnett noted while foreign exchange headwinds will continue to impact the translation of USD denominated earnings in 2H21, Austal has maintained its earnings (EBIT) guidance at around $125m for FY21, largely due to a significant uplift in the US shipbuilding business as the company approaches the end of the LCS construction program.

Hold rating and target of $2.30 maintained.

Target price is $2.30 Current Price is $2.30 Difference: $0
If ASB meets the Ord Minnett target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $3.43, suggesting upside of 44.5% (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

UBS rates ASG as Buy (1) -

First half results were in line with expectations. Autosports Group expects both new and used pricing dynamics will be supported throughout the second half.

UBS finds several areas of potential upside, including accelerating revenue and incremental cost reductions. Buy rating retained. Target rises to $2.10 from $1.80.

Target price is $2.10 Current Price is $1.90 Difference: $0.2
If ASG meets the UBS target it will return approximately 11% (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 AVN as Outperform (1) -

Aventus Group reported funds from operations of 10c compared to the broker's 9c forecast and has upgraded full year FFO guidance to "at least" 19c from a prior 18.5c. The first half beat was driven by a reversal of rent relief the REIT provided to tenants in the previous half.

Increased asset values and a DRP have reduced the gearing ratio and provided Aventus with $200m of acquisition capacity, the broker notes. As a retail REIT, Aventus has performed much better than large mall landlords.

But this may be a problem, if mall landlords go courting large format retail tenants to backfill vacancies, the broker suggests. Outperform retained, target rises to $3.15 from $2.93.

Target price is $3.15 Current Price is $2.81 Difference: $0.34
If AVN meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $2.90, suggesting upside of 3.5% (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 AVN as Equal-weight (3) -

Aventus Group reported first-half funds from operations of $56m, a stronger number versus Morgan Stanley's expected $51.2m. The beat was driven by 98.5% occupancy and a 98% rent collection rate.

Around 20% of the portfolio will expire between now and June 2022, highlights the broker and thus believes the group offers a lower-risk exposure versus Vicinity Centres ((VCX)) and Scentre Group ((SCG)). 

The REIT has upgraded its FY21 funds from operations guidance to 19c from 18.5c.

Equal-weight rating with a target of $2.70. Industry view: In-line.

Target price is $2.70 Current Price is $2.81 Difference: minus $0.11 (current price is over target).
If AVN 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 $2.90, suggesting upside of 3.5% (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

Morgans rates AVN as Add (1) -

The Aventus Group's first half result was 'solid' as portfolio metrics remained stable and rent collections were 98%, explains Morgans. The portfolio is currently valued at $2bn across 19 assets (75% external) and occupancy is 98.5%.

Guidance was upgraded with FFO up 4% on the pcp versus 2% previously, which implies to the broker FFO of at least 19cps and DPS of at least 17.1cps. This is considered to result in an attractive dividend yield.

Add rating and target is increased to $2.90 from $2.75. Morgans feels catalysts will be asset re-ratings and accretive acquisitions.

Target price is $2.90 Current Price is $2.81 Difference: $0.09
If AVN meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $2.90, suggesting upside of 3.5% (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

UBS rates AVN as Buy (1) -

Aventus Group produced a strong first half with free funds from operations 10% ahead of UBS estimates. Guidance for FY21 has been increased to "at least $0.19 per security", ahead of expectations and reflecting 4% growth.

UBS assesses the 6.4% distribution yield for FY22 and 5% growth projections over FY22-24 screen well within the sector and retains a Buy rating and $2.84 target.

Target price is $2.84 Current Price is $2.81 Difference: $0.03
If AVN meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $2.90, suggesting upside of 3.5% (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

UBS rates BGA as Buy (1) -

First half results were ahead of UBS estimates. The bulk business was the primary driver amid a full contribution from lactoferrin and a favourable sales mix.

UBS also finds the outlook commentary positive but is taking a conservative stance on the medium-term earnings for both the core Bega business and the Lion acquisition.

Still, the broker acknowledges significant upside risks exist over the medium-term from manufacturing rationalisation and improving utilisation. Buy rating retained. Target is raised to $6.80 from $5.70.

Target price is $6.80 Current Price is $6.20 Difference: $0.6
If BGA meets the UBS target it will return approximately 10% (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

Morgan Stanley rates BHP as Overweight (1) -

BHP Group believes investment fundamentals around oil will remain attractive over the next decade. The group's near-term focus is to de-risk the options with a very short payback.

The group notes the capital intensity of the South Flank project is less than 50% of what has been seen in the past but also highlights fx headwinds that are pushing costs higher in USD. 

Overweight rating is retained with a target price of $48.05. Industry view: Attractive.

Target price is $48.05 Current Price is $50.45 Difference: minus $2.4 (current price is over target).
If BHP meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $47.18, suggesting downside of -4.0% (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: 0.6

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

Macquarie rates BVS as Outperform (1) -

The broker doess not qualify Bravura Solutions' first half result, rather focusing on full year guidance. Guidance has been cut to $32-35m from "around" $40m but despite this being -10% below the broker, it is explained by the UK re-lockdown.

It is not thus as bad as the broker feared. With the UK now on a staged exit from lockdown, the broker has increased confidence in an FY22 recovery story, supported by the company's transition to subscription-based revenue model.

Target falls to $4.00 from $5.00. Outperform retained, the risk being the UK goes back into lockdown once more.

Target price is $4.00 Current Price is $2.92 Difference: $1.08
If BVS meets the Macquarie target it will return approximately 37% (excluding dividends, fees and charges).

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

Ord Minnett rates BVS as Hold (3) -

First half net profit was slightly ahead of Ord Minnett's forecast as was the interim dividend. Nevertheless, the broker considers this a very weak result because of project delays.

In addition, the company is transitioning its technology to a cloud-based model. Ord Minnett retains a Hold rating and reduces the target to $2.80 from $3.10.

Target price is $2.80 Current Price is $2.92 Difference: minus $0.12 (current price is over target).
If BVS meets the Ord Minnett target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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

Morgans rates CAT as Add (1) -

Despite some encouraging metrics in the first half, Morgans downgrades revenue expectations as a recovery in global sporting leagues is yet to manifest. The target is decreased to $2.12 from $2.45 and the Add rating maintained.

While the broker expects a return to healthy revenue growth rates and material operating leverage, it's felt a revenue recovery has been deferred after the company all but ceased capital sales in the health & performance division.

The analyst notes a record low churn rate of 4.5% in the period shows the utility derived by clients. Additionally, the annual contract value (ACV) growth of 8% at the end of December is considered to bode well.

Target price is $2.12 Current Price is $1.73 Difference: $0.39
If CAT meets the Morgans target it will return approximately 23% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

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

Morgans rates CBL as Add (1) -

The first half result was better than Morgans forecast with revenue climbing 25% and 89 units sold of the portable wearable device.

The analyst suggests investors focus upon sales, expansion into new regions and further advancement of the technology into other applications. Speculative Buy rating and target of $1.42 are unchanged, with no changes to forecasts.

Target price is $1.42 Current Price is $0.72 Difference: $0.7
If CBL meets the Morgans target it will return approximately 97% (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

Morgan Stanley rates CCX as Overweight (1) -

City Chic Collective's first-half revenue was up 13.5% to $119m but missed Morgan Stanley's expected $130m. Sales growth accelerated to 21% with active customers increasing to 801k. Operating income was up 22% and 17% above the broker's forecast.

The broker highlights City Chic has demonstrated online growth can be accretive given the retailer increased its first-half operating income margins to 19.6% versus 18.2% in the last year.

Overweight rating with the target rising to $4.75 from $4.50. Industry view is In-line.

Target price is $4.75 Current Price is $3.93 Difference: $0.82
If CCX meets the Morgan Stanley target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $4.54, suggesting upside of 12.3% (ex-dividends)

The company's fiscal year ends in June.

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

Morgans rates CDD as Add (1) -

Morgans assesses the first half result was very strong with earnings (EBITDA) ahead of forecasts and an interim dividend of 1.5cps. Earnings guidance (pre-AASB16) was increased to $45-50m rising from $40-45m.

The broker regarded the Americas result as solid with earnings declining just -4.2%. This was considered a particularly good effort considering a number of high margin contracts rolled off during the period.

Morgans expects a continuation of solid earnings growth complemented by acquisitions. Add rating and target is increased to $0.78 from $0.631.

Target price is $0.78 Current Price is $0.44 Difference: $0.34
If CDD meets the Morgans target it will return approximately 77% (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

Ord Minnett rates CDP as Hold (3) -

First half earnings were ahead of Ord Minnett's forecasts and an interim distribution of 11.5c per security was declared. Carindale has guided to an FY21 distribution of 23c.

Visits to the centre have improved markedly since the peak of the pandemic and sales in Queensland have outperformed other eastern states.

Still, Ord Minnett expects net property income will remain below pre-pandemic levels and envisages downside risk to book values. Hold retained. Target rises to $4.80 from $4.60.

Target price is $4.80 Current Price is $4.39 Difference: $0.41
If CDP meets the Ord Minnett target it will return approximately 9% (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 CLQ as No Rating (-1) -

Clean Teq released its first half result, but the broker can't say anything because it's advising the company on the planned demerger of its Water business. Pending shareholder approval, shareholders will receive a capital return.

The demerged Water business will retain the Clean Teq name, while the rest of Clean Teq will be renamed Sunrise Energy Metals.

Current Price is $0.28. Target price not assessed.

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

Morgans rates CMW as Hold (3) -

Key news emanating from Cromwell Property Group's first half result was the downgrade of FY21 DPS guidance to 7 cents from 7.5 cents,  which implies to Morgans a 2H21 distribution of 3.25 cents.

While acknowledging an attractive distribution yield, the broker feels that until there is clarity around the future strategy after the CEO departure and Board reset, a Hold rating is appropriate and the $1.14 target is unchanged. 

Target price is $1.14 Current Price is $0.83 Difference: $0.31
If CMW meets the Morgans target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $0.94, suggesting upside of 18.6% (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

Morgans rates EPY as Add (1) -

Earlypay reported first half results in-line with Morgans estimates and declared a 1 cent dividend. The broker could see recovery throughout the half with profits up and strong momentum in invoices financed, which started in the second quarter.

FY21 guidance was provided, including $8.5m profit (NPATA) and a 2H dividend of 1.3cps. The acquisition of Skippr in July 2020 is accelerating new business and online/digital applications (through the Skippr platform) represented 56% of new business in 2Q20.

Add rating maintained and the target is raised to $0.54 from $0.40. Morgans feels there is now evidence of recovery and momentum in the core Invoice Finance division. Industry conditions also look to be improving.

Target price is $0.54

Market Sentiment: 1.0

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

UBS rates FCL as Buy (1) -

The main highlights from the first half result were organic subscriber growth of 35% and the signing of a small but strategically significant cloud claims deal in Australasia, UBS asserts.

First half operating earnings (EBITDA) were below UBS estimates while revenue was in line. FY21 guidance implies a material slowdown in the second half for organic services revenue. UBS retains a Buy rating and reduces the target to $4.70 from $5.10.

Target price is $4.70 Current Price is $3.98 Difference: $0.72
If FCL meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $4.51, suggesting upside of 14.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

This company reports in EUR. 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

Morgans rates FDV as Add (1) -

Due to a recent quarterly update, the only surprise from the 2020 profit results was slightly higher corporate costs. 

The company announced a material acquisition of Chilean horizontal classifieds business ‘Yapo', which Morgans incorporates into forecasts. This increases the target to $1.63 from $1.59 while Morgans retains the Add rating.

The company for the first time outlined a range of potential monetisation opportunities available regarding the expanding portfolio of online businesses, reports the broker; when the time is right.

Target price is $1.63 Current Price is $1.42 Difference: $0.21
If FDV meets the Morgans target it will return approximately 15% (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 FLT as Downgrade to Sell from Neutral (5) -

Following Flight Centre’s 1H21 loss before tax of -$247m (Citi -$264m, consensus -$218m), Citi believes the travel operator’s shares are now pricing in a full recovery in earnings over the next three years.

Citi expects total travel value (TTV) to recover to around 90% of pre covid levels by 2024, and expects Flight Centre to reach a profit before tax margin of 1.7% by FY24, below management’s expectations of over 2%.

With the fundamental valuation stretched, the broker believes there is little margin for error in what is likely to be a highly uncertain period for Flight Centre and the global tourism industry.

Seeing little upside to Flight Centre’s recovery path, Citi’s Neutral rating has been downgraded to Sell, target rises to $16.80 from $16.00, following 8-9% upgrades to FY23 and FY24 earnings.

Target price is $16.80 Current Price is $17.79 Difference: minus $0.99 (current price is over target).
If FLT meets the Citi target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.57, suggesting upside of 5.8% (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

Credit Suisse rates FLT as Downgrade to Underperform from Neutral (5) -

With Flight Centre having ample liquidity, Credit Suisse has crossed off that metric as a point of major concern for investors in 2021. What investors need to decide on now is the value to attach to an eventual recovery in travel, suggests the broker.

Given the expectations of a recovery in earnings is already being priced in by the market, Credit Suisse decides to reduce its rating to  Underperform from Neutral with the target price rising to $15.44 from $15.04.

Target price is $15.44 Current Price is $17.79 Difference: minus $2.35 (current price is over target).
If FLT meets the Credit Suisse target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.57, suggesting upside of 5.8% (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 FLT as Upgrade to Outperform from Neutral (1) -

It is unsurprising that Flight Centre saw total transaction value drop -88% in the first half and revenue -90%. What matters is the flight path from here. Management expects both Leisure and Corporate to breakeven in 2021, and TTV to recover to pre-covid levels in FY24.

Macquarie forecasts an 80-85% recovery by FY24. The outlook is supported by pent-up demand and a leaner business model, and with the vaccine rollout the broker is prepared to suggest travel has seen its last delay. Cash reserves are adequate through to late 2022.

Target rises to $20.00 from $15.30. Upgrade to Outperform from Neutral.

Target price is $20.00 Current Price is $17.79 Difference: $2.21
If FLT meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $17.57, suggesting upside of 5.8% (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

Morgan Stanley rates FLT as Downgrade to Equal-weight from Overweight (3) -

Flight Centre's first-half total transaction volume was -38% below Morgan Stanley's forecast due to a slower ramp up in activity and refunds.

Liquidity, considered by Morgan Stanley to be the most important metric at this stage improved to $1.2bn versus $1.03bn in September. The broker highlights global activity improving slightly to 13% in January from 12% in September 2020.

Flight Centre aims at a return to breakeven in 2021 assuming domestic borders open. While the first half numbers were below expectations, Morgan Stanley remains comfortable with the company's liquidity runway.

Morgan Stanley downgrades to Equal-weight from Overweight with the target rising to $17.50 from $15. Industry view: Cautious.

Target price is $17.50 Current Price is $17.79 Difference: minus $0.29 (current price is over target).
If FLT meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.57, suggesting upside of 5.8% (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

Morgans rates FLT as Hold (3) -

Flight Centre reported a large, though not as bad as Morgans feared, loss (NPBT) of -$247.2m due to covid travel restrictions. Total transaction volume (TTV) was just 12% of the pcp with Corporate 17% and Leisure just 7%.

While a return to profitability has now been pushed out slightly, vaccine success and some international travel should return the company to modest profitability in FY22 and the broker expects a return to FY19 earnings in FY24.

By comparison to peers, the exposure to international Leisure travel and a higher cost bricks and mortar business model, will mean the company will be one of the last to reach pre-covid levels of profitability, explains the analyst.

Hold rating and target is increased to $19.21 from $13.60 after Morgans lifts multiples after a review of peers. 

Target price is $19.21 Current Price is $17.79 Difference: $1.42
If FLT meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $17.57, suggesting upside of 5.8% (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

Ord Minnett rates FLT as Upgrade to Hold from Lighten (3) -

The interim result impressed Ord Minnett with the amount of cost savings procured over the last 12 months. This should assist the business to emerge with a leaner, more productive operation once the pandemic is over.

Ord Minnett has little doubt the market was excited by the "passionate/optimistic" commentary provided by management but remains cautious.

Flight Centre faces hurdles, given the retail store network is now reduced by -50% and there are likely to be headwinds in terms of online competitors and airline overriders.

Ord Minnett upgrades to Hold from Lighten and raises the target to $16.35 from $15.35.

Target price is $16.35 Current Price is $17.79 Difference: minus $1.44 (current price is over target).
If FLT meets the Ord Minnett target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.57, suggesting upside of 5.8% (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

UBS rates FLT as Downgrade to Neutral from Buy (3) -

First half profit was in line with UBS estimates and January 2021 was understandably weak. The company has made some positive comments as the vaccine gets rolled out and costs remain under control.

The broker suspects profit will recover in FY23-24 through a full recovery in transactions and terminal cost reductions. Store closures have reduced density, with little change to the business reach.

Nevertheless, while confidence has increased, UBS considers the outlook priced in and risks still elevated. Rating is downgraded to Neutral from Buy and the target is raised to $17.70 from $14.50.

Target price is $17.70 Current Price is $17.79 Difference: minus $0.09 (current price is over target).
If FLT meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.57, suggesting upside of 5.8% (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

Credit Suisse rates GOZ as Outperform (1) -

Growthpoint Properties Australia's first-half result beat Credit Suisse's expectations with funds from operations (FFO) at 12.7c ahead of the broker's estimate. FY21 FFO guidance is set at 25.2- 25.5c with an expected dividend of 20c. 

While mindful of the negative equity market sentiment towards the office sector, the broker believes the implied discount for Growth Properties Australia industrial portfolio is too aggressive. 

Outperform retained with the target rising to $3.54 from $3.52.

Target price is $3.54 Current Price is $3.13 Difference: $0.41
If GOZ meets the Credit Suisse target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $3.42, suggesting upside of 9.3% (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 GOZ as Neutral (3) -

Growthpoint Properties reported funds from operations in line with the broker. Full year FFO guidance is below expectation, although FY distribution guidance is unchanged and in line with forecast.

The broker notes Growthpoint has a number of growth levers it can pull, including a buyback, stabilised acquisitions, funds management and M&A. The REIT has nevertheless elected to reduce its payout ratio going forward.

It's a prudent move, the broker agrees, but weighs on yield. Guidance was lowered due to lower office occupancy assumptions and incentives required to retain or lure tenants. Neutral retained, target falls to $3.22 from $3.56.

Target price is $3.22 Current Price is $3.13 Difference: $0.09
If GOZ meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $3.42, suggesting upside of 9.3% (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 GOZ as Hold (3) -

First half funds from operations were ahead of Ord Minnett's forecasts. Growthpoint has reiterated guidance for distribution of 20c.

The market is pricing in a -10% softening in book value which the broker suspect is an overreaction, given industrial asset value should continue to firm and, at least partially, offset potential weakness in office.

Hold rating maintained. Target is $3.50. The business is exploring opportunities for future growth including potential acquisitions and/or a move into funds management.

Target price is $3.50 Current Price is $3.13 Difference: $0.37
If GOZ meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $3.42, suggesting upside of 9.3% (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 GTN as Neutral (3) -

GTN's FY21 first-half result outpaced Macquarie, thanks to a strong second-quarter rebound.

The broker says the rebound is indicative of the company's regenerative power when restrictions are eased amidst a rising market; but expects new restriction in the UK, Canada and Brazil in the second half, before they unwind in FY22, triggering an uptick.

EPS forecasts fall -30% in FY21 and -2% in FY22 to reflect continued lockdowns.

Target price rises to 58c from 47c. Neutral rating retained.

Target price is $58.00 Current Price is $0.55 Difference: $57.45
If GTN meets the Macquarie target it will return approximately 10445% (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

UBS rates GXY as Buy (1) -

2020 results were in line with expectations. Cash costs increased, largely driven by the decision to scale back production in response to soft conditions in the lithium market. The average realised price of US$352/dmt was below UBS estimates.

Since the start of 2021 spot spodumene prices have increased to US$510/t, suggesting Galaxy Resources' average realised price could be US$500/t throughout the year, or even higher. UBS maintains a Buy rating and raises the target to $3.60 from $3.30.

Target price is $3.60 Current Price is $2.68 Difference: $0.92
If GXY meets the UBS target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $2.39, suggesting downside of -8.4% (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: -0.3

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

Citi rates HVN as Buy (1) -

Harvey Norman delivered 1H21 underlying profit before tax of $610.2m, up 114% year on year (YoY), and around 2% ahead of Citi estimates, while the 20cps dividend was ahead of consensus.

Australian like for like sales growth of 22% in January and February to date is ahead of both JB Hi-Fi (18.6%) and The Good Guys (14.1%).

At first glance, Citi noted that the franchisor structure has delivered 210% profit before tax growth from 27% system sales growth in 1H21.

While profit before tax growth has moderated from 186% in July/August, to 137% in September/October, to 72% in November/December, Citi considers this a positive as the profit before tax per day has stepped up by a similar dollar amount YoY in November/December.

Citi expects Harvey Norman to be a beneficiary of the improving housing cycle and continued demand for work from home and entertain at home products. As a result, the broker sees upside to 2H21 and FY22 consensus forecasts.

Buy rating is retained, and the target rises to $6.00 from $5.50.

Target price is $6.00 Current Price is $5.30 Difference: $0.7
If HVN meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $5.79, suggesting upside of 10.4% (ex-dividends)

The company's fiscal year ends in June.

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

Ord Minnett rates HVN as Hold (3) -

In an initial assessment of Harvey Norman first-half results, Ord Minnett notes the company's profit before tax is up 113.5% and above the broker's forecast of $546.8m.

Profit for the core Australian franchising operations was materially above the broker's forecast but international profit fell slightly short due to overly optimistic estimates for New Zealand. An interim dividend of 20c was in-line with the broker.

The broker further notes trading in the second half has started on a stronger note with Australian franchising like-for-like sales up 22% and retail New Zealand sales up 19.4%.

Ord Minnett maintains its Hold recommendation with a target of $5.50.

Target price is $5.50 Current Price is $5.30 Difference: $0.2
If HVN meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $5.79, suggesting upside of 10.4% (ex-dividends)

The company's fiscal year ends in June.

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

Credit Suisse rates IFM as Outperform (1) -

Infomedia's first-half revenue was flat versus last year with service revenue offset by parts revenue. The operating income was down -2% over last year and the result was impacted by fx headwinds.

No specific FY21 guidance was provided. Management expects moderate organic growth in the second half and the broker believes sales conversion will improve as restrictions ease.

In the medium term, management expects to return to sustained growth and aims to hit a revenue target of $200m by 2025.

Outperform rating with the target reduced to $2.30 from $2.50.

Target price is $2.30 Current Price is $1.62 Difference: $0.68
If IFM meets the Credit Suisse target it will return approximately 42% (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 IFM as Buy (1) -

First half results were slightly below expectations because of the delayed roll-out of work which cannot be installed as yet, and the challenges of winning new dealership licences in Europe and the US given the restrictions.

UBS observes momentum has stalled, which means a flowing through of benefits from the subscription model will take time. Over the longer term the broker continues to envisage a strengthened product offering post completion of the NextGen platform.

Buy rating retained. Target is reduced to $2.10 from $2.20.

Target price is $2.10 Current Price is $1.62 Difference: $0.48
If IFM meets the UBS target it will return approximately 30% (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

Citi rates ILU as Neutral (3) -

Iluka Resources' 2020 earnings were in line with Citi estimates at $423m, which was a 7% beat versus consensus. Due to higher than expected Depreciation and Amortisation (D&A) plus inventory impacts, underlying net profit was -34% below Citi's estimate (and -15% below consensus.

Citi notes cautious optimism around signs of recovery in zircon and high grade titanium feedstock markets.

2021 underlying net profit is revised up 6% with higher assumed SR/R prices offsetting lower zircon pricing/volumes and higher D&A.

While incremental news on minerals sands markets should be positive from here, Citi notes that much is now in the price.

Neutral rating is retained with the target price rising to $7.50 from $6.60.

Target price is $7.50 Current Price is $7.53 Difference: minus $0.03 (current price is over target).
If ILU meets the Citi target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.44, suggesting downside of -13.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.2

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

Credit Suisse rates ILU as Underperform (5) -

Credit Suisse concedes it may have been too early to move to Underperform on Iluka Resources noting the stock has rallied 18% since the beginning of February with the rare earths thematic gaining traction.

Even so, the broker struggles to find a way to justify the current share price post the recent rally. Credit Suisse believes the mineral sands markets will be stronger in 2021 versus 2020 but will be partially offset by a lower MAC ownership.

Underperform rating with the target rising to $5.70 from $5.60.

Target price is $5.70 Current Price is $7.53 Difference: minus $1.83 (current price is over target).
If ILU meets the Credit Suisse target it will return approximately minus 24% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.44, suggesting downside of -13.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.2

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

Macquarie rates ILU as Neutral (3) -

Iluka Resources' 2020 result slightly outpaced Macquarie thanks to good earnings and cash flow, enabling a final dividend.

Guidance outpaced the broker, triggering 10% upgrades to zircon and rutile production forecasts.

Iluka says it is considering constructing a rare earths refinery to process Eneabba and Wimmera monazite, and treat third-party ore.

EPS forecasts for FY21 and FY22 calendar years jump 9% to reflect production upgrades. 

Target price rises 9% to $7.30. Neutral rating retained.

Target price is $7.30 Current Price is $7.53 Difference: minus $0.23 (current price is over target).
If ILU meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.44, suggesting downside of -13.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.2

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

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

Iluka Resources' 2020 group operating income at $423m was circa -2% below Morgan Stanley's expected $437m but above consensus. Net profit was -$68m below the broker's forecast of $151m led by higher depreciation.

Iluka declared a final dividend of 2c which was below the broker's expected 3.7c.

The company's 2021 production guidance of circa 7% is softer than Morgan Stanley's expectations on Zircon and Rutile led by conservative production settings. Synthetic rutile guidance is circa 14% better at the mid-point.

Equal weight with a target price of $5.55. Industry view: Attractive.

Target price is $5.55 Current Price is $7.53 Difference: minus $1.98 (current price is over target).
If ILU meets the Morgan Stanley target it will return approximately minus 26% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.44, suggesting downside of -13.2% (ex-dividends)

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.2

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

Ord Minnett rates ILU as Hold (3) -

2020 results were in line with expectations and a stronger 2021 is expected, given the increased prices for zircon that reflect improving mineral sands markets.

While 2021 earnings estimates have increased by 12%, Ord Minnett notes the project pipeline, which it does not model, is centre stage.

A final investment decision on Eneabba phase 3 is not expected until after mid 2022 and detail is scarce. Hold maintained. Target raised to $6.70 from $6.50.

Target price is $6.70 Current Price is $7.53 Difference: minus $0.83 (current price is over target).
If ILU meets the Ord Minnett target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.44, suggesting downside of -13.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.2

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

UBS rates ILU as Neutral (3) -

Results for 2020 were in line. The main focus is on Eneabba with phase 2 scheduled for the first half of FY22.

Iluka Resources has signalled a strong recovery in zircon, flagging a US$70/t rise in zircon prices from April 1, 2021. A recovery in the pigments market continues amid higher utilisation and price increases.

Neutral rating retained along with a $5.90 target as UBS assesses, given the risks to the project pipeline, the share price is fully valuing the portfolio.

Target price is $5.90 Current Price is $7.53 Difference: minus $1.63 (current price is over target).
If ILU meets the UBS target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.44, suggesting downside of -13.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.2

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

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

InvoCare delivered a pre-guided FY20 result with sales of $476m versus Morgan Stanley's expected $465m. Operating income fell short of the broker's expected $106m while the net profit beat the broker's forecast.

No guidance was provided but management pointed to continuing recovery. Morgan Stanley expects a change in management as the biggest potential catalyst.

Equal-weight rating and $10.30 target. Industry view: In-Line.

Target price is $10.30 Current Price is $11.26 Difference: minus $0.96 (current price is over target).
If IVC meets the Morgan Stanley target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.98, suggesting downside of -2.2% (ex-dividends)

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

Ord Minnett rates IVC as Hold (3) -

2020 operating earnings were down -24.3% and in line with guidance. The short-term outlook is likely to be still affected by the pandemic while the company will unveil its five-year strategy in May.

While not finding any material changes in industry structure that would affect a recovery, Ord Minnett requires signs that returns are improving before there is more confidence in the medium-term outlook. Hold maintained and target lowered to $11.20 from $11.50.

Target price is $11.20 Current Price is $11.26 Difference: minus $0.06 (current price is over target).
If IVC meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.98, suggesting downside of -2.2% (ex-dividends)

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

UBS rates IVC as Neutral (3) -

Over 2020 the death rate softened because of lockdowns and restrictions on gatherings. Nevertheless, 2020 operating earnings were in line with estimates.

There is a risk that fewer deaths continue into 2021, UBS assesses, while some efficiency improvements from the ERP implementation have been delayed.

The new management team will outline the five-year strategy in May. UBS retains a Neutral rating and reduces the target to $11.00 from $11.30.

Target price is $11.00 Current Price is $11.26 Difference: minus $0.26 (current price is over target).
If IVC meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.98, suggesting downside of -2.2% (ex-dividends)

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

Macquarie rates JHC as Neutral (3) -

While Japara Healthcare's FY21 first-half underlying performance met Macquarie, a sharp jump in covid costs caused a miss.

Occupancy rates continue to feel the brunt of covid, and Victoria presents a greater exposure than peers. Macquarie expects a 50 basis point improvement in the second half.

The broker appreciates the company's strong leverage to a recovery, but is holding back until more evidence is received.

Target price rises to 80c from 75c. Neutral rating retained.

Target price is $0.80 Current Price is $0.78 Difference: $0.02
If JHC meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $0.75, suggesting downside of -4.0% (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 KAR as Outperform (1) -

Karoon Energy's FY21 first-half result met Macquarie and the company managed to attract a quality price premium.

Production and cash metrics were solid and the broker expects this to continue in FY21. But the Bauna intervention and Patola drilling delay is expected to prove a negative hit in FY22 before driving stronger production rates to the end of FY22 and across FY23.

EPS forecasts rise 13.83c for FY21 thanks to lower production costs and a tax windfall. EPS forecasts fall -49% in FY22 to reflect the delay of Bauna intervention and the Patola drilling campaign.

Target price rises to $1.40 from $1.35. Outperform rating retained.

Target price is $1.40 Current Price is $1.14 Difference: $0.26
If KAR meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $1.57, suggesting upside of 38.6% (ex-dividends)

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

Morgan Stanley rates KAR as Overweight (1) -

Karoon Energy's production slipped slightly versus its forecasts in November led by the timing of the intervention programme expected to start in the second quarter of 2022. Even so, Morgan Stanley believes the story remains on track.

Morgan Stanley has adjusted its production cost estimates marginally over the life of the Patola field and expects costs to reduce on a per barrel basis as production rises; and then costs increase again later in the field life.

Amongst stocks within its coverage, the broker notes Karoon offers the highest leverage to a rising oil price with circa 65% upside at US$55/bbl Brent and 90% upside at circa US$65/bbl.

Overweight rating, Attractive industry view. The broker raises the target to $1.70 from $1.50.

Target price is $1.70 Current Price is $1.14 Difference: $0.56
If KAR meets the Morgan Stanley target it will return approximately 49% (excluding dividends, fees and charges).

Current consensus price target is $1.57, suggesting upside of 38.6% (ex-dividends)

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

Morgans rates KAR as Add (1) -

Unit production costs in 1H21 came in at just US$22.1/bbl, against a realised price of US$47.31/bbl. Morgans predicts margins will balloon in the 2H with spot Brent now above US$67/bbl. Guidance of 3.0-3.4mmbbl was considered in-line and Bauna is seen as performing well.

First half gross profit came in at $9.3m ahead of the broker's estimate of $2.3m largely due to lower-than-expected operating expenses.

Add rating and Morgans reduces the target to  $1.60 from $1.63 after adjusting estimates at Bauna for the expected drilling schedule, and some adjustments relating to first half results.

Target price is $1.60 Current Price is $1.14 Difference: $0.46
If KAR meets the Morgans target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $1.57, suggesting upside of 38.6% (ex-dividends)

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

Morgans rates KSL as Add (1) -

FY20 profit (NPAT) was in-line with Morgans and marks the third straight year of greater than 20% profit growth for Kina Securities. The broker expects the Westpac Bank ((WBC)) Asia Pacific acquisition will provide another leg of growth.

Management allayed fears over an elevated bad debt figure by explaining it related to a small number of well secured loans that are expected to be fully recovered/corrected over the next half.

Add rating and target is increased to $1.64 from $1.56.

Target price is $1.64 Current Price is $1.11 Difference: $0.53
If KSL meets the Morgans target it will return approximately 48% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 1.0

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

Credit Suisse rates LFG as Outperform (1) -

Credit Suisse notes Liberty Financial reported first-half net profit of $117.7m, up 58% versus last year and circa 36% above Credit Suisse's forecast. The beat was led by a higher net interest margin and higher fee and commission income.

While uncertainties persist, the broker notes loan book growth to be increasing and believes Liberty Financial remains well provided for against future bad and doubtful debts. 

The group has upgraded FY21 net profit expectations to more than $200m, a circa 20% increase.

Outperform rating with the target rising to $8.90 from $8.50.

Target price is $8.90 Current Price is $8.20 Difference: $0.7
If LFG meets the Credit Suisse target it will return approximately 9% (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 LFG as Outperform (1) -

Liberty Financial Group's FY21 first-half result pleased Macquarie, the company posting strong increases across the board.

The broker was particularly pleased with the net interest margin beat, after funding costs fell more than 1 percentage point to 2.17%. The 3.07% compares to the 2.8% prospectus forecast. Average financial assets rose 4%.

EPS forecasts jump 9.3% and 3.7% for this year and next, assuming funding conditions remain benign. Target price jumps to $9.02 from $8.27. Outperform retained.

Target price is $9.02 Current Price is $8.20 Difference: $0.82
If LFG meets the Macquarie target it will return approximately 10% (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 LNK as No Rating (-1) -

Link Administration Holdings pre-released its FY21 first-half result, and reports up to 70% of key contracts have been renewed.

Management shaves tax and depreciation guidance and reaffirms cost savings target.

EPS forecasts rise 1.1% in FY21 and fall -2% and -1.6% in FY22 and FY23.

Macquarie is restricted from providing a target price and rating.

Current Price is $4.84. Target price not assessed.

Current consensus price target is $5.27, suggesting upside of 10.9% (ex-dividends)

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

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

First half net profit was below Morgan Stanley's estimates while operating earnings were ahead. The dividend also missed forecasts.

The broker notes the PEXA trade sale has started but all three shareholders have agreed to explore the viabilitity of an IPO as well.

Super revenue appeared more resilient than anticipated. Equal-weight retained. Target is $5.20. Industry view: In-Line.

Target price is $5.20 Current Price is $4.84 Difference: $0.36
If LNK meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $5.27, suggesting upside of 10.9% (ex-dividends)

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

Ord Minnett rates LNK as Hold (3) -

Ord Minnett does not envisage a recovery in earnings until FY22. First half results were previously guided.

The broker envisages some upside from corporate activity but also adverse noise relating to regulatory issues around PEXA.

Hold rating retained. Target rise to $5.20 from $5.00.

Target price is $5.20 Current Price is $4.84 Difference: $0.36
If LNK meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $5.27, suggesting upside of 10.9% (ex-dividends)

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

UBS rates LNK as No Rating (-1) -

While first half headline results were pre-announced, the final report has still resulted in further re-basing of earnings in FY21 and a more protracted recovery is expected from FY22.

UBS believes the longer-term earnings trajectory is intact but downgrades estimates for FY21-22. With the PES deal terminated and the PEXA trade sale/IPO option being considered, the focus is likely to shift to the balance sheet and potential for capital management, suggests the broker.

UBS is currently restricted on providing a rating and target.

Current Price is $4.84. Target price not assessed.

Current consensus price target is $5.27, suggesting upside of 10.9% (ex-dividends)

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

Morgans rates MX1 as Add (1) -

After a second quarter cashflow report for Micro-X, Morgans calculates sales of the Nano (portable X-ray) units are growing steadily and expects momentum to accelerate during 2021.

The broker notes a key short term catalyst is a decision on a grant application for development of a system for early stroke detection.

Morgans makes no changes to forecasts. The Speculative Buy rating is maintained and the target price is unchanged at $0.50.

Target price is $0.50 Current Price is $0.38 Difference: $0.12
If MX1 meets the Morgans target it will return approximately 32% (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 NEC as Outperform (1) -

Nine Entertainment Co's FY21 first-half result beat Macquarie, thanks to Stan and cost-out. The advertising market outpaced consensus expectations and the broker notes the company is enjoying the cyclical upturn.

The broker forecasts a 6% uplift to earnings after the finalisation of the media bargaining code, and forecasts an increase in costs in the second half.

Target rises to $3.90 from $3.80. Outperform rating retained.

Target price is $3.90 Current Price is $2.95 Difference: $0.95
If NEC meets the Macquarie target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $3.28, suggesting upside of 14.3% (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

Citi rates NIC as Downgrade to Neutral from Buy (3) -

Due to a strong nickel price and record rotary kiln electric furnace  (RKEF) production, Nickel Mines delivered a strong FY20, with revenue of US$524m in line with Citi, with net profit (attributable) of US$111m, 29% higher than Citi and 11% higher than consensus on lower-than-modelled cost of sales.

Commenting on the result, Citi regards Nickel Mines as a good way to express a near-to-medium term view on the nickel price without exposure to conventional operational mining risks.

Citi sees a roughly balanced market in 1H21 and expects nickel to rally in the near term to +US$9/lb (+7% from spot), given investor demand against nickel’s exposure to the EV thematic.

FY21 earnings estimates rise materially on Citi’s more optimistic nickel deck, up 30% to FY21/22 earnings (EBITDA).

The Buy rating has been downgraded to Neutral and the price target increases to $1.70 from $1.40.

Target price is $1.70 Current Price is $1.49 Difference: $0.21
If NIC meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $1.57, suggesting upside of 11.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

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

Citi rates NUF as Buy (1) -

Following a trading update for the 4 months to January 2021, Citi concludes that Nufarm is broadly on track to meet its 1H21 group sales forecast of $1.5bn, with the 4 month period historically accounting for around 43% of 1H sales (currently around 45% versus 1H21).

Citi’s forecasts imply Feb/Mar 2021 sales growth of just 4% at the group level, which could prove conservative given upside risk emerging in Europe and the Asia/Pacific.

Europe sales increased 18% on the previous corresponding period (pcp) in 4M21 to $227m, and benefits from La Nina saw Asia/Pacific sales grow 46% on pcp to $257m.

Nufarm is trading on around 5x EV/EBITDA in FY21, which Citi views as good value given a 3-year earnings (EBITDA) Compound annual growth rate (CAGR) of 23% to FY23, on top of a strong balance sheet.

Citi expects the scaling-up of Nuseed’s omega-3 canola opportunity to provide further long-term growth optionality.

Buy rating maintained, price target increases to $5.40 from $5.30.

Target price is $5.40 Current Price is $5.02 Difference: $0.38
If NUF meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $5.17, suggesting upside of 7.7% (ex-dividends)

The company's fiscal year ends in July.

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

Credit Suisse rates NUF as Downgrade to Neutral from Outperform (3) -

Nufarm's mid period trading update beat Credit Suisse's estimates, thanks to improved domestic and European agricultural conditions.

The broker suspects peak cost of goods pressure has passed and that stronger sales should lead to higher prices, buoying margins.

But Credit Suisse notes the final two months of the first half account for 40% to 50% of sales and most of the profit and has an eye peeled to foreign exchange movements.

North American estimates fall on FX assumptions, while Europe rises. Oz is steady.

Target price rises to $5 per share from $4.88. Broker downgrades to Neutral from Outperform.

Target price is $5.00 Current Price is $5.02 Difference: minus $0.02 (current price is over target).
If NUF meets the Credit Suisse target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.17, suggesting upside of 7.7% (ex-dividends)

The company's fiscal year ends in July.

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

Macquarie rates NUF as Upgrade to Outperform from Neutral (1) -

Is that a turnaround announcing itself? Post Nufarm's trading update, Macquarie analysts report they have -for the first time in over two years- upgraded their EPS forecast for the company.

To illustrate their optimism, they also upgraded to Outperform from Neutral. The price target has gained $1 to $5.50 from the $4.50 last updated in late September.

Nufarm's October to January period showed sales growth in all regions, highlights the broker. And now, with improved seasonal conditions and easing raw material costs, on top of all the cost reductions undertaken, Macquarie feels it is time to make that call: this is a turnaround happening!

EPS estimates lift by by 84%, 30% and 20% respectively for FY21-23.

Target price is $5.50 Current Price is $5.02 Difference: $0.48
If NUF meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $5.17, suggesting upside of 7.7% (ex-dividends)

The company's fiscal year ends in July.

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

Morgan Stanley rates NUF as Overweight (1) -

Momentum has continued through the first four months of the year and Morgan Stanley envisages upside risk to consensus estimates.

Revenue increased 17% in the period, supported by a bumper summer crop, and the broker forecasts 12% growth over the first half.

Overweight. Target price is $5.20. Industry view: In-Line.

Target price is $5.20 Current Price is $5.02 Difference: $0.18
If NUF meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $5.17, suggesting upside of 7.7% (ex-dividends)

The company's fiscal year ends in July.

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

Morgans rates NVX as Upgrade to Add from Hold (1) -

The company is seeking to raise a total of $146m at a price of $2.90 per share and has earmarked -$95m to be spent on increasing production capacity by 8ktpa. Morgans upgrades to Speculative Buy from Hold and increases the target to $3.70 from $2.37.

The broker believes the growth push indicates strong customer demand and removes the -10% risk factor set for the company to reach a 2ktpa production capacity.

The 1H21 pre-tax loss of -$10.8m was larger than the -$4.9m expected by Morgans, due to larger than expected share based compensation (-$2.8m of the difference) and a one-off -$2.7m write down.

Target price is $3.70 Current Price is $3.29 Difference: $0.41
If NVX meets the Morgans target it will return approximately 12% (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

Credit Suisse rates NXT as Neutral (3) -

NextDC's first-half results were ahead of Credit Suisse's estimates with data centre services revenue at $122m higher than Credit Suisse's expected $116m. Net loss was less than feared although capex was just above the broker's estimate.

Credit Suisse highlights a broadly consistent billing utilisation although contracted utilisation was lower at 71mw. The company has upgraded its full-year guidance with operating income increased to $130-$133m versus Credit Suisse's $129m. 

Notwithstanding the upgrade to guidance, the broker expects a slower ramp-up over the next couple of years with costs largely unchanged.

Neutral retained with the target rising to $11.90 from $11.70.

Target price is $11.70 Current Price is $11.41 Difference: $0.29
If NXT meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $14.12, suggesting upside of 26.1% (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

Macquarie rates NXT as Outperform (1) -

For Macquarie's commentary following a stronger-than-anticipated performance by NextDC, see yesterday's Report.

Today, Macquarie has modeled a change in risk-free rate (bond yields are rising) and this has had a rather large impact on estimates, but not so much on the stock's valuation.

Price target declines by -5% to $13.95. Outperform rating retained.

Target price is $13.95 Current Price is $11.41 Difference: $2.54
If NXT meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $14.12, suggesting upside of 26.1% (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

Morgan Stanley rates NXT as Overweight (1) -

Revenue growth and operating earnings were ahead of Morgan Stanley's estimates in the first half. Guidance for EBITDA has been lifted to $130-133m from $125-130m in FY21.

Capital expenditure guidance of $380-420m is unchanged. Overweight retained. Target is $14.60. Industry view is In-Line.

Target price is $14.60 Current Price is $11.41 Difference: $3.19
If NXT meets the Morgan Stanley target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $14.12, suggesting upside of 26.1% (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 NXT as Buy (1) -

First half results were ahead of UBS estimates and FY21 guidance has been upgraded, for revenue of $246-250m and underlying EBITDA of $130-133m.

Demand in Sydney and Melbourne remains strong. UBS is not concerned about the amount of megawatts contracted in the first half, noting negotiations with hyper-scale operators take time.

The broker retains a Buy rating and raises the target to $15.40 from $15.25.

Target price is $15.40 Current Price is $11.41 Difference: $3.99
If NXT meets the UBS target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $14.12, suggesting upside of 26.1% (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

Ord Minnett rates OTW as Buy (1) -

Ord Minnett believes Over The Wire has a positive outlook, given structural tailwinds provided by the pandemic and the long-term trend towards digitisation of communications.

First half revenue was slightly below expectations and the majority of growth was provided by the acquisitions of Zintel/Fonebox and Digital Sense. There was no organic growth primarily because of lower non-recurring revenue.

Ord Minnett takes over coverage from Baillieu and retains a Buy rating with a $4.77 target.

Target price is $4.77 Current Price is $3.98 Difference: $0.79
If OTW meets the Ord Minnett target it will return approximately 20% (excluding dividends, fees and charges).

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 PAN as Neutral (3) -

In summary, Panoramic Resources released an interim financial report which included a gain from the sale of the Panton PGM project plus support from JobKeeper, points out Macquarie.

The company is looking to secure a repayment facility of up to $30m. Meanwhile, the potential re-start of mining activity at Savannah remains clouded in mystery, as no definitive date has been provided, points out the broker.

Macquarie suggests a buoyant mood towards nickel prices poses upside risk to forecasts. Neutral. Target 17c (unchanged). No changes seem to have been made to forecasts.

Target price is $0.17 Current Price is $0.15 Difference: $0.02
If PAN meets the Macquarie target it will return approximately 13% (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

Credit Suisse rates PBH as Neutral (3) -

Pointsbet Holdings' FY21 first-half result appears to have met Credit Suisse' expectations and the broker retains its long-term optimism on the stock.

The broker expects Pointsbet will achieve long-term market share in the US and Australia of 10%. Management says the company plans to boost marketing spend in Australia in the second half.

The broker likes Pointsbet's competitive odds offering and believes sacrificing yield for market share will work, so long as operations are well managed.

Neutral rating retained and target price rises to $16 from $15.75.

Target price is $16.00 Current Price is $15.80 Difference: $0.2
If PBH meets the Credit Suisse target it will return approximately 1% (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

Ord Minnett rates PBH as Hold (3) -

PointsBet is at an attractive point amid recent developments in North America, Ord Minnett suggests.

Opportunities in Ontario and New York present sizeable revenue potential and the company is well-placed with relationships and standing inside the industry if its business is legalised there.

The first half loss was greater than expected, amid slightly higher costs, although Ord Minnett acknowledges that to grow the business at the rate the company anticipates requires a significant upfront investment. Hold rating maintained. Target is $15.70.

Target price is $15.70 Current Price is $15.80 Difference: minus $0.1 (current price is over target).
If PBH meets the Ord Minnett 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 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 PGL as Neutral (3) -

Prospa Group's first-half result is consistent with its pre-release as well as Macquarie's expectations. Portfolio yield was above 30% in both the quarters of the half while provisions were maintained at 10.4% of gross loans.

Macquarie notes the outlook for the group is driven by the ability to drive origination growth while controlling the asset quality and delivering operating leverage. Also, the group expects gross loans to rise in the second half.  

Neutral rating with the target price rising to $0.92 from $0.87.

Target price is $0.92 Current Price is $0.91 Difference: $0.01
If PGL meets the Macquarie target it will return approximately 1% (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

UBS rates PGL as Neutral (3) -

First half operating earnings (EBITDA) were broadly in line with UBS expectations. Operating expenses were materially below forecasts. The company has indicated the competitive environment is stable.

The broker considers the stock inexpensive if it can sustain growth rates in line with historical trends but awaits signs of sustained momentum. Neutral maintained. Target rises to $0.95 from $0.90.

Target price is $0.95 Current Price is $0.91 Difference: $0.04
If PGL meets the UBS target it will return approximately 4% (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

Citi rates QAN as Neutral (3) -

Citi analysts believe Qantas delivered a "resilient" performance for the six months to end December. Operations were only running at 30% capacity on domestic routes, yet underlying EBITDA was positive, they point out.

Lay-offs and otherwise cost control are the magic words, of course. Though the analysts argue, strong Freight and Loyalty results demonstrated the company’s diversity of revenue streams.

Citi holds on to the view that the recovery is underway. Neutral (High Risk) rating retained. Target declines to $5.47 from $5.70.

Target price is $5.47 Current Price is $5.10 Difference: $0.37
If QAN meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $5.34, suggesting upside of 6.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

Credit Suisse rates QAN as Underperform (5) -

Qantas's FY21 first-half result outpaced consensus by 7%, and Credit Suisse, thanks to a better-than-expected international loss, which was partially offset by a rising loss in Jetstar.

The broker notes the domestic recovery was delayed 3 months due to state border closures and pushes out the international reboot 3 months to October.

Delays brings the balance sheet into focus, given fleet renewal demands and tougher domestic competition.

Underperform rating retained and target price rises to $3.90 from $3. Any shift in the pace of recovery, fuel prices, regulation and financing could move the dial quickly, the broker warns.

Target price is $3.90 Current Price is $5.10 Difference: minus $1.2 (current price is over target).
If QAN meets the Credit Suisse target it will return approximately minus 24% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.34, suggesting upside of 6.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

Macquarie rates QAN as Neutral (3) -

Macquarie highlights Qantas was materially impacted by covid with profit before tax of $775m in the first half of FY20 plummeting to a loss before tax of- $1,034m in the first half of FY21. Even then, this was 4% better than Macquarie expected.

The broker thinks the shape of the recovery will depend on the success of the covid vaccine which is expected to be rolled out across Australia by end of October. For FY22, Macquarie expects domestic capacity to be 95% and international capacity to be at 37%.

Neutral rating retained with a target of $5.05.