Australian Broker Call

Macquarie rates ALD as Outperform (1) -

Despite a weak first half result Macquarie envisages earnings are recovering and finds the shares attractive at current levels. Moreover, the Australian government has announced a package to support the downstream fuel and refining sector.

Macquarie also notes Ampol plans to recommence refining at Lytton in Brisbane this month. New management has already executed on an unlisted property trust deal although the broker believes takeover interest could resume.

Outperform maintained. Target rises to $31.90 from $31.80.

Target price is $31.90 Current Price is $24.02 Difference: $7.88
If ALD meets the Macquarie target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $29.08, suggesting upside of 24.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

Ord Minnett rates ALD as Accumulate (2) -

The Commonwealth government has announced support for domestic diesel storage and local refineries with around $2.3m to be allocated over 10 years to the industry.

Ord Minnett believes this will be insufficient to offset the current cash burn, given the weak refiner margins.

Retail fuel margins remain strong in 2020, indicative of a rational industry that is responding to excessive growth insights amid a focus on cash flow, the broker asserts. Accumulate and $30 target retained.

Target price is $30.00 Current Price is $24.02 Difference: $5.98
If ALD meets the Ord Minnett target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $29.08, suggesting upside of 24.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

Credit Suisse rates ALQ as Outperform (1) -

Momentum in gold prices has underpinned a recovery in exploration activity from the trough in March. Given the upbeat outlook, Credit Suisse expects this momentum will persist for at least the next 12-18 months.

As the company's commodities division has a high exposure to gold, a resurgence in geochemical sample flows is likely in the near term.

The broker raises FY22 and FY23 net profit estimates by 7%. Outperform reiterated. Target rises to $9.75 from $8.00.

Target price is $9.75 Current Price is $8.96 Difference: $0.79
If ALQ meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $8.54, suggesting downside of -6.2% (ex-dividends)

The company's fiscal year ends in March.

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 APE as Buy (1) -

Eagers Automotive has announced that it will purchase eight strategically located sites (currently leased) from Charter Hall Group ((CHC)) for $105m.

UBS sees the benefit of an immediate reduction in operating costs. A reduction of around -$7m in annual lease payments is partially replaced by circa -$3.5m of interest expense.

In addition, the company can remove four sites from its Queensland dealership network by 2022. This delivers a structural reduction in costs for staff, rent and other costs, without impacting sales volumes, according to the broker.

UBS notes the company has an additional $120m available under its property funding deals with Toyota and VW to pursue other strategic acquisitions.

Buy rating and target price of $10 are unchanged.

Target price is $10.00 Current Price is $9.00 Difference: $1
If APE meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $9.32, suggesting upside of 4.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

Ord Minnett rates AQG as No Rating (-1) -

Final regulatory clearance has been received regarding the merger with Canada's SSR Mining. Ord Minnett suspends coverage of Alacer Gold pending the admission of SSR Mining to the official list of the ASX later this week.

Current Price is $9.40. Target price not assessed.

Current consensus price target is $10.07, suggesting upside of 7.1% (ex-dividends)

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: 0.3

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

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

Macquarie assesses current conditions are affecting the level of debt sales in Australia, and while US markets remain more active pricing is above the company's targets.

The broker had expected forward flow sales and new business would recommence in August/September but the risk is now for activity being stalled until November.

The broker downgrades to Neutral from Outperform as the risk of ongoing delays in new debt sales and forward flow activity could have a negative effect on earnings in the short term. Target is reduced to $18.50 from $20.70.

Target price is $18.50 Current Price is $17.66 Difference: $0.84
If CCP meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $19.92, suggesting upside of 16.2% (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

Morgans rates CRN as Add (1) -

Coronado Global Resources raised US$180m in new equity, thereby reducing gearing to around 23% from 41%. Additionally, banks have extended the debt covenant waivers to September 2021 from February 2021.

Morgans calculates these measures buy the company over 12 months of time at spot prices, after taking into account cash burn.

Meanwhile, improving coal market signals and the company’s leverage to the coal price are considered to be positive.

However, the broker notes the duration for which low coal prices persist is the key risk factor.

The Add rating is unchanged and the target price is decreased to $1.30 from $1.63.

Target price is $1.30 Current Price is $0.82 Difference: $0.48
If CRN meets the Morgans target it will return approximately 59% (excluding dividends, fees and charges).

Current consensus price target is $1.40, suggesting upside of 53.8% (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: 1.0

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

Credit Suisse rates CWY as Neutral (3) -

Credit Suisse notes the shares sold off on the back of an article in the press regarding an investigation of the CEO's workplace behaviour. The article suggested Vik Bansal led a culture of bullying and harassment which produced a high turnover rate in senior management and lower level employees.

Credit Suisse believes the board dealt with these matters appropriately after they were raised earlier in the year. Moreover, the renewed media attention on the CEO's conduct may have brought more scrutiny surrounding his sale of 73% of shares in August, raising concerns he may be moving on, which the broker considers unlikely. Credit Suisse retains a Neutral rating and $2.45 target.

Target price is $2.45 Current Price is $2.34 Difference: $0.11
If CWY meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $2.53, suggesting upside of 14.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Morgan Stanley rates CWY as Overweight (1) -

Morgan Stanley anticipates a negative reaction in the share price to the press article reporting on the investigation of the CEO for complaints about his behaviour.

The broker remains wary of the potential impact on the business as a strong corporate culture and reputation are material to winning and retaining government contracts.

Overweight rating. Target is $2.78. Industry view: Cautious.

Target price is $2.78 Current Price is $2.34 Difference: $0.44
If CWY meets the Morgan Stanley target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $2.53, suggesting upside of 14.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Macquarie rates FCL as Outperform (1) -

Macquarie forecast 53% subscription growth in FY21 and notes existing clients are likely to contribute more than 50% of subscription growth over the next couple of years.

Hence, the broker calculates only modest growth from new clients is required to achieve revenue forecasts in FY21.

In FY22 the broker forecasts the contribution from three large client gains in FY19 plus the nine gained in FY20 will contribute around 60% of revenue growth. Outperform rating and $6.25 target retained.

Target price is $6.25 Current Price is $4.98 Difference: $1.27
If FCL meets the Macquarie target it will return approximately 26% (excluding dividends, fees and charges).

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: 1.0

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

Credit Suisse rates HVN as Upgrade to Outperform from Neutral (1) -

Credit Suisse upgrades forecasts for Harvey Norman, expecting a longer term boost to household goods expenditure than previously forecast.

The broker's investigations reveal behavioural changes are persistent, and when combined with a range of labour market and household income scenarios for FY21 produce a favourable outlook.

Moreover, Harvey Norman has a relatively low exposure to Melbourne's mandated retail closures as only 8% of stores are located in greater Melbourne. Rating is upgraded to Outperform from Neutral and the target lifted to $5.01 from $4.48.

Target price is $5.01 Current Price is $4.24 Difference: $0.77
If HVN meets the Credit Suisse target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $4.79, suggesting upside of 12.3% (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

UBS rates IGO as Buy (1) -

IGO has flagged the sale of Tropicana and UBS believes a successful sale could be a catalyst for a re-rating.

The broker agrees with management that the whole company is not being fully valued in the current share price. It's considered this gap in valuation may be closed in a number of ways including sensible merger and acquisition to extend the life of the nickel business. Additionally, capital returns or dividends to be announced in February 2021 would assist.

The Buy rating and target price of $5.70 are unchanged.

Target price is $5.70 Current Price is $4.63 Difference: $1.07
If IGO meets the UBS target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $4.81, suggesting upside of 1.2% (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

Citi rates ILU as Neutral (3) -

Iluka Resources has released extensive details of the Deterra spin-off, which separates the MAC royalty stream, including Iluka shareholders receiving one for one Deterra shares while Iluka will retain a 20% stake.

Deterra will run a conservative balance sheet and pay out 100% of earnings as dividends.

Crunching the numbers and incorporating assumptions has the broker suggesting a 6.8% 2022 yield for Deterra and 4.6% for remaining Iluka. The broker retains Neutral, and a pre-demerger target prices of $10.50.

Target price is $10.50 Current Price is $9.73 Difference: $0.77
If ILU meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $9.94, suggesting upside of 1.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Credit Suisse rates JBH as Neutral (3) -

Credit Suisse upgrades forecasts for JB Hi-Fi, expecting a longer boost to expenditure on household goods compared with previous forecasts.

The broker's analysis shows that in the past changes in expenditure behaviour have persisted, on average, for three quarters from inception.

While having 20% of stores in the greater Melbourne area is a headwind and online is unlikely to fully compensate, the broker notes online sales growth remains very strong and will be an important factor going forward.

Neutral maintained, as the broker envisages less valuation upside compared with Harvey Norman ((HVN)). Target rises to $50.21 from $47.37.

Target price is $50.21 Current Price is $46.46 Difference: $3.75
If JBH meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $47.48, suggesting upside of 1.5% (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 LEP as Neutral (3) -

Final rent determinations have been announced from the 2018 review with an average uplift of 4.4%. This was below Macquarie's expectations although upside is anticipated from capital management. The next rent review is in 2028, uncapped.

The broker reduces distributable estimates for earnings per share by -9.2% for FY21 and by -2.4% for FY22. Target is reduced to $4.58 from $4.69. Neutral maintained.

Target price is $4.58 Current Price is $4.49 Difference: $0.09
If LEP meets the Macquarie target it will return approximately 2% (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 LEP as Lighten (4) -

The outcome of rent determinations for the company's 43 properties subject to outstanding 2018 rent reviews was substantially weaker than Ord Minnett expected.

The broker reduces earnings forecast for -15% for FY21 and -8% for FY22-23. The broker also moderates inflation forecasts and lowers distribution estimates by -12-13%. Lighten rating retained. Target is reduced to $3.60 from $4.40.

Target price is $3.60 Current Price is $4.49 Difference: minus $0.89 (current price is over target).
If LEP meets the Ord Minnett target it will return approximately minus 20% (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

Citi rates MQG as Neutral (3) -

Macquarie Group has warned its first half profit will be around -35% down year on year. The broker assumed a reduction, but this is a bit more than forecast.

That said, the broker believes the profit drop will prove just a blip, reflecting comparison with a very strong FY20 featuring solid asset sales meeting virus-impacted lower asset sale values in FY21. A pick-up is expected in the second half.

Neutral and $125 target retained.

Target price is $125.00 Current Price is $120.20 Difference: $4.8
If MQG meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $125.15, suggesting upside of 5.5% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.4

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

Morgan Stanley rates MQG as Overweight (1) -

First half profit is guided to be down -35%, a better outcome the Morgan Stanley was anticipating. The broker expects 58% of profit will be recorded in the second half given the timing of gains on sale and impairment charges.

Impairments are expected to rise in FY21 as Macquarie Group has flagged issues in air finance and a build up in provisioning. While there was no full year guidance, the broker expects FY21 profit to fall -17%.

Morgan Stanley expects a FY21 dividend pay-out at the lower end of the 60-80% target range. Overweight rating and In-Line industry view. Target is raised to $133 from $120.

Target price is $133.00 Current Price is $120.20 Difference: $12.8
If MQG meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $125.15, suggesting upside of 5.5% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.4

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

Morgans rates MQG as Add (1) -

As a result of a trading update by Macquarie Group, Morgans expects the first half FY21 profit to be down -25% on the second half FY20.

Morgans lowers EPS forecasts for FY21 and FY22 by -3% and -10%, respectively, mainly on reduced revenue expectations for Macquarie Capital and Commodities and Global Markets.

Outside of these divisions, FY21 headwinds remain largely unchanged, in the broker’s view.

While the company has not provided FY21 guidance, the analyst highlights typically there is a stronger skew to the second half.

The Add rating is unchanged and the target price is decreased to $130.40 from $133.40.

Target price is $130.40 Current Price is $120.20 Difference: $10.2
If MQG meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $125.15, suggesting upside of 5.5% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.4

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

Ord Minnett rates MQG as Accumulate (2) -

Macquarie Group expects its first half result to be around -35% below the prior corresponding half. This implies net profit of $950m, slightly ahead of Ord Minnett's prior expectations.

The broker envisages a wide range of possible outcomes for the full year depending on volatile items and impairments in the second half.

Over the longer term, Ord Minnett is attracted to structural growth drivers in the infrastructure and real assets category as well as green energy and Australian mortgages. Accumulate retained. Target is reduced to $130 from $133.

Target price is $130.00 Current Price is $120.20 Difference: $9.8
If MQG meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $125.15, suggesting upside of 5.5% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.4

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

UBS rates MQG as Neutral (3) -

Macquarie Group has announced, with two weeks remaining in the first half, it expects profit (NPAT) to be around $950m. This is around -25% lower than the second half of 2020.

The many factors driving the earnings pressure are unchanged in the view of UBS and include weakness in Commodities and Global Markets due to an easing of volatility, following a strong April and May. Additionally, investment income is likely to be significantly lower, impacting Macquarie Asset Management (MAM) and Macquarie Capital Markets. 

The bank is highly leveraged to transaction activity and the outlook for deal flow remains very challenging, notes the broker.

Whilst EPS forecasts are downgraded, UBS raises the target price due to a lower cost of capital and higher peer multiples.

The Neutral rating is unchanged. The target price is increased to $125 from $105.

Target price is $125.00 Current Price is $120.20 Difference: $4.8
If MQG meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $125.15, suggesting upside of 5.5% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.4

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

UBS rates RIO as Neutral (3) -

UBS prefers BHP Group ((BHP)) over Rio Tinto as there are less company-specific issues. After the destruction of the Juukan rock shelters and recently announced future management reshuffle, the broker sees two near-term challenges for the new CEO.

Apart from addressing reputational and operational issues in the Pilbara, the broker poses - Does the company exit or invest in the iron ore project (Simandou) in Guinea?

In addition, there is a capital expenditure overrun, some funding issues and other uncertainties to be addressed at the Oyu Tolgoi project in Mongolia.

The Neutral rating is unchanged and the target price is GB4,500p.

Target price is $102.00 Current Price is $103.73 Difference: minus $1.73 (current price is over target).
If RIO 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 $106.79, suggesting upside of 4.6% (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: 0.2

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

Credit Suisse rates TAH as Outperform (1) -

Credit Suisse suggests current lottery trading may be tough in terms of comparables but is supporting forecasts. The broker's modelling 1% revenue growth in lotteries in FY21.

Flat revenue is considered achievable in the December half year in wagering, with growth anticipated over 2020 despite extended retail closures in Victoria. Outperform rating and $4.30 target retained.

Target price is $4.30 Current Price is $3.48 Difference: $0.82
If TAH meets the Credit Suisse target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $3.86, suggesting upside of 13.1% (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 VEA as Accumulate (2) -

The Commonwealth government has announced support for domestic diesel storage and local refineries with around $2.3m to be allocated over 10 years to the industry.

Ord Minnett believes this will be insufficient to offset the current cash burn, given the weak refiner margins.

Retail fuel margins remain strong in 2020, indicative of a rational industry that is responding to excessive growth insights amid a focus on cash flow, the broker asserts. Accumulate rating and $2.20 target retained.

Target price is $2.20 Current Price is $1.61 Difference: $0.59
If VEA meets the Ord Minnett target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $2.09, suggesting upside of 31.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Credit Suisse rates WES as Upgrade to Outperform from Neutral (1) -

Credit Suisse upgrades forecasts, expecting the boost to household goods expenditure will be longer than previously anticipated. Wesfarmers is also positioned to add value through strategic acquisitions in the industrials and home improvement sectors.

If acquisitions are not undertaken in 2021, a return of capital could become more likely, the broker adds. Rating is upgraded to Outperform from Neutral and the target lifted to $51.59 from $47.30.

Target price is $51.59 Current Price is $44.92 Difference: $6.67
If WES meets the Credit Suisse target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $44.81, suggesting downside of -0.1% (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 XF1 as Hold (3) -

FY20 results indicate Xref has successfully commenced cost control measures and is ahead of Ord Minnett's forecasts in terms of operating expenses for FY21.

Combined with a recently-announced $5m debt facility this alleviates the need for future capital raisings in the broker's forecasts.

The broker remains confident the company will benefit from a recovery after the pandemic although the exact timing is difficult to assess. Hold rating retained. Target is raised to $0.24 from $0.21.

Target price is $0.24 Current Price is $0.16 Difference: $0.08
If XF1 meets the Ord Minnett target it will return approximately 50% (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 XRO as Sell (5) -

UBS has conducted an online survey of accountants across Australia, UK and the US, and highlights the key findings for Xero.

The survey covered views on SME accounting software and the impact of covid-19 on accountants' SME clients.

Xero's net promoter score (NPS) and satisfaction levels were highest of the major brands. The data were also positive for cloud penetration growth.

UBS notes accountants expect the rate of business closures to be higher than historic levels over the next 12 months.

Separately, the analysts acknowledges they may have penalised the company by using some harsh metrics in forecast models. After appropriate adjustments the Sell rating is unchanged, but the target price is increased to $72 from $58.50.

Target price is $72.00 Current Price is $90.81 Difference: minus $18.81 (current price is over target).
If XRO meets the UBS target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $79.50, suggesting downside of -12.5% (ex-dividends)

The company's fiscal year ends in March.

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: 0.0

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