Australian Broker Call

Citi rates 29M as Buy (1) -

29Metals' Capricorn Copper asset drove a 2021 beat for the company, with earnings of $254.1m notably ahead of Citi's forecast $235.3m. 

The broker expects copper will rally as demand remains solid and has upgraded its copper deck, raising its near-term pricing outlook for the commodity. 

The Buy rating is retained and the target price increases to $3.30 from $3.20.

Target price is $3.30 Current Price is $2.75 Difference: $0.55
If 29M meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $3.16, suggesting upside of 17.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Credit Suisse rates 29M as Neutral (3) -

Credit Suisse observes a strong finish to the company's maiden 2021 results. Despite the challenges from the pandemic and delays related to the weather and permits, prospectus forecasts were either met or exceeded.

A potential inaugural dividend was also flagged by management for the current half although the broker does not include this in estimates at this stage. Neutral rating maintained. Target is $2.70.

Target price is $2.70 Current Price is $2.75 Difference: minus $0.05 (current price is over target).
If 29M meets the Credit Suisse target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.16, suggesting upside of 17.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Macquarie rates 29M as Outperform (1) -

29Metals’s maiden full-year earnings result was strong, with earnings well ahead of Macquarie's estimates. Underlying earnings were 49% higher than forecast, although reported profit included losses from derivatives and FX gains and was -49% below.

Production and cost guidance for Capricorn Copper and Golden Grove remain unchanged. A spot-price scenario generates 164% higher earnings than the broker's base case for 2022, generating free cash flow yields of 20%-plus.

Outperform and $3.50 target retained.

Target price is $3.50 Current Price is $2.75 Difference: $0.75
If 29M meets the Macquarie target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $3.16, suggesting upside of 17.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Morgan Stanley rates 29M as Overweight (1) -

29Metals' December-half result outpaced Morgan Stanley by 6% at the earnings (EBITDA) level, thanks to a depreciation beat, and was in line at the revenue level.

Free cash flow disappointed, although the broker points out it did not include Capricorn Copper's contribution pre-IPO. FY22 guidance outpaced.

Overweight rating and $3.15 target price retained. Industry view: Attractive.

Target price is $3.15 Current Price is $2.75 Difference: $0.4
If 29M meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $3.16, suggesting upside of 17.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

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

While a big improvement on a year ago, Ainsworth Game Technology's result was slightly short of Macquarie. Yet the revenue outlook continues to improve across key regions, which is also supported by the improving industry backdrop.

While the broker acknowledges high operating leverage to improving volumes within the land-based business, which is showing positive momentum, it is cautiously optimistic given previous false starts.

Downside risk is moderate but that upside is capped until there is greater confidence in the underlying business. Downgrade to Neutral from Outperform, target unchanged at $1.20.

Target price is $1.20 Current Price is $1.18 Difference: $0.02
If AGI meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.5

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

Morgans rates AIM as Add (1) -

First half results for Ai-Media Technologies were in-line with pre-released expectations and Morgans retains its Add rating and $1.09 target price. FY22 guidance was also in-line with expectations.

Despite some selling pressure for shares over accelerated plans to transition to new growth areas and SaaS, the broker believes long-term value is being created for shareholders.

Target price is $1.09 Current Price is $0.61 Difference: $0.48
If AIM meets the Morgans target it will return approximately 79% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

UBS rates AMA as Neutral (3) -

First half results were ahead of UBS estimates. A major negative was the extent of operating de-leverage and the broker believes AMA Group faces multiple challenges.

Parts inflation was partially mitigated by procurement benefits but there are potential labour pressures as the employee base expands with the return of volumes.

Incorporating the challenges, UBS materially reduces near-term forecasts and retains a Neutral rating, lowering the target to $0.36 from $0.43.

Target price is $0.36 Current Price is $0.33 Difference: $0.03
If AMA meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Morgans rates AMX as Add (1) -

Interim results for Aerometrex were a small miss against Morgans forecasts though overall were assessed as solid. The Add rating is retained and the target falls to $1.24 from $1.31.

The analyst explains lower MetroMap on demand and 3D sales combined with higher-than-forecast aircraft and project processing costs. The latter was due to flight mobilisation and longer field work due to border restrictions. As restrictions ease, costs are also expected to fall.

More positively, conversion of project revenues into recurring subscriptions has gathered momentum, according to Morgans.

Target price is $1.24 Current Price is $0.60 Difference: $0.64
If AMX meets the Morgans target it will return approximately 107% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Credit Suisse rates APA as Neutral (3) -

First half operating earnings were ahead of Credit Suisse estimates. The company is optimistic about the critical role that gas will play in energy transition.

The broker suspects negative sentiment towards gas will continue, stemming from the Victorian gas substitution roadmap which will be released in the second quarter of 2022 and the electrification target that is part of the state's net zero target.

Neutral retained. Target rises to $9.60 from $8.80.

Target price is $9.60 Current Price is $10.01 Difference: minus $0.41 (current price is over target).
If APA meets the Credit Suisse target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.04, suggesting upside of 1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.2

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

Macquarie rates APA as No Rating (-1) -

APA Group reported first haf earnings ahead of Macquarie. The growth outlook is accelerating, the broker suggests, as the transition to renewables is driving accelerated demand for electricity transmission and potentially gas transmission.

The Australian gas market is disconnected to global markets suggesting demand for gas pipelines will remain strong in the east coast market.

The broker is on restriction.

Current Price is $10.01. Target price not assessed.

Current consensus price target is $10.04, suggesting upside of 1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.2

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

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

APA Group's December first-half result edged out consensus and Morgan Stanley forecasts, thanks to strong Energy Infrastructure and Asset Management earnings growth.

Earnings triumphed over a sharp rise in corporate costs leading the broker to forecast a 3% to 4% upside to FY22 earnings (EBITDA) consensus estimates as CPI tailwinds escalate.

The broker considers the company's Basslink strategy will likely prove a plus, spying undersea transmission benefits.

Equal-weight rating retained and target price eases to $10 from $10.11. Industry view: Cautious.

Target price is $10.00 Current Price is $10.01 Difference: minus $0.01 (current price is over target).
If APA meets the Morgan Stanley target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.04, suggesting upside of 1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.2

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

Morgans rates APA as Hold (3) -

Following APA Group's interim results, Morgans estimates a mid-5% cash yield over the next 12 months, though retains a Hold rating given the currently high share price. Earnings (EBITDA) beat the consensus estimate by 2% and free cash flow beat the broker by 4%.

The analyst expects higher corporate costs and capex needs will offset the benefit of higher US$ tariff indexation and reduces the target price to $9.60 from $9.98.

Some highlights for Morgans within the result included higher output from the Diamantina power station (Qld) and the Orbost gas plant in Victoria.

Target price is $9.60 Current Price is $10.01 Difference: minus $0.41 (current price is over target).
If APA meets the Morgans target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.04, suggesting upside of 1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.2

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

Ord Minnett rates APA as Resume Coverage with Hold (3) -

First half net profit was in line with forecasts while the interim dividend of $0.25 was below forecasts for $0.27. Management has reiterated full year guidance for $0.53.

Ord Minnett notes some investor concern over the potential for the gas pipeline assets to be stranded but highlights recent announcements regarding early closure of baseload plants that are likely to have positive implications for gas use in power generation.

Following a period of restriction Ord Minnett moves to a Hold rating with a target of $10.50.

Target price is $10.50 Current Price is $10.01 Difference: $0.49
If APA meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $10.04, suggesting upside of 1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.2

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

Morgans rates AX1 as Hold (3) -

Accent Group's first half earnings (EBIT) were in-line with the pre-announced figure on January 25. Store rollout guidance increased by another 20 stores, and the - at least 140 stores target - is double the guidance at the start of the year, points out Morgans.

The temporary closure of more than 400 stores between July 21 and October 21 resulted in a gross margin decline of almost -480bpts. Inventory has now returned to original expectations after difficulties experienced from external suppliers across December/early January.

The Hold rating is maintained and the target price falls to $2.30 from $2.40, on lower earnings estimates by Morgans.

Target price is $2.30 Current Price is $2.07 Difference: $0.23
If AX1 meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $2.50, suggesting upside of 27.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Citi rates BUB as Buy (1) -

Bubs Australia reported its first breakeven earnings result in the first half, but Citi notes the positive result was bolstered by an inventory provision reversal and estimates gross profit would have been -$4.5m lower without this benefit.

Daigou performance was up 276% on the previous comparable period, exceeding pre-covid levels, and the return of international students offers upside potential. Products launch in US supermarkets in March, targeting 3,000 distribution points by end of year. 

The High Risk Buy rating is retained and the target price increases to $0.73 from $0.68.

Target price is $0.73 Current Price is $0.45 Difference: $0.28
If BUB meets the Citi target it will return approximately 62% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Morgans rates CBL as Speculative Buy (1) -

A higher cost base contributed to lower 1H results than Morgans had forecast for Control Bionics.

Nonetheless, the broker retains its $1.32  target and Speculative Buy rating, and notes a record number of devices shipped in Nth America over November and December, and a growing sales pipeline. No changes are made to Morgans forecasts.

Target price is $1.32 Current Price is $0.36 Difference: $0.96
If CBL meets the Morgans target it will return approximately 267% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

UBS rates CGC as Neutral (3) -

UBS welcomes Costa Group's in-line 2021 performance, commenting the business has been stabilised after what was a challenging period for the producer of berries, avocadoes, mushrooms, tomatoes, and more food products.

The broker believes the international operations, with berry farming operations in Morocco and China, was the stand-out performer over the period, continuing its highly successful volume expansion program.

UBS adhers the difficult years of the past were due to factors outside of the company's control, with Costa Group now believed to be poised for multi-years of strong growth.

For now, UBS believes the near-term outlook is already priced-in. Neutral. Target $3.35, up from $3.10.

Target price is $3.35 Current Price is $2.98 Difference: $0.37
If CGC meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $3.60, suggesting upside of 26.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Citi rates CQR as Neutral (3) -

Charter Hall Retail's first half earnings per share of 14.22 cents delivered a beat on Citi's expectations of 13.8 cents, and the company increased full year guidance 0.7% to 28.4 cents per share. 

The portfolio proved largely resilient to covid impacts, and first half tenant support of $7.6m is expected to decline in the second half. Performance confidence drove guidance upgrades, consistent with Citi's research for faster recovery in grocery than larger centres. 

The Neutral rating and target price of $4.16 are retained. 

Target price is $4.16 Current Price is $4.14 Difference: $0.02
If CQR meets the Citi target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $4.23, suggesting upside of 3.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.1

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

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

First half results were better than anticipated. FY22 operating earnings guidance is expected to be no less than 28.4c per security along with the distribution of no less than 24.5c.

Shopping centre portfolio occupancy has improved to  98.4%. Retail sales were also positive despite the impact of restrictions. Credit Suisse notes there is capacity for investment on the balance sheet and upside potential from unexpected incremental investments.

Yet the stock is not considered a "recovery play" and Credit Suisse envisages better value elsewhere, downgrading to Neutral from Outperform. Target is raised to $4.41 from $4.28.

Target price is $4.41 Current Price is $4.14 Difference: $0.27
If CQR meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $4.23, suggesting upside of 3.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.1

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

Macquarie rates CQR as Outperform (1) -

Charter Hall Retail REIT's operating earnings came in 3% ahead of Macquarie and FY earnings and dividend guidance have been upgraded. It was another solid result operationally despite extended lockdowns in the half, comments the broker.

The REIT is trading at around a -9% discount to net tangible asset valuation with upside risk to asset values, the broker notes, and is also trading on a 6% FY23 forecast dividend yield.

Outperform retained, target rises to $4.53 from $4.45.

Target price is $4.53 Current Price is $4.14 Difference: $0.39
If CQR meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $4.23, suggesting upside of 3.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.1

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

Ord Minnett rates CQR as Accumulate (2) -

Charter Hall Retail REIT results were slightly ahead of expectations. Ord Minnett envisages available liquidity of $287m should provide earnings support towards the end of FY22 and in FY23.

Tenant metrics moderated slightly but remain on a growth path. After adjusting for pandemic-related support, occupancy costs reduced to 10.8%, a level which management believes is sustainable.

Ord Minnett retains an Accumulate rating and increases the target to $4.37 from $4.22.

Target price is $4.37 Current Price is $4.14 Difference: $0.23
If CQR meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $4.23, suggesting upside of 3.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.1

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

Credit Suisse rates CRN as Outperform (1) -

2021 net profit of US$189m beat Credit Suisse estimates largely because tax losses were carried forward at Curragh. Dividends were reinstated and dividend policy is unchanged at 60-100% of free cash flow.

The five-year production outlook target at Curragh and in the US is now slower than the broker previously anticipated, with the Curragh 50mt expansion an incremental option that is under assessment.

The broker trims the target to $2.00 from $2.20 and maintains an Outperform rating.

Target price is $2.00 Current Price is $1.56 Difference: $0.44
If CRN meets the Credit Suisse target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $2.05, suggesting upside of 29.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 1.0

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

Macquarie rates CRN as Outperform (1) -

Coronado Global Resources's 2021 earnings and profit fell short of Macquarie due to higher logistics costs, however the strong free cash flow was in line. The miner announced a surprise US9c dividend and will look to buy back US100m of debt.

Realised pricing, earnings and cash flow have increased materially into 2022 and the tailwind is expected to continue through the year, the broker suggests, with met coal prices well above current forecasts.

Free cash flow yield forecastss increase from around 20% in 2022-25 to over 90% in a spot price scenario. Outperform retained, target rises to $2.20 from $2.00.

Target price is $2.20 Current Price is $1.56 Difference: $0.64
If CRN meets the Macquarie target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $2.05, suggesting upside of 29.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 1.0

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

Morgans rates CRN as Add (1) -

After FY21 results for Coronado Global Resources, Morgans assesses the US$9cps dividend was a key surprise, and 2022 guidance was better than feared.

Higher-than-expected coal pricing drives forecast earnings upgrades by the analyst, and the target jumps to $1.96 from $1.81. Add.

The broker considers the company is positioned to fund organic growth, has potential for M&A and will distribute surplus cash.

Target price is $1.96 Current Price is $1.56 Difference: $0.4
If CRN meets the Morgans target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $2.05, suggesting upside of 29.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 1.0

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

Credit Suisse rates DMP as Upgrade to Neutral from Underperform (3) -

Credit Suisse noted a significant negative reaction to the results, with network sales ahead of forecasts but profit below.

The broker reduces the Asian segment margin and the main issue is whether the number of corporate stores that opened over the last three years in Japan will be sustainably profitable post the pandemic.

While costs have been a focus in Europe in particular, the company has indicated there are enough efficiencies and menu innovation to avoid price increases in FY22.

Credit Suisse upgrades to Neutral from Underperform as the stock has come within reach of valuation. Target is reduced to $87.80 from $89.24.

Target price is $87.80 Current Price is $86.13 Difference: $1.67
If DMP meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $114.74, suggesting upside of 42.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.4

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

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

Despite an interim result that underwhelmed on operating margins, Morgans lifts its rating for Domino's Pizza Enterprises to Add from Hold as the growth story remains intact. In addition, the share price has undergone a sustained period of weakness.

The broker's earnings (EBIT) forecasts are lowered by -5% and -4% for FY22 and FY23. Profitability in Asia underperformed expectation, after a retracement of higher covid-induced margins from last year, though new corporate store openings should again improve margins, suggests the broker.

The target price falls to $115 from $135.

Target price is $115.00 Current Price is $86.13 Difference: $28.87
If DMP meets the Morgans target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $114.74, suggesting upside of 42.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.4

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

Ord Minnett rates DMP as Accumulate (2) -

First half results missed expectations. Ord Minnett notes, being a beneficiary of the pandemic, Domino's Pizza is now having to cycle large comparables.

In the next 12 months the broker expects people will reallocate their expenditure to dining in and travel. Like-for-like sales are expected to normalise by the second half of FY23 and the broker forecasts no further lockdowns.

Ord Minnett is also cautious about the company's ability to mitigate cost pressures. Given the significant negative reaction to the results an Accumulate rating is maintained with the target dropping to $99 from  $111.

Target price is $99.00 Current Price is $86.13 Difference: $12.87
If DMP meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $114.74, suggesting upside of 42.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.4

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

UBS rates DMP as Buy (1) -

Domino Pizza Enterprises' interim result beat UBS but missed market consensus. The broker retains a positive, multi-year growth outlook, hence why the Buy rating remains in place.

UBS believes a re-basing in Japan and fears about how management is able to manage/contain input inflation are weighing down the share price.

Shorter-term, the broker is pleased with sales momentum in Australia, Benelux and Taiwan. Target has lost -$10 to $110.

Target price is $110.00 Current Price is $86.13 Difference: $23.87
If DMP meets the UBS target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $114.74, suggesting upside of 42.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.4

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

Macquarie rates HDN as No Rating (-1) -

HomeCo Daily Needs REIT's first half funds from operations were in line with Macquarie. FY guidance has been increased by 3.5%.

Management indicated the merger with Aventus Group ((AVN)) remains on track to be completed by March 4.

The broker is on restriction.

Current Price is $1.36. Target price not assessed.

Current consensus price target is $1.63, suggesting upside of 16.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Morgans rates HDN as Add (1) -

Following commentary at 1H results for HomeCo Daily Needs REIT, Morgans believes the March 4 merger implementation with Aventus Group ((AVN)) is set to build on existing solid portfolio fundamentals.

FY22 funds from operations (FFO) guidance for the merged group has been upgraded to 9.3cpu from 8.9cpu. DPS guidance is for 8.3cpu. The broker's Add rating is retained and the  target rises to $1.73 from $1.69.

The analyst points out the REIT is a beneficiary of accelerating click and collect trends, while sites are located near strong population growth.

Target price is $1.73 Current Price is $1.36 Difference: $0.37
If HDN meets the Morgans target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $1.63, suggesting upside of 16.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Citi rates HLS as Neutral (3) -

Healius performed better-than-expected in H1 and Citi analysts point out were covid-testing to remain around for longer, this would translate into upside risk for future estimates.

Management gave no guidance, but the broker highlights it will unveil its capital management plan in more details at an upcoming investor day.

Within the current framework, Citi is of the view that pathology operations' earnings are poised to more than halve over the next 12-24 months.

Neutral. Target price declines to $4.65 from $5.10 on reduced forecasts (see previous sentence).

Target price is $4.65 Current Price is $4.41 Difference: $0.24
If HLS meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $5.14, suggesting upside of 17.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Credit Suisse rates HLS as Outperform (1) -

First half results were ahead of expectations, underpinned by the pandemic. Yet while pathology was strong, imaging revenue was affected by lockddowns, more so than competitor Sonic Healthcare ((SHL)), as Healius has a greater hospital exposure.

No FY22 guidance was provided. Credit Suisse expects first half earnings will be the peak and covid testing will normalise in FY23. The broker remains cautious about a turnaround in imaging. Outperform retained. Target is $5.50.

Target price is $5.50 Current Price is $4.41 Difference: $1.09
If HLS meets the Credit Suisse target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $5.14, suggesting upside of 17.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Macquarie rates HLS as Outperform (1) -

Healius' underlying earnings were 3% above Macquarie's forecast, primarily due to better than expected Pathology earnings. Covid testing volumes supported revenues but volumes have now moderated from December/January peaks, the broker notes.

While the broker expects covid benefits to ease over the forecast period, it sees margin improvement under the company's Sustainable Improvement Program as supplementing an assumed base-business recovery.

With the stock currently trading on 15.6x FY23 forecast earnings  and noting a favourable balance sheet position, Outperform retained. Target falls to $5.30 from $5.45 on higher interest rates.

Target price is $5.30 Current Price is $4.41 Difference: $0.89
If HLS meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $5.14, suggesting upside of 17.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

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

At first glance, Healius' December first-half result outpaced Morgan Stanley's forecast thanks to a strong covid-driven earnings beat.

On the flip side, covid constrained diagnostic imaging volumes, which, combined with labour shortages, hit margins and translated to a divisional revenue miss.

Management reiterated group margin targets but provided no guidance. The balance sheet continued to strengthen.

Price target steady at $5.15. Equal-weight rating retained. Industry view: In line.

Target price is $5.15 Current Price is $4.41 Difference: $0.74
If HLS meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $5.14, suggesting upside of 17.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Morgans rates HLS as Add (1) -

First half underlying results for Healius exceeded Morgans expectations, due to solid growth in revenue (covid related) and cost outs, which combined to drive record margins.

Pathology benefited from increased covid and non-covid testing, while Imaging and Day Hospitals suffered from elective surgery restrictions and rising costs.

Overall, the Add rating is maintained due to a baseload of covid testing likely being maintained along with an expected recovery in diagnosis and surgery. The target falls to $5.26 from $5.79 on decreased assumptions for covid testing.

Target price is $5.26 Current Price is $4.41 Difference: $0.85
If HLS meets the Morgans target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $5.14, suggesting upside of 17.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Ord Minnett rates HLS as Accumulate (2) -

First half results were well ahead of forecasts amid strong revenue from pathology and a better-than-expected recovery in non-pandemic work.

At this point, the broker awaits more evidence on the cost front before assuming a return to pre-pandemic growth rates and adjusting forecasts for the outer years.

FY22 forecasts are increased by 15%, incorporating the better results and a slight lift to PCR testing expectations. Accumulate rating and $5 target retained.

Target price is $5.00 Current Price is $4.41 Difference: $0.59
If HLS meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $5.14, suggesting upside of 17.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Credit Suisse rates HT1 as Outperform (1) -

2021 results were slightly ahead of estimates. The outlook for the radio network shows improving revenue trends. The guidance for FY22  for growth of 3-4% in metro and regional radio is consistent with Credit Suisse expectations.

The investment in digital audio is also considered the right strategy, with the broker highlighting the target for digital audio to be profitable in the next three years. Outperform rating and $2.50 target maintained.

Target price is $2.50 Current Price is $2.00 Difference: $0.5
If HT1 meets the Credit Suisse target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $2.21, suggesting upside of 15.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Macquarie rates HT1 as Outperform (1) -

Macquarie suggesst HT&E's result exceeded guidance but fell short of its own forecast on elevated market share expectations. A trading update is nonetheless as expected. The Australian Radio Network indicated it is pacing broadly in line with the market.

The broker believes underlying cash flows will become more resilient post the Grant Broadcasters acquisition, given the larger proportion of government advertising in regional markets.

Equity investors should also benefit from potential value realisation of the Soprano stake while receiving a solid dividend yield in the interim. Outperform retained, target rises to $2.50 from $2.10.

Target price is $2.50 Current Price is $2.00 Difference: $0.5
If HT1 meets the Macquarie target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $2.21, suggesting upside of 15.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

UBS rates HT1 as Buy (1) -

2021 results were in line with estimates. The company has guided to an unexpected $8-9m investment in digital audio in 2022 as well as costs for metropolitan radio growing by 3-4%.

UBS now incorporates the acquisition of Grant Broadcasters into forecasts. The broker assumes an acceleration in metropolitan radio advertising throughout the year as restrictions ease and borders re-open. Buy rating and $2.50 target maintained.

Target price is $2.50 Current Price is $2.00 Difference: $0.5
If HT1 meets the UBS target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $2.21, suggesting upside of 15.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Ord Minnett rates ICT as Buy (1) -

First half results were slightly below expectations. The company has highlighted the challenges faced by the domestic business because of the pandemic and the strong labour market is providing a disincentive for domestic students to sign up.

The main positive stems from the re-opening of Australia's borders as new international student enrolment confirmations have doubled each month.

Amid synergy realisation from the takeover, Ord Minnett expects a return of international students will drive revenue to $99m by FY24. Buy and 21c target retained.

Target price is $0.21 Current Price is $0.13 Difference: $0.08
If ICT meets the Ord Minnett target it will return approximately 62% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Citi rates IDX as Buy (1) -

It is Citi's view that Integral Diagnostics' interim report was overshadowed by a Queensland acquisition and related equity raising.

Operations had been covid-disrupted in the period, but Citi thinks investors look through it, towards a resumption of more normalised conditions.

While underlying fundamentals for the industry remain strong, Citi also believes the impact of covid on H2 remains uncertain. In addition, changes in the NZ market may negatively impact margins medium term, says the broker.

Buy. Target reduces to $4.85. Estimates have been culled.

Target price is $4.85 Current Price is $3.91 Difference: $0.94
If IDX meets the Citi target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $4.55, suggesting upside of 16.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.4

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

Macquarie rates IDX as Neutral (3) -

Integral Diagnostics' had pre-released its results so no surprises. Restrictions on elective surgery, the reluctance/inability to attend healthcare services and staff shortages impacted patient activity in the first half, the broker notes.

Combined with elevated employee costs, this led to a -7% earnings decline.

While the broker remains positive on the medium to longer term outlook, given attractive industry fundamentals and contributions from growth initiatives, it continues to see the near term outlook as uncertain.

The acquisition of Peloton Radiology will help support earnings in FY23. Neutral and $4.30 target retained, with a preference for Healius ((HLS)) in the space.

Target price is $4.30 Current Price is $3.91 Difference: $0.39
If IDX meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $4.55, suggesting upside of 16.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.4

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

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

Integral Diagnostic's pre-announced December first-half result met consensus and Morgan Stanley's forecasts. The pre-guidance had been disappointing and the broker finds little to enthuse about, noting a margin recovery is hard to predict.

Morgan Stanley rolls off a long list of hurdles: rising staff costs; likely impending capital expenditure in the absence of enticing merger and acquisition opportunities; continued covid disruption in the June half; a likely bedding in of higher costs; and potential regulatory reductions to MRI bulk-billing (-5%).

Morgan Stanley expects the Peloton Radiology will prove to be low single-digit accretive.

Target price slips to $4.36 from $4.44. Equal-weight rating retained, the broker expecting activity should return to pre-pandemic levels by FY23. Industry view: In line.

Target price is $4.36 Current Price is $3.91 Difference: $0.45
If IDX meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $4.55, suggesting upside of 16.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.4

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 first half earnings were as expected by Macquarie. The lower end of the FY production guidance range has been lifted given a strong Bauna performance.

The new developer rig is scheduled to arrive April-May and spend some 6 months at Bauna, before moving to the Patola development. Bauna well performance post-intervention and Patola early production rates will be key, the broker suggests.

Higher production forecasts from FY23 leads to a target increase to $2.60 from $2.35. Outperform retained.

Target price is $2.60 Current Price is $1.96 Difference: $0.64
If KAR meets the Macquarie target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $2.38, suggesting upside of 23.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Morgan Stanley rates KAR as Overweight (1) -

Karoon Energy's December first-half result fell well short of Morgan Stanley's forcasts due to a -US$133m non-cash currency shift on the company's Brazilian Real tax assets/liabilities.

Underlying earnings (EBITDA) were more respectable, falling just a touch shy as costs per barrel fell thanks to strong production on a fixed cost base.

Management has narrowed production and cost guidance to the top end of its previous range.

Morgan Stanley downgrades to Equal Weight from Overweight, noting the strong share-price run and toppy oil prices. Target price edges up to $2.20 from $2.10. Industry view: Attractive.

Target price is $2.20 Current Price is $1.96 Difference: $0.24
If KAR meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $2.38, suggesting upside of 23.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Morgans rates KAR as Add (1) -

Morgans was effusive in its praise of interim results for Karoon Energy citing strong earnings growth, heavy free cash flow generation and guidance upgrades. The Add rating remains while the target rises to $2.35 from $2.30.

While capex will remain fixed over the next 12 months (contracts locked-in), the broker expects current production to double. It's estimated to be only a matter of time before a market re-rate. If not, there's considered to be exceptional corporate appeal.

Target price is $2.35 Current Price is $1.96 Difference: $0.39
If KAR meets the Morgans target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $2.38, suggesting upside of 23.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Macquarie rates KLS as Neutral (3) -

Kelsian Group 's result beat Macquarie and has led to a 21% increase in FY earnings forecasts. The company faced a first half of covid impacts and restrictions and no government relief this time.

The subsequent removal of restrictions to inbound international travel provides relief to demand and staffing availability within Marine & Tourism, the broker notes.

Meanwhile, Sydney bus tendering opportunities remain in focus, Manchester and Singapore tendering is in focus, and a strategic review is due this half for London bus operations. Target rises to $6.90 from $6.45. Neutral retained on valuation.

Target price is $6.90 Current Price is $7.27 Difference: minus $0.37 (current price is over target).
If KLS meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.43, suggesting upside of 14.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Ord Minnett rates KLS as Buy (1) -

First half results were slightly below expectations with Ord Minnett observing there is now a better view of the earnings potential post the TSG acquisition. The bus division is defensive and should sustain low capital expenditure, generating high free cash flow.

The broker expects earnings momentum in the T&M division will also build over 2022 as consumer fears ease.

Modest earnings downgrades are applied across FY22-24 yet the broker retains a Buy rating, noting the potential for earnings improvement in the M&T division. Target is reduced to $8.38 from $8.43.

Target price is $8.38 Current Price is $7.27 Difference: $1.11
If KLS meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $8.43, suggesting upside of 14.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

UBS rates KLS as Buy (1) -

UBS spotted a H1 financial performance that beat its expectations by some 11%. The broker lauds Kelsian Group's stable earnings profile via the bus businesses, combined with earnings leverage from the Marine & Tourism operations as tourism activity continues to recover.

The combination of these two factors has the broker confident in a profitable growth outlook for years to come.

Some technical input: with AASB16 lease accounting changes having had a material impact, UBS believes EBITA is a more appropriate measure for earnings than EBITDA.

Buy rating retained. Target $10.

Target price is $10.00 Current Price is $7.27 Difference: $2.73
If KLS meets the UBS target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $8.43, suggesting upside of 14.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Citi rates LGL as Buy (1) -

Lynch Group Holding's H1 performance was held back by elevated supply chain and covid-driven costs, comment analysts at Citi. The bad news: both are expected to persist into 2H22 and 1H23.

Citi has cut forecasts, which reduces the price target to $4.30 from $4.50. The broker sees upside surprise potential, but also that China is and will remain the key growth driver for the business.

Citi sees the outlook for the Australian operations incrementally improving even though freight costs are expected to remain high. Buy rating retained.

Target price is $4.30 Current Price is $2.94 Difference: $1.36
If LGL meets the Citi target it will return approximately 46% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 1.0

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

Ord Minnett rates MCP as Hold (3) -

First half results were in line with the trading update provided in November. Essential Beauty benefited from strong market trends. The household consumables segment grew its top line by 5%.

Ord Minnett notes Dr LeWinn's inventory came in at the bottom of guidance and a new operating model for greater China is set to be implemented. The broker opts to take a "wait-and-see" approach to this expansion.

Hold rating maintained. Target is reduced to $1.09 from $1.20.

Target price is $1.09 Current Price is $0.95 Difference: $0.14
If MCP meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Macquarie rates MGX as Outperform (1) -

A mixed result from Mt Gibson Iron produced a lesser loss than Macquarie had expected. The miner's cash draw-down in the half was steep due to advanced stripping.

Management expects the completion of advanced stripping in the second half and has guided to sales of 1.2-1.5mt, however weather remains a risk to guidance, the broker warns.

Iron ore prices continue to drive earnings upside momentum, with earnings increasing by 100% for FY23 to the end of mine life at spot prices, as opposed to the broker's forecast prices. Outperform and 70c target retained.

Target price is $0.70 Current Price is $0.56 Difference: $0.14
If MGX meets the Macquarie target it will return approximately 25% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Citi rates MHJ as Buy (1) -

Citi seems most pleased by Michael Hill's margins, which have enjoyed the benefits from management's strategic initiatives. Further margin increases are possible for H2, but Citi also believes this story has now run its course.

Margins are projected to fall in FY23. There is upside potential, however, if cost increases are successfully passed on to customers.

Citi is also positive about the balance sheet, which supports expansion whenever opportunities may arise. Earnings estimates have slightly risen, while the price target falls -6% to $1.56. Buy.

Target price is $1.56 Current Price is $1.36 Difference: $0.2
If MHJ meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Macquarie rates MHJ as Outperform (1) -

A strong first half result, in line with Macquarie, and in the face of covid impacts, further reinforced the broker's belief Michael Hill International is nearing the end of its transformation phase.

The jeweller has now delivered ten consecutive quarters of positive same store sales, the broker notes, and a reflated margin, and has enhanced the product range and the brand.

With key personnel entrenched and the team showing strong engagement and culture, management is exploring new growth initiatives. Outperform retained, target rises to $1.85 from $1.72.

Target price is $1.85 Current Price is $1.36 Difference: $0.49
If MHJ meets the Macquarie target it will return approximately 36% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Morgans rates MLG as Hold (3) -

Following interim results for MLG Oz, Morgans materially softens the extent of its previously-assumed recovery. As a result, the target price falls to $0.90 from $1.01 though the Hold rating is retained on hopes for first a stabilisation in earnings, and then a positive trend.

The first half suffered from ongoing cost pressures and labour constraints, explains the analyst. However, a weak result was flagged and signs of an improving trend were in evidence.

Target price is $0.90 Current Price is $0.82 Difference: $0.08
If MLG meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Credit Suisse rates MMS as Outperform (1) -

First half net profit was in line with estimates. Credit Suisse describes the quality as "fine". Forecasts for the next 12-18 months include a negative impact from the new funding warehouse.

Still, earnings are expected to rebound once covid-impacted issues subside. Valuation is also considered below the long-term average of pre-pandemic levels. Outperform rating and $14.55 target maintained.

Target price is $14.55 Current Price is $12.05 Difference: $2.5
If MMS meets the Credit Suisse target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $13.77, suggesting upside of 17.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Macquarie rates MMS as Neutral (3) -

McMillan Shakespeare posted a first half profit -5% off Macquarie's forecast, supported by end-of-lease income. Supply constraints persist, which actually boost EOL income and yields and increase the value from the UK Maxxia run-off, the broker notes.

Management doesn’t expect any change to the current environment throughout 2022, with customer demand to remain high and the supply dynamic to remain constrained. There is sufficient balance sheet capacity to support capital management and/or M&A, the broker suggests.

A lower market PE multiple leads to a target cut to $12.59 from $12.76. Neutral retained.

Target price is $12.59 Current Price is $12.05 Difference: $0.54
If MMS meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $13.77, suggesting upside of 17.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Morgan Stanley rates MMS as Overweight (1) -

At first glance, McMillan Shakespeare's December first-half result outpaced Morgan Stanley's forecasts by 5% thanks to higher used car prices, but the divisional results appear mixed. 

Costs increased but included non-recurring expenses and, assuming the novated order book was steady, the broker surmises margins will have improved.

Morgan Stanley expects an improvement on all fronts in the June half.

Overweight rating and $14.30 target price retained. Industry view: In-line.

Target price is $14.30 Current Price is $12.05 Difference: $2.25
If MMS meets the Morgan Stanley target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $13.77, suggesting upside of 17.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Credit Suisse rates NIC as Outperform (1) -

2021 results were slightly weaker than Credit Suisse expected. The broker updates the spread for the March quarter forecasts to US$6750/t from US$6000/t on the back of the company's comments regarding margins "over and above" US$6000/t.

The broker believes the business offers a low-risk opportunity for exposure to over 100,000tpa of nickel from nickel pig iron and retains an Outperform rating and $1.75 target.

Target price is $1.75 Current Price is $1.45 Difference: $0.3
If NIC meets the Credit Suisse target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $1.68, suggesting upside of 15.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.9

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

Macquarie rates NIC as Outperform (1) -

Nickel Mines' 2021 earnings and cash flow numbers were largely in line with Macquarie. The miner's share of nickel in nickel pig iron production is expected to rise from 32kt in 2021 to nearly 90ktpa by 2024, which is above nameplate capacity, the broker notes.

The ramp-up of production at Angel NPI has commenced and should deliver strong volume growth in 2022-23, with Oracle providing further volume growth into 2024.

Outperform and $1.70 target retained.

Target price is $1.70 Current Price is $1.45 Difference: $0.25
If NIC meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $1.68, suggesting upside of 15.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.9

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

Morgans rates NTD as Hold (3) -

First half underlying profits for National Tyre & Wheel were below Morgans forecast and the broker points to ongoing supply headwinds and cost pressures. The Hold rating remains though the target falls to $1.54 from $1.76.

Management expects half-on-half earnings growth in the 2H and through FY23 from organic growth and acquisitions though will be largely focusing upon integration. The analyst notes the company significantly increasing scale in the 2H and also diversified the business.

Target price is $1.54 Current Price is $1.35 Difference: $0.19
If NTD meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Citi rates NXT as Buy (1) -

Both faster billing and stronger operating leverage than Citi anticipated lead to a beat for NextDC's 1H results. Management also upgraded revenue to the top-end of the previously guided range. 

Amidst all this positivity, the broker retains its Buy rating and $15.40 target. Management guidance implies 2H earnings (EBITDA) margins of 54% versus 59% in the 1H, though this is thought to be conservative.

Target price is $15.40 Current Price is $10.20 Difference: $5.2
If NXT meets the Citi target it will return approximately 51% (excluding dividends, fees and charges).

Current consensus price target is $14.72, suggesting upside of 38.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Citi rates PLS as Neutral (3) -

As expected by Citi, production guidance was trimmed and costs expectations were lifted by Pilbara Minerals at 1H results. However, news of an imminent handover of the CEO reigns overshadowed the result.

The broker maintains its Neutral rating though wouldn't be surprised by outperformance from higher-for-longer prices. The target price is trimmed to $3.50 from $3.70.

Target price is $3.50 Current Price is $2.85 Difference: $0.65
If PLS meets the Citi target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $3.28, suggesting upside of 25.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Credit Suisse rates PLS as Neutral (3) -

Pilbara Minerals has downgraded FY22 production guidance to 340-380,000t which has a -$0.10 negative impact on the Credit Suisse valuation. There is also an executive search underway as the CEO will depart by the end of the year.

Ken Brinsden has substantial credibility which the broker believes is partially responsible for the premium in the stock and therefore may prove difficult to replace.

Capital management is likely to be a catalyst in FY23 with the broker envisaging scope for dividends or buybacks to be initiated. Neutral rating maintained. Target is reduced to $3.20 from $3.65.

Target price is $3.20 Current Price is $2.85 Difference: $0.35
If PLS meets the Credit Suisse target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $3.28, suggesting upside of 25.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Macquarie rates PLS as Outperform (1) -

Pilbara Minerals' earnings result was weak and softer production guidance has driven -5-10% cuts to Macquarie's medium term earnings forecasts. The departure of the CEO is a surprise, and losing such strong leadership later this year is disappointing, the broker suggests.

Higher exploration and finance costs are the key drivers behind the miss, while second half production guidance is soft and the broker has trimmed forecasts to incorporate a slower ramp up at Ngungaju.

Spot lithium prices nevertheless continue to present upside to the broker's base case. Outperform retained, target falls to $3.50 from $3.70.

Target price is $3.50 Current Price is $2.85 Difference: $0.65
If PLS meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $3.28, suggesting upside of 25.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Ord Minnett rates PLS as Hold (3) -

First half earnings were below expectations because of higher corporate costs and exploration expenses. Production guidance has been reduced to 340-380,000t and shipment guidance has been withdrawn.

Ord Minnett also delays the ramp up of the Ngungaju project by another six months. While the stock appeals for its best-in-class leverage to lithium prices, the broker cannot envisage much valuation support and maintains a Hold rating. Target is $2.90.

Target price is $2.90 Current Price is $2.85 Difference: $0.05
If PLS meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $3.28, suggesting upside of 25.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Citi rates PRU as Buy (1) -

First half results for Perseus Mining were better than expected and Citi likes the successful (so far) ramp up of Yaoure and the strategy to sustain 500kozpa.

The target price rises to $2.00 from $1.90 and the Buy rating is unchanged. An interim dividend of 81cps was declared.

Target price is $2.00 Current Price is $1.59 Difference: $0.41
If PRU meets the Citi target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $1.97, suggesting upside of 9.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Credit Suisse rates PRU as Outperform (1) -

First half operating earnings were below estimates, primarily related to FX. There was no update on the stake that was recently acquired in Orca.

Management, however, did confirm intentions for maintaining 500,000 ounces throughout the current decade without the need for acquisitions.

Credit Suisse retains an Outperform rating, given the strong free cash flow and incremental growth as well as several positive potential catalysts. Target is raised to $2.00 from $1.80.

Target price is $2.00 Current Price is $1.59 Difference: $0.41
If PRU meets the Credit Suisse target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $1.97, suggesting upside of 9.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Macquarie rates PRU as Outperform (1) -

Perseus Mining's earnings beat the broker's forecast by 8%, with slightly higher revenue and -4% lower operating costs the key drivers. FY production and cost guidance is unchanged.

With the company’s recent strengthening of cash flows and improved balance sheet, largely from Yaoure's contributions, Perseus is now well placed to provide capital returns or seek inorganic growth, the broker suggests.

Outperform and $1.90 target retained.

Target price is $1.90 Current Price is $1.59 Difference: $0.31
If PRU meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $1.97, suggesting upside of 9.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Macquarie rates PSI as Neutral (3) -

PSI Insurance Group's December first-half result outpaced Macquarie's forecast by 18% thanks largely to a strong performance from the UK division.

Management upgrades FY22 guidance, which includes a windfall from debt refinancing.

Morgan Stanley expects the company will continue to post strong organic growth and increase margins and says that, combined with the removal of major acquisitions, should translate to a higher quality result.

The payout ratio fell, management hiving away money for future acquisitions.

Macquarie raises EPS forecasts 1.7% in FY22; and cuts EPS forecasts -2% in FY23 and -1.3% in FY24.

Neutral rating retained. Target price eases to $4.80 from $4.95.

Target price is $4.80 Current Price is $4.79 Difference: $0.01
If PSI meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Morgans rates PTB as Downgrade to Hold from Add (3) -

Morgans downgrades its rating for PTB Group to Hold from Add, not in response to pre-released 1H results, but due to a recent strong share performance. A total shareholder return of around 7% is still expected over the next 12 months.

Nonetheless, the analyst sees a slowing in organic growth rates in the absence of further M&A and lowers the target to $1.23 from $1.27. FY22 guidance was reaffirmed. Morgans notes a strong 1H performance from the US segment.

Target price is $1.23 Current Price is $1.19 Difference: $0.04
If PTB meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Credit Suisse rates PTM as Upgrade to Neutral from Underperform (3) -

First half results were ahead of estimates largely because of higher fees. Underlying earnings were broadly stable with the highlight being the expansion of management fee margins which the company attributed to a higher skew to retail.

The broker upgrades to Neutral from Underperform, noting fund performance to date is strong and the Asia fund has also improved.

Moreover, the stock has underperformed the market over the last year, providing more valuation support. Target is raised to $2.70 from $2.50.

Target price is $2.70 Current Price is $2.59 Difference: $0.11
If PTM meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $2.80, suggesting upside of 18.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.4

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

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

Morgan Stanley predicts a flat to negative share price reaction to Platinum Asset Management's reported -11% earnings miss on forecast in the first half. While costs were 9% higher than the broker anticipated, investment losses were the key result driver. 

Health Care offered the only material inflows of the half, at $107m. Looking ahead the International Health Care strategy is set to launch in Europe in mid 2022, while the Platinum Carbon Transition Fund should launch in May to support increased ESG focus.

The Equal-weight rating and target price of $2.60 are retained.

Target price is $2.60 Current Price is $2.59 Difference: $0.01
If PTM meets the Morgan Stanley target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $2.80, suggesting upside of 18.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.4

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

Ord Minnett rates PTM as Hold (3) -

Ord Minnett found the first half results mixed and remains cautious around the investment performance. The broker acknowledges evidence of an improvement and, with a value-focus strategy, any recovery in value will be of benefit to Platinum Asset.

Ord Minnett also remains cautious about flows and retains a Hold rating with a $2.60 target.

Target price is $2.60 Current Price is $2.59 Difference: $0.01
If PTM meets the Ord Minnett target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $2.80, suggesting upside of 18.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.4

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

Macquarie rates PXA as No Rating (-1) -

Pexa Group's December first-half earnings (EBITDA) of $83.2m beat Macquarie's forecast, due to better revenue with costs in-line. Management sharply upgrades prospectus forecasts.  

Penetration rates continued to grow, hitting 85%, and the broker notes refinancing will be a prerequisite to achieving 99%.

Macquarie noted momentum is growing in the UK. First lenders recently signed up to the PEXA platform in the UK and the analyst feels progress is being made toward the planned 'go live' in the 4Q of 2022.

The broker upgrades its long-term remortgage penetration estimate to 60% from 40%. EPS forecasts rise 12.9% in FY22, 1.4% in FY23 and 2.1% in FY24, and 5% to 8% thereafter.

Due to current research restrictions, Macquarie doesn't provide a target price or rating.

Current Price is $19.38. Target price not assessed.

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

UBS rates PXA as Buy (1) -

UBS notes a strong start in the first half, with robust industry volumes and conveyancing transactions continuing to shift online. While these may not be sustainable drivers for the longer term the broker believes a strong base is being established from which to expand offshore.

The company continues to progress its expansion plans in the UK and the broker allows for modest revenue to start from the second quarter of FY23. Buy rating retained. Target is raised to $22.50 from $20.50.

Target price is $22.50 Current Price is $19.38 Difference: $3.12
If PXA meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Ord Minnett rates RHC as Accumulate (2) -

Ord Minnett, upon initial assessment, comments Ramsay Health Care's interim profit marked a small beat of its forecast. Dividend of 48.5c was above the broker's 40c estimate.

The broker found the UK performance was weak but included -$24m of transaction costs form the failed Spire bid. The performance in Australia seems to have been in-line while Europe surprised positively.

No FY22 guidance was expected and Ord Minnett doesn't think today's result will prove beneficial for the share price.

Target price is $75.00 Current Price is $64.56 Difference: $10.44
If RHC meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $70.24, suggesting upside of 8.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.1

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

Macquarie rates RIO as Outperform (1) -

Rio Tinto's 2021 result met Macquarie's forecasts, strong commodity prices driving a record result and a cracker dividend.

Iron-ore was, of course, the stellar performer and one can't help but appreciate the free cash flow generation.

Macquarie downgrades 2022 EPS forecasts to reflect new cost guidance. Target price slips to $129 from $130.00. Outperform rating retained.

Target price is $129.00 Current Price is $119.87 Difference: $9.13
If RIO meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $111.79, suggesting downside of -3.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.4

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

Morgan Stanley rates RIO as Overweight (1) -

Rio Tinto delivered a full year dividend of US$10.40, a 3% beat on Morgan Stanley's expectations and implying an earnings per share payout ratio of 79%. 

The company retained FY22 capital expenditure guidance of US$8bn, with iron ore cost guidance of US$19.50-21.00 per tonne ahead of the broker's US$19.10 per tonne.

Morgan Stanley expects Rio Tinto is working to derisk mine plans following reserve decreases of -46m tonnes in the last year on Traditional Owner heritage considerations. 

The Overweight rating and target price of $126.50 are retained. 

Target price is $126.50 Current Price is $119.87 Difference: $6.63
If RIO meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $111.79, suggesting downside of -3.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.4

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

Morgans rates RIO as Hold (3) -

With Rio Tinto's full year result mostly as Morgans expected, the focus now turns to operational and cost pressures on multiple fronts and stubbornly high capex. As a result a Hold rating is maintained, while the target price rises to $107 from $102.

While the company raised its payout ratio and delivered a US$4.79 final dividend, it was still shy of the analyst's US$4.94 estimate, though consensus was for US$4.57.

Guidance points to some volume gains from iron ore and copper versus a material step up in opex, notes the broker.

Target price is $107.00 Current Price is $119.87 Difference: minus $12.87 (current price is over target).
If RIO meets the Morgans target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $111.79, suggesting downside of -3.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.4

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

Ord Minnett rates RIO as Hold (3) -

2021 operating earrnings were broadly in line with Ord Minnett's forecast. Production guidance for 2022 is unchanged although Pilbara costs are increasing to US$19.50-21.00/t.

Information on projects was limited, the broker notes, although Simandou appears to be stepping up.

Ord Minnett believes 2022 will be another year where shareholders stand to gain from a strong dividend yield, although the stock has traded through valuation. Hold rating maintained. Target is $105.

Target price is $105.00 Current Price is $119.87 Difference: minus $14.87 (current price is over target).
If RIO 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 $111.79, suggesting downside of -3.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.4

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

Macquarie rates RMS as Outperform (1) -

Ramelius Resources' December first-half result beat Macquarie's forecasts by 31% at the earnings level, thanks to favourable inventories which translated to a cost beat.

Net cash was in-line and operating cash flow outpaced (excluding exploration expense). Guidance was reiterated but management points to the lower end of the range.

FY22 EPS forecasts are upgraded 23%. Outperform rating and $1.90 target price retained.

Target price is $1.90 Current Price is $1.49 Difference: $0.41
If RMS meets the Macquarie target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $1.94, suggesting upside of 24.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.9

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

Morgans rates RMS as Add (1) -

While interim results showed Ramelius Resources preserved most of its margin, Morgans points out margins were propped-up by an asset sale. Rail driver shortages impacted with net mine cash flow falling by -46% versus the previous corresponding period.

The imminent end of WA's hard border will likely alleviate the situation though the broker notes lost 1H production is unlikely to be made-up. Nonetheless, the Add rating and $1.91 target are retained.

Target price is $1.91 Current Price is $1.49 Difference: $0.42
If RMS meets the Morgans target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $1.94, suggesting upside of 24.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.9

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

Ord Minnett rates RMS as Accumulate (2) -

First half results were mixed although free and operating cash flows were in line with Ord Minnett estimates.

The broker was surprised by the higher magnitude of inventory adjustment and depreciation yet believes the subsequent initial sell-off was unjustified. Accumulate maintained. Target rises to $1.60 from $1.45.

Target price is $1.60 Current Price is $1.49 Difference: $0.11
If RMS meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $1.94, suggesting upside of 24.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.9

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

Macquarie rates RRL as Outperform (1) -

Regis Resources December first-half earnings (EBITDA) missed Macquarie's forecasts by -10% thanks to a -$25m inventory write-down but management has retained FY22 guidance.

No interim dividend was declared but management will consider a full-year dividend. 

FY23 to FY26 EPS forecasts fall -9%, -5%, -3% and -3% respectively to account for downgrades to Tropicana grade estimates.

Outperform rating retained. Target price falls to $2.20 from $2.40.

Target price is $2.20 Current Price is $1.92 Difference: $0.28
If RRL meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $2.18, suggesting upside of 9.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

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

First half operating earnings were ahead of estimates. Guidance has been removed, given the disruptions at Simberi as a third of workers are in isolation which has led to a slower ramping up after the plant was re-commissioned.

Credit Suisse is concerned about looming capital expenditure and timing of production. Further delays could result in concentrated expenditure in late FY23 and FY24.

The broker downgrades to Neutral from Outperform on the back of covid-related headwinds and uncertainty around the timing of growth, although over the longer term value is perceived. Target is reduced to $1.40 from $1.70.

Target price is $1.40 Current Price is $1.41 Difference: minus $0.01 (current price is over target).
If SBM meets the Credit Suisse target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.70, suggesting upside of 20.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Macquarie rates SBM as No Rating (-1) -

St Barbara's December-half earnings outpace Macquarie's forecasts  thanks to the capitalisation of $28m in mining costs at Simberi but no interim dividend was declared.

Management plans to double production between FY25-FY30, primarily from Simberi Sulphides, new mines at Leonore and the development of pits at Atlantic.

Macquarie raises FY22 EPS forecasts 49% to reflect the capitalisation of mining costs, and 1% thereafter. The broker is currently on research restriction.

Current Price is $1.41. Target price not assessed.

Current consensus price target is $1.70, suggesting upside of 20.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Ord Minnett rates SBM as Hold (3) -

First half results were mixed and complicated by higher capitalised costs at Simberi offset by greater depreciation in Gwalia and Atlantic. Ord Minnett adds further conservatism to its outlook for the second half, reducing FY22 earnings estimates by -22%.

The perceived and real risks continue to dominate trading, the broker adds.

For those investors who are more optimistic or have an appropriate timeframe the broker concedes there is valuation potential but for now assesses there are better risk/reward opportunities elsewhere. Hold maintained. Target is reduced to $1.40 from $1.45.

Target price is $1.40 Current Price is $1.41 Difference: minus $0.01 (current price is over target).
If SBM 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 $1.70, suggesting upside of 20.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Citi rates SCG as Sell (5) -

FY21 funds from operations (FFO) were in-line with Citi's expectations and -1% shy of the consensus forecast. For 2022, management expects 5.3% DPS growth with earnings “expected to grow at a faster rate” though this was considered below expectations.

The broker expects another decline in the consensus earnings expectation and maintains its Sell rating and $2.55 target.

Target price is $2.55 Current Price is $3.02 Difference: minus $0.47 (current price is over target).
If SCG meets the Citi target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.02, suggesting upside of 0.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Macquarie rates SCG as Underperform (5) -

Scentre Group's FY21 underlying result fell -1% shy of consensus and Macquarie forecasts, but after adjusting for stronger than forecast covid relief, it outpaced Macquarie by 1%.

Macquarie notes the company is decoupling the dividend from funds from operations, and will instead link the dividend to sustainability resulting in a lower payout ratio to fund capital investment.

The portfolio proved resilient but the broker spies little room for growth.

Macquarie cuts FY22 FFOPS forecasts -1.2% and FY23 forecasts are steady. Underperform rating and $2.85 target price retained.

Target price is $2.85 Current Price is $3.02 Difference: minus $0.17 (current price is over target).
If SCG meets the Macquarie target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.02, suggesting upside of 0.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

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

Following a slight miss from Scentre Group in FY21, with funds from operations of 16.6 cents per share below Morgan Stanley's forecast 17.3 cents, the company guided to a minimum dividend per share of 15 cents in FY22.

With no funds from operations guidance provided, the broker noted company commentary for growth higher than distributions could indicate funds from operations of $1bn, while Morgan Stanley's forecast is for $1.03bn.

Full year sales of $22.16bn were largely flat on the previous year, but not a bad result given a high number of lost trading days. Morgan Stanley warns that Scentre Group's earnings look unlikely to return to pre-covid levels for some time. 

The Equal-weight rating is retained and the target price increases to $3.18 from $3.13.

Target price is $3.18 Current Price is $3.02 Difference: $0.16
If SCG meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $3.02, suggesting upside of 0.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Ord Minnett rates SCG as Buy (1) -

2021 results were ahead of expectations, largely because credit charges were less than assumed. Ord Minnett points out the stock has underperformed since the result, presumably because the market was expecting more.

The broker notes retail conditions have improved and cash collection was very strong in November and December.

Ord Minnett retains a Buy rating and $3.50 target.

Target price is $3.50 Current Price is $3.02 Difference: $0.48
If SCG meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $3.02, suggesting upside of 0.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Credit Suisse rates SDF as Outperform (1) -

First half net profit was in line. Steadfast Group has upgraded FY22 guidance with underlying EBITDA now expected at $330-340m. Credit Suisse expects first half rate increases of 5-7% are likely to continue, given pressures on insurer margins.

The broker increases assumptions for outer year growth, given the hard cycle has extended and there is growth in the pipeline as well as market share gains. Outperform reiterated. Target rises to $5.40 from $5.30.

Target price is $5.40 Current Price is $4.92 Difference: $0.48
If SDF meets the Credit Suisse target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $5.55, suggesting upside of 15.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Macquarie rates SDF as Outperform (1) -

Steadfast Group's December first-half result met Macquarie's forecasts and management upgrades guidance 2.5% from the previous mid point. 

Strong organic growth continued across the network and 18 acquisitions were closed in the half, suggesting money to come.

The company reports a -$3.5m impairment from the Sports Underwriting Agency and flags an increase in technology expenditure in the June half and an increase in staff.

Macquarie raises earnings forecast 2.2% in FY22, and cuts by -4.9% in FY23, as stressors rise from non-controlling M&A interests.

Outperform rating retained, the broker admiring the trapped capital pipeline and improved technology efficiency. Target price eases to $5.70 from $5.85. 

Target price is $5.70 Current Price is $4.92 Difference: $0.78
If SDF meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $5.55, suggesting upside of 15.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

UBS rates SDF as Buy (1) -

First half result was in line with expectations. Organic growth has led to an upgrade in FY22 guidance and UBS lifts forecasts for EBITA to the top end of revised guidance of $330-340m.

A firming rate cycle provides tailwinds for growth and this should drive upside, in the broker's view. Buy rating retained. Target is lifted to $5.60 from $5.10.

Target price is $5.60 Current Price is $4.92 Difference: $0.68
If SDF meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $5.55, suggesting upside of 15.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Citi rates SGP as Buy (1) -

Following interim results for Stockland, Citi raises its earnings estimates and property value estimates. The target rises to $5.94 from $5.31. Buy. Management raised funds from operations (FFO) guidance by 0.7%. 

More importantly for the analyst, the company has progressed its strategic priorities by reducing retirement exposure and expanding capital partnerships. One example was the forming of a partnership to develop and own land lease communities.

Target price is $5.94 Current Price is $4.16 Difference: $1.78
If SGP meets the Citi target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $4.93, suggesting upside of 18.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

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

Stockland Group's December first-half result fell short of Macquarie's forecasts, thanks to a larger skew to the second half.

Management narrowed guidance to the top of the range and operating margins improved.

The broker notes the company is making strong strategic progress, divesting retirement assets at book value and building joint ventures in land lease and M_Park, the net result being a reduction in gearing.

Macquarie expects deployment of funds should build recurring income streams from FY23 onward and improve asset allocation.

FY22 FFOPS forecast  eases -1% given lower residential settlements and FY23 to FY24 forecasts rise 1%.

Rating upgraded to Neutral from Underperform. Target price edges up to $4.19 from $4.06.

Target price is $4.19 Current Price is $4.16 Difference: $0.03
If SGP meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $4.93, suggesting upside of 18.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23: