Australian Broker Call

Morgan Stanley rates 360 as Overweight (1) -

 Life360's FY22 June half result appears to have satisfied Morgan Stanley, hardware proving a miss, subscriptions outpacing and cash burn as expected.

Management lowers FY22 revenue guidance but the broker expects cost discipline, price rises and lower commision suggest the company will provide a beat on recurring revenue and cash burn.

Overweight weighting retained. Target price rises to $6.80 from $5.50.

Target price is $6.80 Current Price is $5.80 Difference: $1
If 360 meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).

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 ABP as Outperform (1) -

FY22 results were worse than Macquarie anticipated. Abacus Property is guiding to distribution growth in FY23 of around 2% and this will be helped by the acquisition of in-the-money swaps.

The benefits from acquisitions are reflected in the near term outlook while the outer years will be affected by the updated hedge profile including swap rates.

Despite the dilution from the swaps and the headwinds to longer-term growth, the broker considers the valuation attractive relative to peers. Hence, an Outperform rating is retained and the target is raised to $3.53 from $3.46.

Target price is $3.53 Current Price is $2.86 Difference: $0.67
If ABP meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $3.21, suggesting upside of 13.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Ord Minnett rates AKE as Buy (1) -

Allkem will transfer ownership of its Borax project to Minera Santa Rita in exchange for the Maria Victoria lithium tenement adjacent to the Olaroz project in Argentina. Ord Minnett suggests the deal should allow for greater focus on the lithium business.

The company will retain access to the gas rights at Borax, important for the development of the Sal de Vida operation. The broker considers the impact marginal to valuation and earnings and maintains a Buy rating with a $14.50 target.

Target price is $14.50 Current Price is $12.56 Difference: $1.94
If AKE meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $14.51, suggesting upside of 18.4% (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 BAP as Buy (1) -

At first glance, Bapcor's FY22 result outpaced consensus forecasts by 1% and Citi by 2%, thanks to a beat on margins.

On the downside, the broker consider's Bapcor's international growth strategy to have been "deprioritised", most likely due to covid issues. Citi believes a strong international performance will be necessary to support a premium valuation multiple going forward.

Inventory was uncomfortably higher as the company hedged against supply chain issues, which propelled gearing higher and lowered cash conversion to 64% from 74% last year. But at least the goods are non-perishable, opines the broker.

Also disappointing was the lack of guidance (although the company does expect a solid underlying result for FY23) and slightly weaker trade growth relative to peers.

In the wash, Citi expects the share price should attract support. Buy rating retained. Target price steady at $8.03.

Target price is $8.03 Current Price is $6.77 Difference: $1.26
If BAP meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $7.81, suggesting upside of 11.9% (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

Macquarie rates BAP as Outperform (1) -

At first glance, Bapcor's FY22 result met Macquarie's forecasts and the September quarter leapt from the barriers.

Operating cash flow was sharply lower, reflecting continued inventory expenditure to pre-empt supply chain issues, which management expects should start to normalise in FY23.

Positive fundamentals remain for the vehicle aftermarket, observes Macquarie.

Outperform rating and $8.25 rating retained for now.

Target price is $8.25 Current Price is $6.77 Difference: $1.48
If BAP meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $7.81, suggesting upside of 11.9% (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 BAP as Buy (1) -

In an early response to the FY22 result, UBS notes like-for-like sales improved across the business in the fourth quarter as did margins. Overall, Bapcor's result was in line with expectations.

The broker observes a "good" start to FY23 with a solid underlying trading performance. Buy rating and $7.60 target maintained.

Target price is $7.60 Current Price is $6.77 Difference: $0.83
If BAP meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $7.81, suggesting upside of 11.9% (ex-dividends)

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 BHP as No Rating (-1) -

Citi assesses the FY22 earnings results for BHP Group as in line with consensus, noting the US$3.25 dividend was higher than expectations.

The company outlined plans for US$10bn p.a. in capital expenditure with growth targeting what BHP Group refers to as "future facing commodities" - potash, copper and nickel, as well as studies for 330mtpa of iron ore with maintenance capital slowing to $3bn p.a. from some $3.5bn p.a..

Citi is under research restrictions for BHP Group, so no rating or price target.

Current Price is $40.51. Target price not assessed.

Current consensus price target is $41.41, suggesting upside of 1.8% (ex-dividends)

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.3

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

Macquarie rates BHP as Outperform (1) -

Macquarie believes BHP Group's pivot towards growth in the FY23 and FY24 outlook should deliver volume increases in iron ore and copper in the medium term, although there is also upside risk to forecasts for potash, copper and iron ore over the longer term.

Incorporating updated cost guidance and increased capital expenditure results in -3% reductions to the broker's FY23 and FY24 earnings forecasts. A higher depreciation charge means a -4% cut to FY25 earnings estimates and -5% for FY26-28.

The broker retains an Outperform rating and $48 target.

Target price is $48.00 Current Price is $40.51 Difference: $7.49
If BHP meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $41.41, suggesting upside of 1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.3

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

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

BHP Group's FY22 result outpaced consensus and met Morgan Stanley's estimates, generating strong free cash flow and leading to a strong beat on net debt of US$0.3bn, compared to the broker's US$4.8bn estimate. The dividend also outpaced consensus.

On the downside, capital expenditure is forecast to rise in FY23. to US$7.5bn compared with the broker's forecast US$5.2bn, and even more for FY24.

The provision for the Samarco dam was about US$0.6bn less than expected.

As expected, commodities demand weakened during the June-quarter due to China's covid-19 lockdowns but the broker naturally expects BHP will benefit from long-term electrification megatrends, as well as potash demand, despite near-term pressure.

Meanwhile, a teleconference with management suggests the company is still on the acquisition trail, while not dependent on purchases for growth, despite grades declining in Chilean copper and other challenges.

Equal-weight rating retained. Industry View: Attractive. Target price falls to $36.55 from $40.05 on July 20.

Target price is $36.55 Current Price is $40.51 Difference: minus $3.96 (current price is over target).
If BHP meets the Morgan Stanley target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $41.41, suggesting upside of 1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.3

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

Morgans rates BHP as Add (1) -

The key positive for Morgans from BHP Group's FY22 results was a US175cps dividend compared to a forecast of US136cps and the US152cps expected by consensus. Earnings were considered slightly ahead of expectations.

Another positive surprise was consensus-beating free cash flow driven by favourable currency swings and deferred tax, explains the analyst. In addition, a US$9.2bn increase in coal earnings (EBITDA) more than offset lower iron ore prices (and earnings) during the year.

The Add rating and $48.40 target are unchanged. The broker notes potash remains a key source of growing optimism, with management's conviction growing for both the market and its Jansen project.

Target price is $48.40 Current Price is $40.51 Difference: $7.89
If BHP meets the Morgans target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $41.41, suggesting upside of 1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.3

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

Ord Minnett rates BHP as Hold (3) -

After BHP Group's solid result, Ord Minnett continues to believe the stock is fair value, although remains cautious on the broader macro economic environment and the outlook for commodity price gains over the short term.

Subsequent to the results, the main discussion point is the medium-term capital expenditure guidance of US$10bn, versus US$6bn in FY22, with copper making up much of the increase. Hold rating and $43 target maintained.

Target price is $43.00 Current Price is $40.51 Difference: $2.49
If BHP meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $41.41, suggesting upside of 1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.3

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

Credit Suisse rates BPT as Outperform (1) -

The FY22 results missed expectations, with Credit Suisse highlighting the third downgrade to the outlook in as many years. The guidance for 20-22.5mmboe is -10% below the broker's forecast. FY23 is now targeted at "up to" 28mmboe.

Beach Energy has highlighted growing exposure to the east-coast gas price, to 11% in FY23 and 67% in FY24, from almost negligible in FY22.

This reinforces the broker's belief that this stock is the best exposure to east-coast gas prices. Outperform maintained. Target is reduced to $2.06 from $2.10.

Target price is $2.06 Current Price is $1.59 Difference: $0.47
If BPT meets the Credit Suisse target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $1.84, suggesting upside of 15.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.1

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

Macquarie rates BXB as Neutral (3) -

At first glance, Brambles' FY22 underlying profit fell -1% shy of consensus and met Macquarie's forecast as structural contracts passed through cost inflation. The dividend was in line with the payout policy, at AUD17.25c.

The company experienced a strong June quarter as US transportation inflation eased, pricing and mix improved, and asset compensation rose.

Cash flow outpaced guidance and management expects a further improvement in FY23, albeit still a net outflow.

Lumber inflation hit the pooling capital expenditure to sales ratio, which was sharply higher than the three-year average, observes the broker. Gearing is well below target.

Management forecasts a 4% FY23 profit beat, thanks to pricing and indexation. Neutral rating and $10.75 target price retained for now. 

Target price is $10.75 Current Price is $11.80 Difference: minus $1.05 (current price is over target).
If BXB meets the Macquarie target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.14, suggesting downside of -1.4% (ex-dividends)

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: 0.4

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

Ord Minnett rates BXB as Buy (1) -

In an early response to Brambles' full year results, Ord Minnett notes a strong result towards the top end of earnings guidance, while guidance for FY23 suggest 7-10% revenue growth and 8-11% profit growth in the coming year.

The broker highlighted higher input costs, notably transport and higher lumber prices, did cause some margin compression, but noted the company's ability to pass through higher input costs to customers was a positive having reported 15% price growth in CHEP Americas and 9% across the company.

Ord Minnett anticipates upgrades to consensus earnings forecasts. The Buy rating and target price of $13.50 are retained.

Target price is $13.50 Current Price is $11.80 Difference: $1.7
If BXB meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $12.14, suggesting downside of -1.4% (ex-dividends)

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: 0.4

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

Citi rates CGF as Upgrade to Neutral from Sell (3) -

Challenger's FY22 earnings results highlighted previous concerns Citi noted in the earnings profile for the group, including the shift to shorter dated Life sales which had a negative impact on margins.

The broker also notes, with surprise, the poor outcome from the bank, with the analyst explaining the goodwill write-off and strategic review pointing to reasons for concern over the state of the operations. Challenger referring to "dis-synergies rather than the synergies it expected" within the recently acquired bank.

Citi views the FY23 guidance as disappointing relative to the market, but broadly in line with the broker's forecasts, leading to a marginal adjustment in earnings forecasts.

The target is upgraded to Neutral from Sell, adjusting to the share price fall and the price target is is lowered to $6.70 from $6.80.

Target price is $6.70 Current Price is $6.40 Difference: $0.3
If CGF meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $6.93, suggesting upside of 4.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.1

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

Credit Suisse rates CGF as Neutral (3) -

FY22 normalised earnings were largely in keeping with expectations. FY23 guidance was weaker than Credit Suisse expected and this has led to a downgrade to net profit forecasts of -5-7% for FY23-24.

The broker points out Challenger fell short of issuing explicit margin guidance for FY23 and envisages scope for a COE margin of 2.8-2.85%.

Weaker guidance undermines the notion that Challenger will benefit from higher rates, although Credit Suisse acknowledges some benefits are emerging. The main concern is that strong annuity sales are not translating into net book growth.

The broker reiterates a Neutral rating and reduces the target to $6.90 from $7.30.

Target price is $6.90 Current Price is $6.40 Difference: $0.5
If CGF meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $6.93, suggesting upside of 4.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.1

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

Macquarie rates CGF as Neutral (3) -

Macquarie was unimpressed with the FY22 normalised return on equity of 11.9%, below the target of the RBA cash rate plus a margin of 12%, and the new business tenor in Life of around 4.9 years, which stemmed from a higher mix of institutional sales.

Challenger provided FY23 guidance that was weaker than the broker anticipated, too. This is largely because the bank EBIT is expected to be a -$10m loss. A review will be undertaken, expected to be completed in the first half.

Still, the broker continues to like the long-term growth proposition, but at current levels believes the stock is fully priced. Neutral maintained. Target is reduced to $6.40 from $6.60.

Target price is $6.40 Current Price is $6.40 Difference: $0
If CGF meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $6.93, suggesting upside of 4.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.1

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

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

Challenger's FY22 result missed consensus forecasts by -13% and fell -2% shy of Morgan Stanley's estimates, as Life capital metrics, annuity book growth, Total Life book growth and fund manager net flows all disappointed.

FY23 guidance fell -4% short of consensus and -1% shy of the broker.

Morgan Stanley expects higher interest rates will underpin earnings growth but notes capital intensity and earnings volatility will likely continue to drag.

The bank is loss-making and now the subject of strategic review, which the broker expects will be well received.

Equal-weight rating retained. Industry View: Attractive. Target price slips to $6.60 from $6.70.

Target price is $6.60 Current Price is $6.40 Difference: $0.2
If CGF meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $6.93, suggesting upside of 4.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.1

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

Morgans rates CGF as Add (1) -

While FY22 results for Challenger were in line with consensus and guidance, Morgans assesses a slighltly weak overall outcome with a reasonable FY22 offset by a softer FY23 outlook.

Higher operating expense growth assumptions for FY23 and higher annuity run-off rates contribute to the analyst's -3-5% lower EPS estimates for FY23 and FY24. The target falls to $7.40 from $8.21. The Add rating is unchanged.

The broker views management's decision to conduct a strategic review of the bank as another negative within the result commentary.

Target price is $7.40 Current Price is $6.40 Difference: $1
If CGF meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $6.93, suggesting upside of 4.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.1

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

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

FY22 pre-tax profit was in line. Guidance for FY23 pre-tax profit of $485-535m is ahead of forecasts, stemming from Challenger envisaging reduced capital pressure compared with Ord Minnett's prior assumptions.

The capital position included a mark up in property values, which the broker suspects could face a future reversal if capitalisation rates in the market start to drift lower or credit losses emerge in a meaningful way.

While still cautious about the outlook, given the share price decline Ord Minnett raises the rating to Hold from Lighten. Target is reduced to $6.20 from $6.40.

Target price is $6.20 Current Price is $6.40 Difference: minus $0.2 (current price is over target).
If CGF meets the Ord Minnett target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.93, suggesting upside of 4.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.1

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

Citi rates CSL as Buy (1) -

It is Citi's initial assessment that CSL reported FY22 financials in line with expectations, but there are several one-offs that previously were not disclosed or not accounted for in forecasts.

CSL provided guidance some -3% below market consensus, but this guidance excludes the recently acquired Vifor, the analysts explain. Guidance including Vifor will be provided at a later date.

While plasma collection volumes are increasing, the company has indicated higher costs plus plans to build higher inventory, and both factors might impact on profits.

Also, the broker observes CSL did not provide a target for new collection centres openings in FY23, unlike in previous years. CSL opened 27 new centres in FY22, up from 25 in FY21, below its target of 35.

Buy. Target $345.

Target price is $345.00 Current Price is $296.40 Difference: $48.6
If CSL meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $322.32, suggesting upside of 12.5% (ex-dividends)

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: 0.9

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

Macquarie rates CSL as Outperform (1) -

At a glance, CSL's result fell -1% shy of consensus and met Macquarie's forecasts but FY23 guidance disappointed. The broker moves forward its forecast for an earnings recovery to FY24.

CSL Behring was the main lagger, says the broker.

Outperform rating and $312 target price retained for now.

Target price is $312.00 Current Price is $296.40 Difference: $15.6
If CSL meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $322.32, suggesting upside of 12.5% (ex-dividends)

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: 0.9

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

Ord Minnett rates CSL as Accumulate (2) -

Ord Minnett, upon initial assessment of today's FY22 released by CSL, is of the view Australia's largest biotech performed in line with expectations.

Excluding impairment taken in relationship to the Calimmune acquisition, it would have been a "beat", says the commentary. Seqirus shone through a lower-than-expected loss.

Behring EBIT was circa -6% below forecast adjusting for the impairment charge and the one-off covid vaccine earnings. FY23 guidance is -3% below the broker's forecast, excluding Vifor.

Target price is $315.00 Current Price is $296.40 Difference: $18.6
If CSL meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $322.32, suggesting upside of 12.5% (ex-dividends)

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: 0.9

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

Citi rates CTD as Neutral (3) -

At first glance, Corporate Travel Management's result proved a mixed bag, earnings (EBITDA) proving a -3% miss to consensus, and Citi hopes this will be the last messy set of pandemic numbers to crunch through.

In the wash, 35% earnings (EBITDA) growth will be needed to meet consensus and exit rates proved mixed globally.

Neutral rating retained. Target price steady at $24.09.

Target price is $24.09 Current Price is $21.46 Difference: $2.63
If CTD meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $24.51, suggesting upside of 17.1% (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 CTD as Outperform (1) -

At first glance, Corporate Travel Management met Macquarie's forecasts and the broker observes a strong performance exiting the June quarter.

The covid recovery has yet to reach pre-pandemic levels, with management forecasting a full recovery in FY24.

Outperform rating and $20.80 target price retained for now.

Target price is $20.80 Current Price is $21.46 Difference: minus $0.66 (current price is over target).
If CTD meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $24.51, suggesting upside of 17.1% (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

UBS rates CTD as Buy (1) -

Upon initial glance, UBS found the FY22 performance by Corporate Travel Management "strong", but the broker is quick to add the industry overall still has headwinds to work through in the year ahead.

The broker notes the company finished FY22 with positive momentum, which has carried into FY23.

Buy. Target $26.35.

Target price is $26.35 Current Price is $21.46 Difference: $4.89
If CTD meets the UBS target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $24.51, suggesting upside of 17.1% (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

UBS rates DHG as No Rating (-1) -

It is UBS's initial assessment that Domain Holdings Australia's FY22 financials missed market consensus. Revenues proved in line, but higher costs made the difference.

The broker adds cost guidance for FY23 appears to be higher than the market consensus' forecast as well.

The broker is currently under research restriction. Prior rating was a Buy with $5.50 price target.

Current Price is $4.05. Target price not assessed.

Current consensus price target is $4.12, suggesting upside of 7.3% (ex-dividends)

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 DOW as Outperform (1) -

At first glance, Downer EDI's FY22 underlying result slightly outpaced consensus and met Macquarie's forecasts and FY23 guidance fell -7% shy of the broker, albeit it on a solid 10% to 20% growth forecast.

Earnings (EBITDA) disappointed the broker by -3% but June quarter earnings appear to have strengthened, says Macquarie.

Gearing edged up while net debt and cash flow reduced.

The broker observes strong demand across the Urban Services division and expects demand will remain strong across FY23 given the strong contract-backed pipeline.

Labour costs remains a headwind but the broker expects this will normalise.

Outperform rating and $6.25 target price retained for now.

Target price is $6.25 Current Price is $5.61 Difference: $0.64
If DOW meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $6.04, suggesting upside of 14.0% (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

UBS rates DOW as Buy (1) -

At first glance, Downer EDI's FY22 result met consensus and UBS forecasts.

FY23 guidance for underlying net profit after tax of 10% to 20% missed consensus forecasts of 24%, albeit in line with UBS's 16% estimate, with growth underpinned by a solid, contract-backed pipeline.

The broker observes a strong June-quarter performance as weather and covid absenteeism impacts eased, and considers guidance to be conservative. Management has also reported that 91% of its work-in-hand incorporates some level of cost transfer.

Buy rating and $6.40 target price retained for now.

Target price is $6.40 Current Price is $5.61 Difference: $0.79
If DOW meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $6.04, suggesting upside of 14.0% (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

UBS rates DXS as Neutral (3) -

On first reading, FY22 results were ahead of UBS estimates. FY23 distribution guidance of 50-51.5c per security is based on current expectations for interest rates amid continued asset sales. Dexus expects trading profits to be higher in FY23.

UBS maintains a Neutral rating and $9.25 target.

Target price is $9.25 Current Price is $9.16 Difference: $0.09
If DXS meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $10.71, 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

Citi rates GMG as Buy (1) -

Goodman Group FY22 earnings results appeared to be in line with Citi expectations, however, the analyst highlights a number of underlying positives, including investment and management earnings coming in better than forecast.

The strong $7.9bn in development commencements underpinned 34% growth in earnings in FY22, as well as asset value and rental growth.

Goodman Group has secured around $430m in development profits for FY23, which represents some 40% of Citi's forecasts, leading the analyst to anticipate another robust year.

Citi empahsises the quality and the strength of the group's balance sheet at 19% gearing with 70%-plus hedging in place over a 12-month and 3-year period.

Assessing the earnings visibility, the broker adjusts earnings forecasts to 19% growth for FY23, above 11% guidance and 15% market consensus.

A Buy rating is retained and the price target is raised to $23.50 from $22.00.

Target price is $23.50 Current Price is $20.55 Difference: $2.95
If GMG meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $22.74, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Credit Suisse rates GMG as Outperform (1) -

FY22 results were in line with expectations. Growth occurred across all three operating segments and Goodman Group is guiding to 11% growth in FY23. Credit Suisse does not believe this is a "miss" on consensus expectations, given the track record of upgrades.

The main challenge for investors, in the broker's view, is determining the "right multiple" to apply to the company's earnings. All up, Credit Suisse considers the business in good shape and retains an Outperform rating. Target is reduced to $23.49 from $24.05..

Target price is $23.49 Current Price is $20.55 Difference: $2.94
If GMG meets the Credit Suisse target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $22.74, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Macquarie rates GMG as Outperform (1) -

FY22 results were in line with Macquarie's expectations. Goodman Group is guiding to growth of 11% in FY23, which the broker believes is conservative having highlighted its track record of upgrading expectations as the year progresses.

While the market had been concerned about the outlook for development earnings, Macquarie concludes the outlook is robust and suspects the company will once again retain additional earnings to fund the outlook.

The broker retains an Outperform rating. Target is raised to $23.93 from $23.31.

Target price is $23.93 Current Price is $20.55 Difference: $3.38
If GMG meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $22.74, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Morgan Stanley rates GMG as Overweight (1) -

Goodman Group's FY22 EPS nosed out Morgan Stanley's estimate, and management provided maiden FY23 EPS guidance, forecasting 11% growth, disappointing consensus, and the broker considers it conservative.

Assets under management are expected to rise to $80bn from $74bn this year, according to management.

Partnerships posted an average 21% return and FY23 dividend guidance is flat - the broker appears displeased that this has been the case for several years.

Meanwhile, the pipeline is looking great and improving, says the broker, which also notes LIT vesting suggests the earnings trajectory may outpace consensus.

Morgan Stanley observes the portfolio is seriously under-rented but notes gearing is good, with 72% of debt hedge for the next few years.

Overweight rating retained. Industry View: In-Line. Target price rises to $24.10 from $23.70.

Target price is $24.10 Current Price is $20.55 Difference: $3.55
If GMG meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $22.74, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Ord Minnett rates GMG as Hold (3) -

Ord Minnett observes Goodman Group has retained material development potential and performance fees of $1.2bn, which should mean annual earnings growth is in the 10-15% range over the next few years and 6-8% for the longer term.

Development margins are expected to moderate over time. The broker's forecasts are lifted by 2% for FY23 and 1% for FY24 with forecast earnings per share of 93.4c in FY23 implying 15% growth. Hold maintained. Target is raised to $22 from $21.

Target price is $22.00 Current Price is $20.55 Difference: $1.45
If GMG meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $22.74, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Macquarie rates GOZ as Outperform (1) -

FY22 results were in line with Macquarie's expectations while guidance for free funds from operations of 25-26c per security for FY23 was below, reflecting a -7-11% decline versus FY22.

Growthpoint Properties Australia's pro forma gearing of 34% also reveals limited additional acquisition potential, in the broker's opinion. That said, the business is described as the owner of a high-quality metropolitan office portfolio and the industrial portfolio is 100% occupied.

Target is reduced to $4.00 from $4.24. Outperform rating retained.

Target price is $4.00 Current Price is $3.72 Difference: $0.28
If GOZ meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $4.06, suggesting upside of 11.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

UBS rates IMD as Neutral (3) -

Imdex's FY22 earnings (EBITDA) met UBS' forecasts thanks to continued strength in the higher margin instrumentation revenue business.

On the downside, the company announced it would divest its Maghammer product, declaring a -$2.3m post-tax impairments, after it failed to meet trial standards.

Management advises Blast Dog has entered its maiden supply agreement with Fortescus Metals ((FMG)) to supply three units, and provided no specific FY23 guidance, only to say demand remained strong across all segments.

UBS appreciates the company's leverage to the mineral exploration cycle but notes the stock looks expensive.

EPS forecasts are downgraded -3% across FY23 and FY24 after marking to market and to reflect its expectation of a more "measured" mineral exploration cycle. 

Neutral rating retained. Target price falls to $2.20 from $3.10.

Target price is $2.20 Current Price is $1.93 Difference: $0.27
If IMD meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Citi rates JHX as Buy (1) -

James Hardie Industries reported a miss on Q1 earnings by some -5%, according to Citi, with the broker pointing to better than expected sales, some 2%, offset by falling gross margins of -1-3% across all the divisions with higher inflation costs.

The company lowered FY23 guidance to $730-$780m, which Citi views as largely discounted. Consensus earnings are sitting around the $751m.  

The broker's earnings forecasts are adjusted by -6% for FY23 to -10% for FY25 on lower housing activity estimates  in 2H23 and 1H24, alongside concerns over European growth. 

However, the analyst sees a peak in long bonds and mortgage rates this cycle, supporting a more positive outlook over 2023.

A Buy rating is maintained and the price target is lowered to $41.90 from $44.30, reflecting the earnings forecast downgrades.

Target price is $41.90 Current Price is $36.35 Difference: $5.55
If JHX meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $49.40, suggesting upside of 37.9% (ex-dividends)

The company's fiscal year ends in February.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.8

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

Credit Suisse rates JHX as Neutral (3) -

First quarter EBIT was -7% below expectations and margins in all regions were around -200 basis points or more below.

Credit Suisse observes gross margin growth is proving elusive in North America. James Hardie Industries is again expected to provide a flat gross margin in the second quarter.

The broker reduces FY23 earnings estimates by -5% to reflect the latest guidance, and FY24 by -10%. Neutral maintained. Target is reduced to $39.10 from $41.60.

Target price is $39.10 Current Price is $36.35 Difference: $2.75
If JHX meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $49.40, suggesting upside of 37.9% (ex-dividends)

The company's fiscal year ends in February.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.8

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

Macquarie rates JHX as Outperform (1) -

The first quarter results were weaker than Macquarie expected, largely because of costs. Still, James Hardie Industries' execution remains robust and the broker believes it can navigate slower markets, supported by its 65% exposure to  the renovations market.

Furthermore, the stock is pricing in a lot of weakness. Net profit guidance has been reduced for FY23 to $730-780m from $740-820m, which the broker considers appropriate and still relatively good.

The Outperform rating is retained and the target price is reduced to $59.50 from $59.80.

Target price is $59.50 Current Price is $36.35 Difference: $23.15
If JHX meets the Macquarie target it will return approximately 64% (excluding dividends, fees and charges).

Current consensus price target is $49.40, suggesting upside of 37.9% (ex-dividends)

The company's fiscal year ends in February.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.8

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

Morgan Stanley rates JHX as Overweight (1) -

James Hardie Industries' June-quarter margins disappointed Morgan Stanley, as did reduced guidance (by -3%).

This reflected a -5% earnings (EBIT) miss despite an 8% beat on sales.

Management guided to stronger margins from here as price increases flow through and transport costs fall.

Overweight rating and $51 target price retained. Industry View: In-Line.

Target price is $51.00 Current Price is $36.35 Difference: $14.65
If JHX meets the Morgan Stanley target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $49.40, suggesting upside of 37.9% (ex-dividends)

The company's fiscal year ends in February.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.8

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

Ord Minnett rates JHX as Buy (1) -

In reviewing the first quarter, Ord Minnett notes the results demonstrated continued progress in delivering the company's higher-value product strategy. Should this growth be maintained, margins should expand strongly in coming quarters.

Moreover, any potential slowdown in the macro economic environment is unlikely to be evident in James Hardie Industries' numbers until the fourth quarter of FY23. The broker retains a Buy rating and raises the target to $52.40 from $52.00.

Target price is $52.40 Current Price is $36.35 Difference: $16.05
If JHX meets the Ord Minnett target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $49.40, suggesting upside of 37.9% (ex-dividends)

The company's fiscal year ends in February.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.8

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

UBS rates JHX as Buy (1) -

James Hardie Industries' June-quarter top-line result beat UBS but earnings (EBIT) fell shy, as cost inflation eroded strong pricing.

But management reports costs are falling and prices are rising, which should return margins to the plus-30% mark by the March quarter even on conservative volume forecasts.

FY23 net-profit guidance eased as lower US volumes nosed out price rises.

UBS spies continued headwinds in Europe but overall is positive on the US market. EPS forecasts are fairly steady.

Buy rating retained. Target price eases -1% to $52.50 from from $53.

Target price is $52.50 Current Price is $36.35 Difference: $16.15
If JHX meets the UBS target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $49.40, suggesting upside of 37.9% (ex-dividends)

The company's fiscal year ends in February.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.8

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

Macquarie rates JRV as Outperform (1) -

Macquarie described a strong result from Jervois Global in the second half, with the company delivering a small profit of US$0.5m rather than a loss of -US$28.3m as predicted by the broker, while earnings of US$5.4m were also a beat on the expected -US$26.3m.

The broker notes significantly lower than estimated operating costs drove the beat. Macquarie highlights inventories increased to US$177.6 in the half, from US$109.3m, but are expected to unwind over the remainder of the year.

The Outperform rating and target price of $0.60 are retained.

Target price is $0.60 Current Price is $0.48 Difference: $0.12
If JRV meets the Macquarie target it will return approximately 25% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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 MGX as Downgrade to Neutral from Outperform (3) -

Mount Gibson Iron reported a fire at its Koogan Island crushing plant has caused damage to screening and conveyor equipment, impacting production capabilities. Macquarie notes this will impact volumes and costs in the near-term, and the anticipated production ramp-up in the coming half.

While still assessing the damage, the company announced a preliminary plan to process and ship ore at 40% capacity until repairs are complete. Macquarie decreases near-term production and sales forecasts -38% and -21%, and lifts cash costs 8% and 10% in FY23 and FY24 respectively. 

The rating is downgraded to Neutral from Outperform and the target price decreases to $0.50 from $0.70.

Target price is $0.50 Current Price is $0.49 Difference: $0.01
If MGX 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

Macquarie rates NEA as Neutral (3) -

At first glance, Nearmap's FY22 result broadly met Macquarie's forecasts although revenue and gross profit outpace by 2% and 5%.

Neutral rating and $2 target price retained, the broker spying little upside given risk-weighted valuations on the recently announced Thoma Bravo bid.

Target price is $2.00 Current Price is $1.93 Difference: $0.07
If NEA meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $1.90, suggesting downside of -4.0% (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

Morgans rates PXS as Speculative Buy (1) -

Following FY22 results for Pharmaxis, Morgans likes the sound cash position though lowers its target to $0.25 from $0.58 on a deferral to FY26 from FY25 of the licensing transaction for the Myelofibrosis program.

Modest upgrades are made to the broker's FY23 forecasts after including $7m from the exercise of the option by Aptar Pharma to acquire the Pharmaxis Orbital technology, offset by lower Bronchitol sales.

The Speculative Buy rating is unchanged.

Target price is $0.25 Current Price is $0.08 Difference: $0.17
If PXS meets the Morgans target it will return approximately 212% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

UBS rates RBL as Buy (1) -

At first glance, gross transaction value of $630m was in line with UBS estimates for FY22. Trends are also broadly in line with expectations.

Redbubble expects revenue growth in FY23, underpinned by a 6% average base price rise from May 2022. The broker is encouraged that margins appear to be improving materially. Buy rating and $1.60 target retained.

Target price is $1.60 Current Price is $1.50 Difference: $0.1
If RBL meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $1.55, suggesting upside of 63.2% (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 SCP as Buy (1) -

Citi remains positive on the outlook for Shopping Centres Australasia Property, despite the group's conservative FY23 guidance, which the analyst attributes to modest rental growth off lower inflation growth of 4%; higher Bank Bill Swap rates of 3%, versus 2.7% for peers; and no acquisitions.

The analyst views the GIC JV as offering growth opportunities of $2-$3bn and the group to pursue acquisitive growth towards the end of FY23.

Shopping Centres Australasia Property has gearing of 28.3%, below the 30-40% target, and 81% is hedged for 3 years, providing more earnings certainty.

Citi considers this a good entry point for a defensive earnings stream with a medium term growth profile, which is trading at Net Tangible Asset (NTA) and 5.5% yield.

The price target is raised to $3.20 from $3.14 and a Buy rating is retained.

Target price is $3.20 Current Price is $2.84 Difference: $0.36
If SCP meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $2.84, suggesting downside of -1.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Credit Suisse rates SCP as Neutral (3) -

FY22 results were largely in line with Credit Suisse estimates. A rising debt cost has resulted in a lower earnings outlook for FY23, with Shopping Centres Australasia Property guiding to free funds from operations of $0.17 per security.

The distribution guidance of $0.15 per security is also below the broker's previous estimates. Retail sales were showing positive trends, nevertheless, and occupancy costs remained low at 8.7%.

Credit Suisse revises the target to $2.86 from $3.00 and considers the stock fairly valued, retaining a Neutral rating.

Target price is $2.86 Current Price is $2.84 Difference: $0.02
If SCP meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $2.84, suggesting downside of -1.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Macquarie rates SCP as Neutral (3) -

Macquarie notes Shopping Centres Australasia Property delivered an in-line FY22 result, but guidance for FY23 was below forecasts. The company is guiding to funds from operations of 17.0 cents per share in the coming year and adjusted funds from operations of 15.0 cents.

The broker highlights FY23 guidance implies a -2% year-on-year decline, and expects a net profit interest miss in FY22 was the key driver of the weaker than anticipated outlook. Macquarie anticipates a -1% funds from operations decline in FY23, -3% in FY24, and a return to growth in FY25.

The Neutral rating is retained and the target price decreases to $2.68 from $2.81.

Target price is $2.68 Current Price is $2.84 Difference: minus $0.16 (current price is over target).
If SCP 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 $2.84, suggesting downside of -1.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

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

FY22 funds from operations (FFO) for Shopping Centres Australasia Property were in line with Morgan Stanley's forecast despite a -$13m headwind from higher interest rates.

FY23 FFO guidance for 17cpu was also in line with the broker though below the consensus estimate for 17.7cpu. Guidance for the FY23 dividend is 15cpu.

Cash collection is now more than 100% and the analyst points out covid is having little impact, with only $0.1m in net rent relief provided in the year. The Equal-weight rating and $2.75 target are retained.

Target price is $2.75 Current Price is $2.84 Difference: minus $0.09 (current price is over target).
If SCP meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.84, suggesting downside of -1.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Ord Minnett rates SCP as Lighten (4) -

FY22 results, at the headline, were in line with Ord Minnett's forecasts. Underlying funds from operations were a slight miss because of the release of $2.4m in covid-related provisions in the second half.

Guidance for FY23 appears conservative at $0.17 per security. Shopping Centres Australasia Property's operating metrics has shown clear signs of improvement, in the broker's opinion, with sales now 10% above pre-pandemic levels and leasing spreads improving to 3.3%.

Nevertheless, Ord Minnett finds better value elsewhere in the sector and retains a Lighten rating, reducing the target to $2.80 from $2.90.

Target price is $2.80 Current Price is $2.84 Difference: minus $0.04 (current price is over target).
If SCP 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 $2.84, suggesting downside of -1.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Credit Suisse rates SEK as Outperform (1) -

FY22 earnings weaker than Credit Suisse expected, albeit within guidance. Seek is guiding to EBITDA of $560-590m and net profit of $250-270m in FY23.

The broker notes this is contingent on some volume growth but taking into account a step up in costs. Rising costs mean some downgrades to outer year estimates, given volumes are expected to decline over time.

The target is reduced to $35.10 from $36.90, to account for a higher cost base.  Outperform maintained.

Target price is $35.10 Current Price is $23.12 Difference: $11.98
If SEK meets the Credit Suisse target it will return approximately 52% (excluding dividends, fees and charges).

Current consensus price target is $30.92, suggesting upside of 33.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Macquarie rates SEK as Underperform (5) -

Having delivered an in-line earnings result in FY22, Macquarie notes Seek has taken a strong outlook on FY23, with financials assuming 8% job ad volume growth in Australia and New Zealand, which the broker finds to be optimistic.

The company guided to earnings of $560-590m in the coming year, materially above Macquarie's forecasts given the broker continues to anticipate a mild recession from the second half of FY23 and anticipates volume declines of -3%, but Macquarie does expect dynamic pricing to benefit the company.

Earnings per share forecasts upgraded 6%, 8% and 6% through to FY25. The Underperform rating is retained and the target price increases to $22.00 from $19.00.

Target price is $22.00 Current Price is $23.12 Difference: minus $1.12 (current price is over target).
If SEK 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 $30.92, suggesting upside of 33.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Morgan Stanley rates SEK as Overweight (1) -

Morgan Stanley's first take on yesterday's FY22 results for Seek is an in-line result, with first time FY23 guidance (range) a 3-8% beat versus the consensus expectation. However, both the analyst and management agree on high levels of macroeconomic uncertainty.

While the broker concedes the business is highly cyclical, the Overweight rating is based on a continuation of the current, uniquely tight, Australian labour market.

The FY22 dividend was 44cps. Management's FY23 outlook assumes no material changes in FY23 for the current level of job advertisements. The broker's $36 target is retained. Industry View: Attractive.

Target price is $36.00 Current Price is $23.12 Difference: $12.88
If SEK meets the Morgan Stanley target it will return approximately 56% (excluding dividends, fees and charges).

Current consensus price target is $30.92, suggesting upside of 33.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

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

FY22 results for Seek included a -2% earnings (EBITDA) miss versus the consensus forecast, while revenue was around 2% above the upper end of management guidance.

A highlight for Morgans was a strong performance by A&NZ, due to robust job advertisement volume growth of 39% and 11% average advertisement yield growth. The rating rises to Add from Hold as it's believed prices may be raised if necessary to increase yield.

The broker lowers its FY23-FY25 EPS estimates by -7-14%, partly due to the provided FY23 guidance (earnings of $560m-$590m) and an increased investment spend. The target falls to $29.40 from $32.33.

Target price is $29.40 Current Price is $23.12 Difference: $6.28
If SEK meets the Morgans target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $30.92, suggesting upside of 33.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Ord Minnett rates SEK as Upgrade to Buy from Accumulate (1) -

FY22 earnings were ahead of Ord Minnett's estimates. Seek's frank discussion regarding the outlook, which the broker notes incorporated "classic cost creation" in terms of investment for a long-term opportunity, encountered a surprising amount of criticism.

Hence, the performance of the share price in future will rely on interpretations of management's confidence that it can execute on the long-term opportunities.

In the company's favour, the broker points out the labour market remains structurally tight and costs come with benefits from FY24. Rating is upgraded to Buy from Accumulate. Target is lowered to $31 from $35.

Target price is $31.00 Current Price is $23.12 Difference: $7.88
If SEK meets the Ord Minnett target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $30.92, suggesting upside of 33.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Macquarie rates SGF as Outperform (1) -

Macquarie notes SG Fleet's operating performance in the last year is largely reflective of market conditions, with the company delivering a -0.7% miss to the broker's net profit forecasts for FY22.

The broker highlighted a constrained supply environment saw the company's Corporate Fleet pipeline increase 11.7% in 2022, and the Novated Lease pipeline increase 15.4%, and SG Fleet expects limited change to this environment in the coming year.

The company is anticipating a permanent increase to used car pricing given current supply, price and cost trends. The Outperform rating is retained and the target price decreases to $2.90 from $2.98.

Target price is $2.90 Current Price is $2.75 Difference: $0.15
If SGF meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Morgan Stanley rates SGF as Overweight (1) -

SG Fleet's FY22 results were a beat compared to the forecasts of Morgan Stanley and consensus. Group profit (UNPATA) of $81m exceeded the analyst's expectation by 9% due to a strong demand environment and an expanding pipeline.

While management doesn't expect significant changes to supply headwinds over the next 12 months, the broker points to some production improvements for OEMs, though acknowledges volatility.

The Overweight rating and $3.40 target are maintained. Industry View: In-line.

Target price is $3.40 Current Price is $2.75 Difference: $0.65
If SGF meets the Morgan Stanley target it will return approximately 24% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

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

Citi views the FY22 earnings results from Sims as in line with forecasts with a beat on the 91c dividend, thanks to a 50c final dividend.

While the company benefited from higher scrap prices in FY22, Sims points to a fall in the non ferrous prices to US$320-US$400/t at the start of FY23 from around US$700/t in March.

The broker's earnings forecasts are adjusted by -16% and -10% for FY23 and FY24, respectively accounting for the lower scrap metal prices.

The current share buy-back remains in place, but management will assess the viability going foreward.

The target price is lowered to $16 from $17 and the rating is downgraded to Neutral from Buy,

Target price is $16.00 Current Price is $15.20 Difference: $0.8
If SGM meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $16.57, suggesting upside of 10.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Credit Suisse rates SGM as Outperform (1) -

FY22 earnings were in line with guidance, albeit revenue was 7% above Credit Suisse estimates, and Sims provided no FY23 guidance.

The broker finds the explanation for the decline in second half gross margins unsatisfactory, and suspects it signals either a tonnage margin ceiling or reduced forecast accuracy.

Credit Suisse raises FY23 EBIT estimates by 19% because of higher realised prices. The target is reduced to $17.30 from $18.40 because of a worse cash/debt position. Outperform retained based on the view that scrap prices have bottomed.

Target price is $17.30 Current Price is $15.20 Difference: $2.1
If SGM meets the Credit Suisse target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $16.57, suggesting upside of 10.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Macquarie rates SGM as Neutral (3) -

Sims' full year results were in line with Macquarie's expectations at the net profit line, and marginally below at the earnings line, with the broker highlighting generally strong margins across the platform supported by high metal prices.

The broker does note a cautious outlook from the company given uncertainty around subsiding prices and slowing economies as quick rate rises could impact on demand. Earnings per share downgraded -9%, -7% and -5% through to FY25.

The Neutral rating is retained and the target price decreases to $14.10 from $14.75.

Target price is $14.10 Current Price is $15.20 Difference: minus $1.1 (current price is over target).
If SGM meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.57, suggesting upside of 10.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Ord Minnett rates SGM as Buy (1) -

FY22 underlying net profit was slightly below Ord Minnett's forecasts. The 50% franked final dividend of $0.50 matched estimates. The broker notes the outlook comments from Sims were cautious and management has flagged softer economic conditions.

The broker factors in higher capital expenditure which leads to a reduction in the target to $18.50 from $23.00.  Ord Minnett remains attracted to scrap markets for the medium term because of the potential for imports to China to increase. Buy maintained.

Target price is $18.50 Current Price is $15.20 Difference: $3.3
If SGM meets the Ord Minnett target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $16.57, suggesting upside of 10.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Citi rates STO as Buy (1) -

Upon initial assessment, Citi believes Santos' interim report was either in line, slightly lower or better-than-forecast, depending on what metric exactly is in focus, but the US7.6c in interim dividend might have disappointed a few.

Otherwise, Santos will be spending US$1.3bn on the Pikka Phase 1 project in Alaska and Citi thinks this should be well-received.

Santos has announced the on-market buyback increased to US$350m from US$250m but Citi clarifies this is inclusive of the earlier buyback of US$174m completed at end-June.

Buy. Target $8.60.

Target price is $8.60 Current Price is $7.08 Difference: $1.52
If STO meets the Citi target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $9.51, suggesting upside of 37.2% (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: 1.0

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

UBS rates STO as Buy (1) -

At first glance, Santos's operational FY22 June-half result met UBS forecasts but the dividend fell shy of consensus forecasts.

Higher royalties were offset by derivatives gains, and favourable inventory, observes UBS, while gearing remains within target.

Generally, the broker considers it a positive result, a lower tax rate translating to a beat on net profit after tax.

Buy rating and $9.65 target price retained for now.

Target price is $9.65 Current Price is $7.08 Difference: $2.57
If STO meets the UBS target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $9.51, suggesting upside of 37.2% (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: 1.0

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

Macquarie rates STX as Outperform (1) -

Strike Energy has made a final investment decision on the Perth Basin Walyering gas development, with Macquarie noting the company has committed $14.4m to the project and anticipates first gas in the first quarter of 2023.

The company indicated capital expenditure of $14m will sustain a processing facility, condensate storage and a tieback to the Parmelia gas pipeline. 

Macquarie is anticipating a rapid payback on investment, with WA gas prices having improved, and expects the project will be attractive to buyers already connected to the PGP.

The Outperform rating is retained and the target price increases to $0.53 from $0.50.

Target price is $0.53 Current Price is $0.28 Difference: $0.25
If STX meets the Macquarie target it will return approximately 89% (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 SUL as Buy (1) -

At first glance, Super Retail's FY22 earnings outpaced consensus and Citi's estimates by a decent clip, thanks to a 3% beat on sales and strong margins. The 43c dividend also outpaced Citi's 39c forecast.

Inventory retreated -$100m from elevated first-half level and the sales momentum that gobbled it up has continued into FY23, observes Citi. The broker notes supply chains are starting to normalise, signalling a lower necessity for inventory cushions.

On the downside, loyalty investment growth flagged and costs were sharply higher. Management is also expecting a tougher FY23 June half, but Citi believes this is old news and steps have already been taken to cut costs.

All up, Citi expects the result will be welcomed. Buy rating retained. Target price steady at $13.30 for now.

Target price is $13.30 Current Price is $10.22 Difference: $3.08
If SUL meets the Citi target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $11.83, suggesting upside of 7.3% (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

Ord Minnett rates SUL as Buy (1) -

At first glance, Super Retail's FY22 result outpaced consensus by 8.5% and Ord Minnett by 12%, thanks to reduced operating costs and sharply higher sales.

The broker is keeping a keen eye peeled to the still toppy inventory balance and its effect on gross margins, which remain elevated post covid.

Sales momentum continued into the first six weeks of FY23 but management expects some slowing in the June half.

The broker predicts small consensus downgrades for FY23. Buy rating and $10.50 target price retained for now.

Target price is $10.50 Current Price is $10.22 Difference: $0.28
If SUL meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $11.83, suggesting upside of 7.3% (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

UBS rates SUL as Buy (1) -

At first glance, FY22 EBIT was ahead of UBS estimates while cash flow was weak because of the build in inventory. The broker notes Super Retail's results are complicated by a 53-week year.

Like-for-like sales for the first six weeks of FY23 are up 17%. UBS maintains a Buy rating with an $11 target.

Target price is $11.00 Current Price is $10.22 Difference: $0.78
If SUL meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $11.83, suggesting upside of 7.3% (ex-dividends)

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

UBS rates SVW as Buy (1) -

UBS revisits estimates for Seven Group heading into the result, and cuts FY22 earnings (EBIT) growth forecasts to 8% from 9% to mainly reflect a lower contribution from Boral ((BLD)) due to energy and weather challenges.

The broker sits below consensus (15%) for FY23 earnings (EBIT) growth, at 12%, and expects the market will be focusing on a Boral turnaround, demand for CAT parts and deleveraging.

EPS forecasts rise 3% in FY22; 10% in FY23; and 12% in FY24.

Buy rating retained. Target price falls to $25.50 from $27.11.

Target price is $25.50 Current Price is $18.12 Difference: $7.38
If SVW meets the UBS target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $24.94, suggesting upside of 36.1% (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

Credit Suisse rates SWM as Outperform (1) -

FY22 results were ahead of expectations, underpinned by better earnings at the Seven Network. Credit Suisse found the outlook commentary mixed as management has signalled the total TV advertising market in the first quarter is down -7% year-on-year while second quarter bookings are currently signalling growth.

Seven West Media is targeting 39% total TV revenue share in FY23, and while this should be supported by regional markets the broker suspects replicating FY22 numbers may be difficult without the benefit of the Olympics.

The Outperform rating and target price of $0.90 are retained.

Target price is $0.90 Current Price is $0.50 Difference: $0.4
If SWM meets the Credit Suisse target it will return approximately 80% (excluding dividends, fees and charges).

Current consensus price target is $0.69, suggesting upside of 35.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

Morgan Stanley rates SWM as Underweight (5) -

FY22 earnings (EBITDA) of $342m for Seven West Media were a 2.4% beat versus the consensus forecast, though in a preliminary review, Morgan Stanley queries the earnings quality.

One likely reason for lower cash receipts, according to the analyst, is more onerous contract provisions, though questions also remain on the severity of TV ad market softness and the cost outlook.

No specific FY23 earnings guidance was provided, though management expects group operating costs to be between -$1bn-1.22bn.

Morgan Stanley retains its Underweight rating and $0.50 target price. Industry view: Attractive.

Target price is $0.50 Current Price is $0.50 Difference: $0
If SWM meets the Morgan Stanley target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $0.69, suggesting upside of 35.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

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

FY22 underlying net profit of $200.8m was marginally below Ord Minnett's forecasts. No dividend was declared. Of concern to the broker is the sustainability of Seven West Media's current market share amid limited potential upside to incremental gains.

Moreover, content risk may require the use of balance-sheet capacity and there is a lack of cost flexibility to offset any weakness in advertising.

On the positive side a share buyback was announced. The broker adjusts revenue expectations to factor in the outlook and downgrades to Hold from Accumulate, reducing the target to $0.65 from $0.75.

Target price is $0.65 Current Price is $0.50 Difference: $0.15
If SWM meets the Ord Minnett target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $0.69, suggesting upside of 35.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

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

Tassal Group has accepted the Cooke bid at $5.23 cash.The scheme meeting is expected to be held in November. Cooke currently has a 10.5% shareholding and the scheme is not subject to financing or due diligence.

Credit Suisse considers the price fair and, given the background of prior bids, it is highly likely the scheme will be implemented.

Rating is downgraded to Neutral from Outperform while the target is raised to $5.23 from $4.00. Tassal Group reported FY22 EBITDA in line with expectations and net profit was modestly ahead.

Target price is $5.23 Current Price is $5.14 Difference: $0.09
If TGR meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

UBS rates TGR as Buy (1) -

Tassal Group's June-half result outpaced UBS by 10%, thanks to strong domestic and export salmon pricing, as strong demand combined with low supply growth to more than make up for rising inputs.

JBS's takeover of Huon salmon has also led to a more "rational" market, says the broker. Cash conversion was strong and the broker guides to continued strong operating conditions in FY23 and FY24.

The big news though is that the takeover offer from Cooke has been approved, after the bidder raised its offer 8% to $5.23 a share from $4.85 - a 28% premium to UBS's valuation. 

Neutral rating retained. Target price rises to $5.23 from $4.10 to reflect the acceptance of the Cooke bid.

Target price is $5.23 Current Price is $5.14 Difference: $0.09
If TGR meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Market Sentiment: 0.5

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

Credit Suisse rates TPW as Neutral (3) -

Credit Suisse considers the FY22 result "solid", noting a miss on revenue combined with a margin upgrade. The broker expects the market will downgrade revenue expectations and forecasts a -1% decline in FY23.

Still earnings estimates are upgraded sharply based on incorporating new margin guidance. The broker also reduces marketing expenditure forecasts to achieve Temple & Webster's 3-5% guidance for EBITDA margins.

Nevertheless, there are several uncertainties for the medium term and Credit Suisse retains a Neutral rating. Target is raised to $6.14 from $4.91.

Target price is $6.14 Current Price is $5.71 Difference: $0.43
If TPW meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $5.84, suggesting upside of 1.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Macquarie rates TPW as Neutral (3) -

Macquarie notes Temple & Webster delivered an in-line revenue result for FY22, up 31% year-on-year, while earnings were well ahead of the broker's expectations at a margin of 3.8%.

Trading declined -21% year-on-year in July, cycling off lockdown benefits in the previous year, and the broker does anticipate a tough macro environment is ahead for the retailer. Macquarie forecasts a -9% revenue decline in the first half, before a return to growth of 13.5% in the second half.

Updated revenue assumptions see earnings per share forecasts increase 113%, 56% and 53% through to FY25. The Neutral rating is retained and the target price increases to $5.80 from $3.60.

Target price is $5.80 Current Price is $5.71 Difference: $0.09
If TPW meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $5.84, suggesting upside of 1.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Morgan Stanley rates TPW as Overweight (1) -

After a first glance at yesterday's FY22 results for Temple & Webster, Morgan Stanley points to a -2% miss versus its own sales forecast, though a 49% beat compared to its earnings (EBITDA) estimate on higher margins.

Sales continued to decline in July and August, though in a continuation of trend, management upgraded FY23 earnings margins to 3-5% from 2-4%. The broker notes comparisons start to ease from October, when a return to 10-20% sales growth is expected.

The Overweight rating and $6.00 target are retained. Industry view: In-Line.

Target price is $6.00 Current Price is $5.71 Difference: $0.29
If TPW meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $5.84, suggesting upside of 1.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

UBS rates TPW as Neutral (3) -

Temple & Webster's FY22 result generally satisfied UBS, thanks to a strong beat on margins as the company reduced investment post covid, but the broker remains cautious.

Management upgrades margin guidance to 3% to 5% from 2% to 4%, now including the Build investment, and expects revenue may return to peak covid double-digit revenue growth once tougher competition cycles through.

Looking forward, UBS is cautious and will be keeping a keen eye on orders per customer and repeat customer orders.

Neutral rating retained. Target price rises to $5.40 from $4.25.

Target price is $5.40 Current Price is $5.71 Difference: minus $0.31 (current price is over target).
If TPW meets the UBS target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.84, suggesting upside of 1.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Citi rates VCX as Neutral (3) -

In an early response to Vicinity Centres' full year results, Citi notes the company delivered funds from operations of 12.6 cents per share and adjusted funds from operations of 10.9 cents per share, both ahead of guidance.

The broker noted funds from operations guidance for FY23 of 13.0-13.6 cents per share is in line with consensus expectations, but questions if this justifies the company's 21.3% year-to-date share price improvement and how much more this stock can outperform. 

The Neutral rating and target price of $1.91 are retained.

Target price is $1.91 Current Price is $2.05 Difference: minus $0.14 (current price is over target).
If VCX meets the Citi target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.90, suggesting downside of -4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Citi rates VCX as Neutral (3) -

At a glance, Vicinity Centres FY22 result outpaced guidance and consensus and Citi forecasts. FY23 guidance was largely in line.

Citi notes solid underlying retail sales as the covid rebound continues but notes leasing spreads were negative at 3.2% for the June half, albeit better than the 6.4% logged in the December half.

Food catering, jewellery, and apparel and footware all reported double digit growth thanks to resilient discretionary consumer spending.

Citi says the challenge now is gauging the potential of the stock to outperform given improved conditions.

Neutral rating retained. Target rating $1.91.

Target price is $1.91 Current Price is $2.05 Difference: minus $0.14 (current price is over target).
If VCX meets the Citi target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.90, suggesting downside of -4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

UBS rates VCX as Neutral (3) -

FY22 results beat estimates, albeit driven by low-quality items. In an initial appraisal, UBS notes the collection of gross rental billing averaged 91% and revaluations reflected a 4% uplift in book values.

The broker considers Vicinity Centres the best performing A-REIT over the year to date. The broker finds guidance for FY23, at 13-13.6c per security, disappointing although acknowledges retail operating metrics are solid.

Neutral maintained. Target is $1.73.

Target price is $1.73 Current Price is $2.05 Difference: minus $0.32 (current price is over target).
If VCX meets the UBS target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.90, suggesting downside of -4.8% (ex-dividends)

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 WBC as Hold (3) -

Ord Minnett updates its financial modeling for Westpac following the recent market update. Second half loan losses are reduced and provision estimates for FY23 are lowered slightly.

A three basis points increase in underlying net interest margin is factored in. Hold maintained. Target is raised to $22.80 from $22.00.

Target price is $22.80 Current Price is $22.34 Difference: $0.46
If WBC meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $24.34, suggesting upside of 8.4% (ex-dividends)

The company's fiscal year ends in September.

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