Australian Broker Call

Macquarie rates ABC as Outperform (1) -

In a first take on 1H results for AdBri, Macquarie assesses a miss compared to its forecasts and the expectations held by consensus.

Earnings (EBIT) of $79.8m fell short of the analyst's $101.2m forecast (consensus $95.4), due to cost inflation, inclement weather and electricity prices. These negatives were partially offset by property sales, disposal of plant and equipment and pricing, explains the broker.

Management expects to counter some inflationary pressure with out-of-cycle price increases for Cement in August, and for Concrete and Aggregates in July and September. Second half growth is considered reliant upon price increases, weather and inflation.

Operating cash flow fell by -11% to $68m as opposed to Macquarie's $92.3m estimate.

The Outperform rating and $3.45 target are retained.

Target price is $3.45 Current Price is $2.66 Difference: $0.79
If ABC meets the Macquarie target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $3.18, suggesting upside of 43.8% (ex-dividends)

The company's fiscal year ends in December.

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

UBS rates ABC as Neutral (3) -

FY22 margins for AdBri missed the already conservative assumptions made by UBS, despite volumes beating forecasts. No FY23 guidance was provided.

In an initial review of today's results, the broker sees ongoing cost headwinds and margin risk, despite management implementing price increases to help counter inflationary pressures. It's felt costs are hard to reduce in the current environment.

The company expects demand will remain strong in the 2H, though Concrete Products should be impacted by reduced retail spending.

The 1H dividend was 5cps compared to the the 6.2cps forecast by UBS.

Target price is $2.70 Current Price is $2.66 Difference: $0.04
If ABC meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $3.18, suggesting upside of 43.8% (ex-dividends)

The company's fiscal year ends in December.

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

UBS rates AD8 as Buy (1) -

In an initial response to Audinate Group's full year results, UBS notes the company delivered another impressive result despite the impact of supply constraints. The broker notes underlying earnings appear up 41% year-on-year, while net profit declined -30% year-on-year.

The broker highlights a 44% increase in software revenue in the second half supported the result. Looking forward, the broker notes demand for AV remains strong, and the company will focus on video in the coming year. 

The Buy rating and target price of $9.85 are retained.

Target price is $9.85 Current Price is $9.13 Difference: $0.72
If AD8 meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

UBS rates ADH as Buy (1) -

In an initial response to Adairs' full year results, UBS notes sales rose 13% year-on-year to $565m missing the broker's forecast by -2%, earnings declined -30% to $76.4m missing forecast by -5%, and net profit declined -32% to $51.6m missing forecast by 6%. 

Guidance for the year ahead is broadly in line with UBS's forecasts, with the company anticipating the opening of 4-6 new Adairs stores in FY23. 

The Buy rating and target price of $3.70 are retained.

Target price is $3.70 Current Price is $2.55 Difference: $1.15
If ADH meets the UBS target it will return approximately 45% (excluding dividends, fees and charges).

Current consensus price target is $3.17, suggesting upside of 43.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

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

While Credit Suisse was anticipating a guidance miss from AGL Energy, the broker notes reported net profit of $225m met the lower end of the $220-270m guidance range. Operating cash flow of $1,227m surprised to the upside, and Credit Suisse expects cash flow improvement to be largely retained moving into FY23.

The company suggests there will not be a major step up in earnings in the coming year. Credit Suisse notes a number of items not previously factoring into its forecasts, including a -$1bn reduction in onerous contract provision that it estimates will have a -$85m impact on earnings.

The broker forecasts 30% net profit growth in the coming year, anticipating an accelerated pass through of higher costs. The rating is downgraded to Neutral from Outperform and the target price decreases to $8.20 from $10.80.

Target price is $8.20 Current Price is $7.84 Difference: $0.36
If AGL meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $8.87, suggesting upside of 14.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

Macquarie rates AGL as No Rating (-1) -

FY22 results were at the lower end of guidance. AGL Energy will provide FY23 guidance in late September. Macquarie notes FY23 has started poorly and while the gas book may be large it is smaller in size so overall growth is likely to be flat.

The main focus becomes FY24, the broker points out, as this is when the retail market reprices and captures much of the higher forward curve.

The broker remains on research restriction.

Current Price is $7.84. Target price not assessed.

Current consensus price target is $8.87, suggesting upside of 14.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

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

FY22 earnings for AGL Energy were at the bottom end of the guidance range, while underlying profit was -4% shy of the consensus forecast and -12% down on Morgan Stanley's estimate. FY23 guidance will follow in late September along with the strategic review.

The 2H dividend of 26cps (unfranked) was also a -3% miss versus consensus.

The Equal-weight rating and $9.38 target price are maintained. Industry view is Cautious.

Target price is $9.38 Current Price is $7.84 Difference: $1.54
If AGL meets the Morgan Stanley target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $8.87, suggesting upside of 14.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

Morgans rates AGL as Add (1) -

FY22 underlying profit of $225m was in line with expectations. No specific guidance was provided for FY23, although AGL Energy acknowledged it was unlikely earnings would grow significantly.

Morgans lowers expectations for FY23, given the probability of another year of challenges in the wholesale electricity market. The broker had hoped there would be more options in electricity derivatives but it appears this is not the case.

Therefore, FY24 earnings forecasts are also reduced to allow for a longer period of time for pricing increases to flow through. Add maintained. Target is reduced to $8.63 from $9.67.

Target price is $8.63 Current Price is $7.84 Difference: $0.79
If AGL meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $8.87, suggesting upside of 14.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

Ord Minnett rates AGL as Buy (1) -

After further analysis of FY22 results for AGL Energy, Ord Minnett maintains its Buy rating and lowers its target to $10 from $10.60. Management indicated FY23 consensus forecasts were too high, though the analyst feels this is more a timing issue.

A final dividend of 10cps was declared, taking the full-year payout to 26cps versus the broker's 21cps expectation.

In Friday's initial review of FY22 results, Ord Minnett noted a mixed outcome with underlying earnings below its forecast and that of consensus, though net debt was a positive surprise.

The analyst pointed to a strong performance by the gas portfolio, with margins flat on the previous corresponding period, despite higher procurement costs.

Margins in the electricity portfolio were -9% adrift of Ord Minnett 's forecast on low generator availability in the June quarter.

Target price is $10.00 Current Price is $7.84 Difference: $2.16
If AGL meets the Ord Minnett target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $8.87, suggesting upside of 14.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

UBS rates AGL as Neutral (3) -

UBS assesses a soft FY22 result for AGL Energy with profit at the lower end of guidance and earnings (EBITDA) below guidance. FY23 guidance will be provided after management completes a strategic review at the end of September.

Second half underlying profit was a miss versus the broker's forecast and consensus, largely from a lower D&A expense and lower earnings from electricity. The 2H dividend of 10cps compared to the consensus expectation for 11.9cps.

The broker feels that while investors will likely focus on management's reiterated commentary that FY23 is largely hedged, with an earnings recovery in prospect from FY24, consensus estimates may fall in the interim.

UBS cuts its FY23 EPS forecast by -18% due to a slower expected recovery in electricity gross profit, partially offset by a stronger-than-anticipated gas gross profit recovery. The target falls to $8.15 from $8.35. Neutral.

Target price is $8.15 Current Price is $7.84 Difference: $0.31
If AGL meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $8.87, suggesting upside of 14.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

Macquarie rates AKE as Outperform (1) -

Macquarie upgrades its lithium price forecasts to reflect a tightening in demand and supply and strong spot prices.

The broker notes domestic Chinese lithium carbonate prices are still trading at sharp premiums to regional prices and now expects lithium and hydroxide prices to stay elevated for a longer period.

Macquarie expects the China and regional pricing mismatch will continue, and forecasts a three-month lag, which should close some time in 2024.

Spodumene prices are also upgraded to reflect a supply shortfall, which the broker expects will continue until some time in 2023. Annual price forecasts rise 55% for 2023; 107% for 2024; 114% for 2025; and 110% for 2026.

Earnings forecasts for Allkem rise 29% to 109% across FY23 to FY27. 

Outperform rating retained. Target price jumps 30% to $21.00 from $16.20.

Target price is $21.00 Current Price is $12.34 Difference: $8.66
If AKE meets the Macquarie target it will return approximately 70% (excluding dividends, fees and charges).

Current consensus price target is $15.20, suggesting upside of 21.7% (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 ALD as Outperform (1) -

In an early response to Ampol's full year results, Macquarie notes company earnings of $734m are a 15% beat to the broker's expectations and a 14% to consensus, with strong refining margins supporting the result. 

The broker noted the company also closed out the year with a better than expected balance sheet, with net debt of $2.98bn.

The Outperform rating is retained and the target price increases to $38.30 from $38.00.

Target price is $38.30 Current Price is $34.14 Difference: $4.16
If ALD meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $37.63, suggesting upside of 7.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

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

UBS downgrades Amcor to Neutral from Buy after a strong recent share price performance, which is now approaching the new target price of $19.40, down from $20.00.

Amcor's FY22 performance, including FY23 guidance, was smack bang in line with market consensus expectations. 

FY23 reported EPS guidance implies growth of -1% to +4%, and suggests to the analyst an impressive level of underlying organic growth (5-10%). However, it's thought this relatively high level of organic growth lessens the odds for further guidance upgrades.

The analyst suggests the market is well aware of the mentioned FX headwinds and organic EPS growth guidance of 5-10% looks "solid", with a new $400m buyback on top.

UBS thinks Amcor has yet again delivered solidly, and in line. 

Target price is $19.40 Current Price is $18.22 Difference: $1.18
If AMC meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $18.58, suggesting upside of 3.4% (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: 0.1

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

Ord Minnett rates AMI as Buy (1) -

Ahead of the prefeasibility study outcome, Ord Minnett assesses the possible development options. The broker assumes a $130m brownfield expansion to establish a new 600,000tpa underground mine with more than 10 years of life and producing 150,000 ounces gold equivalent per annum.

There are a number of development options such as, in a construction boom, a capital-light or staged development could mean a deferral of the mill expansion. Ord Minnett reiterates a Buy rating for Aurelia Metals with a $0.70 target.

Target price is $0.70 Current Price is $0.28 Difference: $0.42
If AMI meets the Ord Minnett target it will return approximately 150% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Macquarie rates APA as No Rating (-1) -

APA Group has announced its CEO Rob Wheals will depart in September, which Macquarie asserts typically means a review of strategy. Current CFO Adam Watson will act in the role ahead of a new CEO appointment.

Furthermore, the broker adds that the change stalls decision making and creates uncertainty, noting execution on Australia's energy transition has also been extremely challenging.

The company is also shutting down its US strategy. This subject, Macquarie suggests, has always been a little controversial as competition has often left the company coming second in many bids making it increasingly difficult to acquire accretive assets.

Meanwhile, ahead of the results analysis, the broker notes the balance sheet has ample capacity even in a rising interest rate environment and its cash flow performance is strong.

Macquarie is currently on research restriction.

Current Price is $11.68. Target price not assessed.

Current consensus price target is $10.29, suggesting downside of -11.2% (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

Ord Minnett rates ASX as Lighten (4) -

FY22 underlying net profit was below Ord Minnett's forecast amid weaker revenue and margin income. ASX is expecting rising expenses and capital expenditure, driven by systems investment and investment in debt ledger technology.

Ord Minnett finds it still unclear whether the project will be completed easily. The broker remains cautious about elevated levels of volatility although considers the long-term prospects for the business are robust. A Lighten rating is maintained while the target is reduced to $80.00 from $82.50.

Target price is $80.00 Current Price is $82.00 Difference: minus $2 (current price is over target).
If ASX meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $80.93, suggesting downside of -0.9% (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 AX1 as Neutral (3) -

Citi assesses the FY22 earnings for Accent Group as a tale of two halves with covid lockdowns and store closures impacting on 1H22, which should cycle to more positive results for 1H23.

Thereafter, broker remains cautious on the outlook for consumer demand and sees inflation and interest rate rises as impacting on discretionary spending.

Broker earnings forecasts are adjusted by -3% and -2% for FY23 and FY24, respectively for higher depreciation and amoritisation, as well as a subdued consumer outlook.

The Neutral rating is retained and the price target is raised to $1.61 from $1.34, including changes in the valuation.

Target price is $1.61 Current Price is $1.67 Difference: minus $0.06 (current price is over target).
If AX1 meets the Citi target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.74, suggesting upside of 1.8% (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 AX1 as Overweight (1) -

In a first look at Friday's FY22 result for Accent Group, Morgan Stanley notes earnings (EBIT) guidance was met and a strong start to FY23 for sales and gross margins was apparent.

Total sales for the first seven weeks of FY23 rose by 49%, well ahead of the consensus forecast. According to the analyst, the strong start reflects uninterrupted trading and full delivery of new products.

The Overweight rating and $1.65 target are unchanged. Industry View: In-Line.

Target price is $1.65 Current Price is $1.67 Difference: minus $0.02 (current price is over target).
If AX1 meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.74, suggesting upside of 1.8% (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 AX1 as Upgrade to Add from Hold (1) -

FY22 earnings were in line with the July update and Morgans' estimates. Accent Group did not disclose sales growth for FY22 but indicated, given disruptions from the pandemic, this was fairly ordinary.

Nevertheless, with demand for new products running strongly over recent weeks, Morgans has become more positive about the prospect of sales growth.

A renewed focus on selling at full price should support a recovery in the gross profit margin in FY23 and the broker upgrades the rating to Add from Hold. The target is raised to $2.00 from $1.40.

Target price is $2.00 Current Price is $1.67 Difference: $0.33
If AX1 meets the Morgans target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $1.74, suggesting upside of 1.8% (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

UBS rates AX1 as Neutral (3) -

FY22 earnings (EBIT) for Accent Group were in line with guidance and profit of $31m was in line with the forecast of UBS though below the consensus expectation for $38m.

The first seven weeks of trading in the new financial year indicated to the analyst strong sales and gross margins. EPS estimates for FY23 and FY24 are raised by 9.7% and 12.9%, respectively, and the target price is increased to $1.70 from $1.35. Neutral.

Target price is $1.70 Current Price is $1.67 Difference: $0.03
If AX1 meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $1.74, suggesting upside of 1.8% (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

Citi rates BKL as Sell (5) -

Blackmores delivered "reasonable' FY22 earnings according to Citi with earnings 2% above consensus and 1% above broker forecasts.

Citi points to the removal of FY24 sales and earnings targets from Blackmores, with higher uncertainty regarding the medium term outlook.

Broker earnings forecasts are lowered by -21% for FY23 and -18% for FY24 with a more challenging headwinds from cost inflation and excess inventories.

The Sell rating is retained the target price is lowered to $58.85 from $73.16, largely due to the earnings forecast changes.

Target price is $58.85 Current Price is $71.05 Difference: minus $12.2 (current price is over target).
If BKL meets the Citi target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $74.05, suggesting upside of 7.0% (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 BKL as Hold (3) -

FY22 underlying net profit was broadly in line with Ord Minnett's forecast. The main driver of the result was the international business as underlying EBIT grew 44%, the key being the Indonesian joint venture. Hence, Ord Minnett points out not much of the uplift in earnings was delivered to shareholders.

Blackmores did not commented specifically on its FY24 targets, although did note macro economic factors have changed since the target was established in August 2021.

Management had forecast mid teens EBIT margins, which the broker calculates translates to reported EBIT in FY24 of $110-120m. Hold maintained. Target is reduced to $70 from $80.

Target price is $70.00 Current Price is $71.05 Difference: minus $1.05 (current price is over target).
If BKL 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 $74.05, suggesting upside of 7.0% (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

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

Cochlear reported a weaker than expected FY22 result according to Citi, with underlying earnings -3% below consensus estimates.

The company has guided to FY23 earnings up between 5-10% at $290-$305m which is 2% below consensus, pre the results. with earnings to be weighted to the 2H23.

Broker earnings forecasts are lowered by -10% and -9% for FY23 and FFY24 due to a slower than anticipated recovery from covid.

The rating is downgraded to Neutral from Buy and the target price is lowered to $225 from $245.

Target price is $225.00 Current Price is $218.86 Difference: $6.14
If COH meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $217.78, suggesting downside of -1.4% (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 COH as Neutral (3) -

Cochlear reported 10% year-on-year net profit growth in the second half to $277m, within guidance range but a -3% miss to consensus estimates as noted by Credit Suisse. 

The broker notes despite market improvement, higher costs saw net profit decline half-on half to $120m, from $158m in the first half. The company is guiding to 5-10% net profit growth in FY23, including a $10m year-on-year step up in its cloud IT investment to $25m. 

Credit Suisse anticipates a weaker first half in FY23 as hospital staffing shortages continue to impact. The Neutral rating and target price of $232 are retained.

Target price is $232.00 Current Price is $218.86 Difference: $13.14
If COH meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $217.78, suggesting downside of -1.4% (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 COH as Downgrade to Underperform from Neutral (5) -

FY22 results were in line with Macquarie's estimates and its forecasts for FY23 capture the benefits associated with the new N8 processor as well as longer-term implant growth assumptions.

The downside for Cochlear, in the broker's view, comes from risks associated with Oticon Medical dilution, a recovery in market share for Advanced Bionics and staffing constraints. Macquarie downgrades to Underperform from Neutral and reduces the target to $194 from $197.

Target price is $194.00 Current Price is $218.86 Difference: minus $24.86 (current price is over target).
If COH meets the Macquarie target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $217.78, suggesting downside of -1.4% (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 COH as Equal-weight (3) -

In the wake of FY22 results for Cochlear, Morgan Stanley still feels valuation multiples are too high and retains its Equal-weight rating, though increases its price target to $202 from $194. Industry View: In-line.

Despite in-line FY22 sales revenue, underlying net profit was a slight miss versus both the broker's and the consensus forecast, as operating expenses came in higher than expected.

Service/upgrades and acoustics were a slight beat though Cochlear implants were a slight miss versus consensus. Second half implant unit growth of 3% is symptomatic of surgery bottlenecks which could persist, suggests the analyst.

Target price is $202.00 Current Price is $218.86 Difference: minus $16.86 (current price is over target).
If COH meets the Morgan Stanley target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $217.78, suggesting downside of -1.4% (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

Morgans rates COH as Add (1) -

FY22 results were in line with expectations and guidance. Morgans assesses upgrades were strong, with all regions above pre-pandemic levels. The broker continues to envisage momentum in the stock with the N8 launch underpinning gains across the services business.

An ongoing recovery and backlog will support implant growth. Cochlear has signalled net profit guidance for FY23 of $290-305m, weighted to the second half due to the launch of the N8 sound processor.

Morgans retains an Add rating and reduces the target to $236.70 from $244.50.

Target price is $236.70 Current Price is $218.86 Difference: $17.84
If COH meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $217.78, suggesting downside of -1.4% (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 COH as Hold (3) -

Following an in-line FY22 underlying profit and final dividend of $1.45/share, Ord Minnett retains its Hold rating for Cochlear as the valuation remains elevated.

The target price edges down to $217 from $218 after the broker reduces its EPS forecasts by -7% and -8% for FY23 and FY24 due to management's guidance for an additional -$10m of cloud computing expenses.

Target price is $217.00 Current Price is $218.86 Difference: minus $1.86 (current price is over target).
If COH 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 $217.78, suggesting downside of -1.4% (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 CWY as Outperform (1) -

FY22 results from Cleanaway Waste Management were below expectations amid higher costs. Nevertheless, the broker observes the revenue outcome for solid waste was strong and the business is demonstrating competitiveness.

Valuation support is maintained, particularly when set against US peers. The broker lowers FY23 and FY24 estimates for earnings per share by -15% and -12%, respectively, factoring in the GRL acquisition and associated institutional placement.

Outperform rating maintained and the target is lowered to $3.25 from $3.65.

Target price is $3.25 Current Price is $2.71 Difference: $0.54
If CWY meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $2.92, suggesting upside of 8.7% (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 CWY as Overweight (1) -

Following FY22 results, Morgan Stanley remains Overweight-rated on Cleanaway Waste Management as the company raises equity to implement its 2030 growth objectives, starting with the pending Global Renewable Holdings acquisition.

Management intends to raise $350m via an underwritten institutional placement and a further $50m from a Share Purchase Plan.

The price target of $3.08 is retained. The analyst likes Cleanaway Waste Management's defensive and inflation-protected cash flows. Industry view: Cautious. 

Target price is $3.08 Current Price is $2.71 Difference: $0.37
If CWY meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $2.92, suggesting upside of 8.7% (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

Ord Minnett rates CWY as Buy (1) -

Ord Minnett assesses Cleanaway Waste Management has delivered a solid FY22 result in the in light of a disrupted year. Underlying operating earnings were a beat versus both the broker's and the consensus estimate.

The unfranked 2.45cps final dividend made the full year payout 4.9cps, which exceeded the analyst's 4.6cps estimate.

After FY22 margins declined (due to labour shortages and lagged cost inflation pass through), Ord Minnett expects improvement in FY23 and FY24 as operating conditions normalise.

The Buy rating is maintained, while the target slips to $3.10 from $3.20.

Target price is $3.10 Current Price is $2.71 Difference: $0.39
If CWY meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $2.92, suggesting upside of 8.7% (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 CWY as Neutral (3) -

UBS assesses a broadly in-line FY22 result and FY23 earnings (EBITDA) guidance for Cleanaway Waste Management though higher diesal prices and labour shortages are ongoing.

The broker remains Neutral rated given the labour pressures and guidance for D&A was higher than expected. The target is decreased to $2.75 from $2.95 following reductions to FY23 and FY24 EPS forecasts of -19% and -14%, respectively.

Target price is $2.75 Current Price is $2.71 Difference: $0.04
If CWY meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $2.92, suggesting upside of 8.7% (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

Credit Suisse rates DMP as Neutral (3) -

Ahead of Domino's Pizza Enterprises's reporting its full year results, Credit Suisse notes the market has been aware of the company's near-term pressures for a while, and the broker is unsure how a softer result might be received. 

The broker expects a larger than anticipated deleveraging in Europe, driven by softer franchisee sales and changes to near-term store opening expectations, likely presents the largest risk to the share price. Earnings forecasts decrease -5% in both FY22 and FY23.

The Neutral rating is retained and the target price increases to $73.09 from $71.66.

Target price is $73.09 Current Price is $70.26 Difference: $2.83
If DMP meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $87.61, suggesting upside of 28.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Ord Minnett rates DTL as Buy (1) -

FY22 results have highlighted Data#3's ability to grow and win market share despite the supply constraints, Ord Minnett asserts. Management has also soothed concerns regarding changes in vendor commission structures.

The broker expects revenue growth of 12.8% in FY23 and margins should also improve as the mix shifts towards services and supply issues ease. A Buy rating is maintained with a $7.50 target.

Target price is $7.50 Current Price is $6.30 Difference: $1.2
If DTL meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $6.94, suggesting upside of 13.6% (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

UBS rates EML as Neutral (3) -

In an early response to EML Payments' full year results, UBS notes the company delivered a strong top line result but higher costs weighed and dragged earnings to the lower end of guidance.

The broker notes guidance for FY23 suggests the challenges EML Payments faced in the last year will persist, with implied earnings guidance of $34m in the coming year a miss on UBS's forecast $54m and consensus forecasts of $60m.

The Neutral rating and target price of $1.05 are retained.

Target price is $1.05 Current Price is $1.06 Difference: minus $0.01 (current price is over target).
If EML meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.48, suggesting upside of 119.8% (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 FPH as Buy (1) -

Fisher & Paykel Healthcare provided a 1H23 trading update at the AGM with revenue and earnings guidance at -11% and -37% below consensus, notes Citi.

The broker considers there is a lot of uncertainty around forecasting FY23 and FY24 earnings due to the ongoing covid impacts and uncertainty in the supply chains and inventory levels.

Citi reduces earnings forecasts by -31% and -19% for FY23 and FY24 for the new guidance, however the analyst views the valuation as attractive and the company able to deliver earnings growth through the economic cycles.

The Buy rating and target price is lowered to NZ$23.50 from NZ$24.

Current Price is $18.15. Target price not assessed.

Current consensus price target is $19.50, suggesting upside of 7.4% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.7

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

Credit Suisse rates FPH as Neutral (3) -

Guidance from Fisher & Paykel Healthcare suggests the first half of FY23 will be worse than Credit Suisse had previously anticipated, with guidance implying revenue and net profit declines of -26% and -57-61% year-on-year respectively. 

The broker notes first half net profit guidance came in -37% below consensus, and -17% below Credit Suisse's forecasts, and has seen the broker lower net profit forecasts to NZ$88m in the first half, and NZ$190m for the full year, noting this implies a reversion to FY18 levels.

Credit Suisse highlights Fisher & Paykel Healthcare almost doubled its installed base since FY19, which it anticipates will support a return to double-digit consumable growth in FY24.

The Neutral rating is retained and the target price decreases to $19.50 from $21.10.

Target price is $19.50 Current Price is $18.15 Difference: $1.35
If FPH meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $19.50, suggesting upside of 7.4% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.7

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

Macquarie rates HMC as Initiation of coverage with Neutral (3) -

Macquarie initiates coverage of HMC Capital, an alternative asset manager, with a Neutral rating and $5.25 target. The broker expects significant growth will be achieved with the platform which underpins upside risk to its base case for $10bn in funds under management by December 2024.

Currently, the broker considers those with access to institutional equity flows are at an advantage and envisages limited upside at the current price.

Target price is $5.25 Current Price is $4.89 Difference: $0.36
If HMC meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $6.16, suggesting upside of 27.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Morgans rates HPI as Add (1) -

Morgans notes a significant uplift in asset values in FY22, which was in line with guidance. Distribution guidance of 18-18.4c for FY23 implies a yield of 5.6%, below expectations because of the impact of higher interest costs and asset sales.

Hotel Property Investments' focus is on the quality of the portfolio through the refurbishment and lease harmonisation program as well as the sale of non-core assets.

Morgans retains an Add rating and reduces the target to $3.74 from $3.76.

Target price is $3.74 Current Price is $3.36 Difference: $0.38
If HPI meets the Morgans target it will return approximately 11% (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

Macquarie rates HT1 as Downgrade to Neutral from Outperform (3) -

First half earnings were below expectations amid higher costs and lower market share.

HT&E has provided a positive outlook and trading update and Macquarie notes the business resilience has been improved with the Grant acquisition. Industry trends are also favouring radio expenditure.

Still, the valuation appeal is reduced and the broker is cautious about the buyback so the rating is downgraded to Neutral from Outperform. Target is steady at $1.40.

Target price is $1.40 Current Price is $1.47 Difference: minus $0.07 (current price is over target).
If HT1 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 $1.65, suggesting upside of 14.6% (ex-dividends)

The company's fiscal year ends in December.

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

UBS rates HT1 as Buy (1) -

Following 1H results for HT&E, UBS downgrades EPS forecasts and reduces its target to $2.00 from $2.50. Revenue was a -3% miss versus both the broker's and the consensus forecasts, while earnings (EBITDA) were a -5% miss versus consensus.

Management also increased cost guidance. The broker attributes a results-day share price rally to the recommencement of the share buyback program.

The analyst retains a Buy rating due to a conservative current price earnings multiple and the potential for earnings upside should the radio advertisement market return to pre-covid levels.

Target price is $2.00 Current Price is $1.47 Difference: $0.53
If HT1 meets the UBS target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $1.65, suggesting upside of 14.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Macquarie rates IGO as Outperform (1) -

Macquarie upgrades its lithium price forecasts to reflect a tightening in demand and supply and strong spot prices.

The broker notes domestic Chinese lithium carbonate prices are still trading at sharp premiums to regional prices and now expects lithium and hydroxide prices to stay elevated for a longer period.

Macquarie expects the China and regional pricing mismatch will continue, and forecasts a three-month lag, which should close some time in 2024.

Spodumene prices are also upgraded to reflect a supply shortfall, which the broker expects will continue until some time in 2023. Annual price forecasts rise 55% for 2023; 107% for 2024; 114% for 2025; and 110% for 2026.

Earnings forecasts for IGO rise 28% to 149% across FY23 to FY27. IGO is one of Macquarie's favoured sector picks.

Outperform rating retained. Target price rises to $21 from $17.

Target price is $21.00 Current Price is $12.34 Difference: $8.66
If IGO meets the Macquarie target it will return approximately 70% (excluding dividends, fees and charges).

Current consensus price target is $13.51, suggesting upside of 11.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Credit Suisse rates ING as Neutral (3) -

Credit Suisse notes while Inghams Group has indicated it intends to issue meaningful sales price increases in order to pass through higher input costs, timing remains uncertain and there is a lack of industry track record of achieving price rises.

Coupled with a lack of clarity over what the new normal will look like and how Inghams Group is faring against competitors, the broker lacks conviction in forecasts. Credit Suisse has increased estimated sales prices in FY23 and FY24, but these are offset by higher cost of goods sold estimates. 

The Neutral rating is retained and the target price decreases to $2.80 from $2.90.

Target price is $2.80 Current Price is $2.69 Difference: $0.11
If ING meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $3.03, suggesting upside of 18.3% (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

Macquarie rates ING as Neutral (3) -

FY22 operating earnings of $135m were slightly ahead of Macquarie's estimates although headwinds continue into FY23 amid inflationary impacts.

Macquarie notes feed costs have increased substantially and price increases are critical to a recovery of costs. The broker now forecasts a FY23 EBITDA of $160m for Inghams Group.

Target is reduced to $2.62 from $2.89. Neutral retained.

Target price is $2.62 Current Price is $2.69 Difference: minus $0.07 (current price is over target).
If ING 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 $3.03, suggesting upside of 18.3% (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

Morgans rates ING as Hold (3) -

FY22 results missed expectations, with the second half significantly affected by staffing issues related to the pandemic as well as the floods and inflationary pressures from higher grain prices.

Morgans notes a recovery is underway but headwinds will continue into FY23 and material downgrades are made to forecasts. No FY23 guidance was provided, although Inghams Group has pointed to signs of a recovery in the fourth quarter.

The full impact of higher feed costs is expected to be incurred in FY23 and Morgans reduces FY23-25 net profit forecasts substantially. Hold maintained. Target is reduced to $2.97 from $3.09.

Target price is $2.97 Current Price is $2.69 Difference: $0.28
If ING meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $3.03, suggesting upside of 18.3% (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

Morgans rates IRE as Hold (3) -

Highlights from Iress' first half, Morgans notes, include a 7% increase in APAC due to repricing along with two prospective super client opportunities.

Profit for 2022 is expected to be at the lower end of the guidance range  of $177-183m, although Iress is confident in a strong second half, highlighting APAC will benefit from a full year of increased prices.

Morgans observes the business has deep addressable markets and there is strategic merit in its technology and product plans over the longer term.

While an inflection point is probable in FY23 the broker requires more evidence before becoming more positive. Hold maintained. Target is raised to $12.15 from $11.75.

Target price is $12.15 Current Price is $11.64 Difference: $0.51
If IRE meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $12.55, suggesting upside of 10.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.2

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

Macquarie rates LFS as Neutral (3) -

First half underlying results were weaker than Macquarie expected. Moreover, the headline was underpinned by provision releases and the broker assesses this was premature.

As the revenue environment remains challenging, amid potential consumer stress driven by rising rates, the broker is cautious about the prospects for Latitude Group. Neutral maintained. The target price of $1.30 is unchanged.

Target price is $1.30 Current Price is $1.57 Difference: minus $0.27 (current price is over target).
If LFS meets the Macquarie target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Macquarie rates LTR as Outperform (1) -

Macquarie upgrades its lithium price forecasts to reflect a tightening in demand and supply and strong spot prices.

The broker notes domestic Chinese lithium carbonate prices are still trading at sharp premiums to regional prices and now expects lithium and hydroxide prices to stay elevated for a longer period.

Macquarie expects the China and regional pricing mismatch will continue, and forecasts a three-month lag, which should close some time in 2024.

Spodumene prices are also upgraded to reflect a supply shortfall, which the broker expects will continue until some time in 2023. Annual price forecasts rise 55% for 2023; 107% for 2024; 114% for 2025; and 110% for 2026.

Earnings forecasts for Liontown Resources rise 178% to 259% across FY23 to FY27. 

Outperform rating retained. Target price rises 35% to $2.50 from $1.85.

Target price is $2.50 Current Price is $1.68 Difference: $0.82
If LTR meets the Macquarie target it will return approximately 49% (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 MIN as Outperform (1) -

Macquarie upgrades its lithium price forecasts to reflect a tightening in demand and supply and strong spot prices.

The broker notes domestic Chinese lithium carbonate prices are still trading at sharp premiums to regional prices and now expects lithium and hydroxide prices to stay elevated for a longer period. 

Macquarie expects the China and regional pricing mismatch will continue, and forecasts a three-month lag, which should close some time in 2024.

Spodumene prices are also upgraded to reflect a supply shortfall, which the broker expects will continue until some time in 2023. Annual price forecasts rise 55% for 2023, 107% for 2024, 114% for 2025 and 110% for 2026.

Earnings forecasts for Mineral Resources rise 29% to 109% across FY23 to FY27.

Outperform rating retained. Target price rises 12% to $95 from $85.

Target price is $95.00 Current Price is $60.90 Difference: $34.1
If MIN meets the Macquarie target it will return approximately 56% (excluding dividends, fees and charges).

Current consensus price target is $75.56, suggesting upside of 22.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Morgan Stanley rates MPL as Overweight (1) -

Further to Morgan Stanley's initial thoughts on FY22 results for Medibank Private, the broker notes 2.7% FY23 policyholder growth is expected by management. This comes despite a decline in overall system growth.

For the Health segment, the analyst now expects at least 15% growth.

Regarding the broker's initial thoughts, Morgan Stanley found the FY22 performance a bit "soft" though underlying profit seems to have slightly beaten forecasts, including market consensus.

Marking to market the investment portfolio generated a net loss of -$24.8m against positive income of $120m in FY21.

Relative to system growth, the broker observes Medibank Private is winning market share (guided to +4bps since FY21). Health Insurance premium revenue of $6,860m is seen as disappointing, but probably related to deferred premium price increases, opines the analyst.

Overweight. Price target $3.70 (unchanged). Industry View: In-line.

Target price is $3.70 Current Price is $3.65 Difference: $0.05
If MPL meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.76, suggesting upside of 1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

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

Macquarie rates NCK as Outperform (1) -

FY22 gross profit was below Macquarie's estimates while EBITDA and net profit were ahead. Online written sales orders were up 59.9% and contributed $15.6m to EBIT. For FY23 so far, sales orders in July are up 64.1%.

 In its initial analysis the broker notes Nick Scali  expects inflation pressure on operating costs over the next 12-24 months. Outperform rating and $12.70 target maintained for now.

Target price is $12.70 Current Price is $10.01 Difference: $2.69
If NCK meets the Macquarie target it will return approximately 27% (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 NCM as Neutral (3) -

Citi assesses the Newcrest Mining FY22 result as -25% below FY21 and the broker is anticipating even lower underlying profits for FY23, due to higher costs/lower copper with Lihir another sub-840koz production.

Newcrest Mining is guiding to higher gold for FY23 of 2.1-2.4Moz with the addition of Brucejack and higher volumes from Cadia and all-in-costs of $2100-$2400 including inflation of 6-8% on operating expenditure.

A Neutral rating and the target price is lowered to $21 from $22.

Target price is $21.00 Current Price is $19.35 Difference: $1.65
If NCM meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $22.44, suggesting upside of 21.3% (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: 0.4

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

Credit Suisse rates NCM as Outperform (1) -

While Newcrest Mining's full year earnings of US$2.05bn was in line with Credit Suisse's expectations, the broker notes a number of one-offs supported the result.

The company chose not to acquire an additional 5% of Havieron at a cost of US$60, stating it sees better opportunity for returns elsewhere in its portfolio. 

Credit Suisse finds FY23 gold guidance slightly disappointing, largely on a miss at Lihir, while copper guidance was in line. The Outperform rating is retained and the target price decreases to $24.00 from $26.00.

Target price is $24.00 Current Price is $19.35 Difference: $4.65
If NCM meets the Credit Suisse target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $22.44, suggesting upside of 21.3% (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: 0.4

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

Macquarie rates NCM as Outperform (1) -

FY22 net profit was below expectations while the final dividend of US$0.20 was materially better than Macquarie anticipated. Cost guidance for FY23 is softer and Newcrest Mining attributes this to industry-wide inflation.

The broker flags the fact the company has not exercised its option to gain an additional 5% share of the Havieron project, retaining a 70% interest.  Outperform maintained. Target is reduced to $27 from $28.

Target price is $27.00 Current Price is $19.35 Difference: $7.65
If NCM meets the Macquarie target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $22.44, suggesting upside of 21.3% (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: 0.4

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

Morgan Stanley rates NCM as Overweight (1) -

Morgan Stanley assesses a strong FY22 result for Newcrest Mining with both the dividend and cash providing a beat versus forecasts by the broker and consensus. FY23 cost guidance and production were largely in line with consensus.

Profit of US$872m exceeded forecasts by the broker and consensus. Group copper production was -2% below the analyst's forecast though in-line with consensus.

Morgan Stanley retains is Overweight rating and $23.50 target. Industry View: Attractive.

Target price is $23.50 Current Price is $19.35 Difference: $4.15
If NCM meets the Morgan Stanley target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $22.44, suggesting upside of 21.3% (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: 0.4

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

Ord Minnett rates NCM as Hold (3) -

Following further analysis of Newcrest Mining's FY22 results, Ord Minnett retains its Hold rating and $21 target price, with group FY23 gold production guidance largely in line with the broker's forecasts,

Upon first glance on Friday, Newcrest Mining's FY22 result numbers were significantly down from FY21, but they met Ord Minnett's forecasts with a much better than anticipated US27.5c dividend on top.

The one disappointment stems from production guidance for the US operations, points out the broker.

FY23 guidance looks okay. The broker notes Newcrest Mining has used a rather conservative copper price assumption for its all-in sustaining cost (AISC) calculations.

Target price is $21.00 Current Price is $19.35 Difference: $1.65
If NCM meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $22.44, suggesting upside of 21.3% (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: 0.4

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

UBS rates NCM as Neutral (3) -

FY22 results and FY23 guidance for Newcrest Mining were broadly in line with forecasts by UBS. While guidance for gold production and all-in sustaining costs (AISC) met expectations, capex guidance was slightly higher than expected.

The broker lowers its target to $19.50 from $19.70 and retains is Neutral rating. A number of material studies due for release over FY23 are awaited, starting with the Cadia PC1-2 Feasibility Study in October.

Target price is $19.50 Current Price is $19.35 Difference: $0.15
If NCM meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $22.44, suggesting upside of 21.3% (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: 0.4

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

Macquarie rates NEA as Neutral (3) -

The Nearmap board has unanimously recommended the Thoma Bravo offer. The transaction remains subject to FIRB approval, US anti-trust clearance and customary conditions. A scheme booklet is to be issued in October.

Macquarie assesses the privatisation presents mild upside to the current share price amid further potential if a superior proposal eventuates.

The Neutral rating and target price of $2.00 are retained.

Target price is $2.00 Current Price is $1.97 Difference: $0.03
If NEA meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $1.90, suggesting downside of -8.2% (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

Citi rates NHF as Sell (5) -

The results for nib Holdings, at first glance, were in line although underlying operating profit, which was up 14.8%, beat estimates. Citi notes travel insurance improved with a loss of -$7.4m better than the -$13.6m in the prior year.

The broker found few surprises in the outlook although noted the aim is to return the NZ net margin to the target for a-10% "over time". Sell rating retained. Target price is $6.95.

Target price is $6.95 Current Price is $7.27 Difference: minus $0.32 (current price is over target).
If NHF meets the Citi target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.09, suggesting downside of -8.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.3

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

Macquarie rates NHF as Neutral (3) -

In an initial analysis, Macquarie has positive impressions of the FY22 result, amid a final dividend of $0.11. FY23 guidance is mixed as higher policyholder growth in Australian residents health insurance is partially offset by lower NZ growth.

Nib Holdings has signalled, in terms of travel, based on recent demand trends a return to pre-pandemic conditions, while most likely in FY24, could occur in FY23.

Macquarie retains an Neutral rating and $6.95 target.

Target price is $6.95 Current Price is $7.27 Difference: minus $0.32 (current price is over target).
If NHF meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.09, suggesting downside of -8.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.3

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

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

Following a review of Nuix's FY22 results, Morgan Stanley lowers its rating to Equal-weight from Overweight and reduces its price target to $0.90 from $5.50. Industry view: Attractive.

The broker feels a turnaround has begun though execution risk is high. There's considered to be better value elsewhere under Morgan Stanley's coverage with the market's focus now upon higher quality stocks with proven profitability and a clear path to global scale.

Target price is $0.90 Current Price is $0.71 Difference: $0.19
If NXL meets the Morgan Stanley target it will return approximately 27% (excluding dividends, fees and charges).

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 ORA as Hold (3) -

FY22 underlying net profit was up 19.4% and in line with Ord Minnett's forecast. The strong results were led by North American operations as Australia was largely flat, the broker adds.

A return to a more defensive earnings profile is expected, as the US business has now re-set and there is volume growth and mix optimisation in Australasia.

Orora has guided to earnings in FY23 being higher than FY22 although Australasian first half earnings are likely to soften before recovering in the second half. The broker maintains a Hold rating and reduces the target to $3.80 from $4.20.

Target price is $3.80 Current Price is $3.59 Difference: $0.21
If ORA meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $3.81, suggesting upside of 7.4% (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 PGH as Downgrade to Hold from Buy (3) -

Pact Group delivered FY22 revenue and net profit ahead of Ord Minnett's forecast. Yet the dividend of 1.5c, which took the full year pay-out to 5c per share, was well below expectations.

Ord Minnett observes execution to date has been challenged by hyperinflation and supply chain inefficiencies. Nevertheless, the company is considered well-positioned to benefit from the push towards sustainability.

The broker moderates its view and downgrades to Hold from Buy, reducing the target to $2.20 from $3.10.

Target price is $2.20 Current Price is $1.82 Difference: $0.38
If PGH meets the Ord Minnett target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $2.75, suggesting upside of 63.4% (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 PLS as Outperform (1) -

Macquarie upgrades its lithium price forecasts to reflect a tightening in demand and supply and strong spot prices.

The broker notes domestic Chinese lithium carbonate prices are still trading at sharp premiums to regional prices and now expects lithium and hydroxide prices to stay elevated for a longer period.

Macquarie expects the China and regional pricing mismatch will continue, and forecasts a three-month lag, which should close some time in 2024.

Spodumene prices are also upgraded to reflect a supply shortfall, which the broker expects will continue until some time in 2023. Annual price forecasts rise 55% for 2023; 107% for 2024; 114% for 2025; and 110% for 2026.

Earnings forecasts for Pilbara Minerals rise 29% to 218% across FY23 to FY27. Pilbara Minerals is one of Macquarie's favoured sector picks, offering the greatest leverage to spodument prices.

Outperform rating retained. Target price jumps 40% to $5.60 from $4.

Target price is $5.60 Current Price is $3.05 Difference: $2.55
If PLS meets the Macquarie target it will return approximately 84% (excluding dividends, fees and charges).

Current consensus price target is $3.78, suggesting upside of 19.5% (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

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

PTB Group has received a all-cash bid from Precision Aviation Group at $1.595 a share. The board has supported the bid, which is at a strong premium, and intends to enter a scheme of arrangement.

Morgans considers there is little chance the deal will not be completed and therefore reduces its rating to Hold from Add. Target is $1.60, up from $1.51.

Target price is $1.60 Current Price is $1.57 Difference: $0.03
If PTB meets the Morgans 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: 0.0

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

Morgans rates PWH as Add (1) -

FY22 results were ahead of expectations with Morgans noting EBITDA was up 23% and net profit 24%. A highlight was emerging technologies revenue, which soared 124%. This now represents 19% of total revenue.

No earnings guidance was provided by PWR Holdings although the business envisages extensive growth opportunities.

Morgans raises  estimates for FY23-25 EBITDA by 1-3%, noting earnings will be affected by FX movements and the timing of projects. Add maintained. Target is raised to $10.50 from $10.05.

Target price is $10.50 Current Price is $9.32 Difference: $1.18
If PWH meets the Morgans target it will return approximately 13% (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

Macquarie rates QAL as Outperform (1) -

FY22 net profit of $23.5m was slightly ahead of guidance  and slightly below Macquarie's estimates. The broker asserts the growth story is intact, while credit and opportunistic equity funds are well-placed in a rising interest rate environment because of their ability to re-price  amid more limited competition.

The broker estimates a theoretical FY23 earnings per share outcome of 8.4c per security, ahead of the Qualitas guidance range of 7.1-7.9c, and suspects there will be an upgrade to guidance forthcoming through the year. Outperform maintained. Target is raised to $3.19 from $2.53.

Target price is $3.19 Current Price is $2.19 Difference: $1
If QAL meets the Macquarie target it will return approximately 46% (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

Macquarie rates RWC as Outperform (1) -

In an early response to Reliance Worldwide's full year results, Macquarie notes the company delivered a largely in-line result with earnings of US$268.7m and net profit of US$161.4m.

The broker highlighted the company's medium term market visibility is uncertain. Macquarie expects price increases to be issued in the coming year as a cost pass though, adding 2% to revenue in FY23.

The Outperform rating and target price of $5.40 are retained.

Target price is $5.40 Current Price is $4.51 Difference: $0.89
If RWC meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $5.22, suggesting upside of 23.2% (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: 0.7

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

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

Stockland reported FY22 earnings slightly above guidance as noted in Citi's first take.

The broker considers the group has provided conservative guidance for FY23, but funds from operations are likely to be flat with the group expecting to pay tax in FY23.

The trading update revealed a softening in the residential market which is guided to impact on FY24 and beyond., while Stockland is increasing the logistics development pipeline to around $600m from $400m.

Citi downgrades the rating to Neutral from Buy on a flat earnings outlook for the next 2 years, and the target price is lowered to $3.96 from $4.25.

Target price is $3.96 Current Price is $3.73 Difference: $0.23
If SGP meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $4.16, suggesting upside of 13.0% (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 SGP as Neutral (3) -

FY22 results were slightly ahead of Macquarie's estimates. The growth outlook for Stockland is considered challenging, with FY23 guidance below prior forecasts because of lower residential settlement estimates.

This was the main downside surprise - the rate at which residential has slowed - for the broker. Hence, the focus going forward will be the ability to backfill earnings from FY24.

While the valuation screens attractive, Macquarie believes the residential environment will weigh on the share price in the near term and retains a Neutral rating with a $3.74 target.

Target price is $3.74 Current Price is $3.73 Difference: $0.01
If SGP meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $4.16, suggesting upside of 13.0% (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 SGP as Overweight (1) -

Following FY22 results for Stockland, Morgan Stanley notes funds from operations (FFO) of 35.7cps were slightly ahead of guidance for 35.1-35.6cps. After assessing FY23 guidance, the analyst thinks the financial year is "looking good", though debate revolves around FY24.

The analyst points out inquiries regarding the residential market fell dramatically in the June quarter and pre-sales were down, pointing to weakness in FY24.

Morgan Stanley lowers FY23 and FY24 FFO estimates by -9% to reflect revised residential settlements in FY24 and the transition to a new tax rate. The target falls to $4.55 from $4.75. Overweight. Industry View: In-Line.

Target price is $4.55 Current Price is $3.73 Difference: $0.82
If SGP meets the Morgan Stanley target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $4.16, suggesting upside of 13.0% (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 SGP as Hold (3) -

Following FY22 results for Stockland, Ord Minnett lowers its target price to $4.20 from $4.30 and retains is Hold rating.

FY22 funds from operations (FFO) of 35.7cps were in line with guidance and ahead of Ord Minnett’s $35.1cps forecast. Pre-tax guidance FY23 FFO guidance is for 36.4-37.4cps, implying to the analyst 3.3% growth at the midpoint.

The broker expects higher tax and lower development profits and lowers its FFO forecasts for FY23 and FY24 by -3.8% and -7%, respectively. 

Target price is $4.20 Current Price is $3.73 Difference: $0.47
If SGP meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $4.16, suggesting upside of 13.0% (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 SGR as Outperform (1) -

Star Entertainment's normalised FY22 EBITDA, while down -45% to $237m, was marginally ahead of Macquarie's estimates.

 In an initial assessment, the broker notes revenue trends have continued into early first half trading and Star Sydney is experiencing domestic revenue in line with pre-pandemic levels.

It remains too early to ascertain the impact of Crown Sydney, which opened on August 8. Macquarie notes the balance sheet is sound and retains an Outperform rating and $3.60 target.

Target price is $3.60 Current Price is $2.91 Difference: $0.69
If SGR meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $3.54, suggesting upside of 25.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

UBS rates SGR as Buy (1) -

In an initial response to Star Entertainment's full year results, UBS notes strong trading continues but cost pressures are expected to persist into the coming year. FY22 earnings were a beat to UBS's forecasts. 

The company reported second half group domestic revenue growth was up 3% on the comparable period in FY19, which group domestic gaming revenue was flat on FY19. The broker also highlighted impacts from Crown Sydney are yet to be accounted for.

The Buy rating and target price of $3.85 are retained.

Target price is $3.85 Current Price is $2.91 Difference: $0.94
If SGR meets the UBS target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $3.54, suggesting upside of 25.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Macquarie rates SXL as Neutral (3) -

In an early response to Southern Cross Media's full year results, Macquarie notes earnings of $85.6m disappointed its expectations, with the result driven by market share losses in radio. The broker highlighted television is tracking below the previous comparable period as the segment cycles strong comparables. 

The company's previously announced buyback will resume following the full year result. 

The Neutral rating and target price of $1.20 are retained.

Target price is $1.20 Current Price is $1.17 Difference: $0.03
If SXL meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Macquarie rates TCL as Outperform (1) -

Macquarie was disappointed with the softer guidance for the dividend but still considers Transurban Group an ideal defensive stock for investors. Growth is expected in FY24-25 as the business benefits from higher inflation and low elasticity in tolling/fuel.

The development pipeline is tracking well, the broker points out, and can be funded with $1.9bn in future capital releases. Macquarie reiterates an Outperform rating and reduces the target to $14.66 from $14.97.

Target price is $14.66 Current Price is $14.14 Difference: $0.52
If TCL meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $14.40, suggesting upside of 2.0% (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 TPG as Neutral (3) -

TPG Telecom's first half results, including revenue of $2,626m, earnings of $872m, and net profit of $331m, were slightly below Credit Suisse's forecasts, largely given revenue misses across Postpaid, Prepaid and Fixed broadband.

The broker notes Mobile recovery has been slower than expected, but the company did report 22,000 postpaid subscription adds and 2.2% growth in postpaid average revenue per unit in the half. Accounting for slower than expected recovery, Credit Suisse lowers its earnings estimates -3.3% and -2.5% in FY22 and FY23. 

The Neutral rating is retained and the target price decreases to $5.60 from $5.80.

Target price is $5.60 Current Price is $5.80 Difference: minus $0.2 (current price is over target).
If TPG meets the Credit Suisse target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.60, suggesting upside of 17.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Morgan Stanley rates TPG as Overweight (1) -

In a first glance at last week's 1H results for TPG Telecom, Morgan Stanley remains positive on its investment thesis. However, the broker acknowledges a strong 2H performance is required to achieve the consensus forecast for earnings (EBITDA). 

No specific guidance was provided other than earnings growth is set to accelerate in the 2H, and full year cost-out guidance will be achieved.

Morgan Stanley retains its Overweight rating and $8.20 target. Industry view: In-line.

Target price is $8.20 Current Price is $5.80 Difference: $2.4
If TPG meets the Morgan Stanley target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $6.60, suggesting upside of 17.2% (ex-dividends)

The company's fiscal year ends in December.

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 TPG as Hold (3) -

First half results from TPG Telecom were largely in line with expectations. One area which disappointed Morgans was the lack of positive free cash flow.

The main highlight of the result was a return to mobile subscriber growth for the first time in a while. The broker keenly awaits the ACCC decision on the plans for the regional network sharing with Telstra ((TLS)).

Underlying EBITDA forecasts decrease -2% for FY22 and rise 1% for FY23. Hold maintained. Target is reduced to $6.00 from $6.24.

Target price is $6.00 Current Price is $5.80 Difference: $0.2
If TPG meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $6.60, suggesting upside of 17.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Ord Minnett rates TPG as Buy (1) -

Weaker-than-expected average revenue per user (ARPU) growth was responsible for Ord Minnett overstating its original 1H forecast for TPG Telecom by around 5%. Both net profit and the dividend of 9cps were a beat versus the broker's estimates.

While expecting consensus downgrades, the analyst still expects the company will increase market share, and benefit from higher ARPU as international travel returns.

The Buy rating is retained, while the target falls to $6.70 from $7.40.

Target price is $6.70 Current Price is $5.80 Difference: $0.9
If TPG meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $6.60, suggesting upside of 17.2% (ex-dividends)

The company's fiscal year ends in December.

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 TPG as Buy (1) -

UBS assesses a miss versus its forecasts for TPG Telecom's 1H results and misses compared to the consensus estimates for both revenue and earnings (EBITDA) of -1.7% and -3%, respectively. 

The broker lowers its FY22-25 earnings (EBITDA) forecasts by an average -8% after incorporating restructuring costs for the next two years. After also allowing for inflationary pressures, the target price is lowered to $6.30 from $6.90. The Buy rating is unchanged.

There were softer-than-expected average revenue per users (ARPUs) in Consumer and continuing declines in Enterprise, explains the analyst. Outcomes were impacted by restructuring and rising cost pressures.

Despite this, momentum for mobile subscriptions is improving, and the broker feels FY22 fixed wireless and cost-out targets are on track.

A 9cps interim dividend was declared, one of the key positives listed by UBS. 

Target price is $6.30 Current Price is $5.80 Difference: $0.5
If TPG meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $6.60, suggesting upside of 17.2% (ex-dividends)

The company's fiscal year ends in December.

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 VEE as Add (1) -

FY22 results were lower than Morgans expected, affected by higher raw material and freight costs. There were also one-off production  issues as well as staff shortages.

While the results were disappointing, the broker believes challenges have made Veem a better business  amid improved processes and pricing discipline.

FY23-25 estimates for EBITDA are reduced by -19-22% and the broker retains an Add rating. Target is reduced to $0.80 from $1.15.

Target price is $0.80 Current Price is $0.54 Difference: $0.26
If VEE meets the Morgans target it will return approximately 48% (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 XRO as Buy (1) -

Citi highlights the major concern for Xero is the slowing in UK customer acquisitions forecasts at a time when competitor, Sage is increasing investment and taking market share.

The analyst notes Xero may have increase investment to address the partner channel issues in the UK.

Citi has lowered the forecast new customer acquisitions, with increased net adds in the UK from lower churn rates, while insolvencies in Australia has started to increases while the US and NZ are lower.

Broker earnings forecasts are adjusted by 4% to 11% through FY23 to FY25 for the inclusion of Xero Go/MTD Phase III and price increases, offsetting higher costs.

The Buy rating is retained and the price target lowered to $106.80 from $108.00 to bring the valuation in-line with peers.

Target price is $106.80 Current Price is $88.80 Difference: $18
If XRO meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $97.01, suggesting upside of 10.7% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY23:

Forecast for FY24:

This company reports in NZD. 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