Australian Broker Call

Morgan Stanley rates 29M as Equal-weight (3) -

29Metals's June first-half result outpaced Morgan Stanley forecasts thanks to $22m earnings (EBITDA) beat, and missed consensus forecasts due to a sharply higher-than-expected depreciation.

Operating cash flow outpaced the broker but fell -$25m short of consensus, and net debt narrowed.

The big surprise was the 2c per share fully franked dividend.

EPS forecasts rise for 2022, and 2023 and 2024 EPS forecasts ease. Dividend forecasts rise out to 2024.

Equal-Weight rating retained. Target price rises to $1.80 from $1.75.

Target price is $1.80 Current Price is $2.01 Difference: minus $0.21 (current price is over target).
If 29M 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 $2.20, 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 AGI as Upgrade to Outperform from Neutral (1) -

Ainsworth Game Technology posted a $27m FY22 profit, which was a turnaround of $44m from FY21 and ahead of Macquarie. Ainsworth has returned to sustainable profitability, the broker notes, and is also increasing investment in products through R&D which could see upside to forecasts.

With improved earnings quality, Macquarie is starting to gain better visibility on the trajectory with more than 35% of revenues now coming through gaming operations and digital.

The stock is cheap, the broker notes, based on historical PE. Upgrade to Outperform from Neutral. Target rises to $1.25 from $1.20.

Target price is $1.25 Current Price is $0.88 Difference: $0.37
If AGI meets the Macquarie target it will return approximately 42% (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 AGI as Upgrade to Neutral from Sell (3) -

Ainsworth Game Technology's result outpaced UBS forecasts and profits rose sharply half on half, thanks to a strong performance from the North Americas, which are recovering faster than other divisions.

UBS expects other divisions will start to catch up over FY23 further boosting earnings this financial year.

No guidance was provided but the broker expects better revenue will still translate to flat margins given supply-chain challenges.

The company has finalised the restructuring of its balance sheet and has completely paid down its debt, exiting the year with $50m in net cash. UBS says this positions the company well for investing in product - the No-1 priority in the broker's mind.

Earnings rise 5% to 7% acrosse FY23 to FY25.

Neutral rating and $1 target price retained.

Target price is $1.00 Current Price is $0.88 Difference: $0.12
If AGI 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

Macquarie rates ALX as Neutral (3) -

While Atlas Arteria's first half earnings were in line, guidance to 20c for the next two dividends is -12.5% below Macquarie's forecast, reflecting increased maintenance provisioning at APRR and currency movements.

Traffic numbers have rebounded, but some slowing is occurring in second half as the French economy feels impact of inflation and higher interest rates, and the broker believes the rebound has run its course.

Given the trend towards infrastructure privatisation, Macquarie suggests there is corporate appeal on offer. Neutral and $8.10 target retained.

Target price is $8.10 Current Price is $8.00 Difference: $0.1
If ALX meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $8.14, suggesting upside of 2.5% (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

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

Atlas Arteria's June first-half result appears to have outpaced the broker on several metrics, although dividend guidance disappointed.

Equal-Weight rating and $8.08 target target price retained.

Target price is $8.08 Current Price is $8.00 Difference: $0.08
If ALX meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $8.14, suggesting upside of 2.5% (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

Morgans rates ALX as Hold (3) -

As part of Atlas Arteria's 1H result, first time dividend guidance was provided. The 1H guidance (to be paid in 2H) and 2H guidance (to be paid in 1H23) is for 20cps on each occassion.

First half earnings (EBITDA) growth of 23% on the previous corresponding period was driven by a 21% revenue increase and operating leverage, explains Morgans.

The analyst believes IFM Investors will likely come back to the negotiating table with a new bid after ceasing discussions, but timing is uncertain. In the meantime, the Hold rating is maintained and the target price rises to $7.76 (60% weight to a takeover) from $7.69.

Target price is $7.76 Current Price is $8.00 Difference: minus $0.24 (current price is over target).
If ALX meets the Morgans target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.14, suggesting upside of 2.5% (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 AMI as Outperform (1) -

Aurelia Metals' FY22 result was better than Macquarie expected, featuring a beat on earnings and free cash flow a lower net loss than expected. FY23 guidance will be provided with the September quarter update.

Aurelia has a healthy net cash position and the company expects to complete the Federation feasibility study and 2022 reserve and resource update later this quarter.

Macquarie remains optimistic on Aurelia's future -- underpinned by the Federation project -- which will eventually be the miner's best asset in the broker's view. Outperform and 40c target retained.

Target price is $0.40 Current Price is $0.27 Difference: $0.13
If AMI meets the Macquarie 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

Ord Minnett rates AMI as Buy (1) -

FY22 results for Aurelia Metals were broadly as Ord Minnett expected and there were limited new insights due to pre-reporting.

The broker awaits FY23 guidance and the feasibility study for the Federation project, both due in September. The Federation project drives the majority of Ord Minnett's valuation.

The Buy rating and $0.70 target price are unchanged.

Target price is $0.70 Current Price is $0.27 Difference: $0.43
If AMI meets the Ord Minnett target it will return approximately 159% (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

Morgans rates AMX as Add (1) -

Aerometrex's FY22 results were in line with Morgans forecasts. Given results were flagged in June, the analyst's key takeaway was the 2H rise in costs (fuel, supply chain) to service and acquire datasets. Cost pressures are expected to abate in FY24.

The broker's target of $1.24 is unchanged as earnings forecast downgrades are offset by a roll-forward of the valuation model. The growth potential for Aerometrex keeps Morgans Buy-rated.

Target price is $1.24 Current Price is $0.52 Difference: $0.72
If AMX meets the Morgans target it will return approximately 138% (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

Morgans rates AUA as Speculative Buy (1) -

Morgans retains its Speculative Buy rating and $0.29 target price for Audeara following FY22 results which contained no major surprises, given recent reporting by management.

The analyst highlights domestic and international sales are set to expand via growth in clinics and a strategic reseller agreement with Specsavers.

Target price is $0.29 Current Price is $0.11 Difference: $0.18
If AUA meets the Morgans target it will return approximately 164% (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

Morgans rates AVG as Hold (3) -

Morgans assesses a solid overall FY22 result for Australian Vintage, with decent underlying growth in the face of rising inflation, adverse currency movements and supply chain pressures.

FY22 earnings (EBITS) fell by -7.4% to $28.8m  compared to the analyst's $29.2m forecast and the consensus estimate of $27.9m. A 3.4c final dividend was 60% franked.

The broker is positive on longer-term growth strategies though maintains its Hold rating due to near-term earnings uncertainty from UK inflation. The target falls to $0.77 from $0.82.

Target price is $0.77 Current Price is $0.67 Difference: $0.1
If AVG meets the Morgans target it will return approximately 15% (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

Morgan Stanley rates BLD as Underweight (5) -

Boral's FY22 result broadly met downgraded guidance (two downgrades in the second half).

Morgan Stanley explains the guided rebound in Boral's profitability appears to hinge on a round of unprecedent price increases, and given historical price movements, the broker doubts this can be sustained (albeit necessary).

The broker also doubts higher prices will offset rising costs in FY23.

Earnings (EBIT) forecasts fall -16% in FY23 and -14% in FY24. Underweight rating retained. Target price falls -15% to $2.50. Industry view In-Line.

Target price is $2.50 Current Price is $2.95 Difference: minus $0.45 (current price is over target).
If BLD meets the Morgan Stanley target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.88, suggesting upside of 1.0% (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 CVN as Buy (1) -

Ord Minnett lowers its target price for Carnarvon Energy to $0.33 from $0.42 after incorporating delays to the Dorado project (cost inflation) and allowing for relinquished Buffalo tenements on unsuccessful drilling.

As the company is not yet producing, the delay is the major disappointment from the FY22 update.

The project share in Dorado, and the potential value creation from the asset at high commodity prices, keeps the analyst Buy-rated.

Target price is $0.33 Current Price is $0.16 Difference: $0.17
If CVN meets the Ord Minnett target it will return approximately 106% (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

Morgans rates DEL as Downgrade to Hold from Speculative Buy (3) -

Morgans expects share price weakness will continue for Delorean Corp and downgrades its rating to Hold from Speculative Buy and reduces its target to $0.095 from $0.215.

Losses continued in the 2H from the engineering, procurement and construction (EPC) businesses, notes the analyst, and FY22 results revealed a net loss after tax of -$10.9m.

Management pointed to one-off impacts including timing and covid impacts to the Ecogas project and BLM project.

The broker's lower target price results from a number of factors including the introduction of a 25% risk weighting on the EPC business, given troublesome project execution since the company listed.

Target price is $0.10 Current Price is $0.09 Difference: $0.005
If DEL meets the Morgans target it will return approximately 6% (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

Citi rates HVN as Buy (1) -

FY22 profit (PBT) for Harvey Norman (ex revaluations) was an around 2% and 5% beat, respectively, compared to forecasts by Citi and consensus.

Consistent with recent reporting by peers and the analyst's view, results pointed to resilience in household spending.

The broker makes only minor changes to forecasts and leaves its $4.70 target unchanged. It's noted shares are trading at a larger than normal -40% discount to the market and a Buy rating is retained.

Target price is $4.70 Current Price is $4.23 Difference: $0.47
If HVN meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $4.58, suggesting upside of 9.1% (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

Credit Suisse rates HVN as Outperform (1) -

Another strong trading update from Harvey Norman according to Credit Suisse, with profit before tax increasing 3.5% year-on-year in the second half. 

Credit Suisse highlights offshore expansion continues to set Harvey Norman apart from other large cap household goods retailers, with the company planning a further seven store openings in the coming year, five of these in international regions, while FY24 will see the company enter the Hungarian market. 

The broker notes New Zealand and Ireland were softer, reporting profit before tax declines of -7% and -22% year-on-year respectively, but that profits for both regions remained well above both FY19 and FY20 levels. 

The Outperform rating is retained and the target price decreases to $5.82 from $5.86.

Target price is $5.82 Current Price is $4.23 Difference: $1.59
If HVN meets the Credit Suisse target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $4.58, suggesting upside of 9.1% (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 HVN as Neutral (3) -

Harvey Norman reported 3% above Macquarie ex of property revaluations. As lockdowns eased at the start of calendar 2022, store
reopenings drove positive sales growth in 6 of the 8 markets in which the company operates.

Momentum accelerated through the June quarter, the broker notes, with franchisee sales up 4.9% year on year. Management is bullish on the Australian consumer, citing rising wages, strong balance sheets, low unemployment and rising immigration to drive demand.

Macquarie remains cautious on the outlook for the consumer into calendar 2023, when it believes the full impact of interest rate increases and rising cost of staples are likely to be felt in discretionary spending.

Neutral retained, target rises to $4.30 from $4.20.

Target price is $4.30 Current Price is $4.23 Difference: $0.07
If HVN meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $4.58, suggesting upside of 9.1% (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 HVN as Sell (5) -

Harvey Norman's FY22 result outpaced consensus and UBS forecasts, the company exiting in a strong cash position after property valuation, and margins proved resilient, observes the broker.

Growth held up but UBS spies some softening in August and potential reduction in market share.

The broker pinpoints a few concerns: growing franchisee receivables given supply-chain issues, which could result in discounting; and higher operating expenditure, which could result in deleverage should sales retreat in FY23; not to mention the impact on margins.

Sell rating retained. Target price rises to $3.60.

Target price is $3.60 Current Price is $4.23 Difference: minus $0.63 (current price is over target).
If HVN meets the UBS target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.58, suggesting upside of 9.1% (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 MAH as Outperform (1) -

Macquarie has adjusted its valuation methodology for mining services companies to come into line with metrics reported by the industry.

While the broker's earnings forecasts for Macmahon are unchanged, target rises to 23c from 20c.

Outperform retained.

Target price is $0.23 Current Price is $0.17 Difference: $0.06
If MAH meets the Macquarie target it will return approximately 35% (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 MCR as Outperform (1) -

Mincor Resources reported an after-tax loss of -$14.7m compared to Macquarie's forecast of -$24.1m. FY23 is expected to be a ramp-up year, with maiden guidance expected to be released during the September quarter.

Mincor is considered in a strong position and well placed for the continued ramp-up in operations at Kambalda. The broker expects nameplate capacity to be reached through FY23.

With the stock trading on an attractive PE multiple and free cash flow yield, Outperform retained. Target rises to $2.40 from $2.30.

Target price is $2.40 Current Price is $2.21 Difference: $0.19
If MCR meets the Macquarie target it will return approximately 9% (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

Morgans rates MDC as Speculative Buy (1) -

Morgans had expected a -$12.3m FY22 loss for Medlab Clinical. While the company delivered a loss of -$7.2m, the result was clouded by the sale of the nutraceutical business, with a $1.2m gain on disposal recorded.

The broker makes no changes to forecasts and retains its $44.53 target and Speculative Buy rating. Heightened news flow is expected for the remainder of 2022, with potential for a Nasdaq listing.

Target price is $44.53 Current Price is $12.06 Difference: $32.47
If MDC meets the Morgans target it will return approximately 269% (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 MHJ as Buy (1) -

FY22 results for Michael Hill exceeded Citi's forecast by 11% and the consensus estimate by 5% on higher than expected margins.

Sales increased by 18.5% in the first eight weeks of FY23 in a better performance than the analyst expected.

The broker raises its FY23 and FY24 profit forecasts by 7% and 10%, respectively, to incorporate a stronger than expected trading update. Forecasts are also lifted on the back of new revenue growth opportunities such as marketplace and international shipping.

The target climbs to $1.48 from $1.30 and the Buy rating is unchanged.

Target price is $1.48 Current Price is $1.14 Difference: $0.34
If MHJ meets the Citi target it will return approximately 30% (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 NIC as Buy (1) -

Nickel Industries reported 1H underlying attributable profit and a 2c dividend, both in line with consensus expectations.

Total debt now stands at US$550m following the completion of the US$225m senior secured note.

Citi makes no changes to its financial model and leaves its Buy rating and $1.60 target price unchanged.

Target price is $1.60 Current Price is $0.99 Difference: $0.61
If NIC meets the Citi target it will return approximately 62% (excluding dividends, fees and charges).

Current consensus price target is $1.40, suggesting upside of 48.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.5

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

Credit Suisse rates NIC as Outperform (1) -

While Nickel Industries reported first half operating earnings of US$178m, in line with Credit Suisse's forecasts, the company did note falling nickel pig iron pricing is likely to impact in the September quarter. 

With pricing down -20% in the quarter to date, the broker noted costs are also lower but not at the same pace as nickel pig iron pricing, which will likely cause some margin compression in the coming quarter. 

The broker also noted Nickel Industries suggested matte was likely to be produced before the end of 2022, potentially offering some upside to forecasts. The Outperform rating is retained and the target price decreases to $1.40 from $1.50.

Target price is $1.40 Current Price is $0.99 Difference: $0.41
If NIC meets the Credit Suisse target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $1.40, suggesting upside of 48.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.5

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

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

Nickel Industries' first half profit was -6% below Macquarie and earnings missed slightly. Nickel price realisation rates have been falling this year, down to 70% currently from 85% in 2021, the broker notes. The dividend was in line.

Softening stainless steel demand in China has been a headwind to price realisation rates so far in 2022. Further weakness in the stainless steel market could further impact earnings, Macquarie warns.

This has led to a cut in earnings forecasts, a cut in target to $1.00 from $1.40, and a downgrade to Neutral from Outperform.

Target price is $1.00 Current Price is $0.99 Difference: $0.01
If NIC meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $1.40, suggesting upside of 48.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.5

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

Morgans rates NTD as Hold (3) -

FY22 underlying earnings for National Tyre & Wheel beat recent guidance though profit (NPATA) was a slight miss on higher-than-expected depreciation.

The analyst estimates the core business has declined around -14.8% half-on-half and makes material downgrades to EPS forecasts for FY23 and FY24. The target falls to $0.96 from $1.03.

The broker prefers to retain a Hold rating while awaiting more confidence on management's integration of FY22 acquisitions and further easing of supply chain disruptions. For the latter, management sees signs that disruption is abating.

Target price is $0.96 Current Price is $0.84 Difference: $0.12
If NTD meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for 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

UBS rates NTO as No Rating (-1) -

The board at Nitro Software has unanimously rejected an unsolicited, conditional and non-binding indicative proposal by the Potentia Consortium to buy 100% of the company at $1.58 a share (a 40% premium to the last closing price prior to the bid), considering it highly opportunistic given transitory market movements and sector de-rating.

Nor does the board believe it adequately compensates shareholders for the company's strong market position (one of two leaders in eSign and productivity platforms), and is at a -61% discount to the 52-week high. 

UBS says management is prepared to negotiate with the Potentia Consortium and other parties to strike a fair deal.

The consortium comprises Potentita Capital Management and co-investor HarbourVest Partners.

UBS is on research restriction.

Current Price is $1.58. Target price not assessed.

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.0

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

Morgans rates NVX as Hold (3) -

Large increases in operating costs resulted in a significantly higher FY22 net loss for Novonix, explains Morgans.

After allowing for higher costs and updating currency forecasts, the broker's target falls to $2.11 from $2.98.

While the analyst retains a Hold rating, investors are advised to trim share holdings before macroeconomic uncertainty potentially weighs on the broader market. There's also thought to be a lack of stock-specific catalysts.

Target price is $2.11 Current Price is $2.42 Difference: minus $0.31 (current price is over target).
If NVX meets the Morgans target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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 NWH as Upgrade to Outperform from Neutral (1) -

Macquarie has adjusted its valuation methodology for mining services companies to come into line with metrics reported by the industry.

This results in the broker's earnings forecasts for NRW Holdings to be increased 9% for the medium term to reflect higher margins, given commentary of margin recovery and sustained contracting strength.

Target rises to $2.50 from $2.10, upgrade to Outperform from Neutral.

Target price is $2.50 Current Price is $2.45 Difference: $0.05
If NWH meets the Macquarie 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: 1.0

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

Macquarie rates PAN as Neutral (3) -

Panoramic Resources delivered revenue and earnings substantially lower than Macquarie's forecasts, but driven primarily by timing
differences in the recognition of revenue from concentrate shipments.

With the company's debt facility now fully drawn down, balance sheet risk has increased, the broker notes.

The broker nevertheless sees the stock as fairly priced at current levels, outside downside risk in nickel, copper and cobalt prices.

Neutral and 24c target retained.

Target price is $0.24 Current Price is $0.22 Difference: $0.02
If PAN meets the Macquarie target it will return approximately 9% (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

Credit Suisse rates PBH as Neutral (3) -

Following its trading update in July, PointsBet Holdings has updated its loss forecasts between -6% and 4% through to FY25 to reflect a fine-tuning of addressable markets in US states, as well as expected higher costs. 

The broker expects patient investors will be rewarded, with the North American iGaming and Sports Betting addressable markets so large investors will benefit even without buying in early.

The Neutral rating is retained and the target price decreases to $3.20 from $3.30.

Target price is $3.20 Current Price is $2.90 Difference: $0.3
If PBH meets the Credit Suisse target it will return approximately 10% (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 PBH as Hold (3) -

While key revenue drivers had already been disclosed at recent quarterly results, PointsBet Holdings' FY22 results were slightly ahead of Ord Minnett's forecast for gross profit.

The broker slightly lowers its FY23/24 revenue forecasts and slightly increases cost estimates, and the target slips to $2.80 from $2.90.

The Hold rating is retained as the analyst awaits marketing trends by competitors, after last year's wild promotions.

Target price is $2.80 Current Price is $2.90 Difference: minus $0.1 (current price is over target).
If PBH meets the Ord Minnett target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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 PLY as Speculative Buy (1) -

Ord Minnett retains its Speculative Buy rating and $0.85 target for Playside Studios following FY22 results which exceeded expectations for earnings (EBITDA) and net profit.

Management noted a "substantial amount" of the $16m work-for-hire backlog will be recognised in FY23.

The broker estimates the company is extremely well-funded to execute on its rollout of the original IP (OIP) games. 

Target price is $0.85 Current Price is $0.74 Difference: $0.11
If PLY meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for 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

Ord Minnett rates PPS as Buy (1) -

While FY22 results for Praemium were in line with Ord Minnett's forecasts, the 2H run-rate for costs and revenue margins were better than expected.

As a result, the broker's FY23 earnings (EBITDA) forecasts are upgraded by 16% (3-6% for outer years) and the price target rises to $1.00 from $0.90. Platform revenue margins are also improving due to cash rates, explains Ord Minnett.

The analyst suggests a low multiple understates the potential for double digit revenue and earnings growth over each of the next two years and retains its Buy rating.

Target price is $1.00 Current Price is $0.66 Difference: $0.34
If PPS meets the Ord Minnett target it will return approximately 52% (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 PRN as Outperform (1) -

Macquarie has adjusted its valuation methodology for mining services companies to come into line with metrics reported by the industry.

This results in the broker's earnings forecasts for Perenti Global to be increased 1%.

Target rises to $1.00 from 80c, Outperform retained.

Target price is $1.00 Current Price is $0.78 Difference: $0.22
If PRN meets the Macquarie target it will return approximately 28% (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

Credit Suisse rates PRU as Outperform (1) -

Perseus Mining reported full year operating earnings of $564m, a beat to Credit Suisse's forecasts which the broker attributed to lower cash cost of sales.

The company announced a final dividend of 146 cents per share, comprised a 79 cents per share special dividend and 85 cents per share ordinary dividend, bringing its full year pay out to 250 cents per share.

Credit Suisse notes Perseus Mining also announced a maiden underground resource for its Yaoure project of 259,000 ounces, with the company hoping to start production in the coming year. 

The Outperform rating is retained and the target price decreases to $1.85 from $2.00.

Target price is $1.85 Current Price is $1.58 Difference: $0.27
If PRU meets the Credit Suisse target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $1.98, suggesting upside of 36.8% (ex-dividends)

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 PRU as Outperform (1) -

Perseus Mining's FY22 profit was 20% ahead of Macquarie's estimates, assisted by a modest gain on investments and a small tax benefit. Despite a bonus dividend on top of the ordinary, FY dividends were still -10% short of forecast, despite cash flow in line.

With Perseus now producing from three mines and with clear exploration potential at Edikan and Yaoure, the broker believes the miner is in a strong position to deliver the development of the Block-14 Gold Project in Sudan.

Perseus has a strong track record of delivering projects in Africa, a strong balance sheet, and its diversified asset base puts it in a good position to be a successful first mover, Macquarie suggests. Outperform and $2.00 target retained.

Target price is $2.00 Current Price is $1.58 Difference: $0.42
If PRU meets the Macquarie target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $1.98, suggesting upside of 36.8% (ex-dividends)

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 SBM as Neutral (3) -

FY22 underlying profit and earnings (EBITDA) for St. Barbara exceeded forecasts by Citi and consensus. FY23 guidance is unchanged.

Management noted a number of interested parties for the potential sale of its Simberi operations in Papua New Guinea.

The broker's $1.10 target and Neutral rating are unchanged.

Target price is $1.10 Current Price is $0.92 Difference: $0.18
If SBM meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $1.04, suggesting upside of 16.6% (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 SBM as Neutral (3) -

Underlying earnings of $197m from St. Barbara beat Credit Suisse's forecasts by 10%, driven by better than expected costs at Simberi.

As previously flagged, the company reported a -$159m non-cash impairment related to its Atlantic project as a result of permitting delays and higher expected capital expenditure. 

The broker noted consolidation at Leonora remains an option for the company, with St. Barbara still in discussion with Genesis, although Credit Suisse sees more sense in exploring options with Red5 ((RED)). 

St. Barbara aims to deliver an open pit reserve for Tower Hill in the September quarter and for Harbour Lights in the March quarter.

The Neutral rating is retained and the target price decreases to $0.90 from $1.05.

Target price is $0.90 Current Price is $0.92 Difference: minus $0.02 (current price is over target).
If SBM meets the Credit Suisse target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.04, suggesting upside of 16.6% (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 SBM as Upgrade to Outperform from Neutral (1) -

St. Barbara reported a much larger loss than Macquarie expected driven by an impairment at Atlantic, primarily driven by past permitting delays. Underlying earnings were nevertheless stronger on lower operating expense.

Macquarie continues to view a potential sale of Simberi as a key near-term positive catalyst, given the prospect of reducing group
capital requirements and providing proceeds that can be diverted to other growth projects.

On recent share price weakness, the broker upgrades to Outperform from Neutral. Target unchanged at $1.10.

Target price is $1.10 Current Price is $0.92 Difference: $0.18
If SBM meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $1.04, suggesting upside of 16.6% (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 SBM as Hold (3) -

Following "OK" FY22 results and unchanged FY23 guidance, Ord Minnett lowers its target price for St. Barbara to $1.05 from $1.10 on higher cash tax forecasts and a change to valuation method.

The broker continues to see a fall for earnings in FY23 on a flat gold outlook and higher cost base, with a slight improvement in FY24, before a step change higher in FY25. Hold.

Target price is $1.05 Current Price is $0.92 Difference: $0.13
If SBM meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $1.04, suggesting upside of 16.6% (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 SKO as Buy (1) -

After an in-line trading update and reiteration of revenue guidance, Citi feels Serko's recovery in A&NZ is on-track and maintains its Buy rating and $5.10 target price.

A&NZ bookings in June increased to 90% of pre-covid levels compared to guidance that assumes a 85% recovery, points out the analyst.

Management advised it is currently not focusing upon acquisitions.

Target price is $5.10 Current Price is $3.36 Difference: $1.74
If SKO meets the Citi target it will return approximately 52% (excluding dividends, fees and charges).

Current consensus price target is $5.57, suggesting upside of 71.2% (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: 1.0

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

UBS rates SWM as Buy (1) -

Seven West Media's FY22 result nosed out guidance, and FY23 guidance was mixed, says UBS.

The company also announced a buyback and the impact of inflation was minimal, although UBS surmised the affects of inflation are likely to be felt in future as new contracts are struck.

UBS has revised down its outlook for the TV advertising market following Nine Entertainment's ((NEC)) result. The broker now expects the FY23 metro FTA ad market to shrink by -3.5% from -2.5%, and raises its FY24 forecast to 2.5% growth from 4%. 

Seven West Media guides to a -7% fall in the total ad market this September quarter. Every 1% move affects the company 's earnings (EBITDA) by $12m, says the broker.

EPS forecasts fall -9% in FY23 and -6% in FY24. Buy rating retained. Target price falls to 90c from 95c.

Target price is $0.90 Current Price is $0.52 Difference: $0.38
If SWM meets the UBS target it will return approximately 73% (excluding dividends, fees and charges).

Current consensus price target is $0.70, suggesting upside of 39.2% (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 WDS as Outperform (1) -

Positively for Woodside Energy spot pricing for LNG continues to rise, with Credit Suisse expecting prices to be 21-31% higher in the December half, and to rise more than 60% by FY25, which the broker notes could add $7.00-$8.00 per share. 

The broker notes Woodside Energy could derisk growth upside with further detail as to its Gulf of Mexico project at its upcoming strategy day.

The Outperform rating is retained and the target price increases to $37.59 from $35.43.

Target price is $37.59 Current Price is $34.25 Difference: $3.34
If WDS meets the Credit Suisse target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $35.33, suggesting upside of 5.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.4

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

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

Guidance provided at Webjet's AGM suggests FY24 earnings will exceed those of pre-covid FY19. 

Profitability ahead of expectations increases Macquarie's confidence Webjet will deliver and sustain a structurally lower cost base.

Despite some macro risks on the horizon, the medium-term growth outlook is favourable and underpinned by market share gains, ongoing tech investment, and a full recovery in travel markets, the broker notes.

Upgrade to Outperform from Neutral, target rises to $6.15 from $5.50.

Target price is $6.15 Current Price is $5.52 Difference: $0.63
If WEB meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $6.56, suggesting upside of 19.4% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

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

Webjet's FY23 AGM trading update guides to a recovery and beat on prepandemic underlying earnings in FY24.

Trade so far in the FY23 September quarter suggests the company expects to return to pre-covid booking levels this half, compared with previous guidance of the second half.

Equal weight rating and $6 target price retained.

Target price is $6.00 Current Price is $5.52 Difference: $0.48
If WEB meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $6.56, suggesting upside of 19.4% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

Morgans rates WEB as Add (1) -

Morgans assesses a stronger-than-expected trading update and margin guidance by Webjet. The update pointed to a strong recovery in the WebBeds business and large upgrades are made to FY23 forecasts.

In line with the analyst's thinking, management expects to exceed the pre-covid level of earnings in FY24. The Buy rating is retained, while the target is lowered to $6.40 from $6.55.

Target price is $6.40 Current Price is $5.52 Difference: $0.88
If WEB meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $6.56, suggesting upside of 19.4% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

Ord Minnett rates WEB as Buy (1) -

According to Ord Minnett, the market was positively surprised by Webjet's AGM trading update due to a better than expected performance by the B2B Division.

The broker upgrades its FY23 EPS forecast by 18% and keeps FY24/25 estimates largely unchanged. The Buy rating is maintained, while the target slips to $7.34 from $7.48.

Target price is $7.34 Current Price is $5.52 Difference: $1.82
If WEB meets the Ord Minnett target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $6.56, suggesting upside of 19.4% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

UBS rates WEB as Buy (1) -

Webjet's AGM trading update reveals all business have posted profits in the FY23 year to date and the company expects to outpace pre-covid earnings by FY24, well ahead of the broader travel market, notes UBS.

The broker notes the company's Australian airline share has risen 57% to 8.8% from 5.6% and while this is like to decline once long-haul international flights kick in, UBS says the company is well positioned heading into a recovery.

Strength in B2B has been more than offset by a slower return in international B2C trade, says the broker. EPS forecast are cut -14% in FY23; -18% in FY24; and -5% in FY25.

Buy rating retained. Target price eases to $6.50 from $6.70.

Target price is $6.50 Current Price is $5.52 Difference: $0.98
If WEB meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $6.56, suggesting upside of 19.4% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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