Australian Broker Call

Macquarie rates AFG as Neutral (3) -

Australian Finance Group reported in line with Macquarie but pressure is building. While the AFG Securities loan book grew in the half, settlements moderated in Dec quarter and the outlook is being impacted by the level of competition in the mortgage market.

AFG Securities lodgements fell -66% year on year and settlements -60%, the broker notes, while AFG Home Loans lodgements were down -64%.

The business is capital-light, Macquarie points out, and the balance sheet is robust. Valuation is supported by trailing commissions. But the key risk remains book growth and margins.

Neutral retained, target falls to $1.67 from $1.81.

Target price is $1.67 Current Price is $1.62 Difference: $0.055
If AFG meets the Macquarie target it will return approximately 3% (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 AKE as Outperform (1) -

Allkem's result was solid, with earnings and operating cash flow in line with Macquarie and materially higher year on year. Management confirmed guidance released with the recent production report that strong lithium hydroxide demand should underpin spodumene prices.

The downside is a cut to spodumene production guidance at Mt Cattlin and delays to Olaroz Stage 2 and Sal de Vida stage 1 in the first half. But Macquarie believes pricing guidance more than offsets.

Outperform and $19 target retained.

Target price is $19.00 Current Price is $11.88 Difference: $7.12
If AKE meets the Macquarie target it will return approximately 60% (excluding dividends, fees and charges).

Current consensus price target is $16.59, suggesting upside of 48.6% (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 ALG as Lighten (4) -

Ord Minnett was somewhat disappointed with the first half normalised EBITDA and reduces full year expectations. Still, the broker acknowledges topline momentum is building. Plans to vary the cost base shows Ardent Leisure is keen to maintain operating efficiency, the broker adds.

Ord Minnett now incorporates the likely value uplift from the $50m expenditure planned for rejuvenating the Dreamworld property. Admissions to the theme parks are currently up around 70% from the pandemic-affected period although still well short of the numbers prior to the October 2016 tragedy. Lighten rating retained. Target increases 9% to $0.60.

Target price is $0.60 Current Price is $0.72 Difference: minus $0.12 (current price is over target).
If ALG meets the Ord Minnett 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 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 ALX as Hold (3) -

FY22 results provided no major surprises for Morgans as Atlas Arteria had pre-released its traffic/revenue data.

The broker highlights working from home continues to restrain the covid rebound for Dulles Greenway traffic, while the spike in inflation is evident from increasing tolls on the APPR and Chicago Skyway.

The Hold rating is retained though the analyst feels the share price is overstating the potential for a takeover bid from IFM Investors. The target rises to $6.53 from $6.45. 

Target price is $6.53 Current Price is $6.74 Difference: minus $0.21 (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 $6.43, suggesting downside of -5.0% (ex-dividends)

The company's fiscal year ends in December.

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 ALX as Lighten (4) -

Ord Minnett observes Atlas Arteria improved in 2022, underpinned by the high-quality core asset, APRR, in France. Management intends to pay a second half distribution of $0.20 a share bringing the full year to $0.40 and in line with guidance.

Ord Minnett points out the massive increase in securities on issue following the Chicago Skyway acquisition in December means the second half distribution will exceed free cash flow by 37%. Still, with solid earnings from key roads free cash flow should catch up to distributions by 2024.

The broker considers the stock slightly overvalued and retains a Lighten rating with a target of $6.

Target price is $6.00 Current Price is $6.74 Difference: minus $0.74 (current price is over target).
If ALX meets the Ord Minnett target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.43, suggesting downside of -5.0% (ex-dividends)

The company's fiscal year ends in December.

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 AMI as Hold (3) -

First half results were weaker than Ord Minnett expected. Liquidity is a key risk, along with the uncertainty regarding the federal funding package.

The broker looks to Aurelia Metals' March quarter to obtain confidence that cash flow issues have turned around. Hold rating maintained with a target of 35c.

Target price is $0.35 Current Price is $0.12 Difference: $0.235
If AMI meets the Ord Minnett target it will return approximately 204% (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

Ord Minnett rates APE as Buy (1) -

In the wake of the 2022 results, Ord Minnett assesses margins are likely to continue to surprise to the upside. The highlight was a 4.9% return on sales in the second half.

The order book continues to increase. Moreover, the capital position is robust which means Eagers Automotive is well-placed to consider accretive acquisitions. The broker retains a Buy rating and raises the target of $14.93 from $14.59.

Target price is $14.93 Current Price is $13.62 Difference: $1.31
If APE meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $14.54, suggesting upside of 7.2% (ex-dividends)

The company's fiscal year ends in December.

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 ASB as Downgrade to Neutral from Buy (3) -

First half net loss was below forecasts while the broader result was largely in line with the earnings update provided earlier. Citi downgrades estimates for earnings per share FY23-25 by -12-27% to primarily reflect higher depreciation.

Austal appears confident about a rebound in the commercial market and has progressed several opportunities. The broker assesses the potential of projects has never been more diversified and this augurs well, given increased geopolitical tensions.

Support revenue grew 58% and 45% in the US and Australasia, respectively, during the first half. Austal is targeting $500m in support revenue by FY27.

 Citi downgrades to Neutral from Buy and reduces the target to $2.00 from $2.32.

Target price is $2.00 Current Price is $1.84 Difference: $0.165
If ASB meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $2.33, suggesting upside of 30.4% (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 ASB as Outperform (1) -

Austal posted $40m in underlying profit, Macquarie notes, but this turns to a -$2m loss when accounting for T-ATS provisions (towing, salvage & rescue ship for US navy). FY guidance has been maintained inclusive of provisions.

Support revenue and margins nonetheless grew solidly in both the US and Australia, and Austal continues to invest in expansion. Work on Expeditionary Medical Ships is progressing with an expected award in March 2023.

The upcoming Australian Defence Strategic Review should provide plenty of opportunities, the broker notes, and Austal continues to look for other opportunities to diversify its revenue streams.

Target falls to $2.60 from $2.70, Outperform retained.

Target price is $2.60 Current Price is $1.84 Difference: $0.765
If ASB meets the Macquarie target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $2.33, suggesting upside of 30.4% (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 AVH as Downgrade to Accumulate from Buy (2) -

Ord Minnett raises expense forecasts for sales and marketing by 29%, as Avita Medical plans the US launch of RECELL in July. The broker believes the market materially under appreciates the company's product strength and high gross margins.

Nevertheless, a short-term transition to profitability is considered unlikely. The broker does not expect the business will be positive on cash flow before 2026 although does not expect additional funding requirements.

Rating is downgraded to Accumulate from Buy and the target of $5.60 is maintained.

Target price is $5.60 Current Price is $3.16 Difference: $2.44
If AVH meets the Ord Minnett target it will return approximately 77% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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 AX1 as Buy (1) -

Accent Group's first half net profit was ahead of Citi's estimates. The broker suspects the business can outperform the broader retail sector over the rest of FY23 given exposure to a younger demographic that appears more resilient.

Citi estimates around 7% like-for-like sales growth for the whole second half, which implies a slowdown over the remainder of the period from the 16% sustained in the first seven weeks.

The broker believes the success of Nude Lucy will be reasonably important to the medium-term growth prospects. The EBIT margin is also returning to a sustainable base. A Buy rating is reiterated. Target rises to $2.55 from $2.30.

Target price is $2.55 Current Price is $2.23 Difference: $0.32
If AX1 meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $2.26, suggesting downside of -1.2% (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

Morgans rates AX1 as Hold (3) -

While 1H earnings (EBIT) were in line with an earlier update by Accent Group, Morgans lifts its forecasts after a strong 2H trading update and lower cost-of-doing-business (CODB) estimates.

The 12cps interim dividend was well above the analyst's expectation.

The broker points out the business remains susceptible to a general slowdown in consumer discretionary spending, and retains a Hold rating. At the same time, Accent is considered well placed to deliver earnings growth through sales and store network expansion.

The target rises to $2.30 from $2.20.

Target price is $2.30 Current Price is $2.23 Difference: $0.07
If AX1 meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $2.26, suggesting downside of -1.2% (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 AX1 as Neutral (3) -

UBS increases its earnings estimates for Accent Group on a stronger outlook for sales and margins following 1H results for Accent Group.

Sales and earnings (EBIT) were in line with management guidance, while profit and the 12cps dividend were ahead of the forecasts by the analyst and consensus.

The broker also notes strong recent trading for the first seven weeks of the 2H and raises its target to $2.25 from $2.10. Neutral.

Target price is $2.25 Current Price is $2.23 Difference: $0.02
If AX1 meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $2.26, suggesting downside of -1.2% (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 BGA as Upgrade to Hold from Lighten (3) -

First half results were below expectations, with Bega Cheese's EBITDA down -30% and a commensurate reduction in the interim dividend. A significant increase in farmgate milk prices required substantial increases to retail, yet retail prices lagged input costs resulting in lower margins.

Recent falls in global dairy prices suggest milk prices may have peaked. Ord Minnett observes there has been no demand destruction but this remains a risk.

 Rating is upgraded to Hold from Lighten and the target is reduced to $3.50 from $3.75.

Target price is $3.50 Current Price is $3.57 Difference: minus $0.07 (current price is over target).
If BGA 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 $3.57, suggesting upside of 3.2% (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 BKL as Hold (3) -

Despite weaker sales for Blackmores in the 1H, earnings and profit were materially better than Morgans anticipated. Outlook comments were considered cautious and a new COGS and cost saving program was announced.

The business didn't benefit as much as peers from stockpiling of immunity products in China during covid, observes the analyst. It will be a while before any upside in A&NZ can be assessed from a return of Chinese students and tourists.

Given the above-mentioned uncertainty and management's caution over cost inflation and consumer sentiment, the broker retains its Hold rating.

The target falls to $72 from $73.40.

Target price is $72.00 Current Price is $79.30 Difference: minus $7.3 (current price is over target).
If BKL meets the Morgans target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $80.62, suggesting upside of 2.8% (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) -

Ord Minnett observes the solid growth for Blackmores in Australia and China in the first half was more than offset by a decline in the international segment.

The broker reduces net profit estimates for the next five years by -6% on average, largely because of a reduction in forecast international revenue.

The company is expected to maintain its net cash position and comfortably afford a forecast 55% dividend payout ratio. Ord Minnett considers the shares fairly valued and retains a Hold rating with an $80 target.

Target price is $80.00 Current Price is $79.30 Difference: $0.7
If BKL meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $80.62, suggesting upside of 2.8% (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 BRI as Buy (1) -

First half results exceeded Ord Minnett's forecasts. Management at Big River Industries has guided to second half outcomes in line with consensus forecasts.

Softness in alterations & additions is expected to be offset by strength in civil, commercial and muulti residential construction. The broker believes the business has material organic growth prospects and accretive M&A options.

Buy rating retained. Target is raised to $2.97 from $2.95.

Target price is $2.97 Current Price is $2.53 Difference: $0.44
If BRI meets the Ord Minnett target it will return approximately 17% (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 BXB as Buy (1) -

First half results were in line with expectations and Citi finds the business resilient. The main highlight was a 7% upgrade to FY23 EBIT guidance, which implies no slowdown in the second half.

While the price action after the result suggests the stock is becoming expensive, the broker continues to believe the duration of growth can be extended, noting free cash flow is also improving.

Citi maintains a Buy rating and raises the target to $14.55 from $13.59.

Target price is $14.55 Current Price is $12.97 Difference: $1.58
If BXB meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $14.09, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.5

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

Macquarie rates BXB as Neutral (3) -

Brambles reported underlying profit 3% ahead of Macquarie. On a constant-currency basis, underlying profit saw 25% growth with 9% of that from timing benefits.

Management has upgraded FY23 guidance, which largely assumes the timing benefit impact from the first half is absorbed during the second half, the broker notes, and there is a progressive destocking event in the near-term.

Brambles is a structurally better business, following recent initiatives, Macquarie acknowledges, and this is showing through the ability to mitigate inflation through pricing and surcharges.

With a view that the macro will slow in the near-term, in particular inflation, and with a destocking event upon us, the broker remains cautious on the outlook, particularly into FY24.

Neutral retained, target rises to $12.90 from $11.80.

Target price is $12.90 Current Price is $12.97 Difference: minus $0.07 (current price is over target).
If BXB meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.09, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.5

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

Morgan Stanley rates BXB as Upgrade to Equal-weight from Underweight (3) -

First half results were mixed with EBIT ahead of Morgan Stanley's estimates and revenue slightly below. Sales guidance in FY23 has been raised to 12-14% and EBIT guidance to 15-18%, the latter up 7% at the mid point.

Brambles is witnessing a recovery in pallet return rates in the US and UK and is positioned to manage progressive destocking in the second half. An improvement is not expected in Australia until the fourth quarter.

Morgan Stanley assesses the business has managed well in difficult markets and may be nearing the sweet spot where robust earnings are coupled with improved cash generation.

As a result the rating is upgraded to Equal-weight from Underweight and the target raised to $13.20 from $11.80. Industry view: In-Line.

Target price is $13.20 Current Price is $12.97 Difference: $0.23
If BXB meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $14.09, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.5

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

Morgans rates BXB as Hold (3) -

First half results for Brambles exceeded Morgans expectations, while an upgrade to FY23 guidance was a key highlight.

Underlying earnings (EBIT) for the 1H beat the analyst and consensus by 10% and 9%, respectively.

Management now expects revenue will rise by 12-14% (7-10% previously) in FY23, and underlying earnings (EBIT) should climb by 15-18% (8-11% previously). This guidance incorporates around -US$25m in transformation costs.

After revising currency assumptions and allowing for new guidance, Morgans underlying earnings forecasts rise, and the target increases to $13.70 from $12.15. Hold.

Target price is $13.70 Current Price is $12.97 Difference: $0.73
If BXB meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $14.09, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.5

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

Ord Minnett rates BXB as Accumulate (2) -

First half earnings were ahead of Ord Minnett's expectations and FY23 EBIT forecasts are upgraded to the mid point of Brambles' guidance of 15-18% growth. The broker is positive about the outlook and optimistic about operating margins for the short term.

Longer-term, asset efficiency and improved activity in the network should provide the basis for structural margin improvement. A stabilisation of lumber costs and normalisation of transport costs will also place more focus on operating leverage.

Ord Minnett maintains an Accumulate rating and $14 target.

Target price is $14.00 Current Price is $12.97 Difference: $1.03
If BXB meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $14.09, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.5

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

UBS rates BXB as Buy (1) -

On a constant currency basis, underlying earnings (EBIT) and normalised profits for Brambles were beats versus UBS by 13% and 9%, respectively. Pricing was considered strong globally.

The broker assesses a strong result and expects consensus forecasts will rise after new FY23 guidance. Management commentary around any global destocking risk is also expected to alleviate market concerns.

The Buy rating is unchanged and the target rises to $15.00 from $14.50.

Target price is $15.00 Current Price is $12.97 Difference: $2.03
If BXB meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $14.09, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.5

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

Ord Minnett rates CBO as Buy (1) -

First half earnings were soft as EBITDA missed Ord Minnett's forecasts. The second half appears better while going forward the broker envisages positive EBITDA in the US in FY24 will be a major catalyst.

Red Island, the mainstream brand of Cobram Estate Olives, grew 25% in the first half yet competing brands experienced price rises as high as 48% in the year to February. Ord Minnett expects the company's more modest increases will drive volume for the business.

Ord Minnett retains a Buy rating and reduces the target to $1.64 from $1.73.

Target price is $1.64 Current Price is $1.31 Difference: $0.33
If CBO meets the Ord Minnett target it will return approximately 25% (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 DMP as Neutral (3) -

As investors are not being adequately remunerated (low dividends) to hold stock of Domino's Pizza Enterprises, Credit Suisse doesn't consider shares are a value opportunity.

This view follows a review of traffic to the company's webiste and App usage, showing further deterioration in January and February from a sharp deterioration last December.

These trends also apply to peers and other data also shows the consumer preferencing supermarket expenditure over food service, explains the analyst.

The Neutral rating and $54.40 target are unchanged.

Target price is $54.40 Current Price is $53.29 Difference: $1.11
If DMP meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $62.91, suggesting upside of 26.3% (ex-dividends)

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 DMP as Neutral (3) -

Following recent results for Domino's Pizza Enterprises, UBS looks at 4Q results for the US-listed franchisor Domino's Pizza.

US delivery sales fell in the 4Q, yet remained above pre-covid levels and carry out experienced strong growth, explains UBS. Management noted higher-cost delivery (from inflation) has led  to more food at home versus delivery, with this trend expected to continue.

Management also stated some consumers are returning to dine-in as was the pre-covid habit.

UBS has an unchanged Neutral rating and $60 target for Domino's Pizza Enterprises.

Target price is $60.00 Current Price is $53.29 Difference: $6.71
If DMP meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $62.91, suggesting upside of 26.3% (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 FCL as Outperform (1) -

Fineos Corp's revenue was -6.7% below Macquarie and profit -5.3%. FY revenue guidance is downgraded by -8.4%.

Management highlighted that closing sales deals has been slower however the pipeline is very strong and these opportunities have not been missed, only moved out to later in 2023 when cloud activity is expected to grow.

Macquarie sees the shift to subscription revenue ss positive, suggesting 18.4% growth. But the weak balance sheet remains a concern, and this lead the broker to apply a -20% valuation discount.

Target falls to $1.59 from $2.17, Neutral retained.

Target price is $1.59 Current Price is $1.53 Difference: $0.06
If FCL meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 1.0

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

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

Ord Minnett upgrades Fineos Corp to Buy from Accumulate as the share price is moved through the trigger level. Target is $3.75.

Target price is $3.75 Current Price is $1.53 Difference: $2.22
If FCL meets the Ord Minnett target it will return approximately 145% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 1.0

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

Morgans rates GDG as Add (1) -

Generation Development's 1H underlying profit was a -12% miss versus Morgans forecast as the Investment Bond (IB) business experienced lower average funds under management (FUM) growth. The Lonsec performance impressed.

The analyst attributes the slower growth in the IB segment to volatile markets, a tougher sales environment and rising expenses. However, assets under administration (AUM) growth of 10% in IB demonstrated the compounding nature of the business.

The broker expects higher costs linked to the Lifetime annuity build-out, which is largely responsible for lower FY23 and FY24 EPS forecasts. The target falls to $1.47 from $1.50. Add.

Target price is $1.47 Current Price is $1.30 Difference: $0.17
If GDG 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 HLI as Underperform (5) -

Helia Group reported a delinquency rate of 51bps in the second half. Tasmania and the ACT were the only Australian states/territories to increase in the period, Macquarie notes.

The result was underscored by a 27c (fully franked) special dividend and a further $100m buy-back on top of the 14c (fully franked) final ordinary dividend. The business should continue to perform well for the coming year, the broker suggests, as unemployment remains low.

Incorporating expectations of around a -15% fall in house prices and a 100 basis point increase in unemployment, Macquarie retains Underperform. Target $2.50.

Target price is $2.50 Current Price is $3.28 Difference: minus $0.78 (current price is over target).
If HLI meets the Macquarie target it will return approximately minus 24% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in December.

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 HLI as Hold (3) -

Ord Minnett observes demand for lenders mortgage insurance is falling from elevated levels, yet the 21% increase in Helia Group's 2022 net profit revealed the benefits from the favourable operating environment of house prices, low unemployment and housing demand. These positive trends should continue into 2023.

The balance sheet will become increasingly important heading into a higher loss period yet the broker remains comfortable, with Helia Group declaring an interim dividend of $0.14 and special dividend of $0.27, taking the full year dividends to $0.53.

Another on-market buyback has also been announced. Hold maintained. Target rises 10% to $3.20.

Target price is $3.20 Current Price is $3.28 Difference: minus $0.08 (current price is over target).
If HLI meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in December.

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 IEL as Hold (3) -

IDP Education's underlying earnings (EBIT) rose by 59.5% on the previous corresponding period, but were a -4% miss versus the consensus forecast.

The analyst highlights a strong performance for the Student Placement division, despite visa processing delays.

While short-term challenges remain, according to Morgans, management expects IELTS volume growth will return to around 10% over the next three to five years, from 5.5% in the 1H.

The broker suggests investors await price weakness before buying shares and retains its Hold rating. The target rises to $31.65 from $30.75.

Target price is $31.65 Current Price is $29.11 Difference: $2.54
If IEL meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $32.08, suggesting upside of 12.4% (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 IEL as Lighten (4) -

First half results were strong and Ord Minnett was pleased much of the higher revenue flowed through to higher profits. IDP Education continues to benefit from the return of students to Australia, with student visa applications for its core developed world markets now around 30% above pre-pandemic levels on average.

Moreover, placement volumes from India and China remain below pre-pandemic levels so the broker suspects there will be more growth in the pipeline. Lighten rating maintained. Target is raised to $22.50 from $22.00.

Target price is $22.50 Current Price is $29.11 Difference: minus $6.61 (current price is over target).
If IEL meets the Ord Minnett target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $32.08, suggesting upside of 12.4% (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 IFM as Buy (1) -

UBS points out 1H costs for Infomedia only grew by 3.5% half-on-half while revenue increased by 6.9%. This rise in costs compares to 8.8% in the 2H of FY22.

Revenue and cash earnings (EBITDA) were a minor beat and a 7% beat, respectively, compared to the broker's forecasts.

The business is starting to see positive jaws expand, notes the analyst, with annual recurring revenue (ARR) growing by 3.9% and recurring costs falling by -1.6% half-on-half.

The target rises to $1.85 from $1.60. Buy.

Target price is $1.85 Current Price is $1.35 Difference: $0.5
If IFM meets the UBS target it will return approximately 37% (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 IPD as Speculative Buy (1) -

ImpediMed's 1H results were in line with Morgans forecasts.

The broker highlights device placements in the core business were up 13% in the half to 940 units, while SOZO SaaS revenue was up 8% to $5.3m.

The analyst makes no changes to forecasts and the Speculative Buy rating and 18c target are retained.

Target price is $0.18 Current Price is $0.06 Difference: $0.124
If IPD meets the Morgans target it will return approximately 221% (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 JIN as Outperform (1) -

Jumbo Interactive reported first half earnings -5% below Macquarie. Lottery Retailing revenues were softer than the broker had expected,
impacted by the pause in sequential digital penetration growth within lotteries in the period.

Volatility in lottery volumes and digital penetration will impact Jumbo’s earnings in FY23, Macquarie warns. But this volatility smooths out over multiple periods and with opportunities to raise price, the broker forecasts three-year compound earnings growth of 10%pa.

Balance sheet optionality remains for M&A. Target falls to $17.35 from $17.55, Outperform retained.

Target price is $17.35 Current Price is $14.45 Difference: $2.9
If JIN meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $16.99, suggesting upside of 21.3% (ex-dividends)

The company's fiscal year ends in June.

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 JIN as Overweight (1) -

First half results beat Morgan Stanley's estimates. Jumbo Interactive has upgraded EBITDA margin expectations to the upper end of its prior 48-50% guidance range.

The broker highlights a dividend of $0.23 implies a payout at the upper end of the 65-85% range and suspects the pricing around the Powerball game change will be critical for the business going forward.

Overweight rating and $19 target. Industry view is In-Line.

Target price is $19.00 Current Price is $14.45 Difference: $4.55
If JIN meets the Morgan Stanley target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $16.99, suggesting upside of 21.3% (ex-dividends)

The company's fiscal year ends in June.

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 JIN as Add (1) -

Jumbo Interactive's underlying earnings (EBITDA) were a -5% miss against Morgans forecast and the broker lowers its FY23 and FY24 earnings estimates by -2%. The target falls to $16.50 from $17.00.

While digital penetration of lottery tickets in Australia took a slight dip industry wide in the 1H (as highlighted by management), the analyst doesn't foresee a reversal for the longer-term rising trend. Add.

Target price is $16.50 Current Price is $14.45 Difference: $2.05
If JIN meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $16.99, suggesting upside of 21.3% (ex-dividends)

The company's fiscal year ends in June.

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

Citi rates LNK as Neutral (3) -

First half results showed the two core businesses were performing well, with RSS achieving growth of almost 20% and corporate market margin income benefiting from higher interest rates.

Citi asserts Link Administration could become an attractive stock again as it reduces its core business to provide strong recurring revenue and reasonable growth. At this stage, there is the potential exposure to Woodford liabilities and a successful execution of the sale of LFS is yet to occur.

Hence, the broker prefers to wait and retains a Neutral call, raising the target is $2.10 from $2.00.

Target price is $2.10 Current Price is $2.16 Difference: minus $0.06 (current price is over target).
If LNK meets the Citi target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.52, suggesting upside of 15.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.1

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

Credit Suisse rates LNK as Neutral (3) -

Operating profit (NPATA) for Link Administration in the 1H was a miss versus the forecasts of Credit Suisse and consensus by -9% and -16%, respectively, due to the sale of PEXA Group ((PXA)) and a higher tax rate. The analyst highlights both factors are one-offs.

Operating earnings (EBIT) were in line with the pre-announced result and the broker points out earnings (EBITDA) were a beat in the divisions where the majority of value resides.

These divisions are Retirement and Superannuation Solutions (RSS) and Corporate Markets (CM).

Management reconfirmed FY23 operating earnings (EBITDA) guidance, while higher margin income guidance helps lift the analysts's earnings estimates.

The target falls to $2.20 from $3.50. Neutral.

Target price is $2.20 Current Price is $2.16 Difference: $0.04
If LNK meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $2.52, suggesting upside of 15.3% (ex-dividends)

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.1

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

Macquarie rates LNK as No Rating (-1) -

In the wake of Link Administration's result, Macquarie has adjusted earnings forecasts to account initially for the sale of Pexa and thereafter for higher interest expenses as bond yields rise, and a change in approach to calculation of tax expenses.

The broker is on research restriction.

Current Price is $2.16. Target price not assessed.

Current consensus price target is $2.52, suggesting upside of 15.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.1

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

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

First half operating earnings were in line with expectations although net profit missed Morgan Stanley's forecasts substantially. Guidance for FY23 has been reaffirmed.

Morgan Stanley upgrades FY24 estimates because of better cost management. Link Administration is in discussions to sell its FS division to Waystone, which could largely offset the impending fine of $605m.

If this were the case, Morgan Stanley believes it would be a positive. While the stock does not seem that expensive, the broker notes the result is unlikely to address concerns, even though there are improving trends in the RSS division.

Equal-weight retained. Target is raised to $2.06 from $2.00. Industry view: In-Line.

Target price is $2.06 Current Price is $2.16 Difference: minus $0.1 (current price is over target).
If LNK meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.52, suggesting upside of 15.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.1

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

Ord Minnett rates MAF as Buy (1) -

2022 results were in line with guidance. Ord Minnett expects the pace of growth in costs will moderate but as performance fees return to more normal levels this may constrain margins.

The broker considers the asset management business the "jewel in the crown"  as fund flows grow amid ample capacity for growth.

MA Financial stock is considered cheap and a Buy rating is maintained. Target is reduced to $7.50 from $8.00.

Target price is $7.50 Current Price is $4.86 Difference: $2.64
If MAF meets the Ord Minnett target it will return approximately 54% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

UBS rates MAF as Buy (1) -

UBS notes FY22 results for MA Financial were in line with guidance provided last month. The broker identifies a favourable earnings mix from a beat in Asset Management (AM) and a miss for Corporate Advisory & Equities (CA&A).

The first six weeks of 2023 has begun strongly, according to the analyst, with an 87% year-on-year rise in gross flows across non-institutional channels.

The target rises to $6.60 from $6.50. Buy.

Target price is $6.60 Current Price is $4.86 Difference: $1.74
If MAF meets the UBS target it will return approximately 36% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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 Neutral (3) -

Mincor Resources reported a first half loss of -$54.7m which was materially higher than Macquarie's -$15.8m forecast, impacted by hedges and fair value changes of derivatives.

Free cash flow was nevertheless in line with estimates and positively, Mincor has a strong balance sheet.

The miner has not reaffirmed FY23 guidance outside of its previous 8-10kt of nickel concentrate, and requires a strong second half to meet guidance. Macquarie has cut its FY23 earnings forecast by -62% but there are no changes in the medium term.

Target falls to $1.50 from $1.60, Neutral retained.

Target price is $1.50 Current Price is $1.36 Difference: $0.14
If MCR meets the Macquarie 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 MFG as Upgrade to Accumulate from Hold (2) -

Ord Minnett has now changed its view as the Magellan Financial share price has moved through the trigger, taking the rating back up to Accumulate from Hold. Target is $11.50.

Target price is $11.50 Current Price is $8.70 Difference: $2.8
If MFG meets the Ord Minnett target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $9.55, suggesting upside of 11.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.1

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

Macquarie rates MIN as Outperform (1) -

Mineral Resources' first half result was mixed, Macquarie notes, with a stronger dividend offset by weaker earnings and cash flow.

The bulk of the earnings miss was due to higher depreciation. The miss in cash flow reflected a large working capital build which was attributable to timing on cash receipts from the lithium hydroxide tolling agreements, the broker points out.

Capex guidance has been increased, largely due to a higher spend in lithium, reflecting the changes to the MARBL JV. First ore for the Onslow project is approximately six months later than the broker's previous base case, with capex unchanged.

Lithium hydroxide guidance was provided for the first time. Lithium accounted for 80% of earnings in the first half.

Outperform retained, target falls to $124 from $128.

Target price is $124.00 Current Price is $84.91 Difference: $39.09
If MIN meets the Macquarie target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $97.90, suggesting upside of 22.5% (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

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

Earnings missed Morgan Stanley's estimates significantly in the first half. The broker believes, on further analysis, with significant capital expenditure programs in place, and a dividend equating to $230m, high gearing is likely to worry investors in the short term.

Capital expenditure guidance has increased, to $653m, predominantly because of an increase in lithium growth plans.

Equal-weight retained for Mineral Resources. Target is $82.30. Industry view: Attractive. 

Target price is $82.30 Current Price is $84.91 Difference: minus $2.61 (current price is over target).
If MIN meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $97.90, suggesting upside of 22.5% (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

Morgans rates MIN as Add (1) -

First half earnings (EBITDA) for Mineral Resources missed the consensus forecast by -6% though was in line with Morgans estimate.

The broker lowers its valuation for the iron ore and mining services businesses by -36% and -4% respectively, while raising the lithium business by 17% following the result and the MARBL joint venture restructure.

The day prior to the result, management announced the restructure to align with its expertise. Hence, the company's equity in Wodgina will increase to 50% from 40%, while its interest in Kemerton (requiring downstream expertise) will decrease to 15% from 40%.

After making significant changes to its valuation model, Morgans raises its target to $102 from $99.40. Add.

Target price is $102.00 Current Price is $84.91 Difference: $17.09
If MIN meets the Morgans target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $97.90, suggesting upside of 22.5% (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 MVF as Outperform (1) -

Monash IVF’s result was marginally ahead of Macquarie's expectations, with FY23 profit guidance upgraded by 4.5%. The broker sees second half growth supported by specialist recruitment, the full benefit of the ART associates acquisition, as well as incremental benefit from the PIVET acquisition.

Macquarie forecasts 150 basis points of market share gains in the second half for fresh cycles, driving fresh growth of 9.3% versus market growth of 1.5%.

The broker continues to see structural tailwinds for the IVF industry, with an increasing average maternal age, improved overall awareness, and additional funding made available in NSW from last October.

Outperform and $1.30 target retained.

Target price is $1.30 Current Price is $1.05 Difference: $0.25
If MVF meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $1.30, suggesting upside of 24.7% (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

UBS rates NCM as Neutral (3) -

The chance of a higher bid offer for Newcrest Mining remains, according to UBS. 

The broker holds this view after reviewing some (admittedly sparse) commentary by Newmont Mining as part of its 2022 result's presentation, where the potential for synergies was mentioned.

The Neutral rating for Newcrest is unchanged and the target rises to $25.95 from $25.45.

Target price is $25.95 Current Price is $22.61 Difference: $3.34
If NCM meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $26.08, suggesting upside of 15.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.4

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

Credit Suisse rates NXT as Neutral (3) -

NextDC's 1H results are due on February 28 and Credit Suisse's forecasts are in line with FY23 guidance.

The analyst looks forward to commentary by management on the competitive environment and details on pricing for new contracts and renewals.

The broker makes no changes to its forecasts and the Neutral rating and $10.90 target are unchanged.

Target price is $10.90 Current Price is $10.05 Difference: $0.85
If NXT meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $12.48, suggesting upside of 24.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Ord Minnett rates PAC as Buy (1) -

Pacific Current Group's first half profit was ahead of forecasts despite being down -3.4% on the prior corresponding half. The interim dividend was slightly below forecasts. Ord Minnett considers the ouutlook positive and the company on track to meet its new commitment guidance.

Fundraising activities should drive revenue and earnings growth. The broker increases estimates for earnings per share by 2-4% over the forecast period and reiterates a Buy rating. Target is raised to $11.40 from $11.00.

Target price is $11.40 Current Price is $7.31 Difference: $4.09
If PAC meets the Ord Minnett target it will return approximately 56% (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 PDN as Outperform (1) -

Having reported a first half net loss of -US$13.3.0m, Paladin Energy has announced it is on track for the restart of its Langer Heinrich project in the first quarter of FY24, and first production slated for the same quarter.

While the project is currently focused on general repair and refurbishment, in addition to growth, Macquarie highlights Paladin Energy is fully funded to complete the project and has successfully executed four uranium offtake agreements. 

The Outperform rating and target price of $1.00 are retained.

Target price is $1.00 Current Price is $0.74 Difference: $0.26
If PDN 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:

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

Market Sentiment: 1.0

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

Macquarie rates PGL as Neutral (3) -

No real surprises from Prospa Group's first half result given the company's pre-released metrics, with Macquarie finding growth in the company's book a key positive. Prospa Group reported originations were up 35% year-on-year to $426m, while gross loans were up 66% year-on-year to $856m. 

Macquarie notes an uncertain economic environment has seen Prospa Group raise its provisions to 9.4% of gross loans, and revise its credit risk assessment having seen stress in lower risk grades. 

The Neutral rating is retained and the target price decreases to $0.56 from $0.83.

Target price is $0.56 Current Price is $0.54 Difference: $0.02
If PGL meets the Macquarie target it will return approximately 4% (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 PLS as Buy (1) -

Pilbara Minerals has many options to place uncontracted tonnage in the market and tolling is the choice, driven by value. While domestic pricing is a function of a slow Chinese market, in a briefing the company has emphasised the structural shift that is underway i.e. more electric vehicles, more investment.

Citi notes capital expenditure guidance has increased, with items being brought forward now the lower expenditure brought on by the pandemic has passed. Buy rating and $4.80 target maintained.

Target price is $4.80 Current Price is $4.53 Difference: $0.27
If PLS meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $5.13, suggesting upside of 21.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

UBS rates PLS as Neutral (3) -

First half results for Pilbara Minerals held few surprises and were in line with the expectations of UBS and consensus.

Management upgraded FY23 production guidance by 50kt and lowered cost guidance by around -10%, partly offset by 7% higher capex guidance. Sustaining capex also doubled.

The broker raises its target to $4.70 from $4.65. Neutral.

Target price is $4.70 Current Price is $4.53 Difference: $0.17
If PLS meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $5.13, suggesting upside of 21.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

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

Credit Suisse upgrades its rating to Outperform from Neutral for Platinum Asset Management in the expectation an improved fund performance will lead to a recovery in flows. The $1.90 target is unchanged.

This upgrade follows 1H results, which revealed a -16% miss versus the consensus forecast for underlying profit due to a lower management fee margin and higher compensation.

The higher composition is driven by improved fund performance, which is ultimately expected to deliver flow/performance fee benefits.

An interim dividend of 7cps was declared, which indicates to the analyst both balance sheet strength and the improved fund performance.

Target price is $1.90 Current Price is $1.83 Difference: $0.07
If PTM meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $1.89, suggesting upside of 0.9% (ex-dividends)

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.1

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

Ord Minnett rates PTM as Upgrade to Accumulate from Hold (2) -

Ord Minnett upgrades Platinum Asset Management to Accumulate from Hold as the share price has moved through the trigger. Target is $2.25.

Target price is $2.25 Current Price is $1.83 Difference: $0.42
If PTM meets the Ord Minnett target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $1.89, suggesting upside 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

UBS rates PXA as Buy (1) -

UBS attributes an earnings (EBITDA) miss in the 1H for Pexa Group to increased costs for Pexa Digital Growth (PDG) as the UK strategy evolves. It's felt the share market is ignoring value for offshore and PDG.

Transfers declined by -16% and the broker expects double-digit declines to continue into the 2H. New listing volumes are thought to be recovering, though are still down -19% over the past six weeks cmpared to the previous corresponding period.

The analyst keeps a Buy rating in the expectation for stabilising domestic Transfer volumes, greater market confidence in the UK rollout and greater stock liquidity. The target falls to $17.50 from $19.00 on a lower FY23 EPS forecast.

Target price is $17.50 Current Price is $12.06 Difference: $5.44
If PXA meets the UBS target it will return approximately 45% (excluding dividends, fees and charges).

Current consensus price target is $16.53, suggesting upside of 38.9% (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

Ord Minnett rates QAN as Hold (3) -

Ord Minnett highlights the dramatic turnaround in profit in the first half compared with a loss in the prior corresponding half that was marred by lockdowns and border restrictions.

Air travel capacity remains constrained yet demand is strong and this has led to expensive tickets and unprecedented profitability for Qantas.

Despite the favourable conditions the broker expects pricing competition will return as capacity bottlenecks and labour shortages ease for both the airline and its competitors.

The company stopped short of declaring a dividend instead opting for an on market buyback and this is immaterial to fair value estimates, the broker adds. Hold rating and $5.90 target maintained.

Target price is $5.90 Current Price is $6.16 Difference: minus $0.26 (current price is over target).
If QAN meets the Ord Minnett target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.35, suggesting upside of 17.1% (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

Morgans rates QUB as Hold (3) -

Underlying earnmings (EBITDA) of $235m for Qube Holdings in the 1H exceeded forecasts by Morgans and consensus for $208m, due to a booming Logistics and Infrastructure business and improvement in cash flows.

Management also upgraded qualitative guidance and the broker lifts its forecasts materially after factoring in higher revenues (volume and inflation) and assuming higher margins.

The analyst retains a Hold rating on valuation and because of the inherent cyclical and agricultural earnings exposure. The target climbs to $3.18 from $2.95.

Target price is $3.18 Current Price is $3.16 Difference: $0.02
If QUB meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.32, suggesting upside of 4.2% (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 RMC as Upgrade to Buy from Sell (1) -

Resimac Group's first half net profit was ahead of Citi's estimates. Still, the outlook appears challenging with loan volumes and net interest margins expected to reduce in the second half. On the other hand, the freeing up of equity capital for possible deployment in a new portfolio or adjacent businesses remains a possibility.

Citi observes the shares have fallen -25% since early February despite only a modest downturn in core profit. Rating is upgraded to Buy from Sell. Target is steady at $1.20, as lower earnings are offset by a smaller capital drag.

Target price is $1.20 Current Price is $1.05 Difference: $0.15
If RMC meets the Citi 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 RMC as Neutral (3) -

Despite Resimac Group reporting a first half net profit result at the top end of its guidance range, Macquarie feels competition saw the company struggle to compete against the majors. 

Given ongoing rate rises and inflation, the broker sees little chance of an easing of the headwinds being faced by non-bank mortgage lenders. Near-term upgrades from the broker are underpinned by lower impairment expenses. 

The Neutral rating is retained and the target price increases to $1.05 from $0.98.

Target price is $1.05 Current Price is $1.05 Difference: $0
If RMC meets the Macquarie target it will return approximately 0% (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 RSG as Outperform (1) -

A preliminary full year result from Resolute Mining has been described as solid by Macquarie, with the company delivering a slight underlying earnings beat and an in line net cash result. 

The company also reiterated full year guidance of 350,000 ounces at an all in sustaining cost of US$1,480 per ounce, but commented that costs could be improved through an upgrade to its Mako power plant. 

The Outperform rating and target price of $0.33 are retained.

Target price is $0.33 Current Price is $0.24 Difference: $0.09
If RSG meets the Macquarie target it will return approximately 38% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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: 1.0

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

Credit Suisse rates SQ2 as Outperform (1) -

As well as a 4Q operating expense beat, Credit Suisse also approved of the cost discipline commentary at FY22 results for Block.

Cash App underlying gross profit grew by around 45% in the 4Q, which the analyst expects will revert to around 42-43% in the 1Q of FY23.

The broker also highlights underlying gross profit for Square is tracking at around 21% in the 1Q of FY23, which should settle back to circa 17-18% growth.

Credit Suisse raises its target to US$105 from US$95. Outperform.

Current Price is $115.31. Target price not assessed.

Current consensus price target is $149.00, suggesting upside of 30.4% (ex-dividends)

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.7

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

Morgan Stanley rates SQ2 as Equal-weight (3) -

Morgan Stanley was encouraged by Block's new investment framework (Rule of 40). Importantly, adjusted operating income metrics will account for non-cash costs.

Still, the broker adds achieving the "Rule of 40" will take a number of years and at worst could be difficult to achieve given the customer mix and pricing structure.

The broker was also encouraged by continued growth of the cash app.

Equal-weight rating retained. Target is raised to US$72 from US$67. Industry View: Attractive.

Current Price is $115.31. Target price not assessed.

Current consensus price target is $149.00, suggesting upside of 30.4% (ex-dividends)

The company's fiscal year ends in December.

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: 0.7

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

Ord Minnett rates SQ2 as Accumulate (2) -

Block posted strong topline growth in the fourth quarter although, historically, Ord Minnett points out the company has struggled to return this growth into better profitability. Guidance for 2023 signals this will remain the case.

Reported results were impacted by a -7% decline in bitcoin revenue while excluding the acquisition of Afterpay, revenue increased 51% year-on-year.

Ord Minnett retains an Accumulate rating and believes the shares are undervalued but stresses that uncertainty prevails. Target is $153.

Target price is $153.00 Current Price is $115.31 Difference: $37.69
If SQ2 meets the Ord Minnett target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $149.00, suggesting upside of 30.4% (ex-dividends)

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.7

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

Macquarie rates SRL as Neutral (3) -

A first half loss of -$4.1m from Sunrise Energy Metals was higher than Macquarie had anticipated, with the broker attributing the difference to higher than expected exploration costs. 

The company's Sunrise project is development ready with Macquarie predicting first production in late 2027, but the broker highlights securing a strategic partner for funding and offtake remains key. Changes to funding assumptions for the project see earnings per share forecasts lift 3%, 19% and 18% through to FY27.

The Neutral rating is retained and the target price decreases to $1.70 from $1.95.

Target price is $1.70 Current Price is $1.63 Difference: $0.075
If SRL meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Macquarie rates STX as Outperform (1) -

Macquarie feels Strike Energy has emerged from the recent wave of merger and acquisition activity in the Perth Basin with a far stronger balance sheet, and a stronger partner in Erregulla. The broker expects Strike Energy has not attracted a takeover bid of its own given its larger market cap and resource base. 

The company intends to address resource uncertainty through the drilling of five wells. Following a first half loss, the brokers' earnings per share forecast for year decreases -79%, with Macquarie highlighting drilling will be key to de-risking the company's value. 

Macquarie reinstates its coverage of Strike Energy with an Outperform rating and a target price of $0.42.

Target price is $0.42 Current Price is $0.34 Difference: $0.085
If STX meets the Macquarie target it will return approximately 25% (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 UNI as Neutral (3) -

Contributions from the recent acquisition of Thrills supported Universal Store in growing earnings over the first half, with the retailer reporting year-on-year revenue growth of 28.6%. 

Macquarie highlighted inventory looks healthy into February, having increased $8.2m on the previous year, including $2.6m for Thrills, over the half. Targeting up to a total 103 stores by fiscal year end, the company aims to roll out up to 6 new Universal Store formats, 3-4 Perfect Stranger formats and 1 Thrills format over the second half. 

The Neutral rating is retained and the target price increases to $5.40 from $5.00.

Target price is $5.40 Current Price is $5.63 Difference: minus $0.23 (current price is over target).
If UNI 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 $6.16, suggesting upside of 14.5% (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 VNT as Outperform (1) -

Macquarie finds Ventia Services to have navigated a challenging backdrop well over the last eighteen months, with the company delivering a result slightly ahead of expectations in its last year.

The broker also finds company guidance for 7-10% net profit growth over the coming year good for the current market. Macquarie likes management of labour costs, with 95% of the company's larger contracts containing a form of embedded price escalation. 

The Outperform rating is retained and the target price increases to $3.10 from $3.00.

Target price is $3.10 Current Price is $2.32 Difference: $0.78
If VNT meets the Macquarie target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $3.32, suggesting upside of 40.5% (ex-dividends)

The company's fiscal year ends in December.

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 VNT as Accumulate (2) -

2022 results werre in line with estimates. Ord Minnett was impressed with the 24% increase in underlying net profit. The dividend was slightly below forecasts but equated to a healthy 6.7% yield at the current share price.

Ord Minnett suspects the market was unimpressed with the income story but is at a loss to understand why. It could simply reflect the large vendor shareholdings that are overhanging the market since the IPO.

The broker's base case assumes revenue and EBITDA growth rates of 3.1% and 2.5%, respectively, over the next five years. Accumulate. Target is $3.60.

Target price is $3.60 Current Price is $2.32 Difference: $1.28
If VNT meets the Ord Minnett target it will return approximately 55% (excluding dividends, fees and charges).

Current consensus price target is $3.32, suggesting upside of 40.5% (ex-dividends)

The company's fiscal year ends in December.

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

Citi rates WDS as Neutral (3) -

Upon first glance assessment, Woodside Energy's 2022 financials released today have missed market consensus but they met expectations put forward by Citi.

The broker finds it yet another "messy" result with higher costs causing the 'miss' against consensus forecasts.

Digging deeper into details, the analysts believe there are indications the 80% dividend payout will translate into lower dividends, but they will be seeking clarification from company management.

Woodside's 2023 guidance and project updates remain unchanged and 2P revisions are negligible, leading Citi  to conclude: "no bad news is good news".

Neutral. Target $37.97.

Target price is $37.97 Current Price is $34.60 Difference: $3.37
If WDS meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $38.60, suggesting upside of 9.8% (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 WGX as Upgrade to Outperform from Neutral (1) -

Westgold Resources first half was softer than Macquarie had anticipated, with the company reported an -$11m loss compared to an expected $3m profit, but the broker expects a better second half is to come. 

Given no change from the company on its full year guidance, Macquarie anticipates a a stronger cost performance over the second half but does lower its full year earnings per share forecasts -74%. 

The rating is upgraded to Outperform from Neutral and the target price decreases to $1.20 from $1.25.

Target price is $1.20 Current Price is $0.91 Difference: $0.29
If WGX meets the Macquarie target it will return approximately 32% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Morgan Stanley rates WTC as Overweight (1) -

Morgan Stanley assesses WiseTech Global can be a structural winner from the increasingly complex global supply chain. Demand for the software is rising sharply.

In order to achieve the broker's forecast for the long-term the business will need to win more global exclusive contracts from the biggest freight forwarders and monetise these at high compounding rates.

The business appears to be executing on its strategy ahead of the broker's current expectations. Target is raised to $70 from $64. Overweight. Industry View: Attractive.

Target price is $70.00 Current Price is $63.12 Difference: $6.88
If WTC meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $67.59, 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

Macquarie rates ZIP as Underperform (5) -

With Zip Co reporting a decrease in its available cash and liquidity of -$200m, much of which was attributed to one-offs, Macquarie believes risk of a heavily discounted capital raise from the company remains elevated.

The company does expect to see cash in flows derived from business sales, which combined with the potential release of trust investments and fewer funding requirements could see a raise avoided. 

The Underperform rating is retained and the target price decreases to $0.50 from $0.55.

Target price is $0.50 Current Price is $0.52 Difference: minus $0.015 (current price is over target).
If ZIP 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 $0.61, suggesting upside of 20.1% (ex-dividends)

The company's fiscal year ends in June.

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