Australian Broker Call

Citi rates ABG as Buy (1) -

Citi is preparing for the upcoming result release ex-spin off Abacus Storage King ((ASK)). This takes the target to $1.59. Buy rating retained.

Target price is $1.59

Market Sentiment: 1.0

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

Citi rates ANN as Neutral (3) -

Ansell's pre-released FY23 result and FY24 guidance met forecasts. Sales continued to fall in FY23 yielding a -17% fall in EPS.

Management expects destocking in its healthcare division to continue in FY24 but that it will start to stabilise in the second (June) half.

Meanwhile the company's $70-$85m productivity program is forecast to yield $45m in pre-tax annualised benefits by FY26, leading Citi to raise earnings forecasts out to FY26.

FY24 to FY25 EPS forecasts rise 1%. Neutral rating retained. Target price rises to $26 from $25 after marking to market for FX.

Target price is $26.00 Current Price is $23.66 Difference: $2.34
If ANN meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $25.61, suggesting upside of 5.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.1

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

Macquarie rates ANN as Neutral (3) -

Ansell's FY23 health care earnings were below Macquarie's forecasts in FY23 and declined by -18% as the segment was affected by destocking. Industrial EBIT rose 10%, supported by price increases and cost initiatives.

Macquarie expects improved growth from FY25, noting the capacity on the balance sheet for growth initiatives and/or capital management.

Yet in the near term the outlook is uncertain because of customer destocking and macro economic conditions. Neutral retained. Target is reduced to $24.95 from $25.10.

Target price is $24.95 Current Price is $23.66 Difference: $1.29
If ANN meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $25.61, suggesting upside of 5.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.1

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

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

Ansell's underlying EPS for FY23 was in line with guidance and Morgan Stanley raises its target to $25.38 from $23.28 on both EPS revisions and after marking-to-market currency assumptions.

The overall performance was weak, according to the analyst, due to ongoing destocking in the Healthcare GBU segment, along with planned price reductions in Exam/SU, unfavourable currency and the exit from Russia.

A partial offset was provided by the Industrial GBU segment, notes the broker, which displayed positive constant currency sales growth.

FY24 guidance was reiterated.

Morgan Stanley prefers to stay Equal-weight-rated pending resolution of the destocking issue across Healthcare, signs of margin improvement and an outline of expected earnings benefits from IT system improvements. Industry view In-Line.

Target price is $25.38 Current Price is $23.66 Difference: $1.72
If ANN meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $25.61, suggesting upside of 5.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.1

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

Morgans rates ANN as Hold (3) -

FY23 results for Ansell were pre-released and, therefore, were in line with expectations. Outperformance by Industrial was driven by Mechanical, emerging markets and new products, explains Morgans.

On the other hand, Healthcare was impacted by ongoing destocking across all key segments, observes the analyst, despite strong end user demand.

Management maintained FY24 adjusted EPS guidance and has begun an Accelerated Productivity Investment Program to drive EPS growth and improve return on invested capital (ROIC).

Morgans is cautious on the outlook after (another) reorganisation and as the company works through the adjustment period following covid. Hold. The target falls to $21.33 from $21.93.

Target price is $21.33 Current Price is $23.66 Difference: minus $2.33 (current price is over target).
If ANN meets the Morgans target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $25.61, suggesting upside of 5.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.1

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

Ord Minnett rates ANN as Accumulate (2) -

Ansell's result appears to have roughly met Ord Minnett's forecasts, a rise in earnings encountering higher energy and employee costs.

Management reiterated FY24 guidance and the broker shaves EPS forecasts -2% out to FY27, expecting a slowing in revenue as manufacturing output slows.

Ansell's productivity program is expected to deliver a minimum of US$45m in annual cost savings out to FY26, one fifth of group earnings (EBIT), observes the broker, at a cost of -US$50m-US$55m in FY24 and further costs in outer years. 

Meanwhile, the balance sheet appears solid, industrial was strong but healthcare was weak. Accumulate rating and $30 target price retained.

Target price is $30.00 Current Price is $23.66 Difference: $6.34
If ANN meets the Ord Minnett target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $25.61, suggesting upside of 5.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.1

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

UBS rates ANN as Neutral (3) -

As top-line results for FY23 were pre-announced UBS found few surprises, noting Ansell made efforts to address the main investor concern, that being a lack of visibility or an end to big swings in inventory.

The company has indicated examination//single-use gloves appear to be largely through the worst, although price cuts will affect the first half of FY24.

The broker assesses FY24 should be a trough in earnings yet, while anticipating some modest upside, does not have enough conviction given uncertainty still exist on several fronts. Neutral rating and $26 target maintained.

Target price is $26.00 Current Price is $23.66 Difference: $2.34
If ANN meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $25.61, suggesting upside of 5.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.1

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

Morgans rates ANP as Speculative Buy (1) -

Via an institutional placement, Antisense Therapeutics has raised $8.35m, which will be followed by a SPP which is expected to raise another $1.5m, leaving a balance of $21m in cash and R&D rebates, calculates Morgans.

The broker expects this will sustain operations through to the key results in its Ph2b trial for Duchennes Muscular Dystrophy (DMD).

Dependent upon clinical success over the next 18 months, followed by a favourable regulatory outcome, Morgans envisages potential for a share price rally of similar magnitude ($2 to $12 over two years) that occurred for Neuren Pharmecueticals ((NEU)).

The target falls to 23c from 26c. Speculative Buy.

Target price is $0.23 Current Price is $0.05 Difference: $0.18
If ANP meets the Morgans target it will return approximately 360% (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 AZJ as Neutral (3) -

Aurizon Holdings' earnings (EBITDA) met pre-announced guidance and reaffirmed FY24 guidance, but Citi viewed cash flow as soft, and observed the dividend was a miss and gearing rose sharply. 

Citi spies risk in Aurizon Holdings' strategy to heavily invest in fixed assets upfront in order to raise margins in outer years, observing consensus targets a linear increase in bulk margins, suggesting targeted returns on capital could be many years away.

Neutral rating retained. Target price eases to $3.90 from $3.92.

Target price is $3.90 Current Price is $3.59 Difference: $0.31
If AZJ meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $3.93, suggesting upside of 8.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.1

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

Macquarie rates AZJ as Outperform (1) -

Macquarie observes FY23 was a tough year for Aurizon Holdings as coal volumes were at record lows because of weather and derailments.

Normalised earnings in FY24 are expected to deliver 27% growth as the WACC reset and a recovery in coal volumes offset higher funding costs.

FY23 EBITDA met guidance and the company's strategy is unchanged. Macquarie retains an Outperform rating and reduces the target to $4.04 from $4.12.

Target price is $4.04 Current Price is $3.59 Difference: $0.45
If AZJ meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $3.93, suggesting upside of 8.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.1

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

Morgan Stanley rates AZJ as Underweight (5) -

Morgan Stanley expects a muted share price reaction to FY23 results by Aurizon Holdings after earnings (EBITA) were in line with the consensus forecast and FY24 guidance was unchanged.

Compared to the previous corresponding period, Coal earnings fell by -16% on lower volumes. Bulk earnings rose by 59% on increased grain volumes and after the inclusion of an 11-month contribution from One Rail.

The final dividend was 8cps, 60% franked, on a 75% payout, compared to the broker's forecast for 10.5cps and 80% franked. Consensus was expecting 8.8cps.

Underweight rating. Target $3.49. Industry view: Cautious.

Target price is $3.49 Current Price is $3.59 Difference: minus $0.1 (current price is over target).
If AZJ 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 $3.93, suggesting upside of 8.4% (ex-dividends)

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.1

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

Morgans rates AZJ as Hold (3) -

FY23 earnings (EBITDA) for Aurizon Holdings were in line with Morgans forecasts while FY24 guidance had been previously provided.

The final dividend of 8cps was a -27% fall on the previous corresponding period and would have disappointed income-oriented investors, suggests the analyst. A step-up in interest costs is also considered a negative surprise for the market.

Franking reduced to 60% from 100% and the dividend payout ratio was limited to 75% by constraints imposed by ratings agencies around debt levels, explains the broker.

The target falls to $3.77 from $3.84. Hold.

Target price is $3.77 Current Price is $3.59 Difference: $0.18
If AZJ meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $3.93, suggesting upside of 8.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.1

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

Ord Minnett rates AZJ as Accumulate (2) -

Aurizon Holdings' FY23 result met Ord Minnett's forecasts, underlying net profit after tax falling -30% due to sharply higher depreciation and interest costs.

The broker considers it to be a good result in difficult conditions, and observes FY24 guidance forecasts 14% earnings (EBITDA) growth.

Ord Minnett agrees the conditions are right for EBITDA to grow, and forecasts a compound annual growth rate of 7.5% out to FY28.

Accumulate rating and $4.70 target price retained.

Target price is $4.70 Current Price is $3.59 Difference: $1.11
If AZJ meets the Ord Minnett target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $3.93, suggesting upside of 8.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.1

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

UBS rates AZJ as Neutral (3) -

Aurizon Holdings' earnings in FY23 were in line with UBS estimates while normalised net profit was -5% below. FY24 EBITDA guidance is maintained and all segments are expected to grow with the exception of containerised freight that is expected to be "EBITDA neutral".

UBS observes building confidence in the company's ability to deliver on guidance requires several adjustments for non-recurring items. Target is reduced to $3.65 from $3.75.

Overall, the broker still believes guidance is relatively conservative and maintains a Neutral rating. To exceed expectations, the company would need to improve contract utilisation and margins in above-rail coal and/or accelerate the performance of non-coal investments.

Target price is $3.65 Current Price is $3.59 Difference: $0.06
If AZJ meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $3.93, suggesting upside of 8.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.1

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

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

Bendigo & Adelaide Bank's FY23 result fell shy of consensus observes Citi, thanks to a miss on cash earnings, a weaker exit net interest margin and a small rise in costs, aided by sharply lower amortisation.

Management remained upbeat, expecting CT1 would improve in FY24, which Citi extrapolates to mean a strong year marked by improved productivity and mortgage market metrics.

Citi doubts an improvement in CT1 in FY24, calling a slight retreat, which would undermine the company's premises. Yes, there is upside if management executes well, says the broker, but it doesn't consider the risk worth it.

Rating is downgraded to Neutral from Buy. Target price is steady at $9.25.

Target price is $9.25 Current Price is $8.92 Difference: $0.33
If BEN meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $9.32, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.1

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

Macquarie rates BEN as Neutral (3) -

The FY23 result from Bendigo & Adelaide Bank was below Macquarie's forecasts amid weaker revenue trends and a miss on costs.

Moreover, the broker finds management's margin guidance optimistic, expecting headwinds from deposit competition, a shift in mix to term deposits and higher wholesale funding costs.

Macquarie is also concerned the productivity benefits will not eventuate as inflation persists. The broker assesses, with a lower earnings profile compared with major bank peers, the FY24 PE discount to peers of -11% is adequate.

Neutral retained. Target is reduced to $9.25 from $9.50.

Target price is $9.25 Current Price is $8.92 Difference: $0.33
If BEN meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $9.32, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.1

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

Morgan Stanley rates BEN as Overweight (1) -

Morgan Stanley labels Bendigo & Adelaide Bank's 2H result as disappointing, with pre-provision profit missing forecasts by the broker and consensus by -7% and -4%, respectively. The margin also missed consensus by -2bps and costs were elevated.

There was no exit margin provided by management nor any FY24 guidance. The company is targeting "further improvement" in the cost-to-income (CTI) ratio in FY24, which the analyst considers optimistic.

Overweight rating. Target $10.10. Industry view: In-Line.

Target price is $10.10 Current Price is $8.92 Difference: $1.18
If BEN meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $9.32, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.1

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

Ord Minnett rates BEN as Accumulate (2) -

Bendigo & Adelaide Bank's FY23 result met Ord Minnett's forecasts, logging a 15% rises in cash profit thanks to a 20-basis point rise in net interest margins.

But weakness crept into the second half and the company raised bad debt provisions in anticipation of rising credit stress. The broker shaves -1.90% off its FY24 net interest margin forecast, and expects return on equity to ease. 

The broker observes strong customer deposits are delivering a meaningful boost to margins, helping combat the company's lower scale relative to the majors.

Ord Minnett observes the balance sheet is solid and credit quality is good, the impact of the fixed rate cliff not proving as dramatic as some were calling with 90-day mortgage arrears rising only slightly to 0.46% from 0.41%.

Accumulate rating retained. Target price rises 3% to $10.50 from $10.20, to reflect time value of money. 

Target price is $10.50 Current Price is $8.92 Difference: $1.58
If BEN meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $9.32, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.1

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

UBS rates BEN as Sell (5) -

Bendigo & Adelaide Bank reported a "clean" result, UBS asserts with the positive surprise being stronger-than-expected capital ratios as well as growth in overall lending.

The broker believes the bank is making progress on its transformation agenda although cost reductions and expansion of returns on equity could slow against the tough revenue backdrop

 UBS expects a more benign credit cycle and better cost control going forward. Sell rating retained. Target is raised to $7.50 from $7.00.

Target price is $7.50 Current Price is $8.92 Difference: minus $1.42 (current price is over target).
If BEN meets the UBS target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.32, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.1

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

Bell Potter rates BKW as Buy (1) -

Bell Potter observes Brickworks is down -10% from its June peak and has underperformed relative to local building peers. At the current price, the broker believes the stock is effectively trading with a "-20% depression correction of its property trust".

Building products also appear excessively cheap to the broker relative to peers, at an estimated -22% discount. As a result the risk/reward is skewed to the upside and Bell Potter reiterates a Buy rating, raising the target to $29 from $27.

Target price is $29.00 Current Price is $25.33 Difference: $3.67
If BKW meets the Bell Potter target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $27.44, suggesting upside of 6.6% (ex-dividends)

The company's fiscal year ends in July.

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

Bell Potter rates BPT as Buy (1) -

Beach Energy's FY23 underlying EBITDA slightly missed Bell Potter's estimates. The broker points out business has a strong fully-funded production outlook that is diversified across five energy basins and four separate gas markets.

Moreover, peak capex is also seen rolling off and there will be a step-change in production and free cash flow from FY25-26.

As a result, with a positive view on the Australian east coast gas and LNG markets, Bell Potter retains a Buy rating, reducing the target to $2.00 from $2.05.

Target price is $2.00 Current Price is $1.61 Difference: $0.39
If BPT meets the Bell Potter target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $1.80, suggesting upside of 13.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Macquarie rates BPT as Neutral (3) -

Beach Energy's FY23 profitability was largely in line, although Macquarie notes the decisive switch in CEO overshadowed the result.

FY24 production guidance of 18-21mmboe is -13% below the broker's estimates, reflecting just a minor contribution from Waitsia and larger declines in the Western Flank.

Capital expenditure is higher than expected and "not well explained", in Macquarie's opinion.

The broker suspects the Otway gas project reload has gone significantly over budget and sustaining expenditure is now structurally higher. Macquarie retains a Neutral rating, expecting little free cash will be generated in FY24. Target is raised to $1.55 from $1.50.

Target price is $1.55 Current Price is $1.61 Difference: minus $0.06 (current price is over target).
If BPT 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 $1.80, suggesting upside of 13.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Morgan Stanley rates BPT as Underweight (5) -

FY23 earnings (EBITDA) were in line with Morgan Stanley's forecast and 2% ahead of consensus, while the FY23 dividend of 3cps was shy of the 3.9cps forecast by consensus.

FY24 production of 18-21MMboe compares to the broker's estimate for 23.7MMboe, which included first gas for Waitsia, which management now guides for early FY25. Consensus was expecting production of 19.7MMboe.

The analyst expects a neutral reaction to the FY23 result.

Underweight rating. Target $1.52. Industry view: Attractive.

Target price is $1.52 Current Price is $1.61 Difference: minus $0.09 (current price is over target).
If BPT meets the Morgan Stanley target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.80, suggesting upside of 13.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

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

While FY23 results for Beach Energy revealed a 2H underlying profit beat against forecasts by Morgans and consensus, FY23 underlying earnings fell by -11% on the previous corresponding period. Higher gas prices were unable to offset an -11% fall in production.

Unfortunately, FY24 production guidance surprised to the downside, especially for gas, which makes up around 70% of this year’s production.

The broker downgrades its rating to Hold from Add and suggests uncertainty will prevail until key projects get traction in late FY24. The target falls to $1.60 from $1.75.

Target price is $1.60 Current Price is $1.61 Difference: minus $0.01 (current price is over target).
If BPT meets the Morgans target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.80, suggesting upside of 13.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Ord Minnett rates BPT as Buy (1) -

Beach Energy's FY23 result disappointed Ord Minnett, as production delays and cost blowouts at Waitsia Stage 2 hit earnings prospects.

While the company's -28% fall in net profit after tax outpaced the broker by 17%, thanks to lower costs and depreciation, the Waitsia delays bode poorly for FY24.

Ord Minnett now cuts growth forecasts for other projects.

The broker observes the company's shares are sharply undervalued and retains an Accumulate rating, while the target price falls to $2.50 from $3.10 to reflect the problems at Waitsia Stage 2.

Target price is $2.50 Current Price is $1.61 Difference: $0.89
If BPT meets the Ord Minnett target it will return approximately 55% (excluding dividends, fees and charges).

Current consensus price target is $1.80, suggesting upside of 13.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

UBS rates BPT as Buy (1) -

While the FY23 net profit was ahead of estimates, UBS assesses the main focus of Beach Energy's results was the soft outlook for FY24. Production has been guided -15% lower while capital expenditure is -18% worse than consensus estimates.

UBS believes the outlook provided is conservative given the recent change in CEO and, as expectations are now reset lower, the risk is skewed to the upside.

UBS reduces FY24 forecast production from Otway by -34% amid assumed lower nominations from Origin Energy ((ORG)) under the Lattice gas contract. Buy rating retained. Target is reduced to $1.80 from $1.90.

Target price is $1.80 Current Price is $1.61 Difference: $0.19
If BPT meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $1.80, suggesting upside of 13.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Citi rates CAR as Buy (1) -

Following FY23 results for Carsales, Citi expects strong 16% earnings (EBITDA) growth in FY24, with upside risk potential
in Brazil and the US, as well as Dealer in Australia, more than offsetting downside risk to Private volumes in Australia.

The broker anticipates the International businesses will underpin double-digit growth over the medium term, with potential M&A activity providing an additional growth kicker.

A key highlight for the analyst is the acceleration in Trader Interactive’s year-on-year revenue growth under Carsales’ first full half of ownership to 15% in H2 from 11% in H1, despite weak recreation vehicle (RV) retail sales/inventory.

A decline in Private listings in the Dealer segment is one potential downside risk, notes the analyst.

The target rises to $29.65 from $28.00 and the Buy rating is maintained.

Target price is $29.65 Current Price is $26.33 Difference: $3.32
If CAR meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $27.46, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

Morgan Stanley rates CAR as Overweight (1) -

FY23 results for Carsales were in line with consensus forecasts, while Morgan Stanley considers FY24 outlook commentary provides comfort that consensus earnings estimates are achievable. Management pointed to "good" growth for group Revenues and EBITDA.

In Australia, online advertising revenue increased by 15% to $353m, while EBITDA rose by 16% to $229m.

The analyst now has greater confidence Trader Interactive will continue to deliver double-digit growth, complimented by yield expansion, after management noted consumer demand for Trader/US inventory remains elevated.

Overweight rating. Target $26.50. Industry View: Attractive.

Target price is $26.50 Current Price is $26.33 Difference: $0.17
If CAR meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $27.46, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

Morgans rates CAR as Hold (3) -

Morgans assesses a strong FY23 result for Carsales with double-digit revenue growth (constant currency) on a pro forma basis for the platform across all regions. Profit on an adjusted basis was a beat versus the consensus forecast.

Moreover, management expects “very strong revenue and EBITDA growth”.

Online advertising revenue for Carsales Australia was in line with consensus. Dealer revenue grew 10% on the previous corresponding period due to higher yields and increasing take-up of depth products as inventory levels normalise, explains the broker.

Trader Interactive displayed 22% pro forma revenue growth, notes the analyst, underpinned by private yield increases of 30% and premium product penetration.

The 32.5cps final dividend was just ahead of the analyst's 31cps estimate. Morgans raises its target to $26.60 from $24.60. Hold.

Target price is $26.60 Current Price is $26.33 Difference: $0.27
If CAR meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $27.46, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

Ord Minnett rates CAR as Hold (3) -

Carsales FY23 result appears to have pleased Ord Minnett.

The broker observes the company's North American business is transitioning to a new pricing model faster than forecast, leading to an upgrade in the target price to $25 from $23, (the upgrade also reflects the time value of money).

Meanwhile, the broker notes the North American business is maturing, having consolidated a specific category allowing it to raise monetisation. The company's recently acquired Trader Interactive has also moved from consolidation to monetisation faster than expected, observes Ord Minnett.

Meanwhile, the company's Web Motors appears to be making headway in Brazil, and the broker says the dynamics at play augur a spillover into nearby geographies, which is likely to lead Webmotors to become the dominant online marketplace in Brazil.

Hold rating retained. FY24 EPS forecasts are cut.

Target price is $25.00 Current Price is $26.33 Difference: minus $1.33 (current price is over target).
If CAR meets the Ord Minnett target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $27.46, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

UBS rates CAR as Buy (1) -

UBS notes the stronger-than-expected performance from the Carsales international business in the second half of FY23, which provides confidence in the company's ability to execute in these markets over the longer term.

The broker raises FY24-26 estimates for revenue and EBITDA by an average 6.5% and 3%, respectively. A Buy rating is reiterated with the target raised to $29.60 from $27.20.

Target price is $29.60 Current Price is $26.33 Difference: $3.27
If CAR meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $27.46, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

Citi rates CGF as Sell (5) -

In an initial assessment, Citi analysts comment Challenger's FY23 result proved a slight "beat", even though net proft was in line with management's guidance, but the outlook provided fell short of expectations.

In addition, the dividend payout ratio has been lowered. Citi suggests some difficulties, maybe, in managing capital during a period of high growth in sales?

Also, today's negative investment market adjustment proved better than consensus and the broker's expectations, with the analysts speculating there might be more forthcoming on this.

Sell. Target $6.

Target price is $6.00 Current Price is $6.96 Difference: minus $0.96 (current price is over target).
If CGF meets the Citi target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.98, suggesting upside of 3.3% (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

UBS rates CGF as Neutral (3) -

Upon initial assessment, UBS believes Challenger's guidance for profits and dividends both missed market forecasts.

The broker also makes the following comment: "The reduction in dividend payout range is a surprise and will likely trigger questions about the company's growth capital requirements after recent industry fund client wins."

Challenger's FY23 result proved a modest earnings beat on consensus forecasts but a miss on profit before tax and dividend (the big surprise), observes UBS.

A 14% jump in Life earnings was responsible for the beat.

FY24 guidance missed UBS and consensus forecasts by roughly -3%. For now, Neutral rating and $6.80 target price retained. EPS forecasts are shaved.

Target price is $6.80 Current Price is $6.96 Difference: minus $0.16 (current price is over target).
If CGF meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.98, suggesting upside of 3.3% (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 CIP as Outperform (1) -

Centuria Industrial REIT's FY23 earnings were in line with Macquarie's estimates, although FY24 guidance is marginally disappointing, -3% below forecasts.

The broker observes conditions in industrial segments are strong, highlighting the re-leasing spreads that have accelerated to 43% in the fourth quarter, from 18% in the first quarter.

Going forward strong leasing outcomes are expected, which should continue to translate into elevated like-for-like income growth, the broker suggests. Outperform retained. Target is raised to $3.40 from $3.32.

Target price is $3.40 Current Price is $3.08 Difference: $0.32
If CIP meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $3.44, suggesting upside of 12.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

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

FY23 funds from operations (FFO) of 17cpu for Centuria Industrial REIT were in line with guidance, while FY24 guidance of 17cpu was slightly ahead of the 16.7cpu forecast by the broker and consensus. Guidance was also for a dividend of 16cpu.

The analyst assesses a solid FY23 result and notes the recent issue of convertible bonds helps solve the interest cost/leverage issues faced by some of the other small cap REITs under Morgan Stanley's coverage.

FY24 income will be supported, according to the broker, by development completions in the 1H, while interest cost is mostly protected via 88% hedging.

The Equal-weight rating and $3.55 target are retained. Industry View: In-line.

Target price is $3.55 Current Price is $3.08 Difference: $0.47
If CIP meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $3.44, suggesting upside of 12.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

Ord Minnett rates CIP as Hold (3) -

Centuria Industrial REIT's FY23 result met Ord Minnett's forecasts. Funds from operations were flat year on year, revenue rose 12% thanks to high occupancy and rental growth (offset by a rise in interest expense - nearly twice that of the previous year).

Despite implementing some rare hedging (88% of debt to an average 2.7 years), management guides to high average debt costs of roughly 4% in FY24. The broker expects this would rise to 6% if the trust were forced to refinance now, and doubts any debt-funded acquisitions are in the wings.

Meanwhile, the company boasts a 7.7 year average lease term and low vacancy rate of 2%, while net tangible assets fell -7% to $3.96 to reflect pressure on property values.

Funds from operations per unit fell -7% to 17c, reflecting equity raisings, and distributions fell -8% to 16c.

Hold rating retained. Target price edges up to $3.10 from $3 to reflect time value of money.

Target price is $3.10 Current Price is $3.08 Difference: $0.02
If CIP meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.44, suggesting upside of 12.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

UBS rates CIP as Buy (1) -

Centuria Industrial REIT's FY23 result was in line with expectations while FY24 guidance for FFO of $0.17 was ahead of UBS forecasts, underpinned by robust income growth.

The stock trades on a relatively high multiple compared with the sector, yet the broker finds its resilient income profile attractive in an environment where higher property expenses are eroding the inflation benefits.

The main issue for UBS is the limited options to meaningfully grow, although opportunities may present as the direct market normalises. Buy rating retained. Target edges up to $3.71 from $3.68.

Target price is $3.71 Current Price is $3.08 Difference: $0.63
If CIP meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $3.44, suggesting upside of 12.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

Citi rates COH as Neutral (3) -

In an initial response to today's FY23 release, Citi analysts find underlying FY23 net profits were slightly better-than-expected, but guidance for FY24 was better by some 4.5% at the midpoint, and by 7.3% at the top of the range provided.

Cochlear implant units sales grew strongly and management has indicated there's an improving trend in adult referral rates, suggesting long-term market growth is set to continue.

Neutral. Target $230.

Target price is $230.00 Current Price is $233.21 Difference: minus $3.21 (current price is over target).
If COH meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $224.77, suggesting downside of -8.8% (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

UBS rates COH as Neutral (3) -

At a glance, Cochlear's FY23 result beat consensus and UBS forecasts, with most metrics and divisions outperforming or in line.

Management's FY24 guidance has outpaced consensus forecasts by 4% at the mid point, although it expects growth in the acoustics division to fall. Market share is forecast to stabilise as covid backlogs reduce and margins are forecast to rise.

UBS observes the cost of goods rose in line with sales growth and is hoping to see more information as to how the company plans to raise margins in this environment.

For now, Neutral rating and $255 target price retained.

Target price is $255.00 Current Price is $233.21 Difference: $21.79
If COH meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $224.77, suggesting downside of -8.8% (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

Citi rates CQR as Buy (1) -

At first glance, Charter Hall Retail REIT's FY23 operating earnings per unit met consensus and Citi forecasts.

But management guidance fell -3.5% shy of consensus.

The company logged -$203m in divestments amd net tangible assets sat at $4.73 a unit. Balance sheet gearing was 29% and portfolio look-through gearing was 34%, says Citi.

The broker expects short-term weakness as the market digests weak FY24 guidance but longer term says the stock looks good.

For now, Buy rating and $4.30 target price retained.

Target price is $4.30 Current Price is $3.57 Difference: $0.73
If CQR meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $4.01, suggesting upside of 14.1% (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

Citi rates CSL as Buy (1) -

In an initial response to today's FY23 release, Citi analysts highlight CSL has lowered its capex guidance to US$800, well below their own forecast of US$1.3bn.

Most financial metrics were in line, as the company had pre-guided them. Citi points out CSL maintains the forecast for its gross margin to recover to pre-covid level within 3-5 years.

Buy. Target $340.

Target price is $340.00 Current Price is $263.00 Difference: $77
If CSL meets the Citi target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $328.17, suggesting upside of 20.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.9

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

Ord Minnett rates CSL as Accumulate (2) -

In an initial response to today's FY23 release, Ord Minnett observes CSL's financial performance seems to consist of a series of slight misses against its own and market forecasts, with a slightly higher than forecast dividend.

"Misses" are quite marginal, mostly in the -1%-2% range. All in all, net profit came in slightly down over FY22, but ahead in constant currency terms, the company's standard measure, the broker notes.

Plasma collections proved "robust", volumes rising 31% YoY and now at record levels. The cost of collecting plasma, which includes donor compensation and labour, declined by circa -14% YoY and is down -17% from the peak in March 2022.

FY24 revenue growth is anticipated to be approximately 9-11% over FY23 at constant currency.

Company guidance is for FY24 net profits (NPATA) to range US$2.9-US$3bn (constant currency) which represents circa 13%-17% growth, the broker explains.

Target $315. Accumulate.

Target price is $315.00 Current Price is $263.00 Difference: $52
If CSL meets the Ord Minnett target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $328.17, suggesting upside of 20.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.9

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

UBS rates CSL as Buy (1) -

In an initial assessment of today's FY23 release by CSL, UBS argues most key financial metrics are either slightly better or slightly worse than market forecasts.

It is suggested investor attention will remain focused on costs.

All in all, FY24 top line growth guidance is better than forecast, while the EPS guidance of 13%-17% growth is a small downgrade versus the previously communicated 14%-18%.

Plasma collections grew at a pace of 31% in H2 and costs are continuing to decline, points out the broker. Target $340. Buy.

Target price is $340.00 Current Price is $263.00 Difference: $77
If CSL meets the UBS target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $328.17, suggesting upside of 20.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.9

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

Morgan Stanley rates CTD as Overweight (1) -

The share price of Corporate Travel Management has fallen by -10% since the start of August.

Morgan Stanley believes the fall is a reaction to media articles regarding the evacuation of first asylum seekers from the Bibby Stockholm Barge after legionella bacteria was found. 

However, the broker points out that while Corporate Travel Management was awarded the contract for accommodation bookings etc., it is not responsible for management of the facilities or for readiness of the vessel.

The Overweight rating and $28.60 target are maintained as the analyst suggests the share selloff has been overdone, especially on the basis of one contract. Industry view: In-line.

Target price is $28.60 Current Price is $19.16 Difference: $9.44
If CTD meets the Morgan Stanley target it will return approximately 49% (excluding dividends, fees and charges).

Current consensus price target is $24.89, suggesting upside of 29.8% (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

Shaw and Partners rates CY5 as Buy/High Risk (1) -

Cygnus Metals has reported a maiden resource at Pontax lithium project in James Bay. The resource of 10.1mt at 1.04% lithium remains open in all directions.

The main negative, Shaw and Partners points out, is that it is all inferred resources although more drilling should fix this.

The broker raises its target to $0.50 from $0.46, based on the company doubling its resource base in the next 12 months and trading in line with global lithium hard rock developer peers. Buy/High Risk rating.

Target price is $0.50 Current Price is $0.27 Difference: $0.23
If CY5 meets the Shaw and Partners target it will return approximately 85% (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 GPT as Buy (1) -

GPT Group's June-half result nosed out Citi's forecasts, while the dividend was in line, and the broker views it as a stable result.

Portfolio occupancy was stable, with retail portfolio occupancy solid at 99.5%, and the company registering solid leasing and occupancy in its logistics portfolio. Office occupancy (a market under pressure) was steady at 88.5%.

Citi observes GPT Group managed to keep gearing respectable at 28.1%, despite falls in investment property valuations but cap rates rose.

Buy. Target $5.

Target price is $5.00 Current Price is $4.18 Difference: $0.82
If GPT meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $5.02, suggesting upside of 19.5% (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

Macquarie rates GPT as Outperform (1) -

First half earnings from GPT Group were ahead of Macquarie's estimates, partiially driven by one-off gains, while 2023 earnings and distribution guidance have been reaffirmed.

Retail was the highlight, the broker notes, while industrials will benefit from pre-leasing in FY24 and beyond. The company is targeting around 90% occupancy in office by the end of the year.

Macquarie likes the defensive cash flow and diversified portfolio and retains an Outperform rating. Target edges up to $4.65 from $4.62.

Target price is $4.65 Current Price is $4.18 Difference: $0.47
If GPT meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $5.02, suggesting upside of 19.5% (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

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

First half funds from operations (FFO) for GPT Group of $316.7m beat Morgan Stanley's forecast for $299.4m due to higher leasing spreads in the Retail division and better-than-expected debtors collection. Also, the broker's interest expense forecast looks too high.

Management retained its 2023 FFO guidance of 31.3cpu, which implies a 53:47% 1H:2H split. The analyst notes 89% of 2024 interest rates are now locked in via the hedge book.

Office occupancy for the half was 88.5%, the same as for December 2022, and management is still targeting more than 90% by this December.

Equal-weight. Target $4.84. Industry view: In-Line.

Target price is $4.84 Current Price is $4.18 Difference: $0.66
If GPT meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $5.02, suggesting upside of 19.5% (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

Ord Minnett rates GPT as Accumulate (2) -

GPT Group's June-half result appears to have met Ord Minnett's forecasts and guidance was also in line.

The broker says the company screens as undervalued and is trading on an attractive forward distribution yield of 6%.

While Ord Minnett expects rising interest rates will eat into funds from operations out to FY27, earnings growth should improve thereafter, making the 6% yield look attractive to the Australian 10-year bond yield of 4.2%.

The broker appreciates the company's balance sheet and low gearing, and observes it has sufficient liquidity to cover debt maturities through to mid 2026, making it resilient to debt-market dislocation. 

The only real slow spot was Office, where occupancy remained steady at 88.5% and the forecast remains soft.

Accumulate rating retained. Target price rises to $5.55.

Target price is $5.50 Current Price is $4.18 Difference: $1.32
If GPT meets the Ord Minnett target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $5.02, suggesting upside of 19.5% (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

UBS rates GPT as Buy (1) -

GPT Group's  first half result was ahead of UBS estimates, albeit driven by low-quality items that were reinforced with unchanged earnings guidance.

As a result, the broker reduces estimates for FY24-27 by -1-2% and lowers the target to $5.10 from $5.17, taking a more conservative view on office income although assessing the peak in office vacancies has passed.

A Buy rating is maintained to reflect the valuation, diversified portfolio and a profitable logistics development pipeline.

Target price is $5.10 Current Price is $4.18 Difference: $0.92
If GPT meets the UBS target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $5.02, suggesting upside of 19.5% (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 GUD as Buy (1) -

Judging from Citi's initial response, today's FY23 release by G.U.D. Holdings has decisively beaten market expectations (by 14%) while only slightly beating the broker's estimate by some 3%.

Gearing and inventories were reduced and APG performed better-than-anticipated, points out the broker. The one stand-out negative is all these improvements came with a "miss" on the dividend; 22c versus 24.3c expected.

The broker doesn't think the outlook is straightforward, but there's a lot to like. Buy. Target $12.79.

Target price is $12.79 Current Price is $10.22 Difference: $2.57
If GUD meets the Citi target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $11.76, suggesting upside of 0.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.9

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

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

GWA Group reported FY23 results that were slightly ahead of Macquarie's estimates. The broker observes the business has executed well and managed costs despite a weakening environment.

Some traction is being gained in the strategy to win over plumbers, as programs are expanded and engagement is observed to be growing.

No specific guidance for FY24 was provided. Macquarie assesses the valuation is low, upgrading to Outperform from Neutral. Target is raised to $2.30 from $1.80.

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

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

UBS rates IGO as Buy (1) -

UBS tempers expectations for the ramp up of train 1 at Kwinana and suspects Greenbushes, while a tier 1 asset, may take a while, noting the stock has been weak and underperforming peers.

Since June quarter, the broker understands Kwinana's train 1 is running at 30% capacity and IGO is now targeting 50% by the end of 2023. The company has also indicated its new goal is 70-80% nameplate.

This may not be a problem, UBS asserts, ensuring IGO remains long spodumene for longer.

Ahead of any update, the broker adds more expenditure to its modelling and delays the speed of the ramp up of integration to the end of the decade. Buy rating maintained. Target is reduced to $15.60 from $16.50.

Target price is $15.60 Current Price is $12.91 Difference: $2.69
If IGO meets the UBS target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $15.54, suggesting upside of 20.8% (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

Citi rates JBH as Neutral (3) -

JB Hi-Fi's FY23 result outpaced consensus by 4% but missed Citi's forecasts by -2%, with sales holding up and strong inventory management supporting margins. On the downside, the cost of doing business worsened -9% in the June half and remains a threat throughout FY24, says Citi.

While the broker observes the company is holding up better than competitors, Citi still forecasts a fall in FY24 gross margins as discounting kicks in and the cost of doing business rises roughly 5% (although the broker observes JB Hi-Fi has a few levers it can pull here).

EPS forecasts and dividend forecasts fall sharply. Neutral rating retained. Target price rises to $51 from $48.

Target price is $51.00 Current Price is $48.51 Difference: $2.49
If JBH meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $44.82, suggesting downside of -6.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.5

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

Macquarie rates JBH as Underperform (5) -

The FY23 result from JB Hi-Fi was ahead of Macquarie's estimates with sales up 4.3%, EBIT down -3.2% and net profit down -3.7%. Cost growth has exceeded revenue growth as the retail environment slows.

While the business is a category leader with a dominant position, the main driver for retaining an Underperform rating is the slowing macro economic environment, the broker asserts.

In FY24 so far, the company has indicated comparable sales in July for JB Hi-Fi Australia were down -2.9% and The Good Guys down -12%. On the other hand JB Hi-Fi New Zealand was up 10%. Target of $45 is unchanged.

Target price is $45.00 Current Price is $48.51 Difference: minus $3.51 (current price is over target).
If JBH meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $44.82, suggesting downside of -6.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.5

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

Morgan Stanley rates JBH as Underweight (5) -

FY23 profit for JB Hi-Fi beat the consensus forecast by 3%, but Morgan Stanley is not getting excited and maintains its Underweight rating. It's noted promotions have been largely supplier-funded for the company.

The broker believes consensus is underestimating downside risk via the weaker consumer and the impact of inflation on FY24 margins. Industry View: In-Line.

The analyst raises the target to $40.40 from $38.90 noting sales, and an earnings margin of 8%, drove the consensus-beating profit. The earnings (EBIT) margin beat was driven by gross profit, with cost-of-doing-business (CODB) largely in line.

For July, the broker notes better-than-expected like-for-like sales growth at JB Hi-Fi Australia though sales at The Good Guys was worse-than-expected.

Target price is $40.40 Current Price is $48.51 Difference: minus $8.11 (current price is over target).
If JBH meets the Morgan Stanley target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $44.82, suggesting downside of -6.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.5

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

Morgans rates JBH as Hold (3) -

Morgans lauds the resilience of JB Hi-Fi and first class operational execution by management, following FY23 results. Profit was expected to fall by -9.1%, yet only declined by -3.7%.

Gross margins were stronger-than-expected, increasing by 14 bps to 22.7%, thanks to a favourable product mix, observes the analyst.

In Q4, like-for-like sales held up well for JB Hi-Fi Australia, though turned negative for The Good Guys due to a greater exposure to home appliances.

Morgans retains its Hold rating and raises its target to $49 from $45 due to higher peer company multiples and a period rollover.

Target price is $49.00 Current Price is $48.51 Difference: $0.49
If JBH meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $44.82, suggesting downside of -6.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.5

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

Ord Minnett rates JBH as Lighten (4) -

JB Hi-Fi outpaced Ord Minnett's forecasts by 13%, outperforming peers and gaining market share.

Both JB Hi-Fi and The Good Guys logged higher Australian sales of 4%, above the industry average, observes the broker.

But Ord Minnett expects the company's profit margins will stay steady given rising costs and expects gross margins to decline as competition kicks in. 

Management reports a weaker June half, suggesting FY24 weakness and the broker cuts FY24 EPS forecasts -30% before expecting a normalisation in FY25.

Lighten rating retained. Target price rises to $36.50 from $35.50.

Target price is $36.50 Current Price is $48.51 Difference: minus $12.01 (current price is over target).
If JBH meets the Ord Minnett target it will return approximately minus 25% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $44.82, suggesting downside of -6.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.5

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

UBS rates JBH as Neutral (3) -

Further to the FY23 results analysis, UBS notes gross margins fell -70 basis points in the second half while costs rose. Based on the year to date, JB Hi-Fi Australia sales remain resilient, assisted by the telco, audio and gaming categories.

JB Hi-Fi Australia stores are also outperforming The Good Guys in consumer electronics. Yet gross margins have been supportive and UBS expects the product mix will be a modest positive for The Good Guys in the first half of FY24.

Neutral maintained. Target rises to $47 from $45.

Target price is $47.00 Current Price is $48.51 Difference: minus $1.51 (current price is over target).
If JBH meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $44.82, suggesting downside of -6.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.5

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

Citi rates LLC as Buy (1) -

Lendlease Group's FY23 result appears to have disappointed Citi, despite EPS outpacing consensus by 9% and Citi by 2%, the broker saying the result was pockmarked by several one-offs.

On the upside, management retains FY24 guidance and observes greater clarity on FY24 developments, the company logging a record work in progress of $22.9bn. 

Gearing has finally eased off and Citi expects cost-outs should boost earnings, as will a one-off sale profit. Citi says management's return on equity target for FY24 implies a more than doubling in profit.

But the macro environment remains challenging for developers, given tumbling asset values and higher interest rates. Buy rating retained. Target price slips to $9.50 from $9.80.

Target price is $9.50 Current Price is $8.24 Difference: $1.26
If LLC meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $10.19, suggesting upside of 22.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.6

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

Macquarie rates LLC as Neutral (3) -

Lendlease Group's FY23 operating earnings were marginally ahead of Macquarie's estimates, benefiting from a $63m pre-tax gain on the partial buyback of UK bonds.

The company continues to guide to FY24 returns on equity of 8%, at the lower end of the target range of 8-10%. The broker found the result lower quality given the one-off's and provisions.

The sale of communities business could result in a material one-off profit but Macquarie points out the focus should be on the underlying business, the creation of capital to meet FY26 targets and progress on the longer strategy.

Neutral retained. Target is reduced to $8.03 from $8.10.

Target price is $8.03 Current Price is $8.24 Difference: minus $0.21 (current price is over target).
If LLC 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 $10.19, suggesting upside of 22.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.6

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

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

FY23 profit for Lendlease Group of $257m was a slight beat against Morgan Stanley's $246m forecast, while the 16cps final dividend far exceeded forecasts by the broker and consensus for 11.5cps and 10.9cps, respectively.

Morgan Stanley highlights the net finance cost was -$88m compared to the broker's forecast of -$153m thanks to a $63m gain on bond buyback.

Management reiterated a return on equity (ROE) at the "lower end" of the 8-10% range for FY24 (albeit with the inclusion of asset sales).

Equal-weight rating. Target $9.20. Industry View: In-Line.

Target price is $9.20 Current Price is $8.24 Difference: $0.96
If LLC meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $10.19, suggesting upside of 22.4% (ex-dividends)

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.6

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

UBS rates LLC as Buy (1) -

The FY23 net profit of $257m from Lendlease Group was low quality, UBS asserts, underpinned by a gain on the bond buyback.

The company booked $422m in provisions in FY23 and the broker believes investors could be justified in asking when "unknown historical missteps" will stop dominating results.

Guidance for FY24 been reiterated but relies on a Communities sale, again disappointing UBS.

Buy rating retained as progress towards a more streamlined business presents upside risk. Target is reduced to $9.75 from $10.30.

Target price is $9.75 Current Price is $8.24 Difference: $1.51
If LLC meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $10.19, suggesting upside of 22.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.6

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

Bell Potter rates MDR as Initiation of coverage with Buy (1) -

Bell Potter initiates coverage on MedAdvisor with a Buy rating and $0.42 target. The broker assesses the acquisition of Adheris Health in November 2020 is transforming the company, establishing it in the US market.

The company has focused upon the direct-to-patient channel through various chronic disease and vaccination programs over the past two years.

Within Australia, it is the market leader in providing pharmacy solutions through the PlusOne software. The strategic acquisition of GuildLink has also facilitated 95% penetration across Australian pharmacies.

Target price is $0.42 Current Price is $0.23 Difference: $0.19
If MDR meets the Bell Potter target it will return approximately 83% (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 MQG as Overweight (1) -

Morgan Stanley notes EU gas prices spiked as high as 50% over the last week, but still remain substantially down from a record FY23.

The broker suggests such volatility should persist as renewable energy production is harder to predict, presenting material volatility tail risks.

Should US gas price dispersion remain elevated/accelerate, the analyst suggests there is upside risk to FY24 forecasts for Macquarie Group's commodities division.

Overweight. Target $209. Industry view: In-Line. 

Target price is $209.00 Current Price is $175.45 Difference: $33.55
If MQG meets the Morgan Stanley target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $189.72, suggesting upside of 7.9% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.6

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

Citi rates NAB as Neutral (3) -

At first glance, National Australia Bank's June-quarter earnings outpaced consensus forecasts by 4% but missed Citi's forecasts by -4%.

The broker considers it to be a low quality result, observing a -5 basis point easing in net interest margins, cost growth of 3% and no volume growth. Bad and doubtfuls were lower than forecast. 

The announcement of a $1.5bn buyback proved the big surprise to Citi given the board had announced a pause in May, and the broker is not sure what's changed.

Overall, Citi expects the result should be well received thanks to the buyback. For now, Neutral rating and $27.50 target price retained.

Target price is $27.50 Current Price is $28.33 Difference: minus $0.83 (current price is over target).
If NAB 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 $27.05, suggesting downside of -5.5% (ex-dividends)

The company's fiscal year ends in September.

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 PMT as Outperform (1) -

Macquarie revises its development scenario for Patriot Battery Metals' Corvette project, given the release of the maiden resource and funding agreement with Albemarle.

The broker believes the development of the project will be aligned with downstream capacity and the maiden resource of 109mt at 1.42% lithium confirms the world-class potential of the asset.

Production rate estimates are lifted to 800,000tpa and a further resource upgrade is expected over the next 12 months. After a short interval, Macquarie resumes with an Outperform rating and $2.20 target.

Target price is $2.20 Current Price is $1.35 Difference: $0.85
If PMT meets the Macquarie target it will return approximately 63% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY24:

Forecast for FY25:

This company reports in CAD. 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 REA as Upgrade to Neutral from Underperform (3) -

REA Group's FY23 EBITDA was in line with Macquarie's estimates. The broker finds sufficient drivers to underpin revenue growth such as depth penetration, geographic mix and the earlier-than-expected monetisation of Premiere Pro.

Macquarie has recently become more positive about the cycle and believes the risk is skewed to the upside, upgrading to Neutral from Underperform.

While the main risk is valuation, the broker highlights its preference over Domain Holdings ((DHG)) given the relative valuation spread between the two. Target is raised to $178 from $135.

Target price is $178.00 Current Price is $157.48 Difference: $20.52
If REA meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $148.65, suggesting downside of -6.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.2

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

Citi rates RGN as Buy (1) -

At first glance, Region Group's FY23 result broadly met consensus and Citi forecasts, but FY24 guidance disappointed by a decent clip.

The underlying tenant base was strong, but growth was offset by higher debt and negative leasing jaws, observes the broker. Cap rates and finances were in good shape.

Citi expects near term weakness for the company's stock but expects its defensive profile and strong tenant base will win the day in the long term.

For now, Buy rating and $2.80 target price are retained.

Target price is $2.80 Current Price is $2.34 Difference: $0.46
If RGN meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $2.55, suggesting upside of 13.4% (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

UBS rates RGN as Neutral (3) -

Upon initial assessment, Region Group's FY23 result missed consensus and UBS forecasts by about -4% due to increased debt costs.

FY24 guidance also missed forecasts, with the -8% fall in FFO guidance likely to surprise the market, says the broker, given the REIT's perceived defensive qualities.

UBS says that while rent metrics remain strong, debt costs and expense inflation are likely to hamper earnings going forwards.

For now, Neutral rating and $2.46 target price retained.

Target price is $2.46 Current Price is $2.34 Difference: $0.12
If RGN meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $2.55, suggesting upside of 13.4% (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

UBS rates RIO as Sell (5) -

UBS believes Rio Tinto could receive dividends from the ramp up at Oyu Tolgoi earlier than previously expected, i.e. from FY26. Moreover, given costs are likely to fall to less than US$1/lb by 2030, the company has compelling leverage to volume and price.

The Government of Mongolia dividends could also commence earlier under higher long-term copper prices as shareholder loans are repaid faster.

While now more comfortable following the site trip, the broker considers the company still vulnerable to weaker iron ore prices in the short term and retains a Sell rating with a $95 target.

Target price is $95.00 Current Price is $106.52 Difference: minus $11.52 (current price is over target).
If RIO meets the UBS target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $113.92, suggesting upside of 7.4% (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: 0.2

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

Bell Potter rates RTR as Downgrade to Speculative Hold from Speculative Buy (3) -

Rumble Resources has completed an institutional placement worth $8.1m and will undertake a share purchase plan targeting an additional $3m. Bell Potter does not believe this will be sufficient to support its investment thesis.

The broker had expected the business would be funded well enough to continue the large-scale exploration and development work required to unlock value at Earaheedy.

It now appears that the exploration programs will be constrained, at least in the short term. The broker downgrades to Speculative Hold from Speculative Buy and lowers the target to $0.14 from $0.45.

Target price is $0.14 Current Price is $0.14 Difference: $0
If RTR meets the Bell Potter 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: 0.0

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

Ord Minnett rates SEK as Lighten (4) -

Ord Minnett, in an initial reponse, observes Seek's FY23 revenue slightly missed forecasts by itself and market consensus, and the same observation can be made for EBITDA but not for net profits, adjusted, which slightly "beat".

Seek's dividend of 47c for FY23 proved substantially higher than the broker's forecast, albeit only growing by 6.8% from last year's payout.

Target $19. Lighten.

Target price is $19.00 Current Price is $25.76 Difference: minus $6.76 (current price is over target).
If SEK meets the Ord Minnett target it will return approximately minus 26% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $27.30, suggesting upside of 11.2% (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

Citi rates SGM as Sell (5) -

At a glance, Sims FY23 result broadly met forecasts, underlying earnings (EBIT) outpacing consensus forecasts by 4% and disappointing Citi's forecast by -2%.

Management observes weakening global steel demand and low scrap prices were affecting scrap inflows but observes strong US and Turkey infrastructure demand in the mid term. 

For now, Sell rating and $14.50 target price are retained.

Target price is $14.50 Current Price is $14.91 Difference: minus $0.41 (current price is over target).
If SGM 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 $14.14, suggesting downside of -10.8% (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 SMR as Add (1) -

First half underlying financials for Stanmore Resources were broadly in line with Morgans expectations, while the lack of a dividend didn’t surprise either, as management is still involved in the auction process for BHP Group ((BHP)) coal assets.

Operating cash flow was a -10% miss versus the broker's forecast due to rail constraints, which meant production exceeded sales. Second half production guidance was also a -3% miss but cost guidance was a beat.

The target rises to $4.40 from $4.35. Add.

Target price is $4.40 Current Price is $2.78 Difference: $1.62
If SMR meets the Morgans target it will return approximately 58% (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

Ord Minnett rates SMR as Buy (1) -

Stanmore Resources' June-half result largely met Ord Minnett's forecasts and FY23 guidance suggest higher than forecast capital expenditure in the December half due to timing updates (with production in line).

The broker appreciates the company's strong balance sheet. No dividend was declared or expected, but the broker expects a full-year dividend of 6c per share will be announced.

The company is the broker's favoured met coal pick. Buy recommendation retained. Target price falls -10% to $3.70 to reflect capex guidance.

Target price is $3.70 Current Price is $2.78 Difference: $0.92
If SMR meets the Ord Minnett target it will return approximately 33% (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

Bell Potter rates STX as Speculative Buy (1) -

Strike Energy has an agreement with Talon Energy whereby it will acquire all issued shares. Completion is targeted for December. The latter will look to de-merge its Mongolian assets prior to the scheme implementation.

The main benefit for Strike Energy is the full ownership of Walyering, scheduled to commence production and cash flow in the current quarter. Bell Potter will look to include the acquisition as the transaction is de-risked to completion.

Speculative Buy rating retained. Target is steady at $0.58.

Target price is $0.58 Current Price is $0.42 Difference: $0.16
If STX meets the Bell Potter target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $0.54, suggesting upside of 25.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Macquarie rates STX as Outperform (1) -

Strike Energy has an agreement to acquire the Perth Basin assets of Talon Energy in an all-scrip deal. The main asset is Walyering and the deal is broadly in line with Macquarie's valuation of the play.

The broker considers the consolidation of Walyering a logical step for the company, providing additional cash flow to support a funding plan for West & South Erregulla. Outperform rating and $0.59 target maintained.

Target price is $0.59 Current Price is $0.42 Difference: $0.17
If STX meets the Macquarie target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $0.54, suggesting upside of 25.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

UBS rates TPW as Neutral (3) -

Upon initial assessment, UBS suggests Temple & Webster's FY23 release from earlier today disappointed through management's lower EBITDA guidance for FY24/FY25.

The FY23 result was a "beat" on better margins. The trading update included looked "strong" too.

All in all, the broker remains of the view Temple & Webster is well positioned to manage near-term macro headwinds. Neutral. Target $4.60.

Target price is $4.60 Current Price is $6.88 Difference: minus $2.28 (current price is over target).
If TPW meets the UBS target it will return approximately minus 33% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.15, suggesting downside of -20.9% (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 TWE as Sell (5) -

At first glance, Treasury Wine Estates underlying result outpaced consensus by 4% and Citi by 6%, thanks to a beat on net interest and tax.

But statutory net profit after tax proved a -29% miss on consensus forecasts and -27% miss on Citi's reckoning due to higher than expected material items.

Looking ahead, volumes are expected to decline in the premium Americas market in FY25, a miss, due to higher costs of goods, and investment in 19 Crimes. Cash conversion fell well shy of the company's target due to the timing of Asia shipments in the June quarter.

Management's FY24 guidance was for growth but wasn't very specific, and Citi expects the magnitude of growth will be the deciding factor for markets given the result was generally in line.

For now, Sell rating and $10.25 target price retained.

Target price is $10.25 Current Price is $11.39 Difference: minus $1.14 (current price is over target).
If TWE meets the Citi target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.75, suggesting upside of 8.9% (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