Australian Broker Call

Macquarie rates AKE as Outperform (1) -

Allkem continues its Mt Cattlin drilling program, with first phase drilling aiming to convert 3.2m tonnes of 1.2% lithium oxide from resource to reserve while the second phase will test mineral resource extensions. 

Macquarie likes that drilling offers near-term potential upside to reserve, and believes the company has a number of projects that will offer medium-term production upside. Despite Allkem's share price rising 35% in 2022 the broker sees material upside to its base case at current spot prices.

The Outperform rating and target price of $21.00 are retained.

Target price is $21.00 Current Price is $14.04 Difference: $6.96
If AKE meets the Macquarie target it will return approximately 50% (excluding dividends, fees and charges).

Current consensus price target is $16.80, suggesting upside of 16.8% (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 AKE as Buy (1) -

In discussions with management of Canadian-based lithium miner Patriot Metals, UBS noted that sentiment towards lithium (previously marred by failed production attempts in Canada) has been steadily improving.

One factor in the improved outlook has been an increased focus on supply chain security, which provides additional motivation for North American projects, explains the analyst.

The broker remains structurally positive on the sector and notes Allkem has aspirations in the region via its James Bay project. The Buy rating and $18.70 target are unchanged.

Target price is $18.70 Current Price is $14.04 Difference: $4.66
If AKE meets the UBS target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $16.80, suggesting upside of 16.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

Credit Suisse rates AMP as No Rating (-1) -

Credit Suisse marks to market Australian Platform earnings for the September quarter and downgrades estimates accordingly.

EPS forecasts fall an average of -1% to -2% across the sector.

Overall, however, the broker remains positive on the sector, noting strong flows.

The broker says AMP proved more resilient than peers given improved loan growth in its bank.

Current Price is $1.17. Target price not assessed.

Current consensus price target is $1.05, suggesting downside of -10.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.3

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

Ord Minnett rates ARB as Buy (1) -

Federal Chamber of Automotive Industries data show new vehicle sales burst from the barrier in the September quarter, after retreating by -2.1% in FY22 thanks to a weak June half. Sales jumped 12.3% in September after rising 17.3% in August.

Ord Minnett says the big plus for ARB Corp was a 21.5% jump in SUV sales. Light Commercial Vehicle sales rose 11.1%.

The broker considers ARB Corp will continue to deliver reliable earnings growth and expects sales are likely to continue posting above-average growth.

Buy rating retained. Target price steady at $39,

Target price is $39.00 Current Price is $29.86 Difference: $9.14
If ARB meets the Ord Minnett target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $37.31, suggesting upside of 29.0% (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

Macquarie rates AUB as Outperform (1) -

AUB Group has completed its acquisition of Tysers two months earlier than Macquarie had anticipated. The earlier completion drives a 3% upgrade to the broker's earnings per share assumptions for FY23.

With 25% of Tysers' revenues in British pounds and 55% in US dollars, the broker expects hedging to manage exposure to volatile markets will reduce earnings impacts for AUB Group.  

Following a period of research restriction, Macquarie resumes with an Outperform rating and a target price of $24.07.

Target price is $24.07 Current Price is $19.69 Difference: $4.38
If AUB meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $24.79, suggesting upside of 22.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates BHP as Outperform (1) -

While describing BHP Group's near-tem production creep for its WA iron ore operations to 300m tonnes per annum as low hanging fruit, Macquarie notes achieving its greater target of 330m tonnes per annum would require material capital investment.

The company's port and rail debottlenecking project is underway, and should support the lower target, while study results for the higher target are expected in 2025.

The Outperform rating and target price of $45.00 are retained.

Target price is $45.00 Current Price is $40.50 Difference: $4.5
If BHP meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $41.52, suggesting upside of 1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.3

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

Ord Minnett rates BHP as Hold (3) -

Ord Minnett takeouts from the second and third days of BHP Group's iron ore operations tour included:

-production guidance appears conservative; capital expenditure to meet targets is likely to be expensive;
-staff turnover is low thanks to strong female participation (double the industry average) and a good culture;
-and shiploaders and berths are creating a bottleneck at the port but BHP has been granted another two berths.

BHP remains the broker's preferred sector pick.

The Hold rating and target price of $41.00 are retained but the broker is reviewing forecasts.

Target price is $41.00 Current Price is $40.50 Difference: $0.5
If BHP meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $41.52, suggesting upside of 1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.3

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

Morgan Stanley rates CSL as Overweight (1) -

Morgan Stanley notes the main debate on CSL centres around plasma market dynamics, where general consensus is for a positive trajectory. 

On another debate, the broker awaits a clearer rationale behind the Vifor acquisition at the company's investor day on October 17. 

Vifor is (mostly) a chronic kidney disease (CKD) company, however the analyst expects sales of owned Korsuva ex US could potentially exceed the broker's current forecasts. 

Korsuva is the only on-label treatment for Pruritus (itchy skin caused by dryness) and should the treatment capture just 5% of the ex-US market in 2025, EPS for CSL could lift by around 4%.

The Overweight rating and $323 target are retained. Industry View: In-line.

Target price is $323.00 Current Price is $290.50 Difference: $32.5
If CSL meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $324.80, suggesting upside of 11.9% (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: 0.8

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

Macquarie rates CXO as Outperform (1) -

Assay results from Core Lithium's final three holes at its BP33 resource have highlighted material spodumene interceptions. Macquarie suggests recent exploration success offers upside to the resource base and mine life. 

A recent $100m placement will largely be used to accelerate Core Lithium's exploration program in the coming year, as well as early works at BP33.

The Outperform rating and target price of $1.70 are retained.

Target price is $1.70 Current Price is $1.15 Difference: $0.55
If CXO meets the Macquarie target it will return approximately 48% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

UBS rates DHG as Buy (1) -

Recent data show a slow start to spring selling for real estate, and given the pace of listing volume declines over the last month, UBS  lowers its FY23 listing volume forecast for Domain Holdings Australia.

The market is pricing-in greater declines, but UBS sees a more moderate house price decline scenario of -13-15%, with support from the resumption of migration and low supply. Tight rental markets and strong employment are expected to lend additional support.

The Buy rating is unchanged, while the target falls to $4.00 from $4.50.

Target price is $4.00 Current Price is $3.57 Difference: $0.43
If DHG meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $4.04, suggesting upside of 16.8% (ex-dividends)

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 GUD as Buy (1) -

Federal Chamber of Automotive Industries data show new vehicle sales burst from the barrier in the September quarter, after retreating by -2.1% in FY22 thanks to a weak June half. Sales jumped 12.3% in September after rising 17.3% in August.

Ord Minnett explains that while G.U.D. Holdings' sales are typically skewed to used vehicles, the purchase of APG in the June half has changed that channel mix.

The broker says that hence when G.U.D. Holdings downgraded FY23 guidance it reflected on weakness in new vehicle sales but now the September reversal is a positive sign, particular given average monthly growth in Ford Ranger sales (an important model for the company), grew 24% on the June half. 

FX headwinds remain as US dollar hedges roll off in the second half, says the broker, particularly if spot prices remain high.

But 66% of gross debt balances are fixed or hedged against floating rates, says Ord Minnett, and if, as new vehicle sales suggest, higher than forecast APG income reduces debt, a re-rating could be on the cards.

Buy rating retained. Target price steady at $12.

Target price is $12.00 Current Price is $8.20 Difference: $3.8
If GUD meets the Ord Minnett target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $11.52, suggesting upside of 40.0% (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

Credit Suisse rates HUB as Outperform (1) -

Credit Suisse marks to market Australian Platform earnings for the September quarter and downgrades estimates accordingly.

EPS forecasts fall an average of -1% to -2% across the sector.

Overall, however, the broker remains positive on the sector, noting strong flows.

EPS forecasts for Hub24 fall -2% in FY23; are steady in FY24; and fall -1% in FY25.

The broker expects Hub24 will continue to build market share given its advisor-build, and spies cross-selling opportunities in the SMSF market. 

Capital expenditure remains a sore point and the broker expects this could weigh on near-term performance.

Outperform rating retained. Target price steady at $33.

Target price is $33.00 Current Price is $23.50 Difference: $9.5
If HUB meets the Credit Suisse target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $29.76, suggesting upside of 28.2% (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

Credit Suisse rates IFL as Outperform (1) -

Credit Suisse marks to market Australian Platform earnings for the September quarter and downgrades estimates accordingly.

EPS forecasts fall an average of -1% to -2% across the sector.

Overall, however, the broker remains positive on the sector, noting strong flows.

EPS forecasts for Insignia Financial fall -2% in FY23; -3% in FY24; and -2%. in FY25.

The broker appreciates the company's strong financial performance, albeit FY23 guidance was disappointing but believes there is room for an independent financial service in the sector and that the business is undergoing a transformation program.

Outperform rating and $4.30 target price retained.

Target price is $4.30 Current Price is $3.09 Difference: $1.21
If IFL meets the Credit Suisse target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $4.10, suggesting upside of 33.6% (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

Credit Suisse rates JHG as Downgrade to Underperform from Neutral (5) -

Credit Suisse marks to market asset managers for the September quarter and downgrades earnings estimates accordingly.

EPS forecast fall an average of -5% to -6% across the sector over FY23 to FY25.

The analyst considers the sector's -30% trading discount to the market to be justified given negative flows and market uncertainty.

The broker also downgrades Janus Henderson to Underperform from Neutral and cuts the target price to $29 from $31.50.

EPS forecasts fall -3% in FY23; -8% in FY24; and -9% in FY25.

Credit Suisse's earnings forecasts sit -20% below consensus forecasts for FY23 and FY24, believing the asset manager faces a strong strategic investment bill going forward, not to mention margin compression as markets continue to weaken on top of a likely continuation of outflows.

Target price is $29.00 Current Price is $33.31 Difference: minus $4.31 (current price is over target).
If JHG meets the Credit Suisse target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $31.57, suggesting downside of -5.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: -0.7

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

Ord Minnett rates LNK as Accumulate (2) -

Dye and Durham  has re-entered the bidding arena for Link Administration, bidding $1.27bn for just the corporate markets, banking and credit management businesses.

The proposal is non-binding and indicative.

Ord Minnett considers the bid to be a full bid given the independent expert's valuation of the business was at $765m to $900m and it is also higher than the broker's estimates. It is well above the implied value of Link's share price.

If accepted, the broker says the sale would remove the risk of a capital raising, and Link's management expects losses in Link fund solutions relating to Woodford, should be limited by the ability of that entity to make restitution.

The sales of Corporate markets would also limit contagion from the UK Financial Conduct Authority, says the broker.

Accumulate rating and $4.20 target price retained.

Target price is $4.20 Current Price is $3.11 Difference: $1.09
If LNK meets the Ord Minnett target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $4.03, suggesting upside of 23.3% (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 MFG as Neutral (3) -

Credit Suisse marks to market asset managers for the September quarter and downgrades earnings estimates accordingly.

EPS forecast fall an average of -5% to -6% across the sector over FY23 to FY25.

The analyst considers the sector's -30% trading discount to the market to be justified given negative flows and market uncertainty.

Credit Suisse considers Magellan's fund performance in the September quarter to be underwhelming and expects further outflows (albeit they appear to be factored in to consensus estimates).

The broker sees little room to cut costs in the current environment and that little of the value tied up in financial assets is being returned to shareholders through the buyback.

Earnings forecasts fall -8% in FY23; -9% in FY24; and -9% in FY25. Neutral rating retained. Target price falls to $11.40 from $12.50.

Target price is $11.40 Current Price is $11.74 Difference: minus $0.34 (current price is over target).
If MFG meets the Credit Suisse target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.57, suggesting upside of 7.4% (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 MVF as Outperform (1) -

Macquarie expects shifting trends to benefit IVF providers like Monash IVF, with data suggesting the median age of women giving birth has increased to 31.6 years from 29.7 years in 2000, driving higher utilisation of IVF treatment. 

The broker finds Monash IVF well placed to improve market share in the medium term, while increases in genetic testing should improve success rates. 

The Outperform rating and target price of $1.30 are retained.

Target price is $1.30 Current Price is $0.93 Difference: $0.37
If MVF meets the Macquarie target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $1.23, suggesting upside of 28.1% (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

Credit Suisse rates NWL as Outperform (1) -

Credit Suisse marks to market Australian Platform earnings for the September quarter and downgrades estimates accordingly.

EPS forecasts fall an average of -1% to -2% across the sector.

Overall, however, the broker remains positive on the sector, noting strong flows.

EPS forecasts for Netwealth Group fall -1% in FY23; FY24; and FY25.

The broker notes the platform has been gaining market share and enjoying inflows in the past five years and is optimistic the its "best-in-class" product will continue to boost market penetration, despite a recent industry-wide slowing in flows.

Outperform rating and $15.50 target price retained.

Target price is $15.50 Current Price is $13.04 Difference: $2.46
If NWL meets the Credit Suisse target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $15.12, suggesting upside of 15.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

UBS rates NWS as Buy (1) -

UBS has lowered its listing volume assumptions (and valuation) for REA Group, which comprises 71% of News Corp's market value.

However, currency movements movements and time value offset the reduction to the brokers REA Group valuation and the target price for News Corp remains at $36.50. Buy.

Target price is $36.50 Current Price is $25.51 Difference: $10.99
If NWS meets the UBS target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $33.87, suggesting upside of 34.2% (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: 0.8

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

Macquarie rates PAN as Neutral (3) -

Preliminary results from Panoramic Resources' first quarter have come in within 5% of Macquarie's assumptions, with ore production 1% higher than expected and nickel production -4% lower. 

The broker liked that ramp up at the Savannah project is in line, and that the company retained full year guidance.

The Neutral rating and target price of $0.18 are retained.

Target price is $0.18 Current Price is $0.19 Difference: minus $0.01 (current price is over target).
If PAN meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Credit Suisse rates PDL as Neutral (3) -

Credit Suisse marks to market asset managers for the September quarter and downgrades earnings estimates accordingly.

EPS forecast fall an average of -5% to -6% across the sector over FY23 to FY25.

The analyst considers the sector's -30% trading discount to the market to be justified given negative flows and market uncertainty.

Credit Suisse believe the Perpetual merger favours Pendal shareholders, which the broker says raises the risk of non-completion, particularly given the sell-off of Perpetual shares post the merger announcement, but expects it is more likely to go ahead than not.

Meanwhile, shareholders have applied to the Takeovers Panel to request the right to vote on the unsolicited deal.

Neutral rating retained. Target price falls to $4.55 from $5.40.

Target price is $4.55 Current Price is $4.72 Difference: minus $0.17 (current price is over target).
If PDL meets the Credit Suisse target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.69, suggesting downside of -1.5% (ex-dividends)

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Credit Suisse rates PPT as Outperform (1) -

Credit Suisse marks to market asset managers for the September quarter and downgrades earnings estimates accordingly.

EPS forecast fall an average of -5% to -6% across the sector over FY23 to FY25.

The analyst considers the sector's -30% trading discount to the market to be justified given negative flows and market uncertainty.

Perpetual is the broker's top pick and only Outperform. Target price falls to $30.50 from $31.

Credit Suisse appreciates the company's overweight position in value and expects this should continue to attract funds for now.

The broker also likes the fully loaded cost base; under-earning private wealth business which should benefit from rising rates; and Corporate Trust; but is not so keen on the merger with Pendal Group, particularly the debt funding, although it does appreciate its strategic merits, Perpetual predicting synergies of roughly $60m.

Credit Suisse estimates the merger is -10% accretive and dilutive to Perpetual shareholders and favours Pendal shareholders, which the broker says raises the risk of non-completion, particularly given the sell-off of Perpetual shares post the merger announcement.

Meanwhile, shareholders have applied to the Takeovers Panel to request the right to vote on the unsolicited deal.

Target price is $30.50 Current Price is $24.80 Difference: $5.7
If PPT meets the Credit Suisse target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $31.50, suggesting upside of 28.7% (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

Credit Suisse rates PTM as Neutral (3) -

Credit Suisse marks to market asset managers for the September quarter and downgrades earnings estimates accordingly.

EPS forecasts fall an average of -5% to -6% across the sector over FY23 to FY25.

The analyst considers the sector's -30% trading discount to the market to be justified given negative flows and market uncertainty.

The broker expects Platinum Asset Management's flows to remain negative given a soft performance in the international fund (despite registering its first positive flows in 43 months) and estimates the manager is carrying $250m excess assets (30% of market cap), which are unlikely to be returned to shareholders in the short-term.

Neutral rating retained. Target price falls to $1.70 from $1.80.

Target price is $1.70 Current Price is $1.76 Difference: minus $0.06 (current price is over target).
If PTM meets the Credit Suisse target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.73, suggesting downside of -2.0% (ex-dividends)

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 REA as Neutral (3) -

Recent data show a slow start to spring selling for real estate, and given the pace of listing volume declines over the last month, UBS  lowers its FY23 listing volume forecast for REA Group.

The market is pricing-in greater declines, but UBS sees a more moderate house price decline scenario of -13-15%, with support from the resumption of migration and low supply. Tight rental markets and strong employment are expected to lend additional support.

The Neutral rating is unchanged, while the target falls to $135.10 from $142.60.

Target price is $135.10 Current Price is $129.60 Difference: $5.5
If REA meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $131.48, suggesting upside of 4.2% (ex-dividends)

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 SDF as Buy (1) -

After a period of compliance restriction, UBS refreshes its research on Steadfast Group for the Insurance Brands Australia acquisition, associated equity raise and FY22 results.

The FY22 result demonstrated that organic growth picked up in the 2H, and the broker expects a long-term organic and M&A growth runway, which is not yet factored into market expectations.

The target price falls to $6.70 from $7.00, while the Buy rating is unchanged.

Target price is $6.70 Current Price is $4.77 Difference: $1.93
If SDF meets the UBS target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $6.04, suggesting upside of 24.3% (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

Citi rates SKO as Buy (1) -

Citi anticipates Serko's Booking.com for Business partnership revenue could be tracking below forecasts for the first half given traffic to the platform. While average visits to the site are up 14% on March, the broker had expected visits to be 30% above March. 

The broker does expect booking volumes to be higher than site visits given a focus on traffic conversion over new customers. 

The Buy rating and target price of $5.10 are retained.

Target price is $5.10 Current Price is $2.91 Difference: $2.19
If SKO meets the Citi target it will return approximately 75% (excluding dividends, fees and charges).

Current consensus price target is $5.57, suggesting upside of 91.2% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 1.0

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