Australian Broker Call
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April 13, 2023
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COMPANIES DISCUSSED IN THIS ISSUE
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The number next to the symbol represents the number of brokers covering it for this report -(if more than 1).
Last Updated: 05:00 PM
Your daily news report on the latest recommendation, valuation, forecast and opinion changes.
This report includes concise but limited reviews of research recently published by Stockbrokers, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end.
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Today's Upgrades and Downgrades
AVH - | Avita Medical | Downgrade to Hold from Accumulate | Ord Minnett |
BEN - | Bendigo & Adelaide Bank | Upgrade to Buy from Neutral | Citi |
RIO - | Rio Tinto | Downgrade to Lighten from Hold | Ord Minnett |
SKT - | SKY Network Television | Downgrade to Hold from Accumulate | Ord Minnett |
WBC - | Westpac | Upgrade to Neutral from Underperform | Macquarie |
WHC - | Whitehaven Coal | Downgrade to Hold from Buy | Bell Potter |
Overnight Price: $1.30
Macquarie rates 29M as Neutral (3) -
Drilling results from Capricorn reveal a new mineralised trend to the east of Mammoth. 29Metals plans more campaigns to expand the scope of drilling in the area.
Capricorn remains suspended because of recent flooding, yet Macquarie is encouraged by the latest results and the potential for mine life extensions. Neutral rating and $1.20 target maintained.
Target price is $1.20 Current Price is $1.30 Difference: minus $0.095 (current price is over target).
If 29M 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 $1.49, suggesting upside of 18.1% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 31.35 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -7.1, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY24:
Macquarie forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 6.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -2.1, implying annual growth of N/A. Current consensus DPS estimate is 2.7, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is N/A. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $37.81
Citi rates ALL as Buy (1) -
In-house data gathering by Citi to assess the health of Pixel United's revenues suggests digital industry bookings were weak in March, though Aristocrat Leisure's titles mostly outperformed.
The broker notes RAID bookings declined by -17% year-on-year in the March quarter, accelerating the pace of decline from previous months. RAID, however, continued to outperform the broader role-playing game (RPG) genre which declined by -31%.
The analyst suggests Social Casino portfolio is well placed to continue its steady growth and outperform the market.
The Buy rating and $42.80 target are retained.
Target price is $42.80 Current Price is $37.81 Difference: $4.99
If ALL meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $42.73, suggesting upside of 15.3% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY23:
Citi forecasts a full year FY23 dividend of 68.00 cents and EPS of 205.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 186.9, implying annual growth of 30.8%. Current consensus DPS estimate is 65.0, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 19.8. |
Forecast for FY24:
Citi forecasts a full year FY24 dividend of 70.00 cents and EPS of 210.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 198.8, implying annual growth of 6.4%. Current consensus DPS estimate is 70.0, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 18.6. |
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $23.61
Citi rates ANZ as Buy (1) -
Citi maintains its positive outlook for the Banking sector, with the resilience of net interest margins (NIMs) and asset quality in the remainder of 2023 likely to deliver a positive surprise. Lower bond yields and a lower peak cash rate are forecast.
While peak bank NIMs have arrived, a dramatic fall away is unlikely as the broker forecasts a longer hiatus at the RBA cash rate of 3.6%, before rates are cut in 2024.
On average, Citi lowers its FY23-25 earnings forecasts for the Banking sector by -5-10%.
For ANZ Bank, the target falls to $27.25 from $29.25 and the Buy rating is unchanged.
Target price is $27.25 Current Price is $23.61 Difference: $3.64
If ANZ meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $26.89, suggesting upside of 13.4% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY23:
Citi forecasts a full year FY23 dividend of 166.00 cents and EPS of 238.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 239.8, implying annual growth of -4.1%. Current consensus DPS estimate is 157.0, implying a prospective dividend yield of 6.6%. Current consensus EPS estimate suggests the PER is 9.9. |
Forecast for FY24:
Citi forecasts a full year FY24 dividend of 168.00 cents and EPS of 244.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 241.1, implying annual growth of 0.5%. Current consensus DPS estimate is 163.2, implying a prospective dividend yield of 6.9%. Current consensus EPS estimate suggests the PER is 9.8. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates ANZ as Outperform (1) -
ANZ Bank's performance should be underpinned by improving margins and market income, Macquarie suggests. Despite mortgage margin pressures, the broker expects margins will be supported by slower deposit re-pricing and a more favourable lending book mix.
The broker acknowledges the difficulty in assessing how its forecasts compare with consensus beyond FY23, given different treatments of the potential Suncorp Group ((SUN)) bank acquisition.Outperform maintained. Target is steady at $26.
Target price is $26.00 Current Price is $23.61 Difference: $2.39
If ANZ meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $26.89, suggesting upside of 13.4% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 154.00 cents and EPS of 229.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 239.8, implying annual growth of -4.1%. Current consensus DPS estimate is 157.0, implying a prospective dividend yield of 6.6%. Current consensus EPS estimate suggests the PER is 9.9. |
Forecast for FY24:
Macquarie forecasts a full year FY24 dividend of 160.00 cents and EPS of 222.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 241.1, implying annual growth of 0.5%. Current consensus DPS estimate is 163.2, implying a prospective dividend yield of 6.9%. Current consensus EPS estimate suggests the PER is 9.8. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
AVH AVITA MEDICAL INC
Pharmaceuticals & Biotech/Lifesciences
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Overnight Price: $4.75
Ord Minnett rates AVH as Downgrade to Hold from Accumulate (3) -
As the share price has moved through the trigger level, Ord Minnett downgrades to Hold from Accumulate. Target is $5.60.
The broker expects Avita Medical will be free cash flow positive by FY26.
Target price is $5.60 Current Price is $4.75 Difference: $0.85
If AVH meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $5.22, suggesting upside of 10.1% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY23:
Ord Minnett forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 29.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -84.1, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY24:
Ord Minnett forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 15.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -30.3, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $8.76
Citi rates BEN as Upgrade to Buy from Neutral (1) -
Citi maintains its positive outlook for the Banking sector, with the resilience of net interest margins (NIMs) and asset quality in the remainder of 2023 likely to deliver a positive surprise. Lower bond yields and a lower peak cash rate are forecast.
While peak bank NIMs have arrived, a dramatic fall away is unlikely as the broker forecasts a longer hiatus at the RBA cash rate of 3.6%, before rates are cut in 2024.
On average, Citi lowers its FY23-25 earnings forecasts for the Banking sector by -5-10%.
For Bendigo & Adelaide Bank, the broker lowers its target to $9.75 from $10.40 and upgrades its rating to Buy from Neutral on valuation and the relative strength of its deposit franchise.
Target price is $9.75 Current Price is $8.76 Difference: $0.99
If BEN meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $9.69, suggesting upside of 10.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Citi forecasts a full year FY23 dividend of 60.00 cents and EPS of 92.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 97.2, implying annual growth of 11.0%. Current consensus DPS estimate is 60.4, implying a prospective dividend yield of 6.9%. Current consensus EPS estimate suggests the PER is 9.0. |
Forecast for FY24:
Citi forecasts a full year FY24 dividend of 62.00 cents and EPS of 85.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 87.9, implying annual growth of -9.6%. Current consensus DPS estimate is 60.8, implying a prospective dividend yield of 6.9%. Current consensus EPS estimate suggests the PER is 10.0. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $6.50
Citi rates BOQ as Neutral (3) -
Citi maintains its positive outlook for the Banking sector, with the resilience of net interest margins (NIMs) and asset quality in the remainder of 2023 likely to deliver a positive surprise. Lower bond yields and a lower peak cash rate are forecast.
While peak bank NIMs have arrived, a dramatic fall away is unlikely as the broker forecasts a longer hiatus at the RBA cash rate of 3.6%, before rates are cut in 2024.
On average, Citi lowers its FY23-25 earnings forecasts for the Banking sector by -5-10%.
For Bank of Queensland, the target falls to $6.50 from $7.30 and the Neutral rating is unchanged. The broker is wary of the company missing expectations on NIM at its result due on April 20.
Target price is $6.50 Current Price is $6.50 Difference: $0
If BOQ meets the Citi target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $6.96, suggesting upside of 7.2% (ex-dividends)
The company's fiscal year ends in August.
Forecast for FY23:
Citi forecasts a full year FY23 dividend of 52.00 cents and EPS of 78.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 76.0, implying annual growth of 14.7%. Current consensus DPS estimate is 49.0, implying a prospective dividend yield of 7.6%. Current consensus EPS estimate suggests the PER is 8.5. |
Forecast for FY24:
Citi forecasts a full year FY24 dividend of 52.00 cents and EPS of 68.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 69.9, implying annual growth of -8.0%. Current consensus DPS estimate is 48.6, implying a prospective dividend yield of 7.5%. Current consensus EPS estimate suggests the PER is 9.3. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates BOQ as Underperform (5) -
On a medium-term view Macquarie continues to envisage risks from margin headwinds and potential for credit quality concerns to emerge in the banking sector. Banks are expected to guide to lower margins in the second half.
The broker expects Bank of Queensland's deposit margin benefits will peak in the first half results and the impact from mortgage competition will continue to weigh on margins.
The broker considers the medium-term outlook challenged and expects further downward revisions will impact consensus numbers in FY24-25. Underperform rating maintained. Target is reduced to $6.50 from $6.75.
Target price is $6.50 Current Price is $6.50 Difference: $0
If BOQ meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $6.96, suggesting upside of 7.2% (ex-dividends)
The company's fiscal year ends in August.
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 48.00 cents and EPS of 71.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 76.0, implying annual growth of 14.7%. Current consensus DPS estimate is 49.0, implying a prospective dividend yield of 7.6%. Current consensus EPS estimate suggests the PER is 8.5. |
Forecast for FY24:
Macquarie forecasts a full year FY24 dividend of 48.00 cents and EPS of 65.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 69.9, implying annual growth of -8.0%. Current consensus DPS estimate is 48.6, implying a prospective dividend yield of 7.5%. Current consensus EPS estimate suggests the PER is 9.3. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $99.23
Citi rates CBA as Sell (5) -
Citi maintains its positive outlook for the Banking sector, with the resilience of net interest margins (NIMs) and asset quality in the remainder of 2023 likely to deliver a positive surprise. Lower bond yields and a lower peak cash rate are forecast.
While peak bank NIMs have arrived, a dramatic fall away is unlikely as the broker forecasts a longer hiatus at the RBA cash rate of 3.6%, before rates are cut in 2024.
On average, Citi lowers its FY23-25 earnings forecasts for the Banking sector by -5-10%.
For CommBank, the target falls to $80 from $83 and the Sell rating is unchanged.
Target price is $80.00 Current Price is $99.23 Difference: minus $19.23 (current price is over target).
If CBA meets the Citi target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $89.69, suggesting downside of -8.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Citi forecasts a full year FY23 dividend of 440.00 cents and EPS of 615.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 609.0, implying annual growth of -2.6%. Current consensus DPS estimate is 428.3, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 16.1. |
Forecast for FY24:
Citi forecasts a full year FY24 dividend of 470.00 cents and EPS of 614.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 598.0, implying annual growth of -1.8%. Current consensus DPS estimate is 452.2, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 16.4. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates CBA as Underperform (5) -
On a medium-term view Macquarie continues to envisage risks from margin headwinds and potential for credit quality concerns to emerge in the banking sector. Banks are expected to guide to lower margins in the second half.
The broker's forecasts for CommBank are ahead of consennsus for FY23 but -5% below in FY24-25, predominantly because of more conservative margin assumptions. Underperform maintained. Target is reduced to $90 from $94.
Target price is $90.00 Current Price is $99.23 Difference: minus $9.23 (current price is over target).
If CBA meets the Macquarie target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $89.69, suggesting downside of -8.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 430.00 cents and EPS of 595.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 609.0, implying annual growth of -2.6%. Current consensus DPS estimate is 428.3, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 16.1. |
Forecast for FY24:
Macquarie forecasts a full year FY24 dividend of 435.00 cents and EPS of 563.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 598.0, implying annual growth of -1.8%. Current consensus DPS estimate is 452.2, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 16.4. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $7.33
Citi rates CIA as Buy (1) -
Prior to 4Q results due on April 27, Citi adjusts its forecasts for Champion Iron. While the Buy rating is retained, the target is decreased to $8.10 from $8.40 due to higher unit cost estimates.
The broker's unit cost forecasts increase 3% and 4% in FY23 and FY24, and then by 12% and 10% in FY25 and FY26 as inflationary effects are expected to stabilise costs at a higher level, post the Phase II ramp up at Bloom Lake.
Target price is $8.10 Current Price is $7.33 Difference: $0.77
If CIA meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).
The company's fiscal year ends in March.
Forecast for FY23:
Citi forecasts a full year FY23 dividend of 35.41 cents and EPS of 49.46 cents. |
Forecast for FY24:
Citi forecasts a full year FY24 dividend of 64.17 cents and EPS of 95.26 cents. |
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
IVC INVOCARE LIMITED
Consumer Products & Services
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Overnight Price: $11.96
Macquarie rates IVC as Neutral (3) -
The board of InvoCare has concluded that the bid at $12.65 a share from TPG Global does not provide compelling value and as a result full due diiligence will not be provided.
TPG Global holds a 20% interest in the company. Meanwhile, recent media reports suggest a sales process is being run for Nirvana Asia with an approximate valuation of $2bn, and thus likely too big for InvoCare which apparently had shown interest.
Macquarie is sceptical that InvoCare would be interested but believes it would make more strategic sense for TPG Global to acquire both businesses.
The broker considers there is potential for a higher bid from TPG Global and increases the target to $12.65, in line with the offer price. Neutral maintained.
Target price is $12.65 Current Price is $11.96 Difference: $0.69
If IVC meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $12.40, suggesting upside of 2.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 25.40 cents and EPS of 36.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.9, implying annual growth of N/A. Current consensus DPS estimate is 24.5, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 33.6. |
Forecast for FY24:
Macquarie forecasts a full year FY24 dividend of 27.20 cents and EPS of 38.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.0, implying annual growth of 8.6%. Current consensus DPS estimate is 26.4, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 31.0. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
JDO JUDO CAPITAL HOLDINGS LIMITED
Business & Consumer Credit
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Overnight Price: $1.24
Citi rates JDO as Buy (1) -
Citi maintains its positive outlook for the Banking sector, with the resilience of net interest margins (NIMs) and asset quality in the remainder of 2023 likely to deliver a positive surprise. Lower bond yields and a lower peak cash rate are forecast.
While peak bank NIMs have arrived, a dramatic fall away is unlikely as the broker forecasts a longer hiatus at the RBA cash rate of 3.6%, before rates are cut in 2024.
On average, Citi lowers its FY23-25 earnings forecasts for the Banking sector by -5-10%.
For Judo Capital, the target falls to $1.65 from $2.00 and the Buy rating is unchanged.
Target price is $1.65 Current Price is $1.24 Difference: $0.415
If JDO meets the Citi target it will return approximately 34% (excluding dividends, fees and charges).
Current consensus price target is $1.72, suggesting upside of 38.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Citi forecasts a full year FY23 dividend of 0.00 cents and EPS of 5.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.1, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 20.3. |
Forecast for FY24:
Citi forecasts a full year FY24 dividend of 0.00 cents and EPS of 8.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.1, implying annual growth of 32.8%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 15.3. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Bell Potter rates LGI as Initiation of coverage with Hold (3) -
Bell Potter is positive about the long-term prospects of LGI, a leader in the recovery of biogas from landfill.
The company is addressing the environmental issues associated with waste disposal sites and currently has 26 projects across Queensland, New South Wales and ACT including seven generating renewable power.
The broker initiates coverage with a Hold rating and $2.56 target, believing the stock is close to being fairly valued, having performed strongly since listing.
Target price is $2.56 Current Price is $2.50 Difference: $0.06
If LGI meets the Bell Potter target it will return approximately 2% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY23:
Bell Potter forecasts a full year FY23 dividend of 0.80 cents and EPS of 6.30 cents. |
Forecast for FY24:
Bell Potter forecasts a full year FY24 dividend of 0.60 cents and EPS of 10.00 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $77.41
Bell Potter rates MIN as Buy (1) -
Bell Potter updates commodity price forecasts, becoming more conservative regarding lithium. Forecasts for Wodgina are also updated to reflect the revised plant spodumene concentrate grade of 5.5% lithium oxide and improved lithium unit recovery.
A reduction to the lithium price forecasts means the target is lowered to $100 from $110. Over the next two years the broker expects significant earnings growth, as Mineral Resources transforms its business and production volumes grow.
Target price is $100.00 Current Price is $77.41 Difference: $22.59
If MIN meets the Bell Potter target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $99.27, suggesting upside of 27.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Bell Potter forecasts a full year FY23 dividend of 183.80 cents and EPS of 452.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 693.2, implying annual growth of 275.0%. Current consensus DPS estimate is 359.2, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 11.3. |
Forecast for FY24:
Bell Potter forecasts a full year FY24 dividend of 395.90 cents and EPS of 1046.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 1319.0, implying annual growth of 90.3%. Current consensus DPS estimate is 628.6, implying a prospective dividend yield of 8.1%. Current consensus EPS estimate suggests the PER is 5.9. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates MIN as Outperform (1) -
Mineral Resources has announced the Lockyer-2 well has intersected only low levels of gas in the target. The absence of gas is disappointing, Macquarie asserts, and the outcome of the North Erregulla Deep-1 well will be critical to defining the potential of the field.
Meanwhile, Mineral Resources has extended its takeover offer for Norwest Energy ((NWE)), which has a 20% interest in the exploration permit that covers Lockyer, until April 20. Outperform rating and $125 target maintained.
Target price is $125.00 Current Price is $77.41 Difference: $47.59
If MIN meets the Macquarie target it will return approximately 61% (excluding dividends, fees and charges).
Current consensus price target is $99.27, suggesting upside of 27.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 372.00 cents and EPS of 707.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 693.2, implying annual growth of 275.0%. Current consensus DPS estimate is 359.2, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 11.3. |
Forecast for FY24:
Macquarie forecasts a full year FY24 dividend of 943.00 cents and EPS of 1750.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 1319.0, implying annual growth of 90.3%. Current consensus DPS estimate is 628.6, implying a prospective dividend yield of 8.1%. Current consensus EPS estimate suggests the PER is 5.9. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates MIN as Equal-weight (3) -
Morgan Stanley is disappointed with the update on drilling operations at the Lockyer-2 gas well, which encountered only low levels of background gas and water.
Analysis suggests the target is water saturated and the aquifer at much higher pressure than previously anticipated. As a result the well has been suspended.
Equal-weight retained. Target is $81.90. Industry view: Attractive.
Target price is $81.90 Current Price is $77.41 Difference: $4.49
If MIN meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $99.27, suggesting upside of 27.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Morgan Stanley forecasts a full year FY23 dividend of 325.20 cents and EPS of 650.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 693.2, implying annual growth of 275.0%. Current consensus DPS estimate is 359.2, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 11.3. |
Forecast for FY24:
Morgan Stanley forecasts a full year FY24 dividend of 217.40 cents and EPS of 435.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 1319.0, implying annual growth of 90.3%. Current consensus DPS estimate is 628.6, implying a prospective dividend yield of 8.1%. Current consensus EPS estimate suggests the PER is 5.9. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $28.11
Citi rates NAB as Neutral (3) -
Citi maintains its positive outlook for the Banking sector, with the resilience of net interest margins (NIMs) and asset quality in the remainder of 2023 likely to deliver a positive surprise. Lower bond yields and a lower peak cash rate are forecast.
While peak bank NIMs have arrived, a dramatic fall away is unlikely as the broker forecasts a longer hiatus at the RBA cash rate of 3.6%, before rates are cut in 2024.
On average, Citi lowers its FY23-25 earnings forecasts for the Banking sector by -5-10%.
For National Australia Bank, the target falls to $29.50 from $32.75 and the Neutral rating is unchanged.
Target price is $29.50 Current Price is $28.11 Difference: $1.39
If NAB meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $29.19, suggesting upside of 3.8% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY23:
Citi forecasts a full year FY23 dividend of 185.00 cents and EPS of 261.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 246.9, implying annual growth of 15.3%. Current consensus DPS estimate is 172.0, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 11.4. |
Forecast for FY24:
Citi forecasts a full year FY24 dividend of 200.00 cents and EPS of 272.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 240.6, implying annual growth of -2.6%. Current consensus DPS estimate is 175.3, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 11.7. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates NAB as Neutral (3) -
On a medium-term view Macquarie continues to envisage risks from margin headwinds and potential for credit quality concerns to emerge in the banking sector. Banks are expected to guide to lower margins in the second half.
National Australia Bank Bank should be supported by its overweight exposure to business banking which remains resilient in the current environment. Its elevated funding requirements nevertheless leave it more exposed to higher funding costs and deposit competition, the broker highlights.
Macquarie retains a Neutral rating and reduces the target to $30 from $31.
Target price is $30.00 Current Price is $28.11 Difference: $1.89
If NAB meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $29.19, suggesting upside of 3.8% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 161.00 cents and EPS of 238.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 246.9, implying annual growth of 15.3%. Current consensus DPS estimate is 172.0, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 11.4. |
Forecast for FY24:
Macquarie forecasts a full year FY24 dividend of 165.00 cents and EPS of 222.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 240.6, implying annual growth of -2.6%. Current consensus DPS estimate is 175.3, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 11.7. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $12.02
Morgans rates NXT as Add (1) -
In a strong start to 2023, NextDC now has 120MW of contracted capacity, which already outpaces Morgans' last forecast for 101MW by June 30 this year.
This has been achieved following the largest contract win in the company’s history (around 36MW), which brings the new S3 site up to being 46% contracted from zero.
Based upon inventory on hand and other assumptions, the broker believes NextDC could execute another four similar sized deals.
The target rises to $13.50 from $13.00. Add.
Target price is $13.50 Current Price is $12.02 Difference: $1.48
If NXT meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $12.58, suggesting upside of 2.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Morgans forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 1.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -0.3, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY24:
Morgans forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 8.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -3.1, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates NXT as Buy (1) -
The contract update from NextDC shows utilisation has increased 35.9MW to 120MW since December 2022 and is materially larger than expected, UBS notes.
It de-risks the earnings growth profile for S3, with the broker calculating almost all of the incremental capacity contracted relates to S3.
Industry feedback is signalling demand in Sydney and Melbourne remains strong and the broker envisages further upside from similar contract negotiations.
The broker incorporates the contract in forecasts but also notes a lag in the timing creates an earnings "air pocket" in FY24. This should be more than offset by the scale and longer-term de-risking from this update. Buy rating retained. Target is raised to $14.15 from $12.90.
Target price is $14.15 Current Price is $12.02 Difference: $2.13
If NXT meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $12.58, suggesting upside of 2.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
UBS forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 4.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -0.3, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY24:
UBS forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 12.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -3.1, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $121.75
Ord Minnett rates RIO as Downgrade to Lighten from Hold (4) -
As the share price has moved through the trigger level, Ord Minnett downgrades to Lighten from Hold. Target is $107.
Target price is $107.00 Current Price is $121.75 Difference: minus $14.75 (current price is over target).
If RIO meets the Ord Minnett target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $112.36, suggesting downside of -6.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY23:
Ord Minnett forecasts a full year FY23 dividend of 1086.00 cents and EPS of 1808.97 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 1120.5, implying annual growth of N/A. Current consensus DPS estimate is 666.9, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 10.7. |
Forecast for FY24:
Ord Minnett forecasts a full year FY24 dividend of 1171.11 cents and EPS of 1960.01 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 1159.3, implying annual growth of 3.5%. Current consensus DPS estimate is 787.4, implying a prospective dividend yield of 6.5%. Current consensus EPS estimate suggests the PER is 10.4. |
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
SKT SKY NETWORK TELEVISION LIMITED
Print, Radio & TV
More Research Tools In Stock Analysis - click HERE
Overnight Price: $2.47
Ord Minnett rates SKT as Downgrade to Hold from Accumulate (3) -
As the share price has moved through the trigger level, Ord Minnett downgrades to Hold from Accumulate. Target is $2.75.
Target price is $2.75 Current Price is $2.47 Difference: $0.28
If SKT meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY23:
Ord Minnett forecasts a full year FY23 dividend of 13.80 cents and EPS of 34.00 cents. |
Forecast for FY24:
Ord Minnett forecasts a full year FY24 dividend of 14.70 cents and EPS of 42.40 cents. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
TWE TREASURY WINE ESTATES LIMITED
Food, Beverages & Tobacco
More Research Tools In Stock Analysis - click HERE
Overnight Price: $14.01
UBS rates TWE as Buy (1) -
The Australian government has announced the prospect of resolving the dispute with China over Australian barley and if the agreement is successful in lifting the duties imposed by China, a similar process may be followed to remove the trade barriers to wine.
UBS notes once duties were introduced, the circa 1m cases of Rawson's Retreat reduced dramatically and around 600,000 cases of luxury Penfolds needed to be reallocated.
The initial outcome of any lifting of duties is likely to mean a PE multiple re-rating for Treasury Wine Estates, the broker suggests, and slightly higher prices. Supply of Penfolds would need to be rebuilt. UBS retains a Buy rating and $15 target.
Target price is $15.00 Current Price is $14.01 Difference: $0.99
If TWE meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $14.35, suggesting upside of 2.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
UBS forecasts a full year FY23 dividend of 35.00 cents and EPS of 48.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 50.4, implying annual growth of 38.2%. Current consensus DPS estimate is 35.1, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 27.8. |
Forecast for FY24:
UBS forecasts a full year FY24 dividend of 42.00 cents and EPS of 61.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 59.8, implying annual growth of 18.7%. Current consensus DPS estimate is 40.9, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 23.4. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.68
Ord Minnett rates VNT as Accumulate (2) -
Ventia Services has been awarded fibre upgrade works with NBN Co valued at $280m for the next 2.5 years. The contract is an extension along with new scope.
Ord Minnett believes this is evidence of the strength of the existing partnership and the regard for the company's service offerings. Still, it simply supports existing revenue projections rather than adds. Accumulate maintained. Target is steady at $3.60.
Target price is $3.60 Current Price is $2.68 Difference: $0.92
If VNT meets the Ord Minnett target it will return approximately 34% (excluding dividends, fees and charges).
Current consensus price target is $3.30, suggesting upside of 22.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY23:
Ord Minnett forecasts a full year FY23 dividend of 17.70 cents and EPS of 20.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.0, implying annual growth of -6.1%. Current consensus DPS estimate is 16.9, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 12.8. |
Forecast for FY24:
Ord Minnett forecasts a full year FY24 dividend of 18.20 cents and EPS of 21.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.1, implying annual growth of 10.0%. Current consensus DPS estimate is 17.9, implying a prospective dividend yield of 6.7%. Current consensus EPS estimate suggests the PER is 11.6. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $22.12
Citi rates WBC as Buy (1) -
Citi maintains its positive outlook for the Banking sector, with the resilience of net interest margins (NIMs) and asset quality in the remainder of 2023 likely to deliver a positive surprise. Lower bond yields and a lower peak cash rate are forecast.
While peak bank NIMs have arrived, a dramatic fall away is unlikely as the broker forecasts a longer hiatus at the RBA cash rate of 3.6%, before rates are cut in 2024.
On average, Citi lowers its FY23-25 earnings forecasts for the Banking sector by -5-10%.
For Westpac, the target falls to $26.25 from $30.00 and the Buy rating is unchanged.
Target price is $26.25 Current Price is $22.12 Difference: $4.13
If WBC meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $25.04, suggesting upside of 13.4% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY23:
Citi forecasts a full year FY23 dividend of 165.00 cents and EPS of 222.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 210.7, implying annual growth of 31.8%. Current consensus DPS estimate is 142.2, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 10.5. |
Forecast for FY24:
Citi forecasts a full year FY24 dividend of 170.00 cents and EPS of 217.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 207.9, implying annual growth of -1.3%. Current consensus DPS estimate is 148.0, implying a prospective dividend yield of 6.7%. Current consensus EPS estimate suggests the PER is 10.6. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates WBC as Upgrade to Neutral from Underperform (3) -
Macquarie envisages a diminished risk of further underperformance by Westpac at the upcoming results and upgrades to Neutral from Underperform.
The bank's lagged price response on mortgages and deposits means upside risk for margins in the first half, although margin pressures are likely to catch up in the second half, the broker asserts.
Management is also expected to gradually walk away from cost targets and, in Macquarie's view, ultimately the sustainable cost base is likely to be more than $1bn above current guidance. Target is reduced to $23.00 from $23.50.
Target price is $23.00 Current Price is $22.12 Difference: $0.88
If WBC meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $25.04, suggesting upside of 13.4% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 131.00 cents and EPS of 210.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 210.7, implying annual growth of 31.8%. Current consensus DPS estimate is 142.2, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 10.5. |
Forecast for FY24:
Macquarie forecasts a full year FY24 dividend of 133.00 cents and EPS of 187.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 207.9, implying annual growth of -1.3%. Current consensus DPS estimate is 148.0, implying a prospective dividend yield of 6.7%. Current consensus EPS estimate suggests the PER is 10.6. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $1.49
Macquarie rates WGX as Outperform (1) -
Production in the third quarter was -7% below Macquarie's expectations although Westgold Resources is seen comfortably on track for the upper half of FY23 guidance. The cost reduction strategy remains important for the short term, the broker adds.
The cash bullion and liquid asset build of $9m impllies a stronger cash performance. Macquarie retains an Outperform rating and $1.90 target.
Target price is $1.90 Current Price is $1.49 Difference: $0.41
If WGX meets the Macquarie target it will return approximately 28% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 1.00 cents and EPS of 5.00 cents. |
Forecast for FY24:
Macquarie forecasts a full year FY24 dividend of 2.00 cents and EPS of 10.90 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $6.73
Bell Potter rates WHC as Downgrade to Hold from Buy (3) -
Whitehaven Coal has downgraded FY23 guidance for Maules Creek, citing labour shortages and operating constraints as well as weather disruptions. The company now expects managed run of mine (ROM) production of 18-19.2mt. Unit costs will be around 5% higher than previously guided.
Bell Potter aligns its FY23 estimates with the updated guidance and downgrades to Hold from Buy. The risk discount on the undeveloped Vickery extension project is also increased, as its development could only create further labour issues. Target is reduced to $7.05 from $8.15.
Target price is $7.05 Current Price is $6.73 Difference: $0.32
If WHC meets the Bell Potter target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $9.81, suggesting upside of 41.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Bell Potter forecasts a full year FY23 dividend of 59.00 cents and EPS of 287.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 322.3, implying annual growth of 63.1%. Current consensus DPS estimate is 65.3, implying a prospective dividend yield of 9.5%. Current consensus EPS estimate suggests the PER is 2.1. |
Forecast for FY24:
Bell Potter forecasts a full year FY24 dividend of 75.00 cents and EPS of 217.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 206.7, implying annual growth of -35.9%. Current consensus DPS estimate is 62.8, implying a prospective dividend yield of 9.1%. Current consensus EPS estimate suggests the PER is 3.3. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates WHC as Buy (1) -
Citi lowers its target for Whitehaven Coal to $8.80 from $9.00 due to a lower forecast for production and higher cost estimates based on
updated FY23 guidance. The Buy rating is unchanged.
A lower than planned increase in run of mine (ROM) production reflects labour constraints, congestion from limited dumping locations and weather interruptions at Maules Creek, explains the broker.
Whitehaven reported managed ROM production of 4.3mt for the March quarter.
Target price is $8.80 Current Price is $6.73 Difference: $2.07
If WHC meets the Citi target it will return approximately 31% (excluding dividends, fees and charges).
Current consensus price target is $9.81, suggesting upside of 41.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Citi forecasts a full year FY23 dividend of 61.00 cents and EPS of 315.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 322.3, implying annual growth of 63.1%. Current consensus DPS estimate is 65.3, implying a prospective dividend yield of 9.5%. Current consensus EPS estimate suggests the PER is 2.1. |
Forecast for FY24:
Citi forecasts a full year FY24 dividend of 40.00 cents and EPS of 159.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 206.7, implying annual growth of -35.9%. Current consensus DPS estimate is 62.8, implying a prospective dividend yield of 9.1%. Current consensus EPS estimate suggests the PER is 3.3. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates WHC as Outperform (1) -
Run of mine (ROM) production in the March quarter was softer than Macquarie anticipated. The weaker performance was attributed to labour shortages and operating challenges.
FY23 guidance has been downgraded by -6% at the mid point. This reflects soft output at Maules Creek.
Incorporating Whitehaven Coal's preliminary March quarter results and the downgrade to production guidance drives a -7% decrease in Macquarie's earnings estimates for FY23. FY24 is unchanged. Outperform rating and $8.50 target maintained.
Target price is $8.50 Current Price is $6.73 Difference: $1.77
If WHC meets the Macquarie target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $9.81, suggesting upside of 41.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 57.00 cents and EPS of 295.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 322.3, implying annual growth of 63.1%. Current consensus DPS estimate is 65.3, implying a prospective dividend yield of 9.5%. Current consensus EPS estimate suggests the PER is 2.1. |
Forecast for FY24:
Macquarie forecasts a full year FY24 dividend of 50.00 cents and EPS of 201.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 206.7, implying annual growth of -35.9%. Current consensus DPS estimate is 62.8, implying a prospective dividend yield of 9.1%. Current consensus EPS estimate suggests the PER is 3.3. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates WHC as Overweight (1) -
Whitehaven Coal has downgraded production guidance for FY23, the second downgrade in the current financial year.
While Morgan Stanley is disappointed with the announcement, the stock is considered cheap and the base case valuation still shows around 30% upside.
Managed run of mine (ROM) coal production has been downgraded to 18-19.2mt, largely because of downgraded guidance for Maules Creek to 9.3-9.8mt. Morgan Stanley retains an Overweight rating, $9.75 target and Attractive industry view.
Target price is $9.75 Current Price is $6.73 Difference: $3.02
If WHC meets the Morgan Stanley target it will return approximately 45% (excluding dividends, fees and charges).
Current consensus price target is $9.81, suggesting upside of 41.9% (ex-dividends)
Forecast for FY23:
Current consensus EPS estimate is 322.3, implying annual growth of 63.1%. Current consensus DPS estimate is 65.3, implying a prospective dividend yield of 9.5%. Current consensus EPS estimate suggests the PER is 2.1. |
Forecast for FY24:
Current consensus EPS estimate is 206.7, implying annual growth of -35.9%. Current consensus DPS estimate is 62.8, implying a prospective dividend yield of 9.1%. Current consensus EPS estimate suggests the PER is 3.3. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Today's Price Target Changes
Company | Last Price | Broker | New Target | Prev Target | Change | |
ANZ | ANZ Bank | $23.72 | Citi | 27.25 | 29.25 | -6.84% |
BEN | Bendigo & Adelaide Bank | $8.79 | Citi | 9.75 | 10.40 | -6.25% |
BOQ | Bank of Queensland | $6.49 | Citi | 6.50 | 7.30 | -10.96% |
Macquarie | 6.50 | 6.75 | -3.70% | |||
CBA | CommBank | $98.22 | Citi | 80.00 | 85.50 | -6.43% |
Macquarie | 90.00 | 94.00 | -4.26% | |||
CIA | Champion Iron | $7.04 | Citi | 8.10 | 8.40 | -3.57% |
JDO | Judo Capital | $1.24 | Citi | 1.65 | 2.00 | -17.50% |
MIN | Mineral Resources | $78.02 | Bell Potter | 100.00 | 110.00 | -9.09% |
NAB | National Australia Bank | $28.13 | Citi | 29.50 | 32.75 | -9.92% |
Macquarie | 30.00 | 31.00 | -3.23% | |||
NXT | NextDC | $12.22 | Morgans | 13.50 | 13.00 | 3.85% |
UBS | 14.15 | 12.90 | 9.69% | |||
WBC | Westpac | $22.09 | Citi | 26.25 | 30.00 | -12.50% |
Macquarie | 23.00 | 23.50 | -2.13% | |||
WGX | Westgold Resources | $1.48 | Macquarie | 1.90 | 1.50 | 26.67% |
WHC | Whitehaven Coal | $6.91 | Bell Potter | 7.05 | 8.15 | -13.50% |
Citi | 8.80 | 9.00 | -2.22% |
Summaries
29M | 29Metals | Neutral - Macquarie | Overnight Price $1.30 |
ALL | Aristocrat Leisure | Buy - Citi | Overnight Price $37.81 |
ANZ | ANZ Bank | Buy - Citi | Overnight Price $23.61 |
Outperform - Macquarie | Overnight Price $23.61 | ||
AVH | Avita Medical | Downgrade to Hold from Accumulate - Ord Minnett | Overnight Price $4.75 |
BEN | Bendigo & Adelaide Bank | Upgrade to Buy from Neutral - Citi | Overnight Price $8.76 |
BOQ | Bank of Queensland | Neutral - Citi | Overnight Price $6.50 |
Underperform - Macquarie | Overnight Price $6.50 | ||
CBA | CommBank | Sell - Citi | Overnight Price $99.23 |
Underperform - Macquarie | Overnight Price $99.23 | ||
CIA | Champion Iron | Buy - Citi | Overnight Price $7.33 |
IVC | InvoCare | Neutral - Macquarie | Overnight Price $11.96 |
JDO | Judo Capital | Buy - Citi | Overnight Price $1.24 |
LGI | LGI | Initiation of coverage with Hold - Bell Potter | Overnight Price $2.50 |
MIN | Mineral Resources | Buy - Bell Potter | Overnight Price $77.41 |
Outperform - Macquarie | Overnight Price $77.41 | ||
Equal-weight - Morgan Stanley | Overnight Price $77.41 | ||
NAB | National Australia Bank | Neutral - Citi | Overnight Price $28.11 |
Neutral - Macquarie | Overnight Price $28.11 | ||
NXT | NextDC | Add - Morgans | Overnight Price $12.02 |
Buy - UBS | Overnight Price $12.02 | ||
RIO | Rio Tinto | Downgrade to Lighten from Hold - Ord Minnett | Overnight Price $121.75 |
SKT | SKY Network Television | Downgrade to Hold from Accumulate - Ord Minnett | Overnight Price $2.47 |
TWE | Treasury Wine Estates | Buy - UBS | Overnight Price $14.01 |
VNT | Ventia Services | Accumulate - Ord Minnett | Overnight Price $2.68 |
WBC | Westpac | Buy - Citi | Overnight Price $22.12 |
Upgrade to Neutral from Underperform - Macquarie | Overnight Price $22.12 | ||
WGX | Westgold Resources | Outperform - Macquarie | Overnight Price $1.49 |
WHC | Whitehaven Coal | Downgrade to Hold from Buy - Bell Potter | Overnight Price $6.73 |
Buy - Citi | Overnight Price $6.73 | ||
Outperform - Macquarie | Overnight Price $6.73 | ||
Overweight - Morgan Stanley | Overnight Price $6.73 |
RATING SUMMARY
Rating | No. Of Recommendations |
1. Buy | 16 |
2. Accumulate | 1 |
3. Hold | 11 |
4. Reduce | 1 |
5. Sell | 3 |
Thursday 13 April 2023
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