Australian Broker Call

Credit Suisse rates A2M as Underperform (5) -

In time, Credit Suisse will evaluate, via channel checks, the effect of the Chinese government permitting couples to have up to three children.

The broker's A2 China infant formula demand model already includes an increase in births for 2022, as catch up for family plans postponed during the pandemic. The Underperform rating and $5 target are unchanged.

Target price is $5.00 Current Price is $5.52 Difference: minus $0.52 (current price is over target).
If A2M meets the Credit Suisse target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.32, suggesting upside of 11.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

This company reports in NZD. 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

Citi rates ALU as Buy (1) -

Citi suspects that Altium is actively trying to encourage customers towards term-based licences or subscriptions. This view stems from the 10% increase in perpetual licence prices and a lack of price changes for term-based licences.

The broker considers the move a positive one. Sales of perpetual licenses could also benefit in 2021 as, given the impending price increase, customers considering a purchase may be compelled to do so sooner rather than later. Buy rating and $33.50 target.

Target price is $33.50 Current Price is $28.27 Difference: $5.23
If ALU meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $33.90, suggesting upside of 18.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

UBS rates APA as Buy (1) -

UBS observes the company's capital strategies are positioning the business for opportunities that could emerge from the transition in energy. APA Group believes there are more than $68bn in growth opportunities in Australia out to 2040.

The opportunities go beyond the gas pipeline infrastructure business and include electricity transmission and renewables with firming and storage.

Beyond Australia, APA Group remains committed to expansion in the US. UBS retains a Buy rating and reduces the target to $11.20 from $11.45, reducing forecast earnings from the Orbost gas facility by -$10m.

Target price is $11.20 Current Price is $9.23 Difference: $1.97
If APA meets the UBS target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $10.55, suggesting upside of 13.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.6

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

Citi rates ASB as Buy (1) -

Citi notes a recent article indicating the US Navy could be considering the retirement of four more littoral combat ships (LCS), taking the total of those flagged for retirement to six.

Four of these ships are not manufactured by Austal and Citi considers Austal's Independence Class LCS have reduced risk of early retirement.

The broker suspects increased geopolitical tensions have created multiple opportunities and governments may look to stimulate economies through shipbuilding programs. Buy rating and $3.30 target retained.

Target price is $3.30 Current Price is $2.26 Difference: $1.04
If ASB meets the Citi target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $2.85

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Macquarie rates COE as Neutral (3) -

Unfortunately, Macquarie assesses the balance sheet has become "the strategy" for Cooper Energy and the main uncertainty is the capital requirements at the Sole/Orbost project.

A finance facility adjustment is expected to be finalised in the next few weeks and new gas sales contracts for Otway are to be negotiated.

The broker envisages upside for the shares if refinancing goes well, if the Cooper Basin oil acreage is divested and/or Sole production rates improve. Neutral maintained. Target is $0.32.

Target price is $0.32 Current Price is $0.28 Difference: $0.04
If COE meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $0.37, suggesting upside of 37.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.4

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

Macquarie rates DCN as Neutral (3) -

Dacian Gold has completed a $40m institutional placement and will spend $20m on an extensive drill program at Mount Morgan and Redcliffe as well as $20m on advancing Redcliffe and the GWMA.

The capital raising shores up the balance sheet, Macquarie observes, and also allows Redcliffe and GWMA to move into production.

Still, given a muted gold outlook, the broker is cautious while acknowledging a recent run up in gold prices has improved the valuation. Neutral maintained. Target is $0.32.

Target price is $0.32 Current Price is $0.30 Difference: $0.02
If DCN meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Macquarie rates DXS as Outperform (1) -

Dexus has upgraded guidance for FY21 to 3.0% growth or 51.8c per security. The upgrade is driven by deployment of the balance sheet capacity and strength in underlying cash flow.

Macquarie notes the delay in settlement of Grosvenor is around 0.3% of the upgrade. Outperform maintained. Target is raised to $10.81 from $10.60.

Target price is $10.81 Current Price is $10.43 Difference: $0.38
If DXS meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $10.40, suggesting downside of -0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Morgan Stanley rates DXS as Overweight (1) -

Dexus has upgraded FY21 distribution guidance to 51.8cps from 50.3cps. This implies to Morgan Stanley that around 70% of the upgrade is likely due to strong operations and strategic initiatives, such as the ADPF merger. The balance is believed due to transaction timing.

Overweight rating with a target of $11.70. Industry View: In-line.

Target price is $11.70 Current Price is $10.43 Difference: $1.27
If DXS meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $10.40, suggesting downside of -0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

UBS rates DXS as Buy (1) -

Dexus Property has upgraded FY21 distribution guidance to 51.8c. UBS estimates that, compared with prior guidance, the deferral of the Grosvenor settlement to June has contributed around 1% to the upgrade.

While the office sector is showing signs of improvement, the broker still envisages challenges ahead. Buy rating with a target of $11.

Target price is $11.00 Current Price is $10.43 Difference: $0.57
If DXS meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $10.40, suggesting downside of -0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Morgans rates FMG as Hold (3) -

Fortescue Metals Group has increased forecasts for development capex, opex and sustaining capex for the Iron Bridge project. However, Morgans maintains a Hold rating and marginally increases the price target to $21.10 from 20.90.

The increase in forecast costs has been more than offset by a mark-to-market on current spot iron ore prices to FY21/22 forecasts, explains the broker. It's considered the uptick in costs is insufficient to drag on robust investor sentiment.

Target price is $21.10 Current Price is $22.43 Difference: minus $1.33 (current price is over target).
If FMG meets the Morgans target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $21.65, suggesting downside of -5.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

UBS rates FMG as Neutral (3) -

Fortescue Metals has increased the capital expenditure outlook for Iron Bridge to US$3.3-3.5bn, which compares with the initial budget in April 2019 of US$2.6bn.

The incremental cost has been driven by specific factors associated with the project including materials and installation costs. UBS updates its model to allow for the increase. Neutral with a target of $18.

Target price is $18.00 Current Price is $22.43 Difference: minus $4.43 (current price is over target).
If FMG meets the UBS target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $21.65, suggesting downside of -5.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

UBS rates GMG as Buy (1) -

Goodman Group remains a major beneficiary of demand for warehouse space and the current work in hand on development totals $9.6bn.

UBS believes upside exists for development earnings/margins, which is not yet reflected in medium-term earnings. Buy rating retained. Target rises to $21.20 from $18.70.

Target price is $21.20 Current Price is $19.43 Difference: $1.77
If GMG meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $20.95, suggesting upside of 7.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Macquarie rates IAG as Neutral (3) -

Macquarie assesses there is up to -US$ 2.1bn in insurance loss related to Greensill yet to be recognised by the global insurance market. Insurance Australia Group has stated it has "no net exposure" while its trading partner Tokio Marine has begun to take provisions.

With much of the detail on Greensill now public, Macquarie concludes that Insurance Australia's position is most likely explained by reinsurance policy wordings. Neutral maintained as the stock is considered fairly valued. Target is $5.30.

Target price is $5.30 Current Price is $5.02 Difference: $0.28
If IAG meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $5.39, suggesting upside of 8.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.6

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

Morgan Stanley rates IPL as Overweight (1) -

In a review of the Chemicals & Packaging sectors after an improvement in Australian coal export volumes, Morgan Stanley sees structural drivers are more favourable for coking coal.

In the Asia Pacific region (APAC), Orica ((ORI)) has greater exposure to thermal coal (36% of APAC revenue), while Incitec Pivot is overweight coking coal (47% of APAC revenue). 

As a result, the broker views Incitec Pivot as better placed than Orica to ride out near-term uncertainty, and also offers exposure to fertiliser prices, which remain favourable. The Overweight rating and $2.85 target price are reiterated. Industry view: In-Line.

Target price is $2.85 Current Price is $2.28 Difference: $0.57
If IPL meets the Morgan Stanley target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $2.90, suggesting upside of 27.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.7

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

UBS rates IVC as Neutral (3) -

UBS has confidence in the company's new strategy but believes, once again, it will take time for the benefits to materialise. The strategy focuses on changes to fill the volume uplift that was incurred from the previous "Protect & Grow" strategy.

Expenditure per funeral is back to pre-pandemic levels although volumes are likely to remain subdued for the remainder of 2021, the broker observes. Neutral maintained. Target is reduced to $10.30 from $11.00.

Target price is $10.30 Current Price is $10.49 Difference: minus $0.19 (current price is over target).
If IVC 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 $10.98

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Morgans rates LNK as Hold (3) -

Morgans sees the signing of an underwriting agreement to list PEXA via an IPO as a good outcome for Link Administration. The company retains its stake in PEXA, while achieving the listing at what is considered a strong valuation.

The underwritten price of the IPO implies to the broker an enterprise value of $3.3bn. The analyst makes minor changes to forecasts and lifts the target price to $5.57 from $5.12, on an increase to the PEXA valuation. The Hold rating is maintained. 

Target price is $5.57 Current Price is $5.08 Difference: $0.49
If LNK meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $5.61, suggesting upside of 9.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

Ord Minnett rates LNK as Hold (3) -

Link Administration has received an offer from KKR for its 44% share of PEXA which represents an enterprise value of $3bn for 100% of PEXA.

The company has already signed an underwriting agreement for an initial public offering of PEXA, which signals a higher valuation, and therefore has rejected the KKR bid.  Ord Minnett believes there are several issues still up in the air regarding the future of PEXA.

Meanwhile, the UK has updated on its investigations into the Woodford matter, having interviewed all relevant parties, and is now putting its findings to the parties. Ord Minnett is unsure as to what this means for Link Administration. Hold rating and $5.75 target retained.

Target price is $5.75 Current Price is $5.08 Difference: $0.67
If LNK meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $5.61, suggesting upside of 9.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

Macquarie rates NEC as Outperform (1) -

Nine Entertainment has announced it has signed agreements with both Google and Facebook for the supply of digital news articles and news video clips. The agreements are for up to three years and contain a minimum amount payable over the full term.

In an initial response, Macquarie indicates the suggested impact on the Publishing division's operational earnings of between $30-$40m in FY22 "makes sense", referencing prior news reports covering this matter.

Macquarie also remains of the view the market continues to underestimate the cyclical recovery that is taking place, with Nine Entertainment seen as well placed to capture this upswing in motion.

Outperform. Price target $3.60. No changes made in today's quick research response.

Target price is $3.60 Current Price is $2.97 Difference: $0.63
If NEC meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $3.40, suggesting upside of 13.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

UBS rates NWS as Downgrade to Neutral from Buy (3) -

UBS downgrades to Neutral from Buy on the back of recent strength in the share price. The broker assesses additional transparency surrounding Dow Jones, asset sales along with strength in digital real estate have contributed to the re-rating.

The broker envisages continued headwinds at Foxtel while book publishing earnings should normalise in FY22. Target is raised to $35.00 from $33.20.

Target price is $35.00 Current Price is $33.07 Difference: $1.93
If NWS meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $39.27, suggesting upside of 20.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

Morgan Stanley rates NXL as Overweight (1) -

A second downgrade to FY21 expectations by Nuix in two months points to a difficulty in forecasting its own revenue base, asserts Morgan Stanley. FY21 revenue was revised -2% to -4% lower to $173-182m and annual contract value (ACV) was also revised -2% to -3% lower. 

The revisions were due to delays in signings.The broker considers the risk profile has moved meaningfully wider and shares will likely reflect a discount to intrinsic value until confidence is restored. Overweight rating and $7.50 target retained. Industry view is Attractive.

Target price is $7.50 Current Price is $2.77 Difference: $4.73
If NXL meets the Morgan Stanley target it will return approximately 171% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

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

In a review of the Chemicals & Packaging sectors after an improvement in Australian coal export volumes, Morgan Stanley sees structural drivers are more favourable for coking coal.

In the Asia Pacific region (APAC), Orica has greater exposure to thermal coal (36% of APAC revenue), while Incitec Pivot ((IPL)) is overweight coking coal (47% of APAC revenue).

As a result, the broker views Incitec Pivot as better placed than Orica to ride out near-term uncertainty, and also offers exposure to fertiliser prices, which remain favourable. Equal-weight rating and $13.20 target price are reiterated. Industry view: Cautious.

Target price is $13.20 Current Price is $13.56 Difference: minus $0.36 (current price is over target).
If ORI 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 $14.30, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

Ord Minnett rates PGH as Buy (1) -

Ord Minnett expects growth to improve materially over the medium term, based on the restructure of the Australian consumer packaging business and share gains as well as the return on growth investments.

The broker revises up estimates for earnings per share by 2.5% over FY21-23 leading to an increase in the target to $4.00 from $3.20.

On revised estimates the broker assesses trading multiples are depressed, which signals investors remain cautious about the turnaround. Buy rating retained.

Target price is $4.00 Current Price is $3.64 Difference: $0.36
If PGH meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $3.34, suggesting downside of -12.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Morgans rates PWR as Initiation of coverage with Add (1) -

Morgans initiates coverage of Peter Warren Automotive with an Add rating and $4.05 target price. It’s considered the industry could consolidate at a fast pace over the next five years.

This should leave the company (with 2.2% market share) and other larger players like Eagers Automotive ((APE)) with 11%, well placed to capitalise, explains the broker.

The analyst sees scope for continued demand strength (coming off multi-year lows) and for gross margins to settle above pre-covid levels. Forward orders across the industry are at record levels.

While Morgans' forecasts paint a steady growth profile, the highly likely M&A potential is not factored-in, as yet.

Target price is $4.05 Current Price is $3.60 Difference: $0.45
If PWR meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Credit Suisse rates REA as Neutral (3) -

Credit Suisse views the combination of REA Group's Malaysia and Thailand businesses with PropertyGuru as a good outcome for the company. Having a minority interest in a locally managed entity is considered advantageous, given difficulties so far in gaining traction.

The broker feels this provides an opportunity to extract value from the company's existing investment, with $223m of goodwill attributable to the Asian segment as at the end of FY20.

The transaction also creates a dominant portal in the Malaysia market, where the company’s subsidiary, iProperty, and PropertyGuru have been vying for the number one spot. The Neutral rating and $148 target price are retained.

Target price is $148.00 Current Price is $163.66 Difference: minus $15.66 (current price is over target).
If REA meets the Credit Suisse target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $157.75, suggesting downside of -4.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

Morgan Stanley rates RMS as Initiation of coverage with Overweight (1) -

Morgan Stanley initiates on Ramelius Resources with an Overweight rating and a target price of $2.30.

The broker considers there is a sound floor for growth, with forecast FY21 net cash of $255m and low all-in sustaining costs (AISC) of circa $1200-1350/oz over FY21-25. The company currently has FY22 free cash flow (FCF) yield of 11%, notes the analyst.

Overall, this sets up continued dividend payments, funding of around $225m in potential capex and the pursuit of bolt-on acquisitions, explains Morgan Stanley.

In addition, the analyst points to potential FY22 guidance upgrades, project studies and extensional drilling that could all provide over 12 months of positive news.

Target price is $2.30 Current Price is $1.97 Difference: $0.33
If RMS meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $2.15, suggesting upside of 9.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Macquarie rates SKI as Outperform (1) -

TransGrid has formally moved through a final investment decision on PEC. Macquarie is not surprised the project is proceeding and the capital expenditure program is in line with expectations at around $2bn.

The broker notes cost control is strong and moderate dividend growth will provide scope to expand renewable operations. The TransGrid revenue benefit will start in FY23 while the commencement of Humelink capital expenditure is delayed to 2024.

Outperform rating and $2.30 target.

Target price is $2.30 Current Price is $2.18 Difference: $0.12
If SKI meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $2.29, suggesting upside of 5.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.4

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

Morgan Stanley rates SLR as Initiation of coverage with Equal-weight (3) -

Morgan Stanley initiates coverage of Silver Lake Resources with an Equal-weight rating and $2 target price. The company is considered to have a strong operational history and is likely to continue extending mine lives.

The company has two hubs with multiple mines and multiple scheduling options, explains the broker. Extending the high-grade Deflector project is considered the single biggest upside variable.

Reserve grades of 6.3g/t at Deflector and 6.1g/t at Rothsay give high value to any mine life extension, explains the analyst. The incomplete drilling at both sites beyond respective Reserve boundaries is considered to boost the likelihood to an extension.

Target price is $2.00 Current Price is $2.01 Difference: minus $0.01 (current price is over target).
If SLR meets the Morgan Stanley target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Citi rates XRO as Neutral (3) -

Citi believes the decision to increase prices in Australasia and the UK is a positive move and reflects the company's confidence in its position in these markets.

Moreover, the price increase in the UK represents an increase in frequency of price changes. Neutral rating with a target price of $136.

Target price is $136.00 Current Price is $132.65 Difference: $3.35
If XRO meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $119.50

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.0

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