Australian Broker Call

Citi rates 29M as Neutral (3) -

Citi’s global commodity team has increased forecast FY23 prices for copper, iron ore and nickel and expects higher-for-longer thermal coal prices. For aluminium, the broker has turned more bearish in the medium term.

On a 12-month view to the 4Q of 2023, Citi forecasts a rise by 3-12% for iron ore, aluminium and manganese prices, but expects a pull-back from today’s nickel/thermal coal prices of -25% and -23%, respectively.

For 29Metals, the Neutral rating and $2.50 target price are maintained.

Target price is $2.50 Current Price is $2.64 Difference: minus $0.14 (current price is over target).
If 29M meets the Citi target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.31, suggesting downside of -12.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.1

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

Macquarie rates AGL as No Rating (-1) -

Macquarie reviews the impact of the new price cap policy for gas and coal and expects caps for gas and coal will limit the company's upside beyond the broker's existing forecasts for FY24, with up to 17TWh of energy exposed to the policy.

The broker expects electricity pricing will rise roughly $30/MWh between FY23 and FY24. This compares with recent electricity forward pricing, however, base prices could rise $40-$60/MWh.

Macquarie estimates that prices should settle near $120/MWh in NSW (+50%), suggesting possible upside.

And then there's the review of the hedge curve by the Australian Energy Regulator to contend with, and the possibility it may impose a lower retail margin. Last but not least, the broker says visibility into AGL's gas book is poor.

All up, EPS forecasts fall -1.7% in FY23; -3.5% in FY24; and -3.2% in FY25. Macquarie is on research restriction.

Current Price is $7.92. Target price not assessed.

Current consensus price target is $8.81, suggesting upside of 11.3% (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

Ord Minnett rates AGL as Buy (1) -

Off the back of the federal government's Energy Price Relief Plan, Ord Minnett has accounted for lower realised electricity prices in its FY24 estimates for AGL Energy. The plan will immediately lower wholesale electricity prices, and should flow through to retail customers.

While this update drives sizeable downgrades to the stock's estimates, AGL Energy remains Ord Minnett's preferred broader energy sector pick. The broker's net profit forecasts also remain well above consensus, anticipating higher pricing drives substantial earnings growth in FY24 and FY25.

The Buy rating and target price of $9.50 are retained.

Target price is $9.50 Current Price is $7.92 Difference: $1.58
If AGL meets the Ord Minnett target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $8.81, suggesting upside of 11.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

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

Citi rates APE as Initiation of coverage with Neutral (3) -

Citi believes any decline in new car sales, linked to falling house price, will will be smoothed out by current supply constraints. Margins are expected to remain elevated in the near term before contracting in FY24-25.

The current level of new car sales is likely to persist into the 1H of 2024, according to the analysts.

The broker initiates coverage of Autosports Group ((ASG)) and Peter Warren Automotive ((PWR)) with Buy ratings though is more wary of the impact of macroeconomic headwinds upon Eagers Automotive.

Citi begins with a Neutral rating due to declining consumer sentiment and house prices. Target set at $12.40.

Target price is $12.40 Current Price is $11.79 Difference: $0.61
If APE meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $14.02, suggesting upside of 19.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Citi rates ASB as Buy (1) -

Austal has secured support work in the Philippines, which Citi believes may result in the company's yard continuing to operate, despite a drying up of the ship building pipeline.

The broker also takes a positive read from the FY23 US defense policy bill, given an unexpected addition of two EPF vessels (medical variant), which was not included in the Navy’s proposed FY23 budget.

The Congress is budgeting for three additional ships being two EPF vessels and one additional destroyer.

The Buy rating and $3.70 target are unchanged.

Target price is $3.70 Current Price is $2.16 Difference: $1.54
If ASB meets the Citi target it will return approximately 71% (excluding dividends, fees and charges).

Current consensus price target is $3.00, suggesting upside of 38.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Citi rates ASG as Initiation of coverage with Buy (1) -

Citi believes any decline in new car sales, linked to falling house price, will will be smoothed out by current supply constraints. Margins are expected to remain elevated in the near term before contracting in FY24-25.

The current level of new car sales is likely to persist into the 1H of 2024, according to the analysts.

The broker initiates coverage on Autosports Group with a Buy rating and believes the current valuation has largely priced-in earnings declines into FY24. A $3.05 target price is set.

Within the the luxury vehicle segment, the broker sees potential for the group to expand its dealership network through both greenfield
dealerships and acquisitions.

Target price is $3.05 Current Price is $2.01 Difference: $1.04
If ASG meets the Citi target it will return approximately 52% (excluding dividends, fees and charges).

Current consensus price target is $3.05, suggesting upside of 51.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Citi rates AWC as Buy (1) -

Citi’s global commodity team has increased forecast FY23 prices for copper, iron ore and nickel and expects higher-for-longer thermal coal prices. For aluminium, the broker has turned more bearish in the medium term.

On a 12-month view to the 4Q of 2023, Citi forecasts rise by 3-12% for iron ore, aluminium and manganese prices, but a pull-back is expected from today’s nickel/thermal coal prices of -25% and -23%, respectively.

For Alumina Ltd, the Buy rating and $1.60 target are retained.

Target price is $1.60 Current Price is $1.56 Difference: $0.045
If AWC meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $1.52, suggesting downside of -2.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.4

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

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

Credit Suisse anticipates consensus downgrades for retailers exposed to Australian household goods due to a worsening outlook for FY23 earnings. It's felt interest rate increases, falling house prices and increasing promotional intensity will weigh.

The broker downgrades its rating for Breville Group to Underperform from Neutral. Small appliance sales are expected to decline, with competitors already having reported declining sales in almost all global regions.

The target is reduced to $18.61 from $22.28.

Target price is $18.61 Current Price is $19.70 Difference: minus $1.09 (current price is over target).
If BRG meets the Credit Suisse target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $23.72, suggesting upside of 20.4% (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

Citi rates CIA as Buy (1) -

Citi’s global commodity team has increased forecast FY23 prices for copper, iron ore and nickel and expects higher-for-longer thermal coal prices. For aluminium, the broker has turned more bearish in the medium term.

On a 12-month view to the 4Q of 2023, Citi forecasts rise by 3-12% for iron ore, aluminium and manganese prices, but a pull-back is expected from today’s nickel/thermal coal prices of -25% and -23%, respectively.

The more bullish view on iron ore leads to material forecast upgrades for Buy-rated Champion Iron and the target rises to $7.80 from $6.70.

Target price is $7.80 Current Price is $7.00 Difference: $0.8
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:

Forecast for FY24:

This company reports in CAD. 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

Citi rates DRR as Buy (1) -

Citi’s global commodity team has increased forecast FY23 prices for copper, iron ore and nickel and expects higher-for-longer thermal coal prices. For aluminium, the broker has turned more bearish in the medium term.

On a 12-month view to the 4Q of 2023, Citi forecasts rise by 3-12% for iron ore, aluminium and manganese prices, but a pull-back is expected from today’s nickel/thermal coal prices of -25% and -23%, respectively.

The target for Deterra Royalties rises to $5.10 from $4.70. Buy.

Target price is $5.10 Current Price is $4.66 Difference: $0.44
If DRR meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $4.94, suggesting upside of 7.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

Morgans rates DXS as Add (1) -

Portfolio value for Dexus has fallen by -1.5% following December revaluations, while FY23 guidance remains unchanged.

Guidance for funds from operations (FFO) and DPS of 21.2-22cpu suggests to Morgans a FY23 distribution yield of 7.5%.

The analyst points out 23% of leases are linked to CPI with the balance fixed.

While the broker makes minor changes to forecasts its risk free rate rises to 3.6% from 3.0% and the target eases to $3.60 from $3.73.

Target price is $3.60 Current Price is $8.20 Difference: minus $4.6 (current price is over target).
If DXS meets the Morgans target it will return approximately minus 56% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.48, suggesting upside of 4.9% (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

Ord Minnett rates EDV as Buy (1) -

Ord Minnett finds Endeavour Group's gaming exposure to offer upside earnings risk in the near term, but downside risk longer term given the impact of potential regulatory changes.

The broker finds the current share price to factor in a -23% national gaming revenue decline from FY25 in anticipation of regulatory changes. Ord Minnett finds this is excessive, believing it is too early to downgrade longer-term earnings for potential changes, particularly given key risk remains outside of Endeavour Group's two largest regions. 

The Buy rating is retained and the target price increases to $8.00 from $7.90.

Target price is $8.00 Current Price is $6.41 Difference: $1.59
If EDV meets the Ord Minnett target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $7.05, suggesting upside of 6.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.2

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

Citi rates FMG as Sell (5) -

Citi’s global commodity team has increased forecast FY23 prices for copper, iron ore and nickel and expects higher-for-longer thermal coal prices. For aluminium, the broker has turned more bearish in the medium term.

On a 12-month view to the 4Q of 2023, Citi forecasts rise by 3-12% for iron ore, aluminium and manganese prices, but a pull-back is expected from today’s nickel/thermal coal prices of -25% and -23%, respectively.

The more bullish view on iron ore leads to material forecast upgrades for Sell-rated Fortescue Metals and the target rises to $18 from $16.70.

Target price is $18.00 Current Price is $20.46 Difference: minus $2.46 (current price is over target).
If FMG meets the Citi target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.34, suggesting downside of -20.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: -0.9

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

Credit Suisse rates HVN as Outperform (1) -

Credit Suisse anticipates consensus downgrades for retailers exposed to Australian household goods due to a worsening outlook for FY23 earnings. It's felt interest rate increases, falling house prices and increasing promotional intensity will weigh.

The broker keeps its Outperform rating for Harvey Norman due to an attractive dividend yield and a high proportion of tangible asset support relative to the share price.

The company's Australian investment property has a market value of $2.60/share, points out the analyst, along with 40cps of company operated freehold property. 

The target falls to $5.40 from $5.76.

Target price is $5.40 Current Price is $4.27 Difference: $1.13
If HVN meets the Credit Suisse target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $4.43, suggesting upside of 6.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

Morgan Stanley rates IEL as Overweight (1) -

In a review of its investment thesis for IDP Education, Morgan Stanley retains its Overweight rating based on potential operating leverage from student placements and a volume recovery for IELTS and student placements.

China made up around 20% of student visas granted in Australia prior to covid. The broker points out this figure was 11% at June 2022, and a China reopening should support student placement volumes in FY24.

The target rises to $36.80 from $35.00. Industry View: In-Line.

Target price is $36.80 Current Price is $28.08 Difference: $8.72
If IEL meets the Morgan Stanley target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $33.30, suggesting upside of 18.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Citi rates ILU as Downgrade to Sell from Neutral (5) -

Citi’s global commodity team has increased forecast FY23 prices for copper, iron ore and nickel and expects higher-for-longer thermal coal prices. For aluminium, the broker has turned more bearish in the medium term.

On a 12-month view to the 4Q of 2023, Citi forecasts rise by 3-12% for iron ore, aluminium and manganese prices, but a pull-back is expected from today’s nickel/thermal coal prices of -25% and -23%, respectively.

The rating for Iluka Resources is downgraded to Sell from Neutral given an around 10% share price rally over the last month, despite ongoing weakness in China property completions. The $9.50 target price is unchanged.

Target price is $9.50 Current Price is $10.19 Difference: minus $0.69 (current price is over target).
If ILU meets the Citi target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.83, suggesting upside of 6.2% (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

Credit Suisse rates JBH as Downgrade to Neutral from Outperform (3) -

Credit Suisse anticipates consensus downgrades for retailers exposed to Australian household goods due to a worsening outlook for FY23 earnings. It's felt interest rate increases, falling house prices and increasing promotional intensity will weigh.

The analyst expects sales for the electrical retail space will fall below trend in the first and second quarters of 2023.

For JB Hi-Fi, the broker feels a reduction in entertainment-related product and average selling price will hurt sales. It's felt there may be a better entry point for shares during the 1H of 2023 and the rating is downgraded to Neutral from Outperform.

The target falls to $45.73 from $55.11.

Target price is $45.73 Current Price is $44.04 Difference: $1.69
If JBH meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $45.58, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.1

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

Citi rates NHC as Upgrade to Buy from Neutral (1) -

Citi’s global commodity team has increased forecast FY23 prices for copper, iron ore and nickel and expects higher-for-longer thermal coal prices. For aluminium, the broker has turned more bearish in the medium term.

On a 12-month view to the 4Q of 2023, Citi forecasts rise by 3-12% for iron ore, aluminium and manganese prices, but a pull-back is expected from today’s nickel/thermal coal prices of -25% and -23%, respectively.

The overall more bullish view on coal leads to material forecast upgrades for New Hope and the rating is upgraded to Buy from Neutral. The target rises to $6.70 from $4.50.

Target price is $6.70 Current Price is $5.80 Difference: $0.9
If NHC meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $6.95, suggesting upside of 14.5% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Citi rates NIC as Neutral (3) -

Citi’s global commodity team has increased forecast FY23 prices for copper, iron ore and nickel and expects higher-for-longer thermal coal prices. For aluminium, the broker has turned more bearish in the medium term.

On a 12-month view to the 4Q of 2023, Citi forecasts rise by 3-12% for iron ore, aluminium and manganese prices, but a pull-back is expected from today’s nickel/thermal coal prices of -25% and -23%, respectively.

The Neutral rating and target of $1.10 for Nickel Industries remain unchanged.

Target price is $1.10 Current Price is $1.03 Difference: $0.07
If NIC meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

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: 0.3

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

Morgans rates PLS as Initiation of coverage with Hold (3) -

Morgans believes the current share price for Pilbara Minerals already incorporates the broker's view that lithium prices can stay strong in 2023 and initiates coverage with a Hold rating. It's felt prices may retreat in FY24.

The analyst highlights the opaque nature of lithium markets and the inherent volatility of pricing. It's believed nimble investors may have an opportunity to acquire Pilbara shares at lower prices during future volatility.

Morgans has little doubt that electric vehicle uptake will drive decades of demand for lithium. A target price of $4.70 is set.

Target price is $4.70 Current Price is $4.55 Difference: $0.15
If PLS meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $4.62, suggesting upside of 14.3% (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

Citi rates PWR as Initiation of coverage with Buy (1) -

Citi believes any decline in new car sales, linked to falling house price, will will be smoothed out by current supply constraints. Margins are expected to remain elevated in the near term before contracting in FY24-25.

The current level of new car sales is likely to persist into the 1H of 2024, according to the analysts.

Peter Warren Automotive is the broker's preferred pick in the space and coverage is initiated with a Buy rating and $3.60 target price. It's estimated the company has $230m in balance sheet headroom for potential acquisitions.

The analysts are attracted to the expansion strategy, particularly gas the company currently doesn’t own any Toyota dealerships, Australia’s number one brand.

Target price is $3.60 Current Price is $2.66 Difference: $0.94
If PWR meets the Citi target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $3.32, suggesting upside of 23.3% (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

Citi rates RIO as Neutral (3) -

Citi’s global commodity team has increased forecast FY23 prices for copper, iron ore and nickel and expects higher-for-longer thermal coal prices. For aluminium, the broker has turned more bearish in the medium term.

On a 12-month view to the 4Q of 2023, Citi forecasts rise by 3-12% for iron ore, aluminium and manganese prices, but a pull-back is expected from today’s nickel/thermal coal prices of -25% and -23%, respectively.

For Rio Tinto, the broker's target price rises to $120 from $115. Neutral.

Target price is $120.00 Current Price is $114.67 Difference: $5.33
If RIO meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $109.29, suggesting downside of -4.7% (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: 0.0

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

Citi rates S32 as Buy (1) -

Citi’s global commodity team has increased forecast FY23 prices for copper, iron ore and nickel and expects higher-for-longer thermal coal prices. For aluminium, the broker has turned more bearish in the medium term.

On a 12-month view to the 4Q of 2023, Citi forecasts rise by 3-12% for iron ore, aluminium and manganese prices, but a pull-back is expected from today’s nickel/thermal coal prices of -25% and -23%, respectively.

For South32, the target slips to $4.50 from $4.60. Buy.

Target price is $4.50 Current Price is $4.21 Difference: $0.29
If S32 meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $4.74, suggesting upside of 12.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.9

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

Citi rates SFR as Neutral (3) -

Citi’s global commodity team has increased forecast FY23 prices for copper, iron ore and nickel and expects higher-for-longer thermal coal prices. For aluminium, the broker has turned more bearish in the medium term.

On a 12-month view to the 4Q of 2023, Citi forecasts rise by 3-12% for iron ore, aluminium and manganese prices, but a pull-back is expected from today’s nickel/thermal coal prices of -25% and -23%, respectively.

For Sandfire Resources, the target rises to $5.60 from $5.40. Neutral.

Target price is $5.60 Current Price is $5.52 Difference: $0.08
If SFR meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $5.12, suggesting downside of -7.2% (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: 0.3

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

Macquarie rates SFR as Outperform (1) -

Sandfire Resources' finalisation of its $200m capital raising has de-risked its balance sheet, says Macquarie, and positions it well to progress Motheo.

At MATSA, Macquarie expects a kick up in cash flow over FY23 and observes the company is offering a three-year production compound annual growth rate of 8%.

Macquarie appreciates the company's leverage to copper and zinc prices and forecasts Sandfire will trade on free cash flow yields of 12% to 15% through FY25 to FY28.

The broker emerges from restriction with an Outperform rating and $6.50 target price.

Target price is $6.50 Current Price is $5.52 Difference: $0.98
If SFR meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $5.12, suggesting downside of -7.2% (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: 0.3

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

Citi rates WHC as Upgrade to Buy from Neutral (1) -

Citi’s global commodity team has increased forecast FY23 prices for copper, iron ore and nickel and expects higher-for-longer thermal coal prices. For aluminium, the broker has turned more bearish in the medium term.

On a 12-month view to the 4Q of 2023, Citi forecasts rise by 3-12% for iron ore, aluminium and manganese prices, but a pull-back is expected from today’s nickel/thermal coal prices of -25% and -23%, respectively.

The overall more bullish view on coal leads to material forecast upgrades for Whitehaven Coal and the rating is upgraded to Buy from Neutral. The target rises to $11.10 from $8.00.

Target price is $11.10 Current Price is $9.82 Difference: $1.28
If WHC meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $11.46, suggesting upside of 12.4% (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