Australian Broker Call
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November 20, 2024
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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.
For more info about the different terms used by stockbrokers, as well as the different methodologies behind similar sounding ratings, download our guide HERE
Today's Upgrades and Downgrades
| CLG - | Close the Loop | Downgrade to Hold High Risk from Buy High isk | Shaw and Partners |
| HLS - | Healius | Upgrade to Neutral from Sell | Citi |
| STO - | Santos | Upgrade to Buy from Neutral | Citi |
| TNE - | TechnologyOne | Downgrade to Neutral from Outperform | Macquarie |
| Downgrade to Hold from Add | Morgans | ||
| Downgrade to Lighten from Hold | Ord Minnett |
Overnight Price: $15.50
Macquarie rates ALQ as Outperform (1) -
ALS Ltd reported higher-than-forecast net profit in H1, Macquarie notes. Life science margins were better than expected, with environmental generating organic revenue growth of 12% and a lift in earnings margin by 137bps, including acquisition benefits from Lims.
The analyst notes a forex impact of around -$16m in earnings or -$11m at the net profit level due to the strength of the AUD relative to the Canadian dollar and Latin American currencies.
Macquarie increases EPS forecasts by 2.5% for FY25 and 3% for FY26, driven by higher life science margins and a recovery in commodities in 2026/2027. Leverage is at the higher end of management's range post-acquisitions.
The target price rises to $16.25 from $15. No change to the Outperform rating.
Target price is $16.25 Current Price is $15.50 Difference: $0.75
If ALQ meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $16.35, suggesting upside of 6.7% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY25:
Macquarie forecasts a full year FY25 dividend of 38.40 cents and EPS of 64.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 63.4, implying annual growth of 2274.5%. Current consensus DPS estimate is 38.0, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 24.2. |
Forecast for FY26:
Macquarie forecasts a full year FY26 dividend of 44.60 cents and EPS of 74.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 72.4, implying annual growth of 14.2%. Current consensus DPS estimate is 43.7, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 21.2. |
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates ALQ as Add (1) -
Morgans describes ALS Ltd’s 1H result as strong, despite significant currency headwinds, and sees a clear runway for growth if management achieves its acquisition turnaround targets over the next five years.
Commodities margins remained resilient, with the company continuing to gain market share in geochemistry, while Life Sciences margins (excluding acquisitions) expanded significantly, highlights the broker.
Morgans retains an Add rating and raises the target price to $16.75 from $15.50. The broker notes considerable upside to outer-year forecasts if current commodity prices hold and junior miner raisings gain further momentum.
Target price is $16.75 Current Price is $15.50 Difference: $1.25
If ALQ meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $16.35, suggesting upside of 6.7% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY25:
Morgans forecasts a full year FY25 dividend of 37.50 cents and EPS of 63.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 63.4, implying annual growth of 2274.5%. Current consensus DPS estimate is 38.0, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 24.2. |
Forecast for FY26:
Morgans forecasts a full year FY26 dividend of 42.50 cents and EPS of 70.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 72.4, implying annual growth of 14.2%. Current consensus DPS estimate is 43.7, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 21.2. |
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates ALQ as Buy (1) -
ALS Ltd reported 1H25 net profit in line with the recent trading update, UBS observes.
Commodities reported around 6% growth, with underlying performance impacted by forex and weaker exploration activity.
Life sciences reported earnings growth of 21%, boosted by recent acquisitions, and Nuvisan returned to profitability, the analyst highlighted.
Management reiterated FY25 guidance. UBS maintains a Buy rating with a target price increase to $17.50 from $16.30.
The broker raises EPS forecasts by 1% for FY25 and FY26.
Target price is $17.50 Current Price is $15.50 Difference: $2
If ALQ meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $16.35, suggesting upside of 6.7% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY25:
UBS forecasts a full year FY25 dividend of 38.00 cents and EPS of 63.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 63.4, implying annual growth of 2274.5%. Current consensus DPS estimate is 38.0, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 24.2. |
Forecast for FY26:
UBS forecasts a full year FY26 dividend of 44.00 cents and EPS of 72.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 72.4, implying annual growth of 14.2%. Current consensus DPS estimate is 43.7, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 21.2. |
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $4.83
Citi rates ALX as Initiation of coverage with Buy (1) -
Citi initiates coverage of Atlas Arteria with a Buy, High-risk rating and a $5.80 target price.
The broker highlights the company has five toll road concessions across France, Germany, and the US. The toll roads have an average concession life of around 12 years.
Citi is attracted to the 8% dividend yield, supported by expected robust cash flow generation, and sees potential share price upside due to prospects for a takeover and distribution lock-up at Dulles.
A key risk in the medium term concerns the challenge or replacing the APRR (Autoroutes Paris-Rhin-Rhône) concession which expires in Nov 2025.
Target price is $5.80 Current Price is $4.83 Difference: $0.97
If ALX meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $5.34, suggesting upside of 11.1% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY24:
Citi forecasts a full year FY24 dividend of 40.00 cents and EPS of 14.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.3, implying annual growth of 88.5%. Current consensus DPS estimate is 40.0, implying a prospective dividend yield of 8.3%. Current consensus EPS estimate suggests the PER is 14.4. |
Forecast for FY25:
Citi forecasts a full year FY25 dividend of 40.00 cents and EPS of 15.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.0, implying annual growth of 11.1%. Current consensus DPS estimate is 39.0, implying a prospective dividend yield of 8.1%. Current consensus EPS estimate suggests the PER is 13.0. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $15.70
Citi rates AMC as Neutral (3) -
Citi views the proposed merger between Amcor and Berry as "logical." Both companies hold leading market positions in plastic packaging and have faced challenges in generating organic growth in volumes.
Amcor's management anticipates total synergies of US$650m. The analyst notes Amcor's shareholder growth could advance to 13%-18% from 10%-15%, driven by 10%-15% EPS growth and a dividend yield between 3%-4%.
The analyst explains plastic packaging is a "highly fragmented" market, with the merger making the combined group the largest, with sales of US$24bn, improving procurement scale and R&D potential.
Berry shareholders will receive 7.25 Amcor shares, valuing Berry approximately 10% above the previous close.
Target $17. Neutral.
Target price is $17.00 Current Price is $15.70 Difference: $1.3
If AMC meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $15.88, suggesting upside of 2.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY25:
Citi forecasts a full year FY25 EPS of 111.56 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 113.8, implying annual growth of N/A. Current consensus DPS estimate is 78.1, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 13.6. |
Forecast for FY26:
Citi forecasts a full year FY26 EPS of 119.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 122.0, implying annual growth of 7.2%. Current consensus DPS estimate is 79.2, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 12.7. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates AMC as Equal-weight (3) -
Amcor and Berry Global Group, Inc. have announced a definitive merger through an all-stock transaction, where Berry shareholders will receive a fixed exchange ratio of 7.25 Amcor shares per Berry share.
Morgan Stanley notes the US$650m of revenue synergies underpinning the EPS growth targets may be met with market skepticism, although Amcor has a solid track record in acquisition execution and synergy delivery.
The broker maintains a target price of $15.50 with an Equal-weight rating and an Industry view of "In Line."
Target price is $15.50 Current Price is $15.70 Difference: minus $0.2 (current price is over target).
If AMC meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $15.88, suggesting upside of 2.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY25:
Morgan Stanley forecasts a full year FY25 EPS of 116.09 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 113.8, implying annual growth of N/A. Current consensus DPS estimate is 78.1, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 13.6. |
Forecast for FY26:
Morgan Stanley forecasts a full year FY26 EPS of 128.15 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 122.0, implying annual growth of 7.2%. Current consensus DPS estimate is 79.2, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 12.7. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $40.31
Citi rates BHP as Buy (1) -
BHP Group has showcased operations and assets in Chile to analysts, with management highlighting the road map to average copper output of around 1.4mt p.a. for FY31-FY40, following a decline to circa 1.2mt p.a. in FY27-FY30, Citi explains.
The group seeks to expand both Escondida and Spence, with an estimated capex share of -US$7.34bn–US$9.94bn, and management pointing to an internal rate of return between 15%-19%.
Citi expects BHP to invest, subject to the final investment decision, approximately -US$5.3bn to realise its share of output at Escondida, returning to levels seen in FY06/08. The company will not require additional desalinated water or power.
The broker believes the limiting factor is mine capacity at Escondida. Buy. Target $46.
Target price is $46.00 Current Price is $40.31 Difference: $5.69
If BHP meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $45.46, suggesting upside of 13.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY25:
Citi forecasts a full year FY25 dividend of 176.39 cents and EPS of 339.21 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 331.9, implying annual growth of N/A. Current consensus DPS estimate is 179.9, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 12.1. |
Forecast for FY26:
Citi forecasts a full year FY26 dividend of 194.48 cents and EPS of 374.79 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 347.1, implying annual growth of 4.6%. Current consensus DPS estimate is 188.8, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 11.5. |
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 BHP as Neutral (3) -
UBS is attending BHP Group's Chile copper tour and highlights management's plan for copper production to recover to around 1.4mt p.a. during FY31-FY40, compared to around 0.9mt p.a. in a "do nothing" grade decline and depletion case.
Capex is estimated in the range of -US$10.7bn to -US$14.7bn, with the broker emphasising investors may need to be patient regarding "growth and returns."
UBS will revisit forecasts once the trip concludes. Neutral rating maintained with a $43 target price.
Target price is $43.00 Current Price is $40.31 Difference: $2.69
If BHP meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $45.46, suggesting upside of 13.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY25:
UBS forecasts a full year FY25 dividend of 176.39 cents and EPS of 351.27 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 331.9, implying annual growth of N/A. Current consensus DPS estimate is 179.9, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 12.1. |
Forecast for FY26:
UBS forecasts a full year FY26 dividend of 176.39 cents and EPS of 354.29 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 347.1, implying annual growth of 4.6%. Current consensus DPS estimate is 188.8, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 11.5. |
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
CLG CLOSE THE LOOP LIMITED
Industrial Sector Contractors & Engineers
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Overnight Price: $0.25
Shaw and Partners rates CLG as Downgrade to Hold High Risk from Buy High isk (3) -
Close the Loop has received an indicative, non-binding proposal from private equity funds manager Adamantem Capital to acquire 100% of the company for 27cps via a Scheme of Arrangement.
While Close the Loop's directors support the proposal and have allowed Adamantem to proceed with due diligence, Shaw and Partners notes the offer is significantly below its unchanged 60cps valuation/target.
The broker downgrades its rating to Hold, High Risk from Buy, High Risk.
At the AGM tomorrow, the analyst anticipates a trading update indicating flat earnings (EBITDA) and potential debt reduction of -$1-2m for 1H FY25.
Target price is $0.60 Current Price is $0.25 Difference: $0.355
If CLG meets the Shaw and Partners target it will return approximately 145% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY25:
Shaw and Partners forecasts a full year FY25 dividend of 0.00 cents and EPS of 4.80 cents. |
Forecast for FY26:
Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of 5.10 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $6.43
Bell Potter rates CMM as Buy (1) -
As part of an updated pre-feasibility study (PFS) for Capricorn Metals' 100%-owned Mt Gibson Gold Project, the ore reserve estimate has increased by 41% from the previous 1.83moz estimate in April, notes Bell Potter.
Costs (AISC) are expected to average $1,650-$1,750/oz over the Life-of-Mine (LOM), which has been extended to 17 years, observes the broker, describing the update as "very positive".
Bell Potter retains a Buy rating and raises the target price to $7.54 from $7.23.
Target price is $7.54 Current Price is $6.43 Difference: $1.11
If CMM meets the Bell Potter target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $7.31, suggesting upside of 14.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY25:
Bell Potter forecasts a full year FY25 dividend of 0.00 cents and EPS of 28.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.5, implying annual growth of 44.8%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 19.1. |
Forecast for FY26:
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of 33.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.6, implying annual growth of -2.7%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 19.7. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $301.11
Citi rates COH as Neutral (3) -
Citi observes Cochlear's largest competitor, Sonova, reported 1H25 cochlear implant system sales growth of 18.2% year-on-year, attributed to "solid market share gains" as well as "commercial execution and remote programming" with "favourable market growth."
The broker highlights the result exceeds the 10% growth Cochlear guided for in 1H25, and it remains uncertain whether Sonova is gaining market share from Cochlear, Med-El, or both.
Consensus estimates stand at 11% growth in system sales in the 1H25, the broker states.
Citi rates the stock as Neutral with a $305 target price.
Target price is $305.00 Current Price is $301.11 Difference: $3.89
If COH meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $293.00, suggesting downside of -1.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY25:
Citi forecasts a full year FY25 dividend of 460.00 cents and EPS of 639.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 636.5, implying annual growth of 16.9%. Current consensus DPS estimate is 448.5, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 46.8. |
Forecast for FY26:
Citi forecasts a full year FY26 dividend of 510.00 cents and EPS of 728.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 712.6, implying annual growth of 12.0%. Current consensus DPS estimate is 498.0, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 41.8. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $7.71
Citi rates ELD as Buy (1) -
Elders reported mixed results, Citi observes, with EBIT at the lower half of the guidance range in FY24. With leverage at 3.1x and return on capital at 11.3%, the analyst believes the company is "well positioned."
The broker highlights the potential for the company to achieve FY25 EBIT of $170m compared to $128m in FY24. Normalisation of 1Q25 EBIT may help close the gap, Citi states, supported by bolt-ons and average to stable conditions in FY25.
The company also announced the acquisition of Delta Agribusiness, subject to regulatory approval, with a decision expected before 1H25. Earnings accretion is expected to be skewed to 2H25, the broker notes.
Citi lowers earnings forecasts for FY25 because of higher depreciation/amorisation charges from transformation projects.
Elders remains Buy rated with an unchanged target of $9.75.
Target price is $9.75 Current Price is $7.71 Difference: $2.04
If ELD meets the Citi target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $9.33, suggesting upside of 23.3% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY25:
Citi forecasts a full year FY25 dividend of 36.00 cents and EPS of 59.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 60.7, implying annual growth of 111.9%. Current consensus DPS estimate is 40.3, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 12.5. |
Forecast for FY26:
Citi forecasts a full year FY26 dividend of 37.00 cents and EPS of 66.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 69.2, implying annual growth of 14.0%. Current consensus DPS estimate is 40.3, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 10.9. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
FDV FRONTIER DIGITAL VENTURES LIMITED
Online media & mobile platforms
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Overnight Price: $0.43
Morgans rates FDV as Add (1) -
While Frontier Digital Ventures achieved positive operating cash flows across all regions in 3Q24 and ended the quarter with a cash balance of $10.5m, the overall result came in slightly below Morgans' forecast.
The company has initiated a strategic review of its LatAm operations, which contribute 66% of overall revenue and are potentially undervalued within the current group structure, suggests Morgans.
Add. The broker's target falls to 61c form 66c.
Target price is $0.61 Current Price is $0.43 Difference: $0.185
If FDV meets the Morgans target it will return approximately 44% (excluding dividends, fees and charges).
The company's fiscal year ends in December.
Forecast for FY24:
Morgans forecasts a full year FY24 dividend of 0.00 cents and EPS of minus 0.50 cents. |
Forecast for FY25:
Morgans forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.20 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $9.12
Bell Potter rates GTK as Buy (1) -
In anticipation of Gentrack Group's FY24 results due on 26 November, Bell Potter forecasts revenue of $204m and earnings (EBITDA) of $27m.
The broker notes these estimates align with consensus forecasts and are slightly ahead of management guidance.
Bell Potter retains a Buy rating and raises the target price to $11.50 from $10.90 on a valuation roll-forward.
Target price is $11.50 Current Price is $9.12 Difference: $2.38
If GTK meets the Bell Potter target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $11.43, suggesting upside of 22.2% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY24:
Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of 8.09 cents. |
Forecast for FY25:
Bell Potter forecasts a full year FY25 dividend of 0.00 cents and EPS of 16.18 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.2, implying annual growth of 93.3%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 54.4. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $1.31
Citi rates HLS as Upgrade to Neutral from Sell (3) -
Citi observes the AGM update from Healius, revealing management's profit expectations for pathology in 1H25 to be the same as 1H24, despite revenue growth of 5.9% year-to-date.
The "low profitability" was attributed to investment in growing revenues to stabilise market share, with losses stemmed in the last six months.
The broker expects a 40c or $300m special dividend from the Lumus sale and anticipates pathology earnings margins to improve by FY27.
Citi lowers the target price to $1.05 from $1.50 after adjusting for the Lumus sale. The rating is upgraded to Neutral from Sell due to the recent share price decline, an improved debt free balance sheet and an improvement in pathology cost base.
Target price is $1.05 Current Price is $1.31 Difference: minus $0.26 (current price is over target).
If HLS meets the Citi target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $1.27, suggesting downside of -5.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY25:
Citi forecasts a full year FY25 dividend of 40.00 cents and EPS of minus 0.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -0.4, implying annual growth of N/A. Current consensus DPS estimate is 13.3, implying a prospective dividend yield of 9.9%. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY26:
Citi forecasts a full year FY26 dividend of 4.00 cents and EPS of 1.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 3.2, implying annual growth of N/A. Current consensus DPS estimate is 3.3, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 42.2. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $0.38
Morgan Stanley rates KMD as Equal-weight (3) -
Morgan Stanley highlights broad weakness across all brands and channels in the AGM trading update from KMD Brands.
Revenue growth declined by -6% year-on-year in Q1, tracking below the consensus forecast of 2% growth for H1, observes the broker.
Sales for Rip Curl, Kathmandu, and Oboz fell by -6.7%, -2.7%, and -8.6%, respectively.
Within Wholesale, the broker notes customers remain cautious on pre-season commitments for Rip Curl and Oboz.
The 50c target price and Equal-weight rating are maintained. Industry View: In-Line.
Target price is $0.50 Current Price is $0.38 Difference: $0.125
If KMD meets the Morgan Stanley target it will return approximately 33% (excluding dividends, fees and charges).
The company's fiscal year ends in July.
Forecast for FY25:
Morgan Stanley forecasts a full year FY25 EPS of 1.84 cents. |
Forecast for FY26:
Morgan Stanley forecasts a full year FY26 EPS of 4.60 cents. |
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
MND MONADELPHOUS GROUP LIMITED
Energy Sector Contracting
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Overnight Price: $12.79
Bell Potter rates MND as Hold (3) -
The near-term outlook for Monadelphous Group has become clearer following an FY25 outlook update at the AGM, suggests Bell Potter.
Management expects FY25 revenue to grow by “high single digits,” aligning with consensus at 7.9%, though the broker had forecast 12.7% on a more optimistic view of Engineering Construction activity.
Management anticipates ongoing margin improvement in FY25 and elevated production levels, supporting demand for sustaining project deliveries and maintenance activity.
Bell Potter retains a Hold rating and raises the target price to $13.90 from $13.80.
Target price is $13.90 Current Price is $12.79 Difference: $1.11
If MND meets the Bell Potter target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $14.47, suggesting upside of 14.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY25:
Bell Potter forecasts a full year FY25 dividend of 69.00 cents and EPS of 70.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 69.5, implying annual growth of 8.5%. Current consensus DPS estimate is 64.9, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 18.1. |
Forecast for FY26:
Bell Potter forecasts a full year FY26 dividend of 70.00 cents and EPS of 74.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 75.1, implying annual growth of 8.1%. Current consensus DPS estimate is 68.9, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 16.8. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates MND as Outperform (1) -
Macquarie points to confirmation of FY25 guidance, which aligns with consensus and the broker's outlook, with FY25 revenue growth in the high single digits for Monadelphous Group, driven by higher activity levels.
The analyst observes guidance has traditionally been conservative, with the loss of the Kemerton lithium project likely to impact before other contracts ramp up.
Management, as usual, did not provide margin guidance at the AGM. Macquarie forecasts a lift in earnings margins to 6.4% and 6.6% for FY25 and FY26, respectively, compared to 6.3% in FY24.
Labour demand remains constrained in WA and NSW but has eased from its peak.
The target price is lowered to $14.44 from $14.50 due to a higher multiple on the maintenance division. Outperform rating remains unchanged.
Target price is $14.44 Current Price is $12.79 Difference: $1.65
If MND meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $14.47, suggesting upside of 14.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY25:
Macquarie forecasts a full year FY25 dividend of 64.30 cents and EPS of 72.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 69.5, implying annual growth of 8.5%. Current consensus DPS estimate is 64.9, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 18.1. |
Forecast for FY26:
Macquarie forecasts a full year FY26 dividend of 70.30 cents and EPS of 81.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 75.1, implying annual growth of 8.1%. Current consensus DPS estimate is 68.9, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 16.8. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $65.27
Macquarie rates NEM as Outperform (1) -
Macquarie notes Newmont Corp announced the proposed sale of Musselwhite, Ontario, Canada, for up to US$850m, which is 52% above the analyst's estimated valuation and 54% higher than the estimated net present value.
This represents the third sale agreement of the six producing assets management has targeted for divestment.
Macquarie lowers EPS forecasts by -5% for 2025 due to the sale and -1% for 2026.
No change to the Outperform rating and $82 target price.
Target price is $82.00 Current Price is $65.27 Difference: $16.73
If NEM meets the Macquarie target it will return approximately 26% (excluding dividends, fees and charges).
The company's fiscal year ends in December.
Forecast for FY24:
Macquarie forecasts a full year FY24 dividend of 100.00 cents and EPS of 341.00 cents. |
Forecast for FY25:
Macquarie forecasts a full year FY25 dividend of 100.00 cents and EPS of 230.00 cents. |
This company reports in USD. 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
Overnight Price: $4.95
Citi rates NHC as Neutral (3) -
Citi's notes New Hope's 1Q25 result indicates a "solid" quarterly update, with total coal sales up 8% on the previous quarter to 2.8Mt, driven by a 21% rise in sales at Bengalla.
The broker highlights this was a record quarter for Bengalla, as disruptions eased alongside a rundown in inventories and coal stocks.
New Acland continues to ramp up with a "solid" performance, as saleable coal production rose 8% to 0.5Mt.
Management guided saleable coal production of 10.8Mt to 11.8Mt, with EBITDA expected to rise between 5% and 2% for FY25/FY26, based on higher volume assumptions.
Citi lifts EPS forecasts by 5.5% in FY25 and 0.6% in FY26.
Citi makes no change to its target price of $5 and maintains a Neutral rating due to the valuation.
Target price is $5.00 Current Price is $4.95 Difference: $0.05
If NHC meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $4.75, suggesting downside of -0.4% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY25:
Citi forecasts a full year FY25 dividend of 42.00 cents and EPS of 68.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 61.7, implying annual growth of 9.6%. Current consensus DPS estimate is 36.5, implying a prospective dividend yield of 7.7%. Current consensus EPS estimate suggests the PER is 7.7. |
Forecast for FY26:
Citi forecasts a full year FY26 dividend of 38.00 cents and EPS of 62.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.4, implying annual growth of -13.5%. Current consensus DPS estimate is 30.5, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 8.9. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
NWL NETWEALTH GROUP LIMITED
Wealth Management & Investments
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Overnight Price: $30.57
Citi rates NWL as Neutral (3) -
Netwealth Group's funds under administration have grown 33.1% year-to-date, compared to 32.6% growth year-on-year in the 1Q25 report, and are up 3% since the September quarter. This implies, according to the analyst, inflows of $3bn in 2Q25 to date with a 0.6 correlation factor relative to the ASX 200.
The broker anticipates market movement to be more robust given the strength in international markets and the weaker AUD.
Citi believes flows are tracking ahead of consensus forecasts of $3.7bn in 2Q25, with the analyst's estimate at $4bn.
Neutral rating maintained with a $27 target price.
Target price is $27.00 Current Price is $30.57 Difference: minus $3.57 (current price is over target).
If NWL 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 $25.50, suggesting downside of -14.0% (ex-dividends)
Forecast for FY25:
Current consensus EPS estimate is 43.6, implying annual growth of 27.6%. Current consensus DPS estimate is 35.2, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 68.0. |
Forecast for FY26:
Current consensus EPS estimate is 53.7, implying annual growth of 23.2%. Current consensus DPS estimate is 43.7, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 55.2. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
PLS PILBARA MINERALS LIMITED
New Battery Elements
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Overnight Price: $2.93
Citi rates PLS as Neutral (3) -
Citi updates its spodumene cost curve for the September quarter and 2025, encompassing around 30% of global supply.
The analyst notes spodumene prices appear to have bottomed at US$750/t, with the spot price now at around US$850/t, as production costs of spodumene and lepidolite curtail feed-stock.
At current prices, Citi estimates Greenbushes and Pilgangoora are the only spodumene operations making a spot margin, with Greenbushes doing so on an all-in-cost basis.
Citi anticipates lithium oversupply to persist, with a more balanced market emerging in 2026.
Pilbara Minerals is the preferred stock pick in the space, with a Neutral rating. Target price $2.90.
Target price is $2.90 Current Price is $2.93 Difference: minus $0.03 (current price is over target).
If PLS meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.82, suggesting downside of -2.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY25:
Citi forecasts a full year FY25 dividend of 1.00 cents and EPS of minus 0.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 0.5, implying annual growth of -94.1%. Current consensus DPS estimate is 0.2, implying a prospective dividend yield of 0.1%. Current consensus EPS estimate suggests the PER is 580.0. |
Forecast for FY26:
Citi forecasts a full year FY26 dividend of 3.00 cents and EPS of 6.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.3, implying annual growth of 1360.0%. Current consensus DPS estimate is 1.4, implying a prospective dividend yield of 0.5%. Current consensus EPS estimate suggests the PER is 39.7. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
QAN QANTAS AIRWAYS LIMITED
Travel, Leisure & Tourism
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Overnight Price: $8.97
Morgan Stanley rates QAN as Overweight (1) -
Morgan Stanley notes lower fuel prices have become a tailwind for Qantas Airways, while customer demand remains strong.
The broker sees upside risks to its forecasts over the longer term, supported by favourable market dynamics and expected returns on capital expenditure exceeding the weighted average cost of capital (WACC), as highlighted by management.
Morgan Stanley assumes a $150m buyback in 2H25, bringing the total FY25 buyback to $550m.
The Overweight rating is unchanged, and the target price rises to $10.50 from $8.50. Industry view: In-Line.
Target price is $10.50 Current Price is $8.97 Difference: $1.53
If QAN meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $8.93, suggesting upside of 1.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY25:
Morgan Stanley forecasts a full year FY25 dividend of 27.00 cents and EPS of 112.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 104.9, implying annual growth of 38.2%. Current consensus DPS estimate is 26.9, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 8.4. |
Forecast for FY26:
Morgan Stanley forecasts a full year FY26 dividend of 28.00 cents and EPS of 124.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 108.7, implying annual growth of 3.6%. Current consensus DPS estimate is 110.5, implying a prospective dividend yield of 12.6%. Current consensus EPS estimate suggests the PER is 8.1. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $19.58
Morgan Stanley rates QBE as Overweight (1) -
Morgan Stanley believes QBE Insurance’s share price has the potential to continue re-rating into its FY24 results and expects a largely hassle-free 3Q24 update on 27 November.
The broker anticipates capital management options may be explored at the February result.
Earnings forecast upgrades are driven by a nearly 60bps rise in three-year government bond rates across QBE’s key regions since the end of September, partly offset by a contraction of around -10bps in corporate bond spreads.
Morgan Stanley raises the target price to $21.25 from $19.30 and maintains an Overweight rating. Industry View: In-Line.
Target price is $21.25 Current Price is $19.58 Difference: $1.67
If QBE meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $19.62, suggesting upside of 1.9% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY24:
Morgan Stanley forecasts a full year FY24 dividend of 89.00 cents and EPS of 171.87 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 163.7, implying annual growth of N/A. Current consensus DPS estimate is 77.2, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 11.8. |
Forecast for FY25:
Morgan Stanley forecasts a full year FY25 dividend of 90.00 cents and EPS of 185.44 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 177.3, implying annual growth of 8.3%. Current consensus DPS estimate is 82.8, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 10.9. |
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
RIO RIO TINTO LIMITED
Aluminium, Bauxite & Alumina
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Overnight Price: $115.70
UBS rates RIO as Neutral (3) -
UBS highlights satellite images tracking progress at Rio Tinto's Simandou mine suggest first production in 2025 appears "very challenging."
The broker expects management to provide an update at the investor seminar on December 4, with increasing expectations of heightened risks of delay due to a fatality, rainfall, and political factors with a delay in elections, which increases risks around protests and disruption.
Neutral rating maintained with a $124 target price.
Target price is $124.00 Current Price is $115.70 Difference: $8.3
If RIO meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $126.83, suggesting upside of 9.8% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY24:
UBS forecasts a full year FY24 dividend of 587.97 cents and EPS of 973.92 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 1042.0, implying annual growth of N/A. Current consensus DPS estimate is 627.6, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 11.1. |
Forecast for FY25:
UBS forecasts a full year FY25 dividend of 666.37 cents and EPS of 1105.08 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 1087.4, implying annual growth of 4.4%. Current consensus DPS estimate is 675.8, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 10.6. |
This company reports in USD. 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
Overnight Price: $0.88
Bell Potter rates RMC as Buy (1) -
According to management commentary at the AGM, Resimac Group anticipates modest growth in FY25, with acceleration expected in FY26, summarises Bell Potter.
Warren McLeland has been replaced by Wayne Spanner as Chairman, who also remains Deputy Chairman, while Susan Hansen continues as interim CEO.
Bell Potter suggests the incoming CEO is likely to provide greater clarity on strategy and growth prospects.
The broker maintains a Buy rating and a $1.30 target price.
Target price is $1.30 Current Price is $0.88 Difference: $0.425
If RMC meets the Bell Potter target it will return approximately 49% (excluding dividends, fees and charges).
Current consensus price target is $1.10, suggesting upside of 29.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY25:
Bell Potter forecasts a full year FY25 dividend of 5.00 cents and EPS of 12.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.8, implying annual growth of 36.3%. Current consensus DPS estimate is 6.4, implying a prospective dividend yield of 7.5%. Current consensus EPS estimate suggests the PER is 7.2. |
Forecast for FY26:
Bell Potter forecasts a full year FY26 dividend of 6.00 cents and EPS of 13.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.0, implying annual growth of 10.2%. Current consensus DPS estimate is 6.5, implying a prospective dividend yield of 7.6%. Current consensus EPS estimate suggests the PER is 6.5. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
SRG SRG GLOBAL LIMITED
Building Products & Services
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Overnight Price: $1.28
Bell Potter rates SRG as Buy (1) -
Bell Potter expresses increased confidence in SRG Global's short- to medium-term earnings growth outlook following the award of $700m in contracts.
These contracts, which demonstrate a strong skew towards recurring-style work, are with existing repeat clients across the Water, Transport, Health, Resources, and Dairy sectors in A&NZ, notes the broker.
The analysts highlight upside risk to management's FY25 guidance.
Bell Potter retains a Buy rating and raises the target price to $1.55 from $1.40.
Target price is $1.55 Current Price is $1.28 Difference: $0.27
If SRG meets the Bell Potter target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $1.36, suggesting upside of 1.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY25:
Bell Potter forecasts a full year FY25 dividend of 5.00 cents and EPS of 8.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.2, implying annual growth of 24.1%. Current consensus DPS estimate is 5.0, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 16.3. |
Forecast for FY26:
Bell Potter forecasts a full year FY26 dividend of 6.00 cents and EPS of 9.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.7, implying annual growth of 164.6%. Current consensus DPS estimate is 5.6, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 6.2. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Shaw and Partners rates SRG as Buy, High Risk (1) -
After securing $776m in contract wins during FY24, SRG Global has already achieved approximately $925m in FY25, following $700m in new contracts across the Water, Transport, Health, Resources, and Dairy sectors in A&NZ, notes Shaw and Partners.
The broker forecasts SRG will deliver earnings (EBITDA) growth of 27.7% in FY25, significantly outpacing ASX-listed peers, which are expected to grow by around 10.7% (on average).
Shaw and Partners retains its Buy, High Risk rating and $1.40 target price.
Target price is $1.40 Current Price is $1.28 Difference: $0.12
If SRG meets the Shaw and Partners target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $1.36, suggesting upside of 1.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY25:
Shaw and Partners forecasts a full year FY25 dividend of 5.00 cents and EPS of 8.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.2, implying annual growth of 24.1%. Current consensus DPS estimate is 5.0, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 16.3. |
Forecast for FY26:
Shaw and Partners forecasts a full year FY26 dividend of 5.50 cents and EPS of 9.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.7, implying annual growth of 164.6%. Current consensus DPS estimate is 5.6, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 6.2. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates STO as Upgrade to Buy from Neutral (1) -
Santos announced a change in the company's capital allocation, with the dividend payout ratio increasing to over 60% of all-in free cash flow from over 40%.
Citi highlights the rise has been enabled by stable capex investment to maintain production of over 100mmboe in the second half of the decade.
The broker notes Santos is seeking to maintain its "top-line" with around a 13% return on investment capital, which is positive for equity.
The investment case is more appealing to Citi, triggering an upgrade to Buy from Neutral. Target price $7.60.
Target price is $7.60 Current Price is $6.84 Difference: $0.76
If STO meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $8.14, suggesting upside of 20.2% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY24:
Citi forecasts a full year FY24 dividend of 39.20 cents and EPS of 67.84 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 63.6, implying annual growth of N/A. Current consensus DPS estimate is 38.1, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 10.6. |
Forecast for FY25:
Citi forecasts a full year FY25 dividend of 42.21 cents and EPS of 64.07 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 62.2, implying annual growth of -2.2%. Current consensus DPS estimate is 33.1, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 10.9. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates STO as Outperform (1) -
Santos announced a new capital structure at its annual investor day, set to begin in 2026.
Macquarie highlights the company is targeting shareholder returns through the implementation of a "capital ceiling" to constrain future capex, starting in 2026. Management also announced a payout ratio above 60% of all-in free cash flow, and "up to 100% of free cash flow".
Management remains positive on delivering Barossa LNG in 3Q 2025 and Pikka oil from Alaska in 1H 2026. The company is targeting 1.4mtpa of third-party carbon capture and storage by 2040.
The broker increases EPS forecasts by 1.8% for 2024 and 0.2% for 2025. The target price rises 2% to $8.70 due to lower production costs, primarily from the Cooper Basin.
Outperform rating remains unchanged.
Target price is $8.70 Current Price is $6.84 Difference: $1.86
If STO meets the Macquarie target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $8.14, suggesting upside of 20.2% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY24:
Macquarie forecasts a full year FY24 dividend of 48.24 cents and EPS of 62.87 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 63.6, implying annual growth of N/A. Current consensus DPS estimate is 38.1, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 10.6. |
Forecast for FY25:
Macquarie forecasts a full year FY25 dividend of 29.10 cents and EPS of 50.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 62.2, implying annual growth of -2.2%. Current consensus DPS estimate is 33.1, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 10.9. |
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 STO as Overweight (1) -
Following Santos’ investor day, Morgan Stanley views management’s capital allocation framework from 2026 positively, suggesting smoother returns from the expanding project portfolio.
The company’s 2026-2030 free cash flow (FCF) guidance is underpinned by updated production guidance of 100-120MMboe, revised from the previous range of 100-140MMboe.
Morgan Stanley edges the target price up to $7.99 from $7.97 and retains an Overweight rating. Industry view: In-Line.
Target price is $7.99 Current Price is $6.84 Difference: $1.15
If STO meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $8.14, suggesting upside of 20.2% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY24:
Morgan Stanley forecasts a full year FY24 dividend of 36.48 cents and EPS of 61.66 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 63.6, implying annual growth of N/A. Current consensus DPS estimate is 38.1, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 10.6. |
Forecast for FY25:
Morgan Stanley forecasts a full year FY25 dividend of 29.55 cents and EPS of 58.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 62.2, implying annual growth of -2.2%. Current consensus DPS estimate is 33.1, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 10.9. |
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 STO as Buy (1) -
Santos announced at the investor briefing a new capital allocation strategy to be employed in 2H26, when growth projects Barossa gas and Pikka oil are commissioned, UBS observes.
The aim is to return more cash to shareholders than under the current policy versus pursuing growth opportunities in PNG LNG, Dorado, Narrabri, and Beetaloo.
There was no change to 2024 guidance, the broker notes, and the new policy targets at least 60% of free cash flow to be paid to shareholders, compared to 40% currently. When the company's gearing falls below the 15%-20% target range, a 100% free cash return is targeted.
The target price falls to $8.15 from $8.40. No change to the Buy rating.
Target price is $8.15 Current Price is $6.84 Difference: $1.31
If STO meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $8.14, suggesting upside of 20.2% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY24:
UBS forecasts a full year FY24 dividend of 33.17 cents and EPS of 57.29 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 63.6, implying annual growth of N/A. Current consensus DPS estimate is 38.1, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 10.6. |
Forecast for FY25:
UBS forecasts a full year FY25 dividend of 31.66 cents and EPS of 61.81 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 62.2, implying annual growth of -2.2%. Current consensus DPS estimate is 33.1, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 10.9. |
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
Overnight Price: $29.45
Bell Potter rates TNE as Hold (3) -
TechnologyOne's FY24 profit (PBT) of $152.9m exceeded forecasts by Bell Potter and consensus estimates of $152.6m and $151.2m, respectively,.
The result was driven by higher-than-expected revenue partially offset by a lower margin due to the accelerated rollout of SaaS, explains the broker.
The final dividend of 17.37c surpassed the broker's forecast of 12.79c, though no special dividend was declared.
While management noted a strong outlook for FY25, specific guidance was not provided. The key ARR targets of more than $500m by 1H FY25 and more than $1bn by FY30 were reiterated.
Bell Potter raises its target price to $29.50 from $24.00, reflecting a higher valuation multiple on the strong result and positive outlook, and retains a Hold rating.
Target price is $29.50 Current Price is $29.45 Difference: $0.05
If TNE meets the Bell Potter target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $28.73, suggesting downside of -2.2% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY25:
Bell Potter forecasts a full year FY25 dividend of 25.80 cents and EPS of 42.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 42.4, implying annual growth of N/A. Current consensus DPS estimate is 26.0, implying a prospective dividend yield of 0.9%. Current consensus EPS estimate suggests the PER is 69.2. |
Forecast for FY26:
Bell Potter forecasts a full year FY26 dividend of 29.70 cents and EPS of 50.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 50.5, implying annual growth of 19.1%. Current consensus DPS estimate is 30.8, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 58.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates TNE as Downgrade to Neutral from Outperform (3) -
TechnologyOne reported 30 major local government contract closures in FY24, with education deals involving the University of Chester and Buckingham being focal points of UK growth, Macquarie observes.
The company reported "strong" profit growth of 18% over FY24. Macquarie sees evidence of the UK "flywheel," with recurring revenue sales up 70% year-on-year and 100% adoption of the SaaS-plus model.
Management confirmed the company is on track to exceed the $500m target by 1H25 and reaffirmed a $1bn target by FY30, with a profit margin above 35%.
Cash flow is becoming more predictable with the SaaS transition in place, achieving 101% cash flow conversion to net profit in FY24.
Macquarie adjusts EPS forecasts down -2% for FY25 and up 1% for FY26, citing better net profit margins and SaaS-plus "traction."
The stock is downgraded to Neutral from Outperform on valuation grounds. The target price increases to $27.90 from $22.20.
Target price is $27.90 Current Price is $29.45 Difference: minus $1.55 (current price is over target).
If TNE meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $28.73, suggesting downside of -2.2% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY25:
Macquarie forecasts a full year FY25 dividend of 27.70 cents and EPS of 43.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 42.4, implying annual growth of N/A. Current consensus DPS estimate is 26.0, implying a prospective dividend yield of 0.9%. Current consensus EPS estimate suggests the PER is 69.2. |
Forecast for FY26:
Macquarie forecasts a full year FY26 dividend of 33.50 cents and EPS of 52.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 50.5, implying annual growth of 19.1%. Current consensus DPS estimate is 30.8, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 58.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates TNE as Equal-weight (3) -
Morgan Stanley raises its target price for TechnologyOne to $25.50 from $15.20 following "solid" FY24 results and a "strong" outlook for annual recurring revenue (ARR).
Outcomes were supported by net revenue retention (NRR) of 117% and early success in the UK market, explain the analysts.
The broker is positively surprised by UK ARR of $34.7m, representing a 31% year-on-year increase, driven by SaaS implementations and three student management customer wins.
Morgan Stanley views the company as a beneficiary of a global ERP upgrade cycle but considers the shares fully valued, maintaining an Equal-weight rating.
The broker highlights preparation for AI integration and on-premise product end-of-life deadlines are driving the first significant ERP upgrade cycle in over 20 years. Industry view: Attractive.
Target price is $25.50 Current Price is $29.45 Difference: minus $3.95 (current price is over target).
If TNE meets the Morgan Stanley target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $28.73, suggesting downside of -2.2% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY25:
Morgan Stanley forecasts a full year FY25 dividend of 26.10 cents and EPS of 42.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 42.4, implying annual growth of N/A. Current consensus DPS estimate is 26.0, implying a prospective dividend yield of 0.9%. Current consensus EPS estimate suggests the PER is 69.2. |
Forecast for FY26:
Morgan Stanley forecasts a full year FY26 dividend of 31.10 cents and EPS of 50.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 50.5, implying annual growth of 19.1%. Current consensus DPS estimate is 30.8, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 58.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates TNE as Downgrade to Hold from Add (3) -
Morgans raises its target price for TechnologyOne to $29.90 from $20.50 and downgrades the rating to Hold from Add following FY24 results.
While outcomes were only modestly ahead of the broker's expectations, Morgans increases its medium-term forecasts to better align with management’s long-term growth targets.
Management reiterated its long-term growth roadmap outlined at its investor day, including plans to double ARR to more than $1bn by FY30. The broker’s target also benefits from a valuation roll-forward and a higher assumed multiple.
The analysts highlight further acceleration in the UK business, which is directly linked to the company’s globally unique SaaS go-to-market offering, explains Morgans.
A final dividend of 17.37c (65% franked) was declared, bringing the total FY24 dividend to 22.45c.
Target price is $29.90 Current Price is $29.45 Difference: $0.45
If TNE meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $28.73, suggesting downside of -2.2% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY25:
Morgans forecasts a full year FY25 dividend of 25.21 cents and EPS of 42.18 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 42.4, implying annual growth of N/A. Current consensus DPS estimate is 26.0, implying a prospective dividend yield of 0.9%. Current consensus EPS estimate suggests the PER is 69.2. |
Forecast for FY26:
Morgans forecasts a full year FY26 dividend of 29.33 cents and EPS of 49.13 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 50.5, implying annual growth of 19.1%. Current consensus DPS estimate is 30.8, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 58.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates TNE as Downgrade to Lighten from Hold (4) -
Ord Minnett raises its target for TechnologyOne to $25.20 from $17.60 and downgrades to Lighten from Hold on valuation grounds (after a 20% stock price surge in November) following a "stellar" FY24 result.
Management reported profit before tax (PBT) growth of 18%, in line with the broker's forecast, while key metrics such as annual recurring revenue (ARR) growth of 20% exceeded expectations.
The broker highlights the company is on track to achieve its target of more than $500m in ARR in the first half of FY25, ahead of the previous FY25 timeline.
Target price is $25.20 Current Price is $29.45 Difference: minus $4.25 (current price is over target).
If TNE meets the Ord Minnett target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $28.73, suggesting downside of -2.2% (ex-dividends)
Forecast for FY25:
Current consensus EPS estimate is 42.4, implying annual growth of N/A. Current consensus DPS estimate is 26.0, implying a prospective dividend yield of 0.9%. Current consensus EPS estimate suggests the PER is 69.2. |
Forecast for FY26:
Current consensus EPS estimate is 50.5, implying annual growth of 19.1%. Current consensus DPS estimate is 30.8, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 58.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Shaw and Partners rates TNE as Hold (3) -
Shaw and Partners raises its target price for TechnologyOne to $29.30 from $17.30 following FY24 results which revealed respective revenue and annual recurring revenue (ARR) growth 4% and 2% higher-than-expected.
Cash margins expanded by 3 percentage points, with the analysts forecasting an additional 2 percentage points per annum through FY25-27.
Management’s more than $500m ARR target by 1H FY25 implies 20% year-on-year growth, and the broker now forecasts $1bn ARR by FY29, a year ahead of guidance.
Shaw and Partners maintains a Hold rating.
Target price is $29.30 Current Price is $29.45 Difference: minus $0.15 (current price is over target).
If TNE meets the Shaw and Partners target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $28.73, suggesting downside of -2.2% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY25:
Shaw and Partners forecasts a full year FY25 dividend of 25.20 cents and EPS of 41.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 42.4, implying annual growth of N/A. Current consensus DPS estimate is 26.0, implying a prospective dividend yield of 0.9%. Current consensus EPS estimate suggests the PER is 69.2. |
Forecast for FY26:
Shaw and Partners forecasts a full year FY26 dividend of 30.40 cents and EPS of 50.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 50.5, implying annual growth of 19.1%. Current consensus DPS estimate is 30.8, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 58.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates TNE as Buy (1) -
TechnologyOne reported a "strong" FY24 result, with net recurring revenue growth up 117% within the target range, representing the success of product upselling and SaaS-plus, UBS highlights.
Profit before tax grew 18%, well above guidance and the broker's estimate of 17%. The analyst emphasises conversations with customers reaffirm the view TechnologyOne can grow pre-tax profits by nearly 20% p.a. over the next five years, given the product suite and moat.
The company acquired CourseLoop for -$60m, a curriculum management product, boosting its education offering in the UK and Australia.
The ramp-up in UK operations was also impressive, with annual recurring revenue up 31% and new annual recurring revenue up 70%.
UBS raises the target price by 29% to $33.80 due to higher expected outer-year earnings upgrades, better traction on new products and UK execution, plus a higher valuation multiple.
Buy rated, with the valuation labeled "defendable" in the context of the company's longer-term growth.
Target price is $33.80 Current Price is $29.45 Difference: $4.35
If TNE meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $28.73, suggesting downside of -2.2% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY25:
UBS forecasts a full year FY25 dividend of 26.00 cents and EPS of 42.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 42.4, implying annual growth of N/A. Current consensus DPS estimate is 26.0, implying a prospective dividend yield of 0.9%. Current consensus EPS estimate suggests the PER is 69.2. |
Forecast for FY26:
UBS forecasts a full year FY26 dividend of 31.00 cents and EPS of 50.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 50.5, implying annual growth of 19.1%. Current consensus DPS estimate is 30.8, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 58.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
WGN WAGNERS HOLDING CO. LIMITED
Building Products & Services
More Research Tools In Stock Analysis - click HERE
Overnight Price: $1.42
Morgans rates WGN as Add (1) -
Supported by stable cement volumes, improved margins for cement, and a record month for concrete volumes in October, Wagners Holding Co has issued 1H25 guidance for earnings (EBIT) of $16m to $18m, explains Morgans.
With increased infrastructure investment in South-East Queensland expected in FY26 and beyond, combined with management’s strategy to refocus and expand the core construction materials business, the broker raises its target price to $1.55 from $1.25.
Morgans retains an Add rating.
Target price is $1.55 Current Price is $1.42 Difference: $0.13
If WGN meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY25:
Morgans forecasts a full year FY25 dividend of 3.10 cents and EPS of 8.60 cents. |
Forecast for FY26:
Morgans forecasts a full year FY26 dividend of 4.10 cents and EPS of 9.60 cents. |
Market Sentiment: 1.0
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 | |
| ALQ | ALS Ltd | $15.33 | Macquarie | 16.25 | 15.00 | 8.33% |
| Morgans | 16.75 | 15.50 | 8.06% | |||
| UBS | 17.50 | 16.30 | 7.36% | |||
| AMC | Amcor | $15.51 | Morgan Stanley | 15.50 | 15.00 | 3.33% |
| CMM | Capricorn Metals | $6.41 | Bell Potter | 7.54 | 7.23 | 4.29% |
| FDV | Frontier Digital Ventures | $0.40 | Morgans | 0.61 | 0.66 | -7.58% |
| GTK | Gentrack Group | $9.36 | Bell Potter | 11.50 | 10.90 | 5.50% |
| HLS | Healius | $1.35 | Citi | 1.05 | 1.50 | -30.00% |
| KMD | KMD Brands | $0.39 | Morgan Stanley | 0.50 | N/A | - |
| MND | Monadelphous Group | $12.61 | Bell Potter | 13.90 | 13.80 | 0.72% |
| Macquarie | 14.44 | 14.15 | 2.05% | |||
| QAN | Qantas Airways | $8.78 | Morgan Stanley | 10.50 | 8.50 | 23.53% |
| QBE | QBE Insurance | $19.26 | Morgan Stanley | 21.25 | 19.30 | 10.10% |
| SRG | SRG Global | $1.34 | Bell Potter | 1.55 | 1.40 | 10.71% |
| STO | Santos | $6.77 | Macquarie | 8.70 | 8.50 | 2.35% |
| Morgan Stanley | 7.99 | 8.08 | -1.11% | |||
| UBS | 8.15 | 8.70 | -6.32% | |||
| TNE | TechnologyOne | $29.36 | Bell Potter | 29.50 | 24.00 | 22.92% |
| Macquarie | 27.90 | 22.00 | 26.82% | |||
| Morgan Stanley | 25.50 | 13.00 | 96.15% | |||
| Morgans | 29.90 | 20.50 | 45.85% | |||
| Ord Minnett | 25.20 | 17.60 | 43.18% | |||
| Shaw and Partners | 29.30 | 17.30 | 69.36% | |||
| UBS | 33.80 | 26.20 | 29.01% | |||
| WGN | Wagners Holding Co | $1.45 | Morgans | 1.55 | 1.25 | 24.00% |
Summaries
| ALQ | ALS Ltd | Outperform - Macquarie | Overnight Price $15.50 |
| Add - Morgans | Overnight Price $15.50 | ||
| Buy - UBS | Overnight Price $15.50 | ||
| ALX | Atlas Arteria | Initiation of coverage with Buy - Citi | Overnight Price $4.83 |
| AMC | Amcor | Neutral - Citi | Overnight Price $15.70 |
| Equal-weight - Morgan Stanley | Overnight Price $15.70 | ||
| BHP | BHP Group | Buy - Citi | Overnight Price $40.31 |
| Neutral - UBS | Overnight Price $40.31 | ||
| CLG | Close the Loop | Downgrade to Hold High Risk from Buy High isk - Shaw and Partners | Overnight Price $0.25 |
| CMM | Capricorn Metals | Buy - Bell Potter | Overnight Price $6.43 |
| COH | Cochlear | Neutral - Citi | Overnight Price $301.11 |
| ELD | Elders | Buy - Citi | Overnight Price $7.71 |
| FDV | Frontier Digital Ventures | Add - Morgans | Overnight Price $0.43 |
| GTK | Gentrack Group | Buy - Bell Potter | Overnight Price $9.12 |
| HLS | Healius | Upgrade to Neutral from Sell - Citi | Overnight Price $1.31 |
| KMD | KMD Brands | Equal-weight - Morgan Stanley | Overnight Price $0.38 |
| MND | Monadelphous Group | Hold - Bell Potter | Overnight Price $12.79 |
| Outperform - Macquarie | Overnight Price $12.79 | ||
| NEM | Newmont Corp | Outperform - Macquarie | Overnight Price $65.27 |
| NHC | New Hope | Neutral - Citi | Overnight Price $4.95 |
| NWL | Netwealth Group | Neutral - Citi | Overnight Price $30.57 |
| PLS | Pilbara Minerals | Neutral - Citi | Overnight Price $2.93 |
| QAN | Qantas Airways | Overweight - Morgan Stanley | Overnight Price $8.97 |
| QBE | QBE Insurance | Overweight - Morgan Stanley | Overnight Price $19.58 |
| RIO | Rio Tinto | Neutral - UBS | Overnight Price $115.70 |
| RMC | Resimac Group | Buy - Bell Potter | Overnight Price $0.88 |
| SRG | SRG Global | Buy - Bell Potter | Overnight Price $1.28 |
| Buy, High Risk - Shaw and Partners | Overnight Price $1.28 | ||
| STO | Santos | Upgrade to Buy from Neutral - Citi | Overnight Price $6.84 |
| Outperform - Macquarie | Overnight Price $6.84 | ||
| Overweight - Morgan Stanley | Overnight Price $6.84 | ||
| Buy - UBS | Overnight Price $6.84 | ||
| TNE | TechnologyOne | Hold - Bell Potter | Overnight Price $29.45 |
| Downgrade to Neutral from Outperform - Macquarie | Overnight Price $29.45 | ||
| Equal-weight - Morgan Stanley | Overnight Price $29.45 | ||
| Downgrade to Hold from Add - Morgans | Overnight Price $29.45 | ||
| Downgrade to Lighten from Hold - Ord Minnett | Overnight Price $29.45 | ||
| Hold - Shaw and Partners | Overnight Price $29.45 | ||
| Buy - UBS | Overnight Price $29.45 | ||
| WGN | Wagners Holding Co | Add - Morgans | Overnight Price $1.42 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 22 |
| 3. Hold | 17 |
| 4. Reduce | 1 |
Wednesday 20 November 2024
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Disclaimer:
The content of this information does in no way reflect the opinions of
FNArena, or of its journalists. In fact we don't have any opinion about
the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe
and comment on. By doing so we believe we provide intelligent investors
with a valuable tool that helps them in making up their own minds, reading
market trends and getting a feel for what is happening beneath the surface.
This document is provided for informational purposes only. It does not
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financial instrument. FNArena employs very experienced journalists who
base their work on information believed to be reliable and accurate, though
no guarantee is given that the daily report is accurate or complete. Investors
should contact their personal adviser before making any investment decision.
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