Australian Broker Call

Citi rates ABC as Neutral (3) -

First half results , which beat estimates, revealed the company has been able to offset the slowdown, but Citi anticipates demand will worsen as construction slows further.

The broker assesses market expectations are low and further clarity on the potential mitigation of contract losses is required to drive a re-rating.

Citi forecasts a sales decline of -9% in the second half and -8% in the first half of FY21, although the ability to win infrastructure projects in FY21 could provide some upside. Neutral rating retained. Target rises to $2.70 from $2.60.

Target price is $2.70 Current Price is $2.39 Difference: $0.31
If ABC meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $2.45, suggesting upside of 1.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.3

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

Credit Suisse rates ABC as Underperform (5) -

Credit Suisse assesses the first half result as "good" with earnings (EBIT) in line with expectations. The loss of the lime contract has had little offset so far, although the broker notes a 5% volume gain was a slight positive.

The concrete & aggregates market remain subdued with limited effect from stimulus and little prospect for growth in 2021. Credit Suisse retains an Underperform rating and $1.90 target.

Target price is $1.90 Current Price is $2.39 Difference: minus $0.49 (current price is over target).
If ABC meets the Credit Suisse target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.45, suggesting upside of 1.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.3

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

Macquarie rates ABC as Underperform (5) -

First half results were better than Macquarie expected. Still, the environment is difficult and there are structural issues compounded by the loss of lime revenues.

Macquarie assesses the market environment is extremely competitive and the risk of price deflation remains high. No 2020 guidance was provided.

The broker retains an Underperform rating and raises the target to $2.20 from $1.85.

Target price is $2.20 Current Price is $2.39 Difference: minus $0.19 (current price is over target).
If ABC meets the Macquarie target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.45, suggesting upside of 1.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.3

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

Morgan Stanley rates ABC as Overweight (1) -

Adbri's first-half revenue, impacted by the bushfires and lower residential demand was -7% versus last year. Operating income was ahead of Morgan Stanley's estimate by 11%. A dividend of 4.75c was declared.

The broker considers the result solid and the company well placed to benefit from the stimulus in infrastructure. FY20 operating income (EBIT) forecast is increased by 6% to $161m, reflecting a better outlook.

Overweight rating and $3.20 target maintained. Industry view: Cautious.

Target price is $3.20 Current Price is $2.39 Difference: $0.81
If ABC meets the Morgan Stanley target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $2.45, suggesting upside of 1.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.3

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

Morgans rates ABC as Hold (3) -

The Adbri interim result was in-line with Morgans forecasts, with cashflow stronger than expected and the balance sheet in a strong position.

The broker highlights -$10m in net cost savings were reiterated by management, with around 70% to be realised in the second half.

FY20 guidance remains withdrawn, although demand has generally been tracking in-line with the company’s previous expectations, however, Victorian restrictions have impacted August trading and covid-19 uncertainty remains, observes the analyst.

Morgans considers the Alcoa lime contract loss has created a challenging medium-term outlook.

The Hold rating is maintained. The target price is increased to $2.42 from $2.39.

Target price is $2.42 Current Price is $2.39 Difference: $0.03
If ABC meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $2.45, suggesting upside of 1.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.3

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

Ord Minnett rates ABC as Hold (3) -

Adbri reported a first half CY20 underlying net profit in-line with the Ord Minnett forecast, with cashflow much stronger than expected, however, it was due to working capital inflow.

A fully franked interim dividend of 4.8cps was declared.

No guidance was provided, but management noted July trading was in-line with expectations, and August data to date have been weaker due to Victorian restrictions and softer demand in NSW.

Ord Minnett maintains its Hold rating on Adbri with a target price of $2.70.

Target price is $2.70 Current Price is $2.39 Difference: $0.31
If ABC meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $2.45, suggesting upside of 1.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.3

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

Morgans rates ACF as Add (1) -

The FY20 result for Acrow Formwork and Construction Services was overall ahead of Morgans expectations.

The broker identifies a key positive in improved Natform performance in the second half and the outlook remains strong with the current pipeline of hire opportunities up 63% on FY19 levels. On the negative side, Commercial and Residential Scaffold revenue fell -17% and remains under some pressure due to covid-19 restrictions. Additionally, the DPS was below the broker’s forecast.

On a pre-AASB16 adjustment basis, Morgans earnings forecasts remains unchanged and the analyst views the company as well managed with leverage to increasing civil infrastructure activity.

The Add rating is maintained. The target price is increased to $0.38 from $0.34.

Target price is $0.38 Current Price is $0.33 Difference: $0.05
If ACF meets the Morgans target it will return approximately 15% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

UBS rates ALD as Neutral (3) -

UBS retains its Neutral rating with the target price increased to $27 from $22.50.

The increase in the target price is on the expectation of a faster earnings recovery, states UBS, with Ampol's international fuel and infrastructure division continuing to grow even in a subdued macro environment.

The broker has increased 2020 earnings forecast by 52% and expects Ampol's increased international storage capability to support international operating income growth.

However, UBS believes the upside is mostly priced in. Some key catalysts to focus on include re-engagement of Couche-Tard acquisition and potential negative earnings impact from the pandemic due to restrictions in Victoria.

Target price is $27.00 Current Price is $27.06 Difference: minus $0.06 (current price is over target).
If ALD meets the UBS target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $29.06, suggesting upside of 7.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

UBS rates AMA as Buy (1) -

AMA Group’s FY20 results were a material beat over UBS’ estimate led by a strong second half.

UBS notes the group has a long pipeline of acquisitions with high barriers to entry. The broker is of the view AMA Group will benefit considerably from increased traffic volumes post-covid-19.

UBS chooses to be conservative for now and has made minimal changes to its FY21 forecasts.

Buy rating maintained with a target price of $0.80.

Target price is $0.80 Current Price is $0.55 Difference: $0.25
If AMA meets the UBS target it will return approximately 45% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Macquarie rates AMI as Outperform (1) -

FY20 earnings were in line with expectations while the 1c dividend was unexpected. FY21 production guidance is in line with estimates although costs are higher than Macquarie expected.

Macquarie expects Federation and Great Cobar to be the key sources of growth. Outperform rating maintained. The target is reduced to $0.60 from $0.70.

Target price is $0.60 Current Price is $0.50 Difference: $0.1
If AMI meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Morgan Stanley rates ANN as Overweight (1) -

While Ansell has already outperformed its benchmark year to date, Morgan Stanley remains positive about the company driven by strong momentum in healthcare and balance sheet flexibility.

FY20 result was at the top end of the company guidance, led by healthcare with the Industrial division proving to be a drag.

The broker expects organic growth in FY21 to be more than the long term target level of 3-5%. The company is one of the few direct beneficiaries of the pandemic, adds the broker.

Overweight rating. Target is increased to $43.50 from $28.90. Industry view is In-Line.

Target price is $43.50 Current Price is $40.21 Difference: $3.29
If ANN meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $38.65, suggesting downside of -4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.1

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

Citi rates APA as Buy (1) -

FY21 operating earnings guidance of $1.63-1.67bn is a lower than Citi anticipated. This stems from lower-than-expected earnings at Orbost and a lower contribution from CPI indexation as well as the expiry of legacy contracts.

Some of the headwinds will reverse in FY22 and Citi expects gas demand will resume as it is currently cyclically, not structurally, lower. Buy rating retained. Target is reduced to $11.94 from $12.68.

Target price is $11.94 Current Price is $10.57 Difference: $1.37
If APA meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $11.24, suggesting upside of 7.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.4

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

Credit Suisse rates APA as Neutral (3) -

FY20 results were at the top end of revised guidance. Credit Suisse considers the Orbost revenue/cost sharing agreement in FY21 is a favourable outcome for a difficult project.

Weak earnings are likely again in FY21 although the broker considers this mostly related to inflation rather than any commercial issue.

Credit Suisse retains a Neutral rating and unchanged $10.70 target.

Target price is $10.70 Current Price is $10.57 Difference: $0.13
If APA meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $11.24, suggesting upside of 7.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.4

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

Macquarie rates APA as Upgrade to Outperform from Neutral (1) -

Macquarie upgrades to Outperform from Neutral and raises the target to $11.72 from $11.36. The broker notes the management team has been rebuilt and the project pipeline is being filled. There is also the significant North American opportunity.

Nevertheless, the earnings outlook is flat as the economic downturn has taken the edge off volumes and the refinancing of SEAgas lowers energy investment.

Target price is $11.72 Current Price is $10.57 Difference: $1.15
If APA meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $11.24, suggesting upside of 7.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.4

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

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

APA Group's FY20 results are described as "solid" by Morgan Stanley. A dividend of 50cps was declared, up 4.7% versus last year and in-line with consensus.

FY21 operating income guidance includes lower CPI escalation, lower service revenues and less contribution from growth investments. The outlook is also dimmed by commissioning problems at Orbost, reports the broker.

Morgan Stanley maintains its Equal-weight rating. Industry view is Cautious. Price target lowers slightly to $11.38 from $11.66.

Target price is $11.38 Current Price is $10.57 Difference: $0.81
If APA meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $11.24, suggesting upside of 7.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.4

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

Morgans rates APA as Hold (3) -

The FY20 result for APA Group was better than forecast by Morgans, but the FY21 guidance surprised with its benign outlook.

The earnings growth was primarily due to new assets and reduction in corporate costs, offset by issues in Orbost and a higher Australian dollar applied to the Wallumbilla Gladstone Pipeline (WPG)'s US$-denominated revenues.

The broker calculates dividend guidance of around 50cps implies a cash yield of 4.7% at current prices.

The Hold rating is maintained. The target price is decreased to $10.45 from $10.79.

Target price is $10.45 Current Price is $10.57 Difference: minus $0.12 (current price is over target).
If APA meets the Morgans target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.24, suggesting upside of 7.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.4

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

Ord Minnett rates APA as Hold (3) -

APA Group reported segment operating earnings (EBITDA) 1% higher than Ord Minnett's forecast.

The broker points to EBITA continuing to grow, while cashflow and dividend metrics look good, especially considering the weak macro environment.

However, FY21 guidance implies this year will see the weakest earnings growth in 16 years and there were indications from limited news on organic or inorganic growth, suggesting deployment of capital has been pushed back, notes the analyst.

A final dividend of 27cps was declared.

The Hold rating is maintained. The target price is decreased to $11.09 from $11.35.

Target price is $11.09 Current Price is $10.57 Difference: $0.52
If APA meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $11.24, suggesting upside of 7.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.4

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

UBS rates APA as Buy (1) -

APA Group's FY20 operating income was at the top end of its guidance and 2% ahead of UBS' estimate. 

FY21 guidance was lower than expected by the market, pointing to a flat dividend with operating income dropping slightly (normalised basis) due to delays at Orbost and the impact of the pandemic.

The broker believes these are short term issues with the market expected to tighten in 2023.

UBS retains its Buy rating with the price decreasing to $11.40 from $11.95.

Target price is $11.40 Current Price is $10.57 Difference: $0.83
If APA meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $11.24, suggesting upside of 7.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.4

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

Credit Suisse rates APE as Neutral (3) -

First half underlying pre-tax profit was in line with the AGM update. Credit Suisse finds it hard to fault the company's performance, given the difficulties in the industry.

Further efficiency gains are envisaged but, while national car sales have rebounded encouragingly in June and July, the broker remains cautious about future consumer expenditure once stimulus rolls off.

Neutral rating maintained. Target is raised to $9.40 from $6.45, driven by higher EPS estimates, a higher market multiple and lower net debt position.

Target price is $9.40 Current Price is $8.96 Difference: $0.44
If APE meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $9.32, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

Macquarie rates APE as Neutral (3) -

The highlight of the first half was the cost optimisation that offset weak volumes, and the decision to materially reduce the cost base and inventory has positioned the business well during the pandemic, Macquarie notes.

Stimulus measures have helped volumes rebound but the catalyst going forward will be how demand involves for the remainder of 2020. Macquarie retains a Neutral rating and raises the target to $8.50 from $7.80.

Target price is $8.50 Current Price is $8.96 Difference: minus $0.46 (current price is over target).
If APE 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 $9.32, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

Morgan Stanley rates APE as Overweight (1) -

Eagers Automotive delivered on its pre-guided first-half profit (PBT). Morgan Stanley notes the company has an opportunity to grow its footprint in NSW and Victoria.

The opportunity in used vehicle segment has accelerated with the first half noting strong progress on both sales volumes and procurement efficiencies. The broker is of the view this segment can change the company's valuation materially.   

Overweight maintained. The target price is increased to $10 from $9. Industry view: In-Line.

Target price is $10.00 Current Price is $8.96 Difference: $1.04
If APE meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $9.32, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

Morgans rates APE as Add (1) -

Eagers Automotive first half result was in-line with recent guidance, according to Morgans.

The company reiterated its -$78m structural cost-out program and reported the second half has started well, notes the broker.

While concerns around the tapering of stimulus programs will continue, Morgans believes the company’s self-help initiatives (cost-out, restructuring, Next100 strategy and balance sheet strength) leaves the Group well placed to navigate disruptions, with material leverage when conditions normalise.

The Add rating is maintained. The target price is increased to $9.99 from 8.83.

Target price is $9.99 Current Price is $8.96 Difference: $1.03
If APE meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $9.32, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

UBS rates APE as Buy (1) -

Eagers Automotive's first-half result was in-line with its guidance and ahead of UBS's estimate. Operating cash flows were strong due to inventory management and deferral of payables, reports the broker.

The company is planning to accelerate its Next100 strategy. The broker is of the view the company has a great opportunity to improve profitability and returns.

The broker's updated forecasts include 2020 revenue of $8.4bn with profit (PBT) at $118m. UBS reiterates its Buy rating with the target price increasing to $10 from $7.90.

Target price is $10.00 Current Price is $8.96 Difference: $1.04
If APE meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $9.32, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

UBS rates APT as Sell (5) -

Afterpay's pre-released FY20 result, released today, has triggered the UBS response of "strong operating momentum continues".

The analysts, holding on to their $27 price target, and thus also to their Sell rating, comment there are no surprises in the result.

EPS forecasts are now officially under review.

Target price is $27.00 Current Price is $90.72 Difference: minus $63.72 (current price is over target).
If APT meets the UBS target it will return approximately minus 70% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $68.76, suggesting downside of -24.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.2

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

Citi rates AX1 as Neutral (3) -

Net profit was broadly in line with Citi's estimates in FY20. A net increase of 40 stores is planned for FY21 and the company envisages potential for 100 stores in the longer term which aligns with the broker's expectations.

Subsidies have propped up profitability in FY20 and have allowed the business to retain its workforce and generate sales during the re-opening phase. Citi retains a Neutral rating and $1.55 target.

Target price is $1.55 Current Price is $1.66 Difference: minus $0.11 (current price is over target).
If AX1 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 $1.76, suggesting upside of 15.3% (ex-dividends)

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.7

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

Morgan Stanley rates AX1 as Overweight (1) -

Accent Group’s FY20 result was in-line with Morgan Stanley's estimate with a final dividend of 4c versus none expected by the broker.

No earnings guidance for FY21 was provided by the group but the broker believes store targets (set for the first time) will be well received by the market.

Morgan Stanley retains its Overweight rating with a target price of $1.90. Industry view: In-line.

Target price is $1.90 Current Price is $1.66 Difference: $0.24
If AX1 meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $1.76, suggesting upside of 15.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.7

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

Morgans rates AX1 as Add (1) -

The FY20 earnings result for Accent Group was in-line with recent guidance, with the strength of the company's online capability on show, notes Morgans.

The broker comments the early part of FY21 has seen sales impacted by increased lockdown restrictions in Victoria and Auckland, however, excluding those markets like-for-like sales are up 16.6%.

Morgans sees the company well placed to deliver a further 10% EPS growth in FY21.

The Add rating is maintained. The target price is increased to $1.84 from $1.70.

Target price is $1.84 Current Price is $1.66 Difference: $0.18
If AX1 meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $1.76, suggesting upside of 15.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.7

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

UBS rates BIN as Buy (1) -

The second half revenue and operating income (EBITDA) of Bingo Industries were ahead of UBS's estimate. Amid a weakening housing construction market, the broker assesses Bingo Industries will benefit from its large pipeline of infrastructure work.

The June quarter performance in the broker's view shows the company can balance discounting, volumes and margins.

Valuation remains attractive along with a materially improved outlook since May 2020, says the analyst. All up, with additional capacity, the broker assumes the company will discount to win a share of collections. Buy rating maintained. Target is increased to $2.75 from $2.55.

Target price is $2.75 Current Price is $2.28 Difference: $0.47
If BIN meets the UBS target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $2.55, suggesting upside of 12.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.4

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

Macquarie rates BVS as Outperform (1) -

Macquarie remains positive on the company's business and services and believes the pandemic is a temporary disruption. There are strong structural drivers for the stock, although the broker acknowledges catalysts are needed to improve the clarity for investors.

Guidance is for flat FY21 net profit growth which the broker calculates to mean 7% operating earnings (EBITDA) growth. Moreover, normalising for licence fees, operating earnings would need to rise 19%. Outperform rating retained. Target is reduced to $5.50 from $6.00.

Target price is $5.50 Current Price is $3.74 Difference: $1.76
If BVS meets the Macquarie target it will return approximately 47% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Morgans rates CDD as Add (1) -

Cardno reported FY20 earnings at the top end of recently provided guidance as the Americas division offset ongoing weakness in APAC, explains Morgans.

The company has guided to FY21 earnings (pre-AASB-16) of between $40-45m, which compares to the Morgans forecast of $42.7m.

The broker retains an Add rating, as both capital management and acquisitions are expected and as the stock currently has low valuation multiples.

The Add rating is maintained. The target price is increased to $0.631 from $0.565

Target price is $0.63 Current Price is $0.31 Difference: $0.321
If CDD meets the Morgans target it will return approximately 104% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Citi rates CWY as Buy (1) -

FY20 underlying operating earnings were ahead of expectations, characterised by a strong performance in the solid waste business and despite disruptions from the pandemic.

No guidance was provided but Citi is encouraged by the strong start to FY21. Medium-term margin targets have been revised higher which the broker anticipates will be achieved.

FY21 and FY22 forecasts are upgraded by 3% and 1%, respectively. Buy rating and $2.55 target retained.

Target price is $2.55 Current Price is $2.43 Difference: $0.12
If CWY meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $2.48, suggesting downside of -0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Credit Suisse rates CWY as Neutral (3) -

FY20 net profit was in line with forecasts. Management appears more cautious than Credit Suisse had anticipated, having noted the impact of the pandemic continues to be more pronounced in Victoria, although there are some signs of a recovery in June compared with April and May.

Credit Suisse anticipates 14% net profit growth in FY21 and 23% in FY22. Neutral retained. Target is raised to $2.45 from $2.30.

Target price is $2.45 Current Price is $2.43 Difference: $0.02
If CWY meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $2.48, suggesting downside of -0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Macquarie rates CWY as Outperform (1) -

FY20 results were ahead of Macquarie's expectations as profitability improved, acquisitions were integrated and contracts obtained.

The broker continues to like the company's exposure and, while uncertainties remain during the pandemic, resilience in the face of disruptions is clearly evident.

Outperform retained. Target rises to $2.75 from $2.45.

Target price is $2.75 Current Price is $2.43 Difference: $0.32
If CWY meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $2.48, suggesting downside of -0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Morgan Stanley rates CWY as Overweight (1) -

Cleanaway Waste Management's FY20 results highlight resilience and the continuation of the company's "footprint 2025" strategy, comments Morgan Stanley. The results beat market expectations with operating income ahead of the broker's estimate and earnings per share in-line with the broker.

Upcoming catalysts include the company's AGM on October 14 and getting approval for its PET plastic pelletising project. 

 Morgan Stanley reaffirms its Overweight rating with a target price of $2.45. Industry view: Cautious.

Target price is $2.45 Current Price is $2.43 Difference: $0.02
If CWY meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $2.48, suggesting downside of -0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Morgans rates CWY as Hold (3) -

Cleanaway Waste Management's FY20 result was better than Morgans expected and cash generation was surprisingly strong.

The broker notes each business unit delivered margin expansion, albeit increased corporate costs slightly offset this.

The beat of the broker's earnings forecast came from the Solids segment, with second half margins 180 basis points above forecast. Profit also increased 9% to $153m versus Morgans $145m forecast.

Trading conditions are too variable for management to provide guidance and the analyst assumes FY21 will have mild earnings growth.

The Hold rating is maintained. The target price is increased to $2.24 from $2.14

Target price is $2.24 Current Price is $2.43 Difference: minus $0.19 (current price is over target).
If CWY meets the Morgans target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.48, suggesting downside of -0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Ord Minnett rates CWY as Accumulate (2) -

Cleanaway Waste Management delivered FY20 underlying operating earnings (EBITDA) broadly in-line with Ord Minnett's forecast.

Market concerns around bad debt charges were allayed with cash conversions of more than 100% and a meaningful increase in free cashflow, notes the broker.

The analyst believes the Australian waste management industry is poised for structural change and the company is ideally positioned to take advantage.

The Accumulate rating is maintained. The target price is increased to $2.60 from $2.40.

Target price is $2.60 Current Price is $2.43 Difference: $0.17
If CWY meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $2.48, suggesting downside of -0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

UBS rates CWY as Neutral (3) -

Cleanaway Waste Management noted a better than expected end to FY20, with margins across the board ahead of expectations. The beat was supported by lower overtime with shortened truck trips and strong cost control, highlights UBS.

No FY21 guidance was provided due to restrictions in Victoria. The broker considers this stance a tad too conservative especially when seen in the context of the company's second-half performance.

UBS maintains its Neutral rating with the target price increasing to $2.35 from $2.15.

Target price is $2.35 Current Price is $2.43 Difference: minus $0.08 (current price is over target).
If CWY meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.48, suggesting downside of -0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Macquarie rates FCL as Outperform (1) -

FY20 results were in line with the recent update and materially ahead of prospectus. Guidance is for revenue growth of 20% with 30% growth in subscription fees and Macquarie believes the company is positioned to deliver on its forecasts.

Importantly, if current utilisation levels are held throughout FY21, the broker calculates 15% upside to gross profit forecasts and 70% upside to EBITDA forecasts. Outperform retained. Target rises to $6.06 from $5.87.

Target price is $6.06 Current Price is $5.40 Difference: $0.66
If FCL meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

This company reports in EUR. 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

Ord Minnett rates FCL as Buy (1) -

The company delivered well ahead of prospectus and Ord Minnett notes record new customer gains in FY20 which demonstrate that the pre-IPO deals were not "one-off's".

The broker assesses the addressable market is in the billions and while the pandemic presents some challenges it is also driving a need for carriers to upgrade legacy systems. Ord Minnett retains a Buy rating and $5 target.

Target price is $5.00 Current Price is $5.40 Difference: minus $0.4 (current price is over target).
If FCL meets the Ord Minnett target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

This company reports in EUR. 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

Morgans rates FDV as Add (1) -

Frontier Digital Ventures had pre-reported a -13% drop in combined portfolio revenue in the first half, with the second quarter declining -43%, heavily impacted by lockdowns in all geographies, according to Morgans. However, traffic in most businesses has rebounded strongly, which bodes well for a meaningful recovery in the second half.

The broker highlights businesses have used the crisis to significantly address their cost base and a focus on the likes of organic traffic growth may see more of the cost efficiencies retained than the analyst expected.

The Add rating is maintained. The target price is increased to $1.34 from $1.22.

Target price is $1.34 Current Price is $1.09 Difference: $0.25
If FDV meets the Morgans target it will return approximately 23% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Citi rates FLT as Neutral (3) -

With Flight Centre having pre-released key financial numbers, today's FY20 report contained no major surprises for Citi analysts.

Citi's initial response does contain a few interesting snippets, such as management expects to become profitable again next year and sees possibilities for further consolidation in the industry.

Also, management predicts industry activity to return to pre-covid levels by FY24.

Target price is $13.50 Current Price is $12.61 Difference: $0.89
If FLT meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $13.47, suggesting upside of 7.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Credit Suisse rates FXL as Neutral (3) -

The FY20 financials were pre-announced and Credit Suisse notes the strategic focus on BNPL amid progress in brand revitalisation and volume growth. Still, the broker finds it hard to have a high conviction on the outlook.

While the stated intention of the equity raising makes sense to the broker, at this stage there is a lack of detail on exactly where and how the capital will be applied. Neutral rating retained. Target is reduced to $1.40 from $1.50.

Target price is $1.40 Current Price is $1.31 Difference: $0.09
If FXL meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $1.20, suggesting downside of -8.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

Macquarie rates FXL as Neutral (3) -

FY20 results were largely pre-reported. The main news was the capital raising of $140m to fund growth, invest in products and expand partnerships.

Macquarie notes this is highly dilutive and the size of the offer raises the question about whether proceeds may be required to fund future losses as economic conditions deteriorate.

Another strategic review of the commercial & leasing division is being undertaken and Macquarie believes a sale would have made sense although management has indicated the asset will be retained.

Neutral rating retained. Target is raised to $1.33 from $1.25.

Target price is $1.33 Current Price is $1.31 Difference: $0.02
If FXL meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $1.20, suggesting downside of -8.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

UBS rates FXL as Buy (1) -

Flexigroup will be raising $140m to improve its balance sheet and support its tilt towards the buy now pay later sector. The company will also be changing its name to Humm.

UBS makes minimal changes to its net profit forecasts, expecting a return to pre-covid-19 profitability by FY22. Post covid-19, the broker sees a favourable market opportunity for the group and views the stock as a value play in the buy now pay later sector. 

UBS retains its Buy rating with the target price decreasing to $1.45 from $1.60.

Target price is $1.45 Current Price is $1.31 Difference: $0.14
If FXL meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $1.20, suggesting downside of -8.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

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

FY20 results were in line with Credit Suisse estimates. Credit Suisse notes FY21 guidance has been withdrawn in light of the uncertainty, although the company appears to be progressing well with its strategy.

Subsequent to the recent equity raising, gearing is well within covenants, the broker notes.

As the share price has rallied subsequent to the equity raising Credit Suisse envisages better absolute value elsewhere and downgrades to Neutral from Outperform. Target edges down to $3.21 from $3.22.

Target price is $3.21 Current Price is $3.08 Difference: $0.13
If HMC meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Ord Minnett rates HMC as Hold (3) -

Home Consortium reported second half FY20 funds from operations (FFO) of $9.8m, which was below the Ord Minnett forecast of $12.5m, due to -$3.4m of rent abated and deferred.

The broker states the operational performance was solid with consistent occupancy gains, a long weighted average lease expiry (WALE) maintained, minor positive revaluations and all FY20 covid-19 rent agreements negotiated.

The Hold rating is maintained. The target price is increased to $3.20 from $3.10.

Target price is $3.20 Current Price is $3.08 Difference: $0.12
If HMC meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Morgans rates IPD as Add (1) -

ImpediMed posted a FY20 net loss of -$21.4m, slightly ahead of the Morgans forecast.

The broker observes an improving SaaS revenue base and expectations of SOZO gross margins to increase to over 90% in FY21.

The analyst points to a key catalyst in the release of the meta-analysis data which feeds into the National Comprehensive Cancer Network (NCCN ) inclusion and private payer onboarding, and further details as the Heart Failure program commercialises.

The Speculative Buy rating is maintained. The target price is increased to $0.145 from $0.144.

Target price is $0.14 Current Price is $0.07 Difference: $0.075
If IPD meets the Morgans target it will return approximately 107% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Macquarie rates JHC as Neutral (3) -

The financial outlook for FY21 is difficult with Macquarie expecting an underlying net loss of -$11.6m. Supply of beds remains ahead of demand, given the temporary hit from the pandemic.

Given the size of Japara Healthcare it is likely to be in a relatively stronger position compared with smaller peers. Moreover, Macquarie suspects the current operating environment will lead to more distressed assets and this could reduce bed supply or create potential for increased funding to the sector.

Both of these catalysts, if they were to feature, would be beneficial to the company. Neutral rating maintained. Target is reduced to $0.54 from $0.68.

Target price is $0.54 Current Price is $0.48 Difference: $0.06
If JHC meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $0.55, suggesting upside of 17.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Morgans rates JHC as Hold (3) -

Japara Healthcare posted FY20 recurring earnings (EBITDA) of $36.9m versus Morgans $44.6m forecast, due to lower occupancy and higher costs.

The broker states the key issue facing the company/industry is that government funding increases are well below the operating cost increases, resulting in many operators becoming marginal.

Morgans places a -15% discount on the valuation to reflect the uncertainty around the Royal Commission outcomes and industry headwinds, with an upside risk of potential corporate activity in the sector.

The Hold rating is maintained. The target price is decreased to $0.524 from $0.834.

Target price is $0.52 Current Price is $0.48 Difference: $0.044
If JHC meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $0.55, suggesting upside of 17.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Morgan Stanley rates JIN as Overweight (1) -

Jumbo Interactive’s FY20 earnings were ahead of guidance as well as Morgan Stanley's forecasts. 

The company completed its 10-year agreement with Tabcorp Holdings ((TAH)). The broker has concerns pertaining to decreasing customer count and cash conversion.  

Morgan Stanley reiterates its Overweight rating. The target price is increased to $14.30 from $12.50. Industry view: In-line.

Target price is $14.30 Current Price is $12.69 Difference: $1.61
If JIN meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Market Sentiment: 1.0

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

Morgans rates JIN as Add (1) -

The FY20 result for Jumbo Interactive exceeded recent guidance across the board and was a strong outcome,  given the significantly weaker jackpot environment, notes Morgans.

Customer spending levels are currently elevated, and the broker believes covid-19 will continue to accelerate the digital take-up by both consumers and charities, which positions the company well for FY21 and beyond.

The company announced a ten year license extension agreement with Tabcorp Holdings ((TAH))

The company's Powered by Jumbo SaaS offering has $140m of TTV (five charities) currently under contract and the company expects to be generating revenue from all these agreements in the second half FY21.

The Add rating is maintained. The target price is increased to $13.91 from $11.58.

Target price is $13.91 Current Price is $12.69 Difference: $1.22
If JIN meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Macquarie rates LNK as Outperform (1) -

Macquarie analysts report initial impressions of Link Administration's FY20 report are positive with operating profit beating market consensus by some 5%.

No FY21 guidance was provided. Final dividend of 3.5c is in-line with Macquarie's estimate.

In addition, Link has indicated the $420 capital return from PEXA will be used to retire debt, with the share buyback now cancelled.

Target price is $4.60 Current Price is $4.40 Difference: $0.2
If LNK meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $4.69, suggesting upside of 17.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

Citi rates LOV as Sell (5) -

The business model has, historically, relied on shopping centre foot traffic to drive sales with the company's expenditure on advertising minimal. Hence, Citi is concerned that the pandemic has accelerated the structural shift to online and visits to shopping centres will be less frequent.

In the absence of Lovisa achieving rental reductions this may result in the company having to increase marketing expenditure to achieve the same levels of sales per store.

The broker upgrades FY21 and FY22 net profit estimates by 31% and 1%, respectively because of gross margin improvements and the increased roll-out. A Sell rating is reiterated. Target is raised to $6.25 from $5.75.

Target price is $6.25 Current Price is $7.30 Difference: minus $1.05 (current price is over target).
If LOV meets the Citi target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.27, suggesting downside of -0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Macquarie rates LOV as Neutral (3) -

FY20 earnings were below Macquarie's estimates. The second half was affected by store closures and challenging trading conditions. Sales have improved since the company's last update, the broker notes, and the outlook is in line with expectations.

Current trading is experiencing a wide divergence among geographies because of variability in the level of restrictions. Store roll-out is delayed while eight new stores have been opened in the first half to date.

The company is expected to remain disciplined on pricing and take advantage of rental negotiations to place it in a stronger position. Neutral retained. Target rises to $7.50 from $6.00.

Target price is $7.50 Current Price is $7.30 Difference: $0.2
If LOV meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $7.27, suggesting downside of -0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

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

Lovisa Holdings’ FY20 result was partially pre-guided and in-line with Morgan Stanley's.

No guidance has been provided for FY21.  While a trading update shows improving like for like sales growth in FY21, the broker feels the improvement may take 6-12 months to ramp up. Also, Lovisa's online offering is considered premature with comps expected to lag the rest of the retail sector.

Morgan Stanley maintains its Equal-weight rating. The target price is increased to $7.15 from $6.75. Industry view: In-line.

Target price is $7.15 Current Price is $7.30 Difference: minus $0.15 (current price is over target).
If LOV meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.27, suggesting downside of -0.8% (ex-dividends)

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Morgans rates LOV as Add (1) -

Lovisa’s FY20 result was slightly weaker than Morgans expected with earnings (EBIT) a -5% miss, due to both a higher depreciation and amortisation charge and a material impact from covid-19 in the second half.

The broker highlights trading continues to be impacted by covid-19, with a -19% fall in same store sales in the first eight weeks of the new financial year.

While the sales recovery trajectory is hard to predict, Morgans are comfortable the impact won’t be enduring and the global rollout opportunity is unchanged. Additionally, there is potential for structurally improved rental terms going forward.

The Add rating is maintained. The target price is increased to $8.16 from $8.14.

Target price is $8.16 Current Price is $7.30 Difference: $0.86
If LOV meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $7.27, suggesting downside of -0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Morgans rates MME as Add (1) -

Overall, Morgans sees the FY20 result as solid, with MoneyMe beating nearly all key prospectus metrics and raises FY21 and FY22 cash profit (NPAT) estimates by over 100% and 50%, respectively, on improved margin assumptions and better operating leverage.

The broker anticipates the recent product launches into new key verticals, accompanied by the potential drop in funding costs from the expected new warehouse facility (end 1Q21), will provide tailwinds for the company’s loan growth and profitability in the medium term.

The Add rating is maintained. The target price is increased to $1.90 from $1.66.

Target price is $1.90 Current Price is $1.60 Difference: $0.3
If MME meets the Morgans target it will return approximately 19% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Ord Minnett rates MME as Buy (1) -

MoneyMe's FY20 result was materially ahead of Ord Minnett's expectations with respect to profit (PBT) and gross loan growth.

The broker expects the company to achieve profit (PBT) of $7.6bn in FY21 led by the second half momentum and interest savings from a potential new funding facility.

Automation in the loan process coupled with high customer ratings reassures the broker in the capability of MoneyMe to keep growing.

Ord Minnett retains its Buy rating with the target price increasing to $1.92 from $1.53.

Target price is $1.92 Current Price is $1.60 Difference: $0.32
If MME meets the Ord Minnett target it will return approximately 20% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

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

Medibank Private's policyholders grew 0.6% in FY20 despite the pandemic, giving Morgan Stanley the confidence that the insurer may grow at least 1% in FY21.

No moderation in claims growth is expected in FY21, fears the broker while also expecting negative gross margin to widen further.

Morgan Stanley retains its Equal-weight rating with the target price decreasing to $2.70 from $2.75. Industry view: In-line.

Target price is $2.70 Current Price is $2.81 Difference: minus $0.11 (current price is over target).
If MPL meets the Morgan Stanley target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.79, suggesting downside of -2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.1

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

Credit Suisse rates MTS as Outperform (1) -

The first quarter update was ahead of expectations and Credit Suisse believes this should go some way to alleviating concerns regarding the sustainability of the gains in share in food, along with the susceptibility of hardware to a slowdown.

DIY categories led to total sales growth in hardware of 19% in the quarter. Sales growth in food was 11%.

Credit Suisse asserts it would be happy to take a flat margin outcome on sales growth in the mid teens and retains an Outperform rating. Target is raised to $3.55 from $3.00.

Target price is $3.55 Current Price is $2.99 Difference: $0.56
If MTS meets the Credit Suisse target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $3.39, suggesting upside of 13.1% (ex-dividends)

The company's fiscal year ends in April.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Macquarie rates MTS as Neutral (3) -

Metcash runs on an end-April FY, and yesterday updated on its first quarter result. Wholesale supermarket sales were up 15%, compared with Coles' ((COL)) 10%, highlighting, the broker suggests, consumers still favour local. Liquour sales rose 23% to Coles' 20%.

Hardware sales rose 17% driven not by trade but by DIY. The ACCC has approved the company's acquisition of Total Tools. The broker has upgraded earnings forecasts accordingly and lifted its target to $3.05 from $2.82. However on the basis the spree won't last all year, the broker retains Neutral.

Target price is $3.05 Current Price is $2.99 Difference: $0.06
If MTS meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $3.39, suggesting upside of 13.1% (ex-dividends)

The company's fiscal year ends in April.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Morgan Stanley rates MTS as Overweight (1) -

Metcash's trading update notes accelerating growth in food sales, liquor sales, hardware sales for the first seven weeks of the first half of FY21.

Morgan Stanley notes this to be a strong update and considers the share price too cheap for a company that is diversifying and has an improved balance sheet. 

Morgan Stanley retains its Overweight rating. The target price is increased to $3.70 from $3.60. Industry view: Cautious.

Target price is $3.70 Current Price is $2.99 Difference: $0.71
If MTS meets the Morgan Stanley target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $3.39, suggesting upside of 13.1% (ex-dividends)

The company's fiscal year ends in April.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Ord Minnett rates MTS as Accumulate (2) -

Metcash provided a quantitative first quarter FY21 trading update at its AGM. Ord Minnett notes sales growth accelerated in the quarter and implied strong sales for the period ending July, although covid-19 costs moderated some of the upside.

The broker increases EPS estimates for FY21 and FY22 by 6.4% and 1.8%, respectively, and notes the company benefits from its regional skew of stores with domestic tourism another tailwind for sales.

The Accumulate rating is maintained. The price is increased to $3.30 from $3.15.

Target price is $3.30 Current Price is $2.99 Difference: $0.31
If MTS meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $3.39, suggesting upside of 13.1% (ex-dividends)

The company's fiscal year ends in April.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

UBS rates MTS as Buy (1) -

Metcash's first-quarter FY21 sales were ahead of UBS' estimates for all divisions and accelerated in the first seven weeks of FY21. The company flagged about 36 stores have been impacted by the restrictions in Victoria. 

The broker believes Metcash is facing medium-long term share pressure although new customers acquired during the pandemic in manufacturing and cost-out will somewhat offset this.

Noting the valuation is undemanding, UBS maintains its Buy rating with the target price increasing to $3.25 from $3.05.

Target price is $3.25 Current Price is $2.99 Difference: $0.26
If MTS meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $3.39, suggesting upside of 13.1% (ex-dividends)

The company's fiscal year ends in April.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Ord Minnett rates NEC as Buy (1) -

Upon first glance, it appears Nine Entertainment's FY20 performance, released today, was much better than expected. The digital operations are now contributing (almost) 50% to operational earnings for the group.

Management has expressed the ambition to grow digital's earnings percentage to 60% by FY24, reports the broker, while also further growing the revenue from subscriptions, making advertisement less important for the business.

Nine has a target of deriving 35% of group revenues from subscriptions by FY24, according to today's update.

Target price is $2.10 Current Price is $1.76 Difference: $0.34
If NEC meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $1.90, suggesting upside of 11.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Macquarie rates NSR as Underperform (5) -

A -13% fall in underlying earnings for National Storage REIT was in line with expectation. Softer than expected income was offset by lower income expense. Near-term activity indicators are improving, the broker notes, which is positive.

The broker cautious on returns achieved in the stabilised portfolio and  new acquisitions given earnings growth has been elusive
once adjusted for financial leverage. Hence there is insufficient valuation support to compensate for risks. Underperform retained, target falls to $1.35 from $1.45.

Target price is $1.35 Current Price is $1.86 Difference: minus $0.51 (current price is over target).
If NSR meets the Macquarie target it will return approximately minus 27% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.77, suggesting downside of -6.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.1

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

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

National Storage's FY20 profit was in-line with Morgan Stanley's forecast and the company guidance. The broker considers this a sound result given the covid-19 backdrop with good rent collection and recovering occupancy.

For FY21, the company has guided to earnings per share of 7.7c-8.3c, above the broker's forecast of 6.8c.

Equal-weight rating. Target price is increased to $1.85 from $1.65. Industry view is In-Line.

Target price is $1.85 Current Price is $1.86 Difference: minus $0.01 (current price is over target).
If NSR 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 $1.77, suggesting downside of -6.3% (ex-dividends)

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.1

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

Morgans rates NSR as Hold (3) -

Despite a fall in occupancy and rate, National Storage REIT reported a solid FY20 result and has weathered the recent covid-19 challenges, observes Morgans.

The analyst predicts further acquisitions with balance sheet capacity around $500m, following the recent capital raising.
FY20 distributions totaled 8.1 cents.

Morgans calculates FY21 EPS guidance of 7.7-8.3 cents equates to implied underlying earnings of $78-84m and assumes a FY21 DPS of 7.7 cents.

Over July/August, key metrics have seen an improvement, with enquiries and move-ins almost back to pre-pandemic levels.

The Hold rating is maintained. The target price is increased to $1.83 from $1.61.

Target price is $1.83 Current Price is $1.86 Difference: minus $0.03 (current price is over target).
If NSR meets the Morgans target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.77, suggesting downside of -6.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.1

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

Ord Minnett rates NSR as Accumulate (2) -

National Storage REIT reported FY20 underlying EPS of 8.3 cents, -2.4% below Ord Minnett's forecast, reflecting a higher share count.

Revenue per available meter (RevPam) recovered well in advance of Ord Minnett's expectations, with the key driver increased occupancy, which rose materially in all markets in July and August.

The analyst expects FY21 earnings to be at or above the top end of the company's guidance range.

The Accumulate rating is maintained. The target price is kept at $2.05.

Target price is $2.05 Current Price is $1.86 Difference: $0.19
If NSR meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $1.77, suggesting downside of -6.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.1

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

Macquarie rates PNV as Outperform (1) -

FY20 sales of Polynova's NovaSorb BTM met recently updated guidance. The broker also notes an improved operating cash-flow trajectory as well as sufficient near-term funding.

The company is considered well positioned to increase share in approved markets based on a differentiated product offering, with expansion into new geographies presenting additional upside.

The broker also sees expanded uses for the product into greater addressable markets. Outperform retained, target falls to $2.55 from $2.60 on higher costs.

Target price is $2.55 Current Price is $2.16 Difference: $0.39
If PNV meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Citi rates PRU as Neutral (3) -

FY20 results beat expectations and Citi notes this was a more profitable year. Growth is expected to continue as the third mine, Yaoure, commences in the second half.

The broker retains a Neutral/High Risk rating and $1.60 target.

Target price is $1.60 Current Price is $1.37 Difference: $0.23
If PRU meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $1.40, suggesting downside of -2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.7

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

Credit Suisse rates PRU as Underperform (5) -

FY20 results beat expectations. First half guidance is unchanged for 125-139,000 ounces at an all-in sustainable cost of US$940-1025/oz.

Second half guidance is subject to completion at Yaoure and the determination of the ramp up. Commissioning is targeted by the end of the year.

Credit Suisse maintains an Underperform rating based on valuation with a target of $1.30.

Target price is $1.30 Current Price is $1.37 Difference: minus $0.07 (current price is over target).
If PRU meets the Credit Suisse target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.40, suggesting downside of -2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.7

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

Macquarie rates PRU as Underperform (5) -

Perseus Mining's underlying earnings result was in line with the broker's forecast. Reserves across the group saw incremental growth largely from pit optimisations at Edikan, while depletion was the main factor at Sissingue.

The miner has nevertheless recently acquired the Bagoe project near to Sissingue, which will boost reserves. Target rises to $1.30 from $1.25. Underperform retained on valuation.

Target price is $1.30 Current Price is $1.37 Difference: minus $0.07 (current price is over target).
If PRU 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 $1.40, suggesting downside of -2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.7

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

Citi rates PTM as Sell (5) -

FY20 results were in line with expectations. However, Citi notes the pay-out was the lowest in six years. The broker also believes a resumption of material inflows is some time away but remains attracted to the investment record.

Sell rating and $3 target retained. Estimates are lifted by 2% in order to mark to market and amid lower cost assumptions.

Target price is $3.00 Current Price is $3.60 Difference: minus $0.6 (current price is over target).
If PTM meets the Citi target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.18, suggesting downside of -12.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.8

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

Morgan Stanley rates PTM as Underweight (5) -

Platinum Asset Management's headline FY20 profit beat Morgan Stanley and consensus. Adjusted for higher investment gains, the profit was ahead of the broker's forecast. The dividend missed the broker's forecast by -4%.

Slightly lower underlying revenues were offset by better cost control. Base fees were relatively flat in the second half versus the first half.

The broker still considers the stock too expensive and maintains its Underweight rating. Target is 2.80. Industry view is In-Line.

Target price is $2.80 Current Price is $3.60 Difference: minus $0.8 (current price is over target).
If PTM meets the Morgan Stanley target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.18, suggesting downside of -12.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.8

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

Ord Minnett rates PTM as Hold (3) -

Ord Minnett notes Platinum Asset Management's meagre absolute investment returns, combined with ongoing outflows means monthly average FUM declined -6% over FY20, translating into a -5% reduction in Funds Management profit (PBT).

The broker sees the company's International Fund performance record precipitating further outflows, especially when comparisons are made to peers.

The Hold rating is maintained, with a meagre total shareholder return on offer at current levels thanks to a 5% yield. The target price is decreased to $3.45 from $3.63.

Target price is $3.45 Current Price is $3.60 Difference: minus $0.15 (current price is over target).
If PTM meets the Ord Minnett target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.18, suggesting downside of -12.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.8

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

Morgans rates QUB as Reduce (5) -

FY20 results were solid for Qube Holdings, given the headwinds facing the business, observes Morgans.

The second half dividend was 2.3cps versus the broker’s forecast of 2.9cps.

The company continues to progress the Moorebank monetisation and the analyst now factors in $1.9bn of remaining build costs across Warehouse Trust and Terminals Trust. As a result, gearing estimates are toward the top end of the target range by FY22.

The Reduce rating is maintained. The target price is decreased to $2.40 from $2.45.

Target price is $2.40 Current Price is $2.77 Difference: minus $0.37 (current price is over target).
If QUB meets the Morgans target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.02, suggesting upside of 8.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.1

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

Macquarie rates RDY as Outperform (1) -

ReadyTech's 30% increase in FY20 earnings beat the broker by 3%. FY21 guidance is for mid-teens percentage revenue growth. The fact the company has provided quantitative guidance reflects a high degree of revenue visibility from its largely subscription-based business, the broker notes, and insights into its customer base.

The broker believes the stock should re-rate as it continues to deliver against its growth strategy, including winning larger value clients. Outperform retained, target rises to $2.40 from $2.20.

Target price is $2.40 Current Price is $1.83 Difference: $0.57
If RDY meets the Macquarie target it will return approximately 31% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Ord Minnett rates REG as Hold (3) -

Upon initial glance over today's release of FY20 financials, Ord Minnett reports Regis Healthcare's report has missed expectations, also because of a surprise impairment charge of -$20.6m.

Total revenue came out in line with the broker's estimate of $677.9m, similar to market consensus. But underlying EBITDA missed estimates by -6% on higher-than-expected staffing costs.

Underlying profit (NPAT) of $21.5m was -20% below the broker's estimate, in part due to higher depreciation charges, explain the analysts. The non-cash impairment charge of -$20.6m relates to the Western Australian operations.

No guidance was provided.

Target price is $2.10 Current Price is $1.35 Difference: $0.75
If REG meets the Ord Minnett target it will return approximately 56% (excluding dividends, fees and charges).

Current consensus price target is $1.66, suggesting upside of 29.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.3

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

Citi rates REH as Sell (5) -

Reece delivered a firm second half in Citi's view with Australia ahead of forecasts and the US in line. The broker notes debt is now reduced because of a capital raising and lower working capital. No outlook was provided.

Citi considers the balance sheet now puts the company in a position to withstand the tough conditions.

Current Price is $11.11. Target price not assessed.

Current consensus price target is $9.10, suggesting downside of -26.4% (ex-dividends)

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.3

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

Ord Minnett rates REH as Hold (3) -

Reece produced an overall strong result, according to Ord Minnett, with an underlying net profit 11.6% above the broker's forecast.

The US business achieved underlying US dollar sales growth of 7% versus the broker's estimate of 5%. Net debt of $761m at June was well below Ord Minnett's estimate of $893m.

Cashflow performance was stronger than expected, due to an "impressive" working capital performance. The company announced a final dividend of 6cps versus Ord Minnett's estimate of no dividend.

The Hold rating and $9.20 target price are maintained, as the broker awaits management commentary.

Target price is $9.20 Current Price is $11.11 Difference: minus $1.91 (current price is over target).
If REH meets the Ord Minnett target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.10, suggesting downside of -26.4% (ex-dividends)

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.3

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

Ord Minnett rates RHC as Accumulate (2) -

Ord Minnet's initial response to today's release of FY20 financials concludes that Ramsay Health Care's financial result missed expectations, and by quite the margin.

Depending on which item precisely, the analysts are talking a miss of up to -20%. No final dividend was declared, as anticipated.

Ord Minnett does point out there is mixture of pre and post AASB16 numbers in play, so any straightforward comparison with market consensus might not be appropriate.

Cash flow is labeled as strong, while no guidance for FY21 has been provided.

Target price is $78.25 Current Price is $65.61 Difference: $12.64
If RHC meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $68.45, suggesting upside of 4.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.2

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

Citi rates RRL as Neutral (3) -

FY20 results were in line with expectations. A maiden resource/reserve at Garden Well underground is expected in 2020.

Trends are expected to continue into FY21 and the company is optimistic of first gold at McPhillamys in late 2022.

The broker highlights the "best-in-sector" dividend with the final 8c taking the total to 16c. Neutral rating and $5.70 target retained.

Target price is $5.70 Current Price is $5.43 Difference: $0.27
If RRL meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $5.56, suggesting upside of 3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Credit Suisse rates RRL as Neutral (3) -

FY20 results slightly missed expectations but were considered "solid". Credit Suisse found no news to alter the operating outlook, valuation or investment view.

Regis Resources is less leveraged to gold prices compared with peers but the exposure is clear and accounted for in forecasts, the broker notes. Neutral rating and $5.90 target maintained.

Target price is $5.90 Current Price is $5.43 Difference: $0.47
If RRL meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $5.56, suggesting upside of 3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Macquarie rates RRL as Underperform (5) -

Regis Resources' operational earnings were in line with the broker's forecast. Reserves and resources fell as expected due to mine depletion.

The miner has nevertheless made a considerable step forward, the broker notes, in increasing reserve potential through acquisitions of new tenements and deposits and stepping up underground intensity, with Duketon evaluation and McPhillamys approval offering key catalysts in FY21. 

Target unchanged at $4.80, Underperform retained on valuation.

Target price is $4.80 Current Price is $5.43 Difference: minus $0.63 (current price is over target).
If RRL meets the Macquarie target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.56, suggesting upside of 3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Morgan Stanley rates RRL as Overweight (1) -

Morgan Stanley expected a slightly higher dividend than announced by Regis Resources (18.1c versus 16c). The operating result was in-line but net profit and cash flows were on the weaker side.

Morgan Stanley retains its Overweight rating. The target price is decreased to $6 from $6.30. Industry view: Attractive.

Target price is $6.00 Current Price is $5.43 Difference: $0.57
If RRL meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $5.56, suggesting upside of 3.3% (ex-dividends)

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Ord Minnett rates RRL as Sell (5) -

Regis Resources reported a FY20 net profit -4% below Ord Minnett's forecast and cash of $192m which was -7% below the forecast.

An 8cps dividend was declared versus the 9cps estimate from the broker.

The company is guiding to FY21 production of 355,000-380,000 ounces at costs of $1,230-$1,300 per ounce.

Ord Minnett notes the company trades on a generous free cashflow yield of 9.3% and could pay a 3.5%-plus yield.

The Sell rating is maintained. The target price is increased to $4.80 from $4.50.

Target price is $4.80 Current Price is $5.43 Difference: minus $0.63 (current price is over target).
If RRL meets the Ord Minnett target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.56, suggesting upside of 3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

UBS rates RRL as Buy (1) -

Regis Resources' FY20 result has led UBS to downgrade its forecasts. This includes higher D&A charges and an increase in delivery into low priced hedges, reports the broker.

Also, the company indicated FY21 production will be weighted towards the second half.

Overall, the broker considers the company's valuation attractive and retains its Buy rating with the target price reducing to $5.90 from $6.50.

Target price is $5.90 Current Price is $5.43 Difference: $0.47
If RRL meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $5.56, suggesting upside of 3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Credit Suisse rates SDF as Outperform (1) -

Steadfast Group FY20 results were slightly ahead of Credit Suisse estimates and the final dividend of 6c was also ahead of forecasts. The company has made $70m worth of acquisitions in recent months and will settle via cash the outstanding PSF rebates.

This supports around 5% growth in operating earnings (EBITA) on the broker's calculations and there appears to be head room for a further $100m in cash-funded acquisitions.

Credit Suisse believes ongoing IT investment is setting the company up for future growth and will assist with further acquisitions. Outperform retained. Target rises to $3.80 from $3.75.

Target price is $3.80 Current Price is $3.43 Difference: $0.37
If SDF meets the Credit Suisse target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $3.96, suggesting upside of 10.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.9

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

Ord Minnett rates SDF as Accumulate (2) -

Steadfast Group delivered a pre-guided FY20 result, with a net profit of $108.7m and diluted EPS of 12.7 cents, according to Ord Minnett.

The company will pay a final dividend of 6cps.

The broker notes the result showed modest earnings growth in an environment where there was a strong rates cycle, offset by covid-19-related weakness and unexpected expense growth from software/PI.

The company is still guiding for 5-10% EPS growth in FY21, one third of which the analyst estimates is organic, which the broker considers quite reasonable in a tough environment.

The Accumulate rating is maintained. The target price is increased to $4.21 from $4.03.

Target price is $4.21 Current Price is $3.43 Difference: $0.78
If SDF meets the Ord Minnett target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $3.96, suggesting upside of 10.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.9

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

UBS rates SDF as Buy (1) -

Steadfast Group's FY20 result was in-line with UBS's forecast. The group has guided to FY21 operating income of $235-245m, ahead of UBS's estimated $230m.

The broker thinks the guidance is based on inorganic growth including $30-$40m on remaining professional services fees (PSF) rebates. This can achieve the bottom-end of the range, estimates the broker, with the group needing to lift its PSF by only $10m to achieve the top-end of its guidance.

The broker considers the guidance conservative. UBS reaffirms its Buy rating with the target price reducing to $3.90 from $4.

Target price is $3.90 Current Price is $3.43 Difference: $0.47
If SDF meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $3.96, suggesting upside of 10.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.9

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

Ord Minnett rates SFR as Hold (3) -

Ord Minnet, in an initial response to FY20 results released today, comments Sandfire Resources' bottom line, including a -$24m impairment, met its own forecast, but missed market consensus.

The final dividend of 14c was well above Ord Minnett's 7c estimate and market consensus at 11c.

The company made no changes to FY21 guidance, plus no new news has been provided on T3 or Black Butte, according to the broker.

Target price is $5.70 Current Price is $4.86 Difference: $0.84
If SFR meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $5.55, suggesting upside of 14.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Credit Suisse rates SKI as Outperform (1) -

First half results were ahead of expectations and the company has reconfirmed 2020 dividend guidance. Credit Suisse notes the enhanced growth agenda has been prioritised over dividends but believes this will be well received.

The broker estimates the FY21 dividend will be re-based to $0.10 to fund growth with an ongoing reinvestment plan (DRP).

The company estimates renewables growth and a $5bn TransGrid program can be funded using retained cash and the continuation of the DRP. Outperform retained. Target is raised to $2.65 from $2.40.

Target price is $2.65 Current Price is $2.23 Difference: $0.42
If SKI meets the Credit Suisse target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $2.29, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Credit Suisse rates SPK as Neutral (3) -

Credit Suisse found few surprises in the FY20 results, noting the company continues to execute well in mobile and IT services while broadband/voice are more mixed.

The broker does not worry too much about the downside of the FY21 dividend, guided at NZ23-25c, other than it suggests conservatism in the current environment.

The company will provide its three-year strategy on September 16. Credit Suisse retains a Neutral rating and raises the target to NZ$4.38 from NZ$4.05.

Current Price is $4.44. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.0

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

Macquarie rates SPK as Neutral (3) -

Spark New Zealand's result met forecasts and guidance. Full year earnings rose 23% and an NZ25c dividend was declared, in the face of the virus impacting on high margin roaming revenue, retail stores, overage fees and sport revenue, the broker notes.

FY21 guidance is for flat earnings on FY20, inclusive of an estimated -NZ$75m of ongoing virus impact, and for a dividend of NZ23-25c. Neutral and NZ$4.80 target retained.

Current Price is $4.44. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.0

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

UBS rates SPK as Neutral (3) -

Spark New Zealand's FY20 result is in-line with its guidance, with one-off gains in the second half offsetting headwinds from covid-19.

The FY20 result showed the company is not completely immune to the pandemic, highlights the broker. Headroom for an A-credit rating is less than UBS previously believed.

The total impact of the pandemic in FY21 is estimated at circa -$75m with mobile roaming accounting for over 50% along with an increase in bad debts. The broker assumes a dividend of NZ25cps in FY21.

UBS maintains its Neutral rating with the target price increasing to NZ$4.55 from NZ$4.20.

Current Price is $4.44. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.0

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

Morgan Stanley rates SUL as Overweight (1) -

FY20 results were in line with guidance. Strong May/June trading has continued into July with Rebel re-accelerating, the broker notes.

While the outlook is uncertain because of a resurgence in Melbourne/Sydney coronavirus cases, the broker considers the update confirms Super Retail will benefit from the re-opening of Australia.

Overweight rating maintained. Target is increased to $11.40 from $10. Industry View: Cautious.

Target price is $11.40 Current Price is $10.89 Difference: $0.51
If SUL meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $11.34, suggesting upside of 1.1% (ex-dividends)

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Credit Suisse rates SVW as Outperform (1) -

FY20 results were in line with guidance provided 12 months ago, Credit Suisse observes. Since then Seven Group has encountered a slump in the coal price, weak oil & gas markets and the media market dropping by a third.

On top of that there is the covid-19 disruption to construction projects.

The company has managed to withstand the impact because of the strength of WesTrac, where Credit Suisse expects double-digit earnings growth over the next three years. Outperform rating retained. Target rises to $21.90 from $20.35.

Target price is $21.90 Current Price is $19.07 Difference: $2.83
If SVW meets the Credit Suisse target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $20.35, suggesting upside of 5.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Macquarie rates SVW as Outperform (1) -

Seven Group's earnings and revenue beat the broker's forecasts thanks to a standout result from WesTrac and a solid result from Coates under the circumstances, the broker notes. More growth is expected for the core industrial businesses in FY21.

Energy nonetheless is providing a headwind, and Coates will struggle in Victoria, and more generally with a lack of events and delays in infrastructure builds. Yet the broker sees quality exposure to resources and infrastructure and an attractive valuation. Outperform retained, target rises to $21.10 from $19.10.

Target price is $21.10 Current Price is $19.07 Difference: $2.03
If SVW meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $20.35, suggesting upside of 5.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Ord Minnett rates SVW as Hold (3) -

Seven Group Holdings reported a FY20 underlying net profit 8% above Ord Minnett's forecast, due to lower-than-expected tax changes.

A fully franked final dividend of 21cps was declared.

The broker notes it was a strong year for WesTrac, with record part lines shipped and major contract wins, although this was offset by declines in the energy and media divisions. 

The Hold rating is maintained. The target price is increased to $19.40 from $16.20.

Target price is $19.40 Current Price is $19.07 Difference: $0.33
If SVW meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $20.35, suggesting upside of 5.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Ord Minnett rates VVA as Buy (1) -

Ord Minnett assesses the business is well-positioned for growth heading into FY21. FY20 results beat forecasts with the most pleasing aspect being the more than 95% retention of members and the re-engagement of members in terms of visits in July.

The broker retains a high conviction Buy rating, believing the quality of management has been reinforced throughout the crisis. The business remains the dominant consolidator in a highly fragmented fitness industry. Target is raised to $4.25 from $4.00.

Target price is $4.25 Current Price is $2.82 Difference: $1.43
If VVA meets the Ord Minnett target it will return approximately 51% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

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

FY20 revenue was ahead of expectations while net profit was in line. Quarries and transport/haulage performed well as major projects were ramped up. The company's high debt is a concern although the broker expects this to reduce in FY21 because of the successful recent refinancing.

More earnings growth is expected in FY21 although Credit Suisse notes further upside depends on project gains, given flat industry volumes. As a result, the broker chooses to remain conservative and the rating is downgraded to Neutral from Outperform. Target is raised to $1.10 from $1.00.

Target price is $1.10 Current Price is $1.15 Difference: minus $0.05 (current price is over target).
If WGN meets the Credit Suisse target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.22, suggesting upside of 4.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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