Australian Broker Call

Citi rates AKE as Buy (1) -

Allkem anticipates positive pricing in the March quarter, expecting third party carbonate pricing to remain largely steady at US$53,000 per tonne and spodumene to moderately increase to US$6,000 per tonne. 

Citi highlights the company's Olaroz asset bucked the trend of underperforming assets, delivering record production of 4,253 tonnes. Results from Mt Cattlin were less positive, with the asset producing less at a higher cost. With Allkem retaining full year guidance for Mt Cattlin, Citi anticipates a miss on production. 

The Buy rating is retained and the target price decreases to $17.30 from $17.80.

Target price is $17.30 Current Price is $12.25 Difference: $5.05
If AKE meets the Citi target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $16.56, suggesting upside of 30.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

Credit Suisse rates AKE as Underperform (5) -

With price, policy and production risks ahead, Credit Suisse is staying with its Underperform rating for Allkem following the company's December quarter activities report. The target rises to $11.00 from $10.80.

The report revealed a 15% beat for Olaroz production, while sales were an -11% miss courtesy of shipping delays, which are expected to normalise in coming months, according to the analyst.

While Mt Cattlin missed the broker's production/sales forecasts by more than -40%, the impact of fine-grained mineralisation has now passed.

Management remains confident of achieving unchanged FY23 guidance of 140-150kt.

Target price is $11.00 Current Price is $12.25 Difference: minus $1.25 (current price is over target).
If AKE meets the Credit Suisse target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.56, suggesting upside of 30.9% (ex-dividends)

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

Macquarie rates AKE as Outperform (1) -

Second quarter results revealed lower sales than Macquarie expected, while realised prices for Allkem were in line.

The broker lowers its FY23 earnings forecast following the result and reduces FY24 and FY25 forecasts by -19 and -4%, respectively, to incorporate delayed commissioning of Sal De Vida.

The target falls to $20.00 from $21.00.

Macquarie retains an Outperform rating for Allkem, given strong cash flow generation from buoyant lithium prices. 

Target price is $20.00 Current Price is $12.25 Difference: $7.75
If AKE meets the Macquarie target it will return approximately 63% (excluding dividends, fees and charges).

Current consensus price target is $16.56, suggesting upside of 30.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

Morgan Stanley rates AKE as Underweight (5) -

December quarter production for Allkem was a 15% beat compared to Morgan Stanley's forecast (likely due to strong brine availability) though sales were a -15% miss due to an inventory build to supply the Naraha lithium hydroxide plant in Japan.

While management retained guidance, the broker notes the cost base has moved higher and points to a potential further -20-30% cost blowout now that the Argentinian government has signaled its intention to remove export benefits that apply to lithium production.

The Underweight rating and $12.40 target are retained. Industry View: Attractive.

Target price is $12.40 Current Price is $12.25 Difference: $0.15
If AKE meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $16.56, suggesting upside of 30.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

Morgans rates AKE as Add (1) -

Morgans assesses solid 2Q production for Allkem with Olarez outperforming though Mt Cattlin fell -43% short of expectations.

Both operations were beset by temporary factors, explains the analyst. Timing issues impacted sales at Olarez (pushed out to the current quarter) and temporary production issues will also reverse in the 2H for Mt Caitlin.

Some headwinds should arise from slower growth in carbonate production and the removal of Argentinian government export incentives, explains the broker.

While the target falls to $15.20 from $15.70, Morgans maintains an Add rating as lithium pricing is expected to stay strong for the rest of 2023.

Target price is $15.20 Current Price is $12.25 Difference: $2.95
If AKE meets the Morgans target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $16.56, suggesting upside of 30.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

UBS rates AKE as Buy (1) -

In a look at Allkem's December quarter, UBS notes production at Olaroz lifted strongly, benefiting from weather and ongoing optimisation.

The project delivered record production of 4,300 tonnes, up 17% year-on-year. Elsewhere, ramp up of Naraha continues and the Sal de Vida project was delayed six months. 

Mt Cattlin was expectedly soft in the quarter, but the company retained FY23 guidance and recovery into FY24 appears back on track.

The Buy rating is retained and the target price decreases to $17.50 from $17.90.

Target price is $17.50 Current Price is $12.25 Difference: $5.25
If AKE meets the UBS target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $16.56, suggesting upside of 30.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

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

While suggesting near-term risks are potentially to the upside, Credit Suisse downgrades its rating for Ampol to Neutral from Outperform on valuation. The near-term outlook is considered supportive for refining and fuel retail margins

The broker assesses the 4Q update was solid, though refining margins (the relatively volatile component of earnings) caused a miss versus the consensus forecast.

Management pointed to improvements in Convenience Retail and Fuels & Infrastructure.

The target falls to $29.72 from $30.49.

Target price is $29.72 Current Price is $29.32 Difference: $0.4
If ALD meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $34.95, suggesting upside of 18.2% (ex-dividends)

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Macquarie rates ALD as Outperform (1) -

Macquarie anticipates Ampol will perform well in the February reporting season after 4Q earnings (EBIT) came in 20% ahead of forecast, driven by Fuels & Infrastructure (F&I) and Convenience Retail.

The analyst feels the company may raise the top end of its dividend payout range and some level of recurring on-market buybacks may also be in prospect.

The broker suggests uncertainty has been resolved in F&I business (e.g Trading) at least for now, and raises its target by 4% to $39.50. Outperform.

Target price is $39.50 Current Price is $29.32 Difference: $10.18
If ALD meets the Macquarie target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $34.95, suggesting upside of 18.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

UBS rates ALD as Buy (1) -

A solid December quarter update from Ampol drives UBS to lift its target price for the stock, with the company guiding to December quarter earnings exceeding the previous period. 

The result was supported by Ampol offsetting the Trading and Shipping headwinds incurred in the September quarter, which UBS feels should alleviate investor concern that losses reflect emerging and ongoing trading issues.

The broker expects Ampol to achieve earnings of $302m for the quarter, and that the company will lift its payout to 83% of net profit given the strong operational performance. 

The Buy rating is retained and the target price increases to $36.90 from $36.65.

Target price is $36.90 Current Price is $29.32 Difference: $7.58
If ALD meets the UBS target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $34.95, suggesting upside of 18.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Macquarie rates BHP as Outperform (1) -

Earlier today, BHP Group released its Q2 trading update and Macquarie, in an initial response, labels the performance as "strong", made up of "beats" from iron ore, copper and coal, offset by weaker volumes in nickel.

The broker observes management has retained volume guidance but also signalled higher costs for the coal operations.

All in all, the broker believes earnings upgrade momentum remains strong for the Big Australian, with a spot price scenario generating 20% and 24% higher earnings for FY23 and FY24, respectively.

Outperform. Target is $50.

Target price is $50.00 Current Price is $49.08 Difference: $0.92
If BHP meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $42.89, suggesting downside of -13.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.0

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

UBS rates BPT as Buy (1) -

UBS lowers its near-term global gas hub price forecasts by between -15-50% on stronger than expected gas storage levels in Europe, owing to a mild winter and initiatives to reduce gas demand.

The risk of gas shortages over 2023/24 has now been materially reduced, suggest the analysts.

As spot LNG in North Asia (JKM) is highly correlated to gas hubs in Europe, the broker also lowers its 2023 and 2024 JKM forecasts by -45% and -23%, respectively.

The broker's 2023 Brent price also falls to US90/bbl from US$95/bbl on weaker near-term demand and less effective restrictions on Russian oil exports than expected.

As a result of lower near-term oil and gas prices, UBS lowers its 2023-25 earnings forecasts for Beach Energy by -9% to -14%, respectively.

A fall in near-term domestic gas prices also reduces the broker's FY24 and FY25 realised gas price forecasts by -9% and -12%, respectively.

The target falls to $1.95 from $2.10. Buy. Santos is the broker's preferred exposure over Beach Energy and then Woodside (Neutral).

Target price is $1.95 Current Price is $1.57 Difference: $0.38
If BPT meets the UBS target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $1.89, suggesting upside of 20.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Citi rates CCX as Neutral (3) -

While Citi is not optimistic about City Chic Collective's interim result, set to be released next month, it does find Brett Blundy's new 7.3% shareholding to be a positive and suggestive of potential upside to business performance over the medium to long-term.

The broker expects a physical store presence in the northern hemisphere would be a positive for the retailer, allowing opportunity to up sell in store.

The Neutral rating and target price of $0.50 are retained.

Target price is $0.50 Current Price is $0.64 Difference: minus $0.14 (current price is over target).
If CCX meets the Citi target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.73, suggesting upside of 1.9% (ex-dividends)

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Macquarie rates DOW as Neutral (3) -

As we approach the February reporting season, Macquarie believes macroeconomic factors are generally supportive for Contractors on the ASX, with a buoyant Resources sector and Infrastructure currently in an upcycle.

For stocks under the broker's coverage in the sector, Worley and Ventia Services are the preferred exposures.

Downer EDI reports its full year result on February 27 and the broker forecasts 1H profit (NPATA) of $82m, which is -16% shy of the previous corresponding period. Consensus is forecasting $85m.

The Neutral rating and $4.05 target are unchanged.

Target price is $4.05 Current Price is $3.91 Difference: $0.14
If DOW meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $4.39, suggesting upside of 12.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Macquarie rates DRR as Outperform (1) -

BHP Group's quarterly production update, released earlier today, has shown up a softer-than-expected production outcome at Mining Area C, Macquarie points out, referring to South Flank ramp up (now at 80% of capacity).

Once the ramp up is completed, Mining Area C will become a larger part of the BHP production mix, the broker points out. Production at Mining Area C is still seen as strong, though below forecast nevertheless.

Macquarie points out the recent rally in the price of iron ore has improved the outlook for Deterra Royalties. Outperform. Target $4.90.

Target price is $4.90 Current Price is $4.78 Difference: $0.12
If DRR meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $4.94, suggesting upside of 3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

Ord Minnett rates EVN as Accumulate (2) -

Ord Minnett has raised its gold price forecast and sees further upside risk with a potentially slower rate of monetary policy change by the Federal Reserve in the US, China-related gold buying and war/recession uncertainty. 

The broker also expects increased Gold index inflows will support gold equities and investors will likely be raising portfolio allocations.

On an individual stock level, increased production should improve cost metrics and margins, according to the analysts.

For Evolution Mining, Ord Minnett increases its target to $3.00 from $2.90. Accumulate.

Target price is $3.00 Current Price is $3.31 Difference: minus $0.31 (current price is over target).
If EVN meets the Ord Minnett target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.96, suggesting downside of -8.7% (ex-dividends)

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.1

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

Ord Minnett rates FPH as Initiation of coverage with Lighten (4) -

Ord Minnett initiates coverage of Fisher & Paykel Healthcare, which has market leadership in nasal high flow therapy. Other company products are also used in the gathering of clinical evidence. 

While the company has a dominant position for the medium term, the broker feels the prior (decade-long) margin expansion has finished.  Midcycle margins are expected to be in line with pre pandemic levels.

The analysts begin with a Lighten rating and set a 20.50 target price.

Ord Minnett has switched to whitelabeling research by Morningstar.

Target price is $20.50 Current Price is $23.42 Difference: minus $2.92 (current price is over target).
If FPH 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 $21.00, suggesting downside of -9.4% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY23:

Forecast for FY24:

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

Ord Minnett rates GOR as Buy (1) -

Ord Minnett has raised its gold price forecast and sees further upside risk with a potentially slower rate of monetary policy change by the Federal Reserve in the US, China-related gold buying and war/recession uncertainty. 

The broker also expects increased Gold index inflows will support gold equities and investors will likely be raising portfolio allocations.

On an individual stock level, increased production should improve cost metrics and margins, according to the analysts.

For Gold Road Resources, Ord Minnett increases its target to $2.00 from $1.80. Buy.

Target price is $2.00 Current Price is $1.68 Difference: $0.325
If GOR meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $1.95, suggesting upside of 15.4% (ex-dividends)

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Morgan Stanley rates GPT as Upgrade to Equal-weight from Underweight (3) -

Morgan Stanley believes large regional Retail malls will offer safety, security and growth over the next 12-18 months.

The analysts feel investors will come to appreciate the relative strength of Retail REITs compared to other mainstream sectors such as Office. It’s also thought landlords are well placed to cope with potential consumer headwinds from higher interest rates.

The broker points out market rent has declined around -10% in the past three years, while retail sales across the key specialty categories (eg cafe, clothing) have increased circa 8% on a three year compound annual growth rate (CAGR) basis to October 2022.

Morgan Stanley upgrades its rating for GPT Group to Equal-weight from Underweight. Office exposure makes up 35-40% of GPT’s portfolio, which mitigates against a higher rating. The target rises to $4.84 from $4.50. Industry view: In-Line.

Target price is $4.84 Current Price is $4.42 Difference: $0.42
If GPT meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $4.76, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Ord Minnett rates HVN as Downgrade to Lighten from Buy (4) -

Taking into account new competition from online pure players, Ord Minnett lowers its rating for Harvey Norman to Lighten from Buy. 

The broker points out domestic competitors in the online space (where Harvey Norman is under-indexed) now have to compete against international prices. Amazon Australia is expected to become a formidable opponent in the medium term.

Ord Minnett has switched to whitelabeling research by Morningstar. The target falls to $3.90 from the last entry of $4.80 (by JP Morgan) in the FNArena database in early-December last year.

Target price is $3.90 Current Price is $4.49 Difference: minus $0.59 (current price is over target).
If HVN meets the Ord Minnett target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.29, suggesting downside of -4.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.2

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

Morgan Stanley rates JIN as Overweight (1) -

Prior to the February reporting season, Morgan Stanley reiterates its liking for Jumbo Interactive's defensive lottery exposure in a softer macroeconomic backdrop, along with pricing power.

The company has announced a price increase for Powerball in late FY23, which is significant as it is the biggest game (50% of retail total transaction value) in the company's portfolio, explains the analyst.

The broker also points to a strong jackpot game performance in the 1H and retains its Overweight rating and $19 target. Industry view is In-Line.

Target price is $19.00 Current Price is $15.75 Difference: $3.25
If JIN meets the Morgan Stanley target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $17.41, suggesting upside of 8.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

Ord Minnett rates MCP as Hold (3) -

In response to cost of living pressures, Ord Minnett believes customers have trended down into cheaper private label categories, thereby resulting in a soft trading update, with volume weakness for the Multix brand.

Management issued unaudited guidance for 1H revenue and underlying profit (PBT) which, compared to the previous corresponding period, were up 3% and down -25%, respectively.

The company will be increasing its marketing spend in the 2H to a greater extent than the analyst had anticipated. The target falls to 80c from $1.12. Hold.

Target price is $0.80 Current Price is $0.72 Difference: $0.08
If MCP meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Macquarie rates MND as Outperform (1) -

As we approach the February reporting season, Macquarie believes macroeconomic factors are generally supportive for Contractors on the ASX, with a buoyant Resources sector and Infrastructure currently in an upcycle.

For stocks under the broker's coverage in the sector, Worley and Ventia Services are the preferred exposures.

Monadelphous Group reports its full year result on February 21.

The target falls to $13.70 from $14.08 as the broker detects some delays in the award timing and start of construction contracts. Outperform.

Target price is $13.70 Current Price is $12.99 Difference: $0.71
If MND meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $13.74, suggesting upside of 7.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

Citi rates MPL as Neutral (3) -

While the initial customer impacts of Medibank Private's cyber attack appear largely muted over the first half, Citi expects it will take some time for the full impact to emerge. In particular, the broker expects the impact on policyholder numbers is hard to predict, but could be critical.

Combined with risk of higher costs, the broker remains Neutral rated on the company. 

The broker also anticipates rate rises, to be implemented from April, to be announced by the end of January, and expects Medibank Private to achieve a rate rise slightly lower than the 3.10% rise implemented last April.

The Neutral rating and target price of $3.00 are retained.

Target price is $3.00 Current Price is $2.90 Difference: $0.1
If MPL meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $3.18, suggesting upside of 9.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

Citi rates NHF as Neutral (3) -

Citi is anticipating another strong result from nib Holdings in the first half despite returning another $40m to arhi policyholders in September, with the result underpinned by solid policyholder growth and low claims. According to the broker, it remains difficult for the market to price in temporarily elevated margins, which it warns will not last.

The broker also anticipates rate rises, to be implemented from April, to be announced by the end of January, and expects nib Holdings to achieve a rate rise similar, or slightly lower, than the 2.66% rise implemented last April. 

The Neutral rating is retained and the target price increases to $7.60 and $7.45.

Target price is $7.60 Current Price is $7.73 Difference: minus $0.13 (current price is over target).
If NHF meets the Citi target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.55, suggesting downside of -3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

Citi rates NIC as Neutral (3) -

Citi was unsurprised by the announcement from Nickel Industries to raise a further US$471 to fund growth ambitions. The company intends to deploy US$270m to acquire Tsingshan's 10% Huayue plant interest, US$75m to increase its ONI stake to 80%, and US$40m on acquired options. 

The interest in the Huayue plant gives Nickel Industries exposure to high-pressure acid leaching and diversifies earnings according to Citi, but the broker does not expect this to drive a material re-rate. The broker warns shareholders expecting cash returns will likely be disappointed.

The Neutral rating is retained and the target price increases to $1.25 from $1.10.

Target price is $1.25 Current Price is $1.12 Difference: $0.13
If NIC meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.3

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

Credit Suisse rates NIC as Outperform (1) -

Nickel Industries has reported preliminary group earnings (EBITDA) of US$106m compared to Credit Suisse's forecast for US$103m due to better Rotary Kiln-Electric Furnace (RKEF) production volumes and margins.

Margins were also increased by improved realised prices from first nickel matte (an intermediate product in the metallurgical processes) at Hengjaya nickel in Indonesia, and lower energy costs at the 80%-owned Angel Nickel project, also in Indonesia.

Separately, the company is raising US$471m at $1.02, of which the majority (US$270m) will be used to increase ownership at the Oracle Nickel project to 80% from 10%.

The target increases to $1.35 from $1.30. Outperform.

Target price is $1.35 Current Price is $1.12 Difference: $0.23
If NIC meets the Credit Suisse target it will return approximately 21% (excluding dividends, fees and charges).

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.3

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

Macquarie rates NIC as Neutral (3) -

Nickel Industries is acquiring a 10% stake in HNC HPAL plant, which diversifies the company’s exposure into battery grade nickel production as well as providing exposure to cobalt, explains Macquarie.

The company is also increasing its ownership in Oracle Nickel project in Indonesia by 10%.

To fund these two moves, Nickel Industries will conduct a US$471m equity raise at $1.02. Funds will also be applied to progress nickel laterite options and support the company’s balance sheet.

The company also reported 4Q results, with earnings (EBITDA) coming in 13% higher than Macquarie had forecast. 

The broker retains its Neutral rating and raises its target to 97c from 94c.

Target price is $0.97 Current Price is $1.12 Difference: minus $0.15 (current price is over target).
If NIC meets the Macquarie target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.3

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

Ord Minnett rates NST as Buy (1) -

Ord Minnett has raised its gold price forecast and sees further upside risk with a potentially slower rate of monetary policy change by the Federal Reserve in the US, China-related gold buying and war/recession uncertainty. 

The broker also expects increased Gold index inflows will support gold equities and investors will likely be raising portfolio allocations.

On an individual stock level, increased production should improve cost metrics and margins, according to the analysts.

For Northern Star Resources, Ord Minnett increases its target to $12.40 from $11.00. Buy.

Target price is $12.40 Current Price is $12.04 Difference: $0.36
If NST meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $11.78, suggesting downside of -3.0% (ex-dividends)

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Macquarie rates NWH as Outperform (1) -

As we approach the February reporting season, Macquarie believes macroeconomic factors are generally supportive for Contractors on the ASX, with a buoyant Resources sector and Infrastructure currently in an upcycle.

For stocks under the broker's coverage in the sector, Worley and Ventia Services are the preferred exposures.

For NRW Holdings, Macquarie forecasts 1H earnings (EBITA) of $83.4m, while consensus is expecting $81.8m.

The Outperform rating and $2.50 target are retained.

Target price is $2.50 Current Price is $3.02 Difference: minus $0.52 (current price is over target).
If NWH meets the Macquarie target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.83, suggesting downside of -6.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates NWL as Outperform (1) -

Earlier today, Netwealth Group updated Q2 numbers and the share price has received a shellacking since with Macquarie, upon initial assessment, pointing out net inflows proved well below expectations; $2.1bn versus the broker's $2.9bn estimate.

Management has also lowered guidance for Funds under Administration flows to $11bn from a prior range of $11-13bn. Macquarie had been expecting $11.8bn.

One of the key reasons behind today's disappointment, suggests the broker, is larger-than-usual outflows from High Net Worth (HNW) clients.

Outperform. Target $15.20. Costs are also expected to rise.

Target price is $15.20 Current Price is $13.93 Difference: $1.27
If NWL meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $15.08, suggesting upside of 19.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

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

Macquarie rates PRU as Neutral (3) -

Macquarie is encouraged by the latest drilling results at Perseus Mining's Yaoure CMA gold mine in Cote d'Ivoire.

After incorporating into forecasts an underground scenario towards the end of Yaoure's mine life, the broker's target lifts to $2.50 from $2.40. Neutral.

Target price is $2.50 Current Price is $2.33 Difference: $0.17
If PRU meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $2.35, suggesting upside of 0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Citi rates QBE as Buy (1) -

Citi expects upward pressure on primary pricing for QBE Insurance will counter the potential FY23 headwinds of higher reinsurance costs and lower reinsurance cover.

After the broker marks-to-market and updates forecasts for slight currency movements, the Buy rating and $15.40 target are maintained.

Target price is $15.40 Current Price is $13.33 Difference: $2.07
If QBE meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $16.01, suggesting upside of 19.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 1.0

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

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

On the one hand, Morgan Stanley sees a positive in Redbubble's improving cash balance, which reduces the risk of a capital raise.

On the other hand, the 1H trading update showed increased competition and deteriorating consumer conditions, and the analyst fears promotions may become entrenched. Also, it's thought a commitment to reduce brand investment may compromise customer loyalty.

The Equal-weight rating and 55c target are unchanged. Industry view In-Line. 

Target price is $0.55 Current Price is $0.51 Difference: $0.045
If RBL meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $0.60, suggesting upside of 22.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Morgans rates RBL as Downgrade to Hold from Add (3) -

Following Redbubble’s 2Q trading update and revised FY23 guidance, Morgans lowers its FY23-25 earnings (EBITDA) forecasts by -10-25%. The target slumps to 70c from $1.00 and the rating is downgraded to Hold from Add.

While 1H total marketplace revenue (MPR) was in line with consensus, the company altered the terms of its guidance. Now MPR is expected to be in line with FY22, compared to the prior “revenue growth is expected in FY23”.

The analyst notes increasing competitive intensity and a more value conscious customer, which necessitated additional promotional spend. Management will now be undertaking some cost-out initiatives.

Target price is $0.70 Current Price is $0.51 Difference: $0.195
If RBL meets the Morgans target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $0.60, suggesting upside of 22.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

UBS rates RBL as Neutral (3) -

Trading conditions and competitive pressures have driven Redbubble to pivot its operational expenditure outlook from investment to cost cutting in a big reversal to conserve cash, UBS suggests.

The move comes as gross margins declined significantly in the second quarter, with the company revising full year revenue guidance to be broadly flat.

While revenue positively surprised over the quarter, promotional activity was "uneconomic" according to UBS, underpinning an operating earnings loss for the first time since listing. 

The Neutral rating is retained and the target price decreases to $0.55 from $0.60.

Target price is $0.55 Current Price is $0.51 Difference: $0.045
If RBL meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $0.60, suggesting upside of 22.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Ord Minnett rates RED as Speculative Buy (1) -

Ord Minnett has raised its gold price forecast and sees further upside risk with a potentially slower rate of monetary policy change by the Federal Reserve in the US, China-related gold buying and war/recession uncertainty. 

The broker also expects increased Gold index inflows will support gold equities and investors will likely be raising portfolio allocations.

On an individual stock level, increased production should improve cost metrics and margins, according to the analysts.

For Red 5, Ord Minnett increases its target to 36c from 32c. Speculative Buy.

Target price is $0.36 Current Price is $0.24 Difference: $0.12
If RED meets the Ord Minnett target it will return approximately 50% (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

Credit Suisse rates RIO as Outperform (1) -

Following 4Q production results for Rio Tinto, Credit Suisse lowers its target price to $140 from $145 and maintains an Outperform rating.

The miner is preferred by the analysts over BHP Group ((BHP)) for a number of reasons including Oyu Tolgoi's (copper) contribution to growth and a further suite of long-term growth optionality from other projects.

While iron ore shipments were broadly in line with the broker's forecast, this was offset by a softer performance by aluminium and copper, which missed consensus by respectively -8% and -1%. 

Target price is $140.00 Current Price is $121.99 Difference: $18.01
If RIO meets the Credit Suisse target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $114.57, suggesting downside of -9.0% (ex-dividends)

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.0

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

Ord Minnett rates RMS as Buy (1) -

Ord Minnett has raised its gold price forecast and sees further upside risk with a potentially slower rate of monetary policy change by the Federal Reserve in the US, China-related gold buying and war/recession uncertainty. 

The broker also expects increased Gold index inflows will support gold equities and investors will likely be raising portfolio allocations.

On an individual stock level, increased production should improve cost metrics and margins, according to the analysts.

For Ramelius Resources, Ord Minnett increases its target to $1.35 from $1.25. Buy.

Target price is $1.35 Current Price is $1.07 Difference: $0.28
If RMS meets the Ord Minnett target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $1.29, suggesting upside of 21.7% (ex-dividends)

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Ord Minnett rates SBM as Hold (3) -

Ord Minnett has raised its gold price forecast and sees further upside risk with a potentially slower rate of monetary policy change by the Federal Reserve in the US, China-related gold buying and war/recession uncertainty. 

The broker also expects increased Gold index inflows will support gold equities and investors will likely be raising portfolio allocations.

On an individual stock level, increased production should improve cost metrics and margins, according to the analysts.

For St. Barbara, Ord Minnett increases its target to $1.00 from 90c. A Hold rating is kept given productivity challenges may impact Gwalia. The broker also awaits incremental details on the merger with Genesis Minerals ((GMD)).

Target price is $1.00 Current Price is $0.84 Difference: $0.16
If SBM meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $1.00, suggesting upside of 19.0% (ex-dividends)

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Morgan Stanley rates SCG as Upgrade to Overweight from Equal-weight (1) -

Morgan Stanley believes large regional Retail malls will offer safety, security and growth over the next 12-18 months.

The analysts feel investors will come to appreciate the relative strength of Retail REITs compared to other mainstream sectors such as Office. It’s also thought landlords are well placed to cope with potential consumer headwinds from higher interest rates.

The broker points out market rent has declined around -10% in the past three years, while retail sales across the key specialty categories (eg cafe, clothing) have increased circa 8% on a three year compound annual growth rate (CAGR) basis to October 2022.

Morgan Stanley upgrades its rating for Scentre Group to Overweight from Equal-weight.

Capitalisation rate analysis shows the group is now trading at similar cap rates to 2012-14, the last time bond yields were at current levels, suggesting to the broker relatively less downside.

Scentre Group is Morgan Stanley's most preferred Retail REIT, given asset values have already been marked down by around -9% since early 2000 and around 60-70% of income is linked to CPI. The target rises to $3.55 from $3.00. Industry View: In-line.

Target price is $3.55 Current Price is $3.01 Difference: $0.54
If SCG meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $3.05, suggesting upside of 0.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Ord Minnett rates SLR as Buy (1) -

Ord Minnett has raised its gold price forecast and sees further upside risk with a potentially slower rate of monetary policy change by the Federal Reserve in the US, China-related gold buying and war/recession uncertainty. 

The broker also expects increased Gold index inflows will support gold equities and investors will likely be raising portfolio allocations.

On an individual stock level, increased production should improve cost metrics and margins, according to the analysts.

For Silver Lake Resources, Ord Minnett increases its target to $2.35 from $2.10. Buy.

Target price is $2.35 Current Price is $1.40 Difference: $0.95
If SLR meets the Ord Minnett target it will return approximately 68% (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

Macquarie rates STO as Outperform (1) -

Santos released Q4 results earlier today and Macquarie, upon initial glance, has concluded the performance over the quarter was in line with expectations.

Revenue was broadly in line with the analyst pointing out the US$16.92/MMBtu LNG realisation was 15% ahead of expectation. Santos remains the broker's top pick in the sector.

The company did lower its guidance for production volumes in 2023, citing WA gas issues. Macquarie continues to anticipate PNG LNG selldown and Barossa drilling to be key catalysts for re-rating in 1H23.

Outperform. Target $10.30.

Target price is $10.30 Current Price is $7.36 Difference: $2.94
If STO meets the Macquarie target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $9.17, suggesting upside of 26.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 1.0

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

UBS rates STO as Buy (1) -

UBS lowers its near-term global gas hub price forecasts by between -15-50% on stronger than expected gas storage levels in Europe, owing to a mild winter and initiatives to reduce gas demand.

The risk of gas shortages over 2023/24 has now been materially reduced, suggest the analysts.

As spot LNG in North Asia (JKM) is highly correlated to gas hubs in Europe, the broker also lowers its 2023 and 2024 JKM forecasts by -45% and -23%, respectively.

The broker's 2023 Brent price also falls to US90/bbl from US$95/bbl on weaker near-term demand and less effective restrictions on Russian oil exports than expected.

UBS reduces its 2023-24 EPS forecasts for Santos by -14% and -22%, respectively, due to the lower near-term oil and gas price forecasts. Lower oil and gas prices than the broker forecast in the 4Q of 2022 also reduces the 2022 EPS forecast by -1%.

The company is the broker's preferred exposure over Beach Energy (Buy) and Woodside Energy (Neutral). The target falls to $8.45 from $9.00. Buy.

Target price is $8.45 Current Price is $7.36 Difference: $1.09
If STO meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $9.17, suggesting upside of 26.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 1.0

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

Macquarie rates SVW as Outperform (1) -

As we approach the February reporting season, Macquarie believes macroeconomic factors are generally supportive for Contractors on the ASX, with a bouyant Resources sector and Infrastructure currently in an upcycle.

For stocks under the broker's coverage in the sector, Worley and Ventia Services are the preferred exposures.

Seven Group reports its full year result on February 15, and the broker expects a solid result from the core WesTrac & Coates exposures, while Boral ((BLD)) should continue to improve.

Despite a recently strong share price, Macquarie retains its Outperform rating and $25.05 target.

Target price is $25.05 Current Price is $22.91 Difference: $2.14
If SVW meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $23.68, suggesting upside of 3.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Morgan Stanley rates TLC as Overweight (1) -

After a review of its investment thesis, Morgan Stanley retains its Overweight rating and $5.00 target for Lottery Corp. Earnings (EBITDA) margin expansion between FY22 and FY24 is forecast to be 100bps.

The broker also expects improved digital penetration and a potential increase in retail commissions, along with capital management initiatives. A defensive earnings profile is also expected to support outperformance.

Regarding 1H results, Morgan Stanley forecasts earnings of $380m. Industry view: In-Line.

Target price is $5.00 Current Price is $4.81 Difference: $0.19
If TLC meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $4.98, suggesting upside of 3.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

Morgan Stanley rates VCX as Upgrade to Equal-weight from Underweight (3) -

Morgan Stanley believes large regional Retail malls will offer safety, security and growth over the next 12-18 months.

The analysts feel investors will come to appreciate the relative strength of Retail REITs compared to other mainstream sectors such as Office. It’s also thought landlords are well placed to cope with potential consumer headwinds from higher interest rates.

The broker points out market rent has declined around -10% in the past three years, while retail sales across the key specialty categories (eg cafe, clothing) have increased circa 8% on a three year compound annual growth rate (CAGR) basis to October 2022.

Morgan Stanley upgrades its rating for Vicinity Centres to Equal-weight from Underweight. The target rises to $2.26 from $1.90. Industry view: In Line.

Target price is $2.26 Current Price is $2.04 Difference: $0.22
If VCX meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $1.99, suggesting downside of -3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Morgans rates VHT as Add (1) -

Morgans sees evidence in 3Q results of a turning point in Volpara’s trajectory to profitability.

Almost a year ahead of schedule, explains the broker, the company recorded its first ever quarter of positive net operating cashflow.

The analyst also considers cash receipts of NZ$11.2m were strong, largely due to improved debtor collection and favourable currency moves.

No changes are made to forecasts and Morgans retains its Add rating and $1.21 target.

Target price is $1.21 Current Price is $0.79 Difference: $0.42
If VHT meets the Morgans target it will return approximately 53% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 1.0

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

Macquarie rates VNT as Outperform (1) -

As we approach the February reporting season, Macquarie believes macroeconomic factors are generally supportive for Contractors on the ASX, with a bouyant Resources sector and Infrastructure currently in an upcycle.

For stocks under the broker's coverage in the sector, Worley and Ventia Services are the preferred exposures.

Ventia Services reports its full year result on February 24 and the broker suggests the key focus is on the FY23 outlook. The broker forecasts 11% EPS growth in 2023.

The Outperform rating and $3.00 target are retained.

Target price is $3.00 Current Price is $2.42 Difference: $0.58
If VNT meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $3.02, suggesting upside of 24.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

UBS rates WDS as Neutral (3) -

UBS lowers its near-term global gas hub price forecasts by between -15-50% on stronger than expected gas storage levels in Europe, owing to a mild winter and initiatives to reduce gas demand.

The risk of gas shortages over 2023/24 has now been materially reduced, suggest the analysts.

As spot LNG in North Asia (JKM) is highly correlated to gas hubs in Europe, the broker also lowers its 2023 and 2024 JKM forecasts by -45% and -23%, respectively.

The broker's 2023 Brent price also falls to US90/bbl from US$95/bbl on weaker near-term demand and less effective restrictions on Russian oil exports than expected.

As a result of these changes, UBS lowers its 2023 and 2024 earnings forecasts for Woodside Energy by -15% and -24%, respectively, while the 2022 estimate also falls on lower oil and JKM pricing.

The target slips to $33.40 from $34.00. Neutral. Santos is the broker's preferred exposure over Beach Energy (Buy) and then Woodside.

Target price is $33.40 Current Price is $37.00 Difference: minus $3.6 (current price is over target).
If WDS meets the UBS target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $37.46, suggesting upside of 2.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.4

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

Macquarie rates WOR as Outperform (1) -

As we approach the February reporting season, Macquarie believes macroeconomic factors are generally supportive for Contractors on the ASX, with a bouyant Resources sector and Infrastructure currently in an upcycle.

For stocks under the broker's coverage in the sector, Worley and Ventia Services are the preferred exposures.

Worley reports its full year result on February 22 and the broker forecasts 1H profit (NPATA) of $162m, a rise of 7% on the previous corresponding period.

The target rises to $16.21 from $15.96 on a roll forward of the financial model. Outperform.

Target price is $16.21 Current Price is $15.76 Difference: $0.45
If WOR meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $14.65, suggesting downside of -6.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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