Australian Broker Call

Macquarie rates A2M as Underperform (5) -

Despite some stabilisation and improvement in daigou pricing in the last four months, it is Macquarie's view that it's hard to get excited about a2 Milk Company's FY22 outlook.

The broker notes despite improvement, daigou pricing remains well below historic levels. Additionally, the broker reports, overall, China infant formula imports have been weak, and the company has less pricing power in the Chinese market given average selling prices.

Macquarie notes a2 Milk will need to be confident of demand before stepping up sell-in too steeply. Macquarie sees potential for capital management, though probably not in the immediate future.

The Underperform rating and target price of $5.60 are retained.

Target price is $5.60 Current Price is $6.60 Difference: minus $1 (current price is over target).
If A2M meets the Macquarie target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.43, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: -0.1

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

Credit Suisse rates ABP as Neutral (3) -

Abacus Property Group's FY21 result was in line with Credit Suisse's expectations with funds from operations (FFO) up 9.5% to $136.4m.

Growth over the prior was achieved in both the commercial portfolio and the storage portfolio, aided by higher occupancy and like-for-like income growth.

Due to a stronger-than-expected contribution from the storage portfolio, FY21 dividends per share (DPS) was upgraded to 17.5¢.

No firm FY22 guidance was provided in light of covid uncertainty but the broker is forecasting modest growth due to the impact of recently announced acquisitions as well as a lower cost of debt.

Neutral rating is retained and the target is raised to $3.36 from $3.21.

Target price is $3.36 Current Price is $3.33 Difference: $0.03
If ABP meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.19, suggesting downside of -6.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Citi rates AIA as Neutral (3) -

FY21 revenue was ahead of expectations and the underlying loss was less than Citi expected. No final distribution was paid and guidance was not provided.

Citi expects domestic traffic will recover once the NZ lockdown ends while international traffic should recover from the second half of 2021.

Neutral retained. Target rises slightly to NZ$7.44 from NZ$7.40.

Current Price is $6.69. Target price not assessed.

Current consensus price target is $6.90, suggesting upside of 0.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.0

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

Credit Suisse rates AIA as Neutral (3) -

A softer-than-expected contribution from aeronautical and retail, yet partially offset by stronger property, saw Auckland International Airport deliver FY21 revenue of NZ$281m, -1.5% below Credit Suisse's forecast and 5% ahead of consensus.

The company plans to delay the PSE4 (FY23-27) regulatory pricing decision by 12 months due to limited visibility in the recovery profile.

Based on a lower (-59%) aeronautical traffic forecast, the broker is cutting FY22 earnings -52% to NZ$193m.

Neutral rating is unchanged and the target increases to $6.90 from $6.80.

Target price is $6.90 Current Price is $6.69 Difference: $0.21
If AIA meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $6.90, suggesting upside of 0.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.0

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

Macquarie rates AIA as Outperform (1) -

Auckland International Airport has reported full-year results in line with guidance. The company achieved underlying earnings of $172m and a net loss of -$42m.

Notably, international passengers in FY21 represented 5% of the pre-covid base level in FY19. The company reported -93% international passenger growth and -17% domestic passenger growth for the year. 

The company has not provided FY22 guidance and Macquarie notes recent covid outbreaks in Australia and New Zealand have put  near-term trans-Tasman quarantine free travel at risk. 

The Outperform rating is retained and the target price decreases to NZ$8.07 from NZ$8.20.

Current Price is $6.69. Target price not assessed.

Current consensus price target is $6.90, suggesting upside of 0.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.0

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

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

At first glance, Morgan Staney says Auckland International Airport's FY21 result outpaced the broker by a decent clip but came in at the low end of guidance.

Not surprisingly, a covid-related passenger slump led to declines in Aero, Retail, Hotels and Transport divisions which all outweighed growth in property income.

The FY22 outlook remains cautious and the company provides no guidance. The broker retains an Equal-weight rating and the price target is steady at NZ$7.17. Industry view: Cautious.

Current Price is $6.69. Target price not assessed.

Current consensus price target is $6.90, suggesting upside of 0.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.0

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

UBS rates AIA as Sell (5) -

FY21 results and related commentary provided UBS with no real insight into timing for the re-opening of the New Zealand border in 2022. Vaccinated travellers from low-risk countries are expected to be the first step as opposed to unrestricted travel bubbles.

The broker lowers operating earnings estimates by -33% for FY22 and -8% for FY23 mainly on lower international passenger volumes and a slower re-opening of NZ borders. Sell rating and NZ$6.65 target unchanged.

Current Price is $6.69. Target price not assessed.

Current consensus price target is $6.90, suggesting upside of 0.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.0

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

Citi rates AMC as Neutral (3) -

Amcor's fourth quarter beat Citi's expectations with Bemis driving the outperformance. The broker suspects the company could exceed its historical organic growth target in FY22, noting capital expenditure will also step up by around 10-15%.

There will also be around 3% benefit to EPS growth from Bemis synergies as well as a 1.5% benefit from buybacks. The broker retains a Neutral rating and raises the target to $17.95 from $15.50.

Target price is $17.95 Current Price is $17.00 Difference: $0.95
If AMC meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $18.36, suggesting upside of 5.1% (ex-dividends)

The company's fiscal year ends in June.

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: 0.6

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

Morgans rates ART as Add (1) -

FY21 results were ahead of expectations. The company has reiterated the guidance provided in May. Affirmation of guidance, despite the lockdowns, is evidence to Morgans of momentum in the domestic marketplace.

The broker remains attracted to the stock and retains an Add rating. Target is raised to $1.30 from $1.28.

Target price is $1.30 Current Price is $1.01 Difference: $0.29
If ART meets the Morgans target it will return approximately 29% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Citi rates ASX as Sell (5) -

Following on from the initial reaction, see yesterday's report, Citi retains a Sell rating and raises the target to $73.20 from $71.10.

Target price is $73.20 Current Price is $83.53 Difference: minus $10.33 (current price is over target).
If ASX meets the Citi target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $77.41, suggesting downside of -9.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.3

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

Credit Suisse rates ASX as Neutral (3) -

ASX delivered a small FY21 consensus beat with slightly stronger-than-expected revenues.

Overall, Credit Suisse views the FY21 result as high-quality with ASX showcasing the dependability and diversity of its earnings.

Following a modest (-6%) decline in earnings in FY21, the broker believes ASX can deliver positive growth in the low single-digit range in FY22.

The broker expects revenue growth of 4% to be driven by strong growth in annual listing fees (21%), ongoing growth in information Services (11%), and technical services revenue (8%) supported by demand and recent price increases.

The Neutral rating is unchanged and the target price increases to $78.00 from $75.00.

Target price is $78.00 Current Price is $83.53 Difference: minus $5.53 (current price is over target).
If ASX meets the Credit Suisse target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $77.41, suggesting downside of -9.9% (ex-dividends)

The company's fiscal year ends in June.

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

Macquarie rates ASX as Outperform (1) -

ASX has closed out FY21 with expenses, growth and capital expenditure all largely in line with Macquarie's forecast, with the broker noting earnings continue to be resilient despite covid impacts. 

ASX is guiding to 5-7% expenses growth and capital expenditure of $105-115m for FY22. Macquarie notes guidance demonstrates growth is normalising and capital expenditure is peaking following covid impacts. 

Macquarie has updated earnings per share forecasts by 4.2%, -0.6% and 2.6% through to FY24.

The Outperform rating is retained and the target price increases to $97.50 from $94.00. 

Target price is $97.50 Current Price is $83.53 Difference: $13.97
If ASX meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $77.41, suggesting downside of -9.9% (ex-dividends)

The company's fiscal year ends in June.

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

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

ASX's FY21 result edged in ahead of consensus and the broker, save for listing and issuer revenues which fell -4% shy.

Morgan Stanley notes that FY21 was a record year for primary raising and expects this will bolster future revenue given they are amortised over 3-5 years. Short end futures trade was limited but 10-year contracts rose 15%.

Benefits from the Chess replacement will take time to flow through, until then the prospect of extra DLT revenues is rising.

On the cost front, capital expenditure was below guidance and the ASX expects FY22 costs to be steady as she goes.

Equal-weight rating retained. Price target rises 5.5% to $75.90. Industry view: In-Line.

Target price is $75.90 Current Price is $83.53 Difference: minus $7.63 (current price is over target).
If ASX meets the Morgan Stanley target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $77.41, suggesting downside of -9.9% (ex-dividends)

The company's fiscal year ends in June.

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

Morgans rates ASX as Reduce (5) -

Underlying net profit was broadly in line with expectations. Morgans liked the listings and issuer services outcomes, with revenue up 9%. Expenses and capital expenditure guidance are signalling a moderation of growth in these items.

While the broker appreciates the options for revenue diversification, the stock is considered expensive and a Reduce rating is retained. Target is raised to $67.30 from $66.25.

Target price is $67.30 Current Price is $83.53 Difference: minus $16.23 (current price is over target).
If ASX meets the Morgans target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $77.41, suggesting downside of -9.9% (ex-dividends)

The company's fiscal year ends in June.

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 ASX as Hold (3) -

ASX reported profit ahead of forecast thanks to higher revenues from clearing services. FY22 expense guidance, pertaining to the move to blockchain by FY24, is in line with expectation.

There is some return to growth in revenues likely in derivatives in FY22, the broker suggests, and continued growth in listings and equity post trade volumes. The broker believes a premium valuation is justified on the exchange's defensiveness.

Hold retained, target rises to $80.00 from $76.50.

Target price is $80.00 Current Price is $83.53 Difference: minus $3.53 (current price is over target).
If ASX 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 $77.41, suggesting downside of -9.9% (ex-dividends)

The company's fiscal year ends in June.

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

UBS rates ASX as Downgrade to Sell from Neutral (5) -

FY21 net profit was slightly ahead of UBS forecasts. While ASX has an attractive diversified exchange, it still remains in the investment phase, the broker points out, with elevated costs growth relative to revenue.

As the stock has traded 20% higher since the February results, UBS downgrades to Sell from Neutral. Target is $70.

Target price is $70.00 Current Price is $83.53 Difference: minus $13.53 (current price is over target).
If ASX meets the UBS target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $77.41, suggesting downside of -9.9% (ex-dividends)

The company's fiscal year ends in June.

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

Citi rates AX1 as Sell (5) -

Citi reduces estimates for FY22 net profit by -6% to reflect the greater impact from the lockdown on sales amid increased discounting. The broker now forecasts first half like-for-like sales to decline -10.5% to reflect the weak start.

Citi notes the company is stepping up discounting in order to clear inventory with roughly $30m in excess inventory which will peak in October.

Challenging trading conditions are expected to overshadow longer-term growth opportunities. Sell rating maintained. Target is reduced to $2.14 from $2.50.

Target price is $2.14 Current Price is $2.26 Difference: minus $0.12 (current price is over target).
If AX1 meets the Citi target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.50, suggesting upside of 15.9% (ex-dividends)

The company's fiscal year ends in June.

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

Morgans rates AX1 as Hold (3) -

FY21 results were in line with Morgans. The broker notes earnings in July and August have been hit by lockdowns to the tune of a negative -$15m and this level of impact is expected to continue if lockdowns persist.

Looking through this, the broker highlights a multi-faceted growth agenda which could mean earnings recover quickly in 2022. Hold maintained. Target is reduced to $2.57 from $2.85.

Target price is $2.57 Current Price is $2.26 Difference: $0.31
If AX1 meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $2.50, suggesting upside of 15.9% (ex-dividends)

The company's fiscal year ends in June.

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

Citi rates BAP as Downgrade to Neutral from Buy (3) -

Citi downgrades to Neutral from Buy, envisaging few catalysts over the medium term. The broker assesses increasing risks around disruptions from the pandemic to FY22 while acquisitions appear less likely than previously anticipated.

FY21 results beat estimates and FY22 and FY23 net profit estimates are upgraded by 5% and 6%, respectively. Target is reduced to $8.24 from $9.55 as earnings changes are offset by higher net debt and increased working capital requirements.

Target price is $8.20 Current Price is $7.73 Difference: $0.47
If BAP meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $8.81, suggesting upside of 15.6% (ex-dividends)

The company's fiscal year ends in June.

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 BHP as No Rating (-1) -

FY21 results were in line with expectations. BHP Group has confirmed the de-merger of its petroleum division and collapse of the dual listing structure. Jansen has also been approved.

FY22 operating expenditure guidance is higher compared with Morgan Stanley's estimates. The broker notes whether franking credits related to petroleum can be maintained within BHP Group is yet to be confirmed by the Australian Tax Office, although no shortage of credits are expected given high tax payments in the iron ore business.

Escondida surprised on the upside, moving 20% more material than expected and is tipped to yield lower by-product credits in FY22. Medium term cost guidance is steady.

On the decarbonisation front, BHP reiterates a US$2bn-US$4bn spend this decade to achieve -30% emissions reductions by 2030 - a good slug of which will be achieved by switching power contracts (at no cost) and collaborating with capital equipment providers. The company plans to spend between US$100m-US$200m a year for five years.

BHP sees no immediate rush to exit metallurgical coal and interestingly does not plan to build lithium assets given they do not fit the company's low-cost, scalable and long-life investment criteria. Nor will BHP expand into downstream green iron, believing steel companies will pick up the slack here.

Morgan Stanley does not have a rating or target at present. Industry view is Attractive.

Current Price is $44.67. Target price not assessed.

Current consensus price target is $48.38, suggesting upside of 9.0% (ex-dividends)

The company's fiscal year ends in June.

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: 0.2

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

Citi rates BLX as Buy (1) -

Citi notes, from the conference call subsequent to the results, the company is actually not guiding to FY22 growth as the outlook section in its annual report appears to indicate.

Nevertheless, consensus is factoring in a -29% decline in net profits so the broker observes there is a reasonable buffer for any slowdown relating to lockdowns. Buy rating and $2.21 target.

Target price is $2.21 Current Price is $1.98 Difference: $0.23
If BLX meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Morgans rates BLX as Upgrade to Add from Hold (1) -

FY21 results demonstrate the significant potential of the company's push into the trade market, Morgans asserts. Net profit was up 69%.

The broker suspects earnings will normalise in FY22, although not as much as consensus assumes, and then resume a positive growth trend in FY23.

Morgans transfers coverage to another analyst and upgrades to Add from Hold. Target is raised to $2.30 from $2.01.

Target price is $2.30 Current Price is $1.98 Difference: $0.32
If BLX meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Macquarie rates CDA as Outperform (1) -

Codan's reported full-year underlying net profit of $97m was a 52% year-on-year increase and an 8% beat on Macquarie's forecast.

Sales were up 26% year-on-year to $437m, which the broker notes was underpinned by strength in Metal Detection sales and a step-up in the Communications and Tracking Solutions segments in the second half.

The company continued to invest in its manufacturing capacity, and while FY22 guidance has not yet been provided, Macquarie notes Codan is well placed to deliver a strong performance in the next financial year. 

The broker increases earnings per share forecasts by 3% and 2% for FY22 and FY23 respectively. 

The Outperform rating is retained and the target price increases to $17.50 from $17.00.

Target price is $17.50 Current Price is $16.18 Difference: $1.32
If CDA meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Ord Minnett rates CDP as Upgrade to Buy from Hold (1) -

Carindale Property Trust's funds from operations increase beat Ord Minnett by 5.5%, assisted by a -$1m decline in property outgoings in the second half versus the first. Guidance is for a distribution increase in FY22 of at least 9% above FY21.

Carindale’s current share price implies a further -20% write-down in the value of Carindale Shopping Centre. The broker believes this is too negative for a centre that continues to perform well, with sales growth of 7.6% versus FY20 and slightly ahead of pre-covid levels.

To that end the broker upgrades to Buy from Hold. Target rises to $5.20 from $4.80.

Target price is $5.20 Current Price is $4.50 Difference: $0.7
If CDP meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Macquarie rates CNU as Neutral (3) -

The Commerce Commission has released a drafted proposal for an initial regulated asset base of $5.427bn for Chorus' regulated fibre business. Macquarie notes the company will likely want a higher regulated asset base and will submit arguments accordingly. 

However, Macquarie notes the market has responded positively and highlights that the derived regulated asset base was only a -1.5% miss on the asset base submitted by Chorus. 

The company will pursue a higher maximum allowable revenue, and believes it has strong evidence to support changes. 

The Neutral rating and target price of NZ$6.91 are retained.

Current Price is $6.90. Target price not assessed.

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: -0.5

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

UBS rates CNU as Downgrade to Sell from Neutral (5) -

UBS notes the share price has rallied since the draft Commerce Commission regulated asset base review. UBS considers this an overreaction as it appears to be treating Chorus the same as other regulated utilities.

The broker disagrees with that assessment and also believes increased competition from wireless will constrain fibre revenue and long-term distributions. Rating is downgraded to Sell from Neutral. Target is steady at NZ$6.30.

Current Price is $6.90. Target price not assessed.

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: -0.5

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

Citi rates COH as Sell (5) -

In an initial assessment, FY21 results were weaker than Citi expected. FY22 underlying net profit guidance of $265-285m is also -9.5% below consensus at the mid point.

The company has guided to a margin a little below its long-term target of 18%, continuing to invest in growing its market and strengthening its competitive position. Guidance also includes "some near-term covid impact".

The company remains committed to a dividend pay-out of 70%. Citi retains a Sell rating with a $200 target.

Target price is $200.00 Current Price is $256.09 Difference: minus $56.09 (current price is over target).
If COH 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 $221.87, suggesting downside of -6.6% (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 COH as Hold (3) -

At first glance, Cochlear's FY21 result missed Ord Minnett's estimates by roughly -5% and consensus by -2% as margins fell.

FY22 guidance also disappointed.

On the upside, implants were up 3% suggesting either stronger general market growth or an increase in market share, although this appears to be struck on lower average price suggesting a market rebound.

Target price steady at $230.00. Hold recommendation retained. Risk rating: Low.

Target price is $230.00 Current Price is $256.09 Difference: minus $26.09 (current price is over target).
If COH meets the Ord Minnett target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $221.87, suggesting downside of -6.6% (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 CTD as Downgrade to Neutral from Outperform (3) -

Corporate Travel Management's FY21 underlying earnings of -$7.3m were in line with Macquarie's expectations, while revenue was ahead of forecast.

Macquarie notes that activity in both North America and Europe picked up in the fourth quarter, reporting revenue increases of 48% and 84% respectively. 

Despite this, due to heightened risk from the delta variant Macquarie reduces confidence in its forecasts. The broker has updated earnings per share forecasts by -14 and -1% for FY22 and FY23 respectively. 

The rating is downgraded to Neutral from Outperform and the target price increases to $21.80 from $20.75.

Target price is $21.80 Current Price is $21.81 Difference: minus $0.01 (current price is over target).
If CTD meets the Macquarie target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $23.65, suggesting upside of 12.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.9

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

Citi rates DMP as Buy (1) -

Citi reiterates a Buy rating, noting the multiple growth opportunities and the potential for acquisitions in new territories.

The broker finds momentum strong in Europe and Japan while improving in Australia, which should mean the PE multiple is sustainable.

FY21 net profit beat expectations. Target is raised to $159.05 from $145.60.

Target price is $159.05 Current Price is $141.01 Difference: $18.04
If DMP meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $113.39, suggesting downside of -20.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.1

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

Morgans rates DTL as Hold (3) -

FY21 results were in line with expectations. Morgans was impressed with the 20% revenue growth although the shifting of more lower-margin product when combined with margin pressure meant gross profit grew just 3.6%.

No quantifiable FY22 guidance was provided but the broker observes the pipeline is strong and the company is well-positioned vis-a-vis expected growth in IT. Hold maintained. Target rises to $5.92 from $5.90.

Target price is $5.92 Current Price is $5.48 Difference: $0.44
If DTL meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Ord Minnett rates EML as Buy (1) -

It looks like an initiation of coverage but it is a transfer of coverage from EL&Bailieu. Buy rating and $4.38 price target under the Ord Minnett research label.

The new analyst thought it was a strong underlying result from EML Payments. All major metrics came out towards the top end of management's previous guidance.

Ord Minnett believes the medium-term outlook remains "very positive", with rapid growth in open banking and myriad opportunities available.

Target price is $4.38 Current Price is $3.84 Difference: $0.54
If EML meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $4.58, suggesting upside of 20.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Ord Minnett rates EQT as Buy (1) -

EQT Holdings' solid FY21 was almost exactly in line with Ord Minnett's forecasts.

Higher-than-expected finishing funds under management, administration, advice and supervision (FUMAS), net of increased technology spend, resulted in the broker upgrading earnings per share (EPS) estimates 4-5% over the forecast period.

The broker believes the outlook remains favourable given potential new business wins across various areas, while a strong capital base means the company remains well-positioned for M&A.

Ord Minnett retains a Buy rating and the target price increases to $38.00 from $37.00. Risk is medium.

Target price is $38.00 Current Price is $28.97 Difference: $9.03
If EQT meets the Ord Minnett target it will return approximately 31% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Credit Suisse rates EVN as Outperform (1) -

Evolution Mining's FY21 financial result was broadly as expected, while the final dividend ($5cps) was below the interim $7cps but in line with Credit Suisse and consensus.

The key update was asset-level FY22 guidance, Red Lake guided to 155-165koz, -7% below expectation, while Mt Rawdon was ahead with 75-80koz. Cowal and Ernest Henry were revealed as drivers of the 3% year-on-year all-in cost increase to $1,220-1,280/oz.

Credit Suisse increases FY22/23 earnings multiple to 7.0x (from 6.5x) to better reflect the company's 3-year average on less aggressive gold price forecasts.

Outperform rating is unchanged and the target price is lowered to $4.30 from $4.70.

Target price is $4.30 Current Price is $4.02 Difference: $0.28
If EVN meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $4.26, suggesting upside of 6.3% (ex-dividends)

The company's fiscal year ends in June.

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

Macquarie rates EVN as Underperform (5) -

Evolution Mining has reported solid full year results, with both earnings and cash flow a 3% beat on Macquarie's expectations. The company has confirmed a full-year dividend of 12 cents, in line with the broker's forecast. 

The company has retained its three-year outlook on production, all-in sustaining costs and capital. Looking ahead to FY22, Evolution Mining has flagged a production ramp-up, but production guidance for the year was a mixed bag with Cowal, Red Lake and Mungari in line, Mt Rawdon better-than-expected, and Mt Carlton and Ernest Henry below expectations.

Macquarie has reduced earnings per share forecasts by -29% in FY22 given higher depreciation and amortisation, and reduces FY23 and FY24 by -3% and -1% respectively.

The Underperform rating and target price of $3.90 are retained. 

Target price is $3.90 Current Price is $4.02 Difference: minus $0.12 (current price is over target).
If EVN meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.26, suggesting upside of 6.3% (ex-dividends)

The company's fiscal year ends in June.

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

Morgan Stanley rates EVN as Underweight (5) -

Evolution Mining's FY21 result met Morgan Stanley's estimates, albeit the metrics were a mixed bag, and FY22 guidance augured higher all-in-sustainable costs at the Mungari mine.

Mt Rawdon's FY22-24 gold production guidance surprised to the downside.

Underweight rating retained. Price target is $4.10. Industry view: Attractive.

Target price is $4.10 Current Price is $4.02 Difference: $0.08
If EVN meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $4.26, suggesting upside of 6.3% (ex-dividends)

The company's fiscal year ends in June.

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 EVN as Hold (3) -

Evolution Mining reported an FY21 net profit of $354m, 17.2% above FY20, and 1.7% above Ord Minnett’s estimate of $348m. The company announced a fully franked final dividend of 5cps, resulting in a total dividend of 12cps for FY21, missing the broker's estimate of 16cps.

Evolution’s FY22 guidance at the asset level has led Credit Suisse to marginally increase costs across the group in FY22, but running lower costs at Red Lake sees faster use of Battle North tax losses, hence keeping the broker's forecasted net profit number steady.

Hold rating is unchanged and the target price increases to $4.60 from $4.40.

Target price is $4.60 Current Price is $4.02 Difference: $0.58
If EVN meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $4.26, suggesting upside of 6.3% (ex-dividends)

The company's fiscal year ends in June.

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

UBS rates FBU as Neutral (3) -

Further to the FY21 results, UBS notes Fletcher Building remains cheap relative to Australian peers yet finds it a struggle to envisage medium-term upside.

Adjusted EBIT for FY22 is trimmed slightly because of the current NZ lockdown. Neutral rating. Target rises to NZ$7.85 from NZ$7.65.

Current Price is $7.42. Target price not assessed.

Current consensus price target is $8.40, suggesting upside of 13.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.6

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

Macquarie rates HDN as Outperform (1) -

HomeCo Daily Needs REIT has reported FY21 funds from operations of $21.4m, 2% ahead of guidance but in line with Macquarie's expectations given the broker had forecast a 3% beat on guidance. 

The company has confirmed funds from operations guidance for FY22 of 8.3 cents per share, and is guiding to a dividend per share of 8.0 cents. 

It is Macquarie's view that the ability to reiterate guidance for FY22 is a positive against the current backdrop of lockdowns and restrictions, and notes expected cash collections of 99% in August, rental guarantee at Glenmore Park and only 7% of stores currently not-trading would have driven confidence in guidance.

The Outperform rating is retained and the target price increases to $1.64 from $1.60.

Target price is $1.64 Current Price is $1.48 Difference: $0.16
If HDN meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $1.59, suggesting upside of 2.4% (ex-dividends)

The company's fiscal year ends in June.

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

Morgans rates HDN as Add (1) -

FY21 results were ahead of expectations. The company has reiterated FY22 FFO guidance for 8.3c per security and distribution guidance of 8.0c.

Morgans considers the portfolio well-positioned and a beneficiary of accelerating click & collect trends. Sites are in strategic locations with strong population growth. The broker retains an Add rating and raises the target to $1.62 from $1.56.

Target price is $1.62 Current Price is $1.48 Difference: $0.14
If HDN meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $1.59, suggesting upside of 2.4% (ex-dividends)

The company's fiscal year ends in June.

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

Ord Minnett rates HDN as Downgrade to Accumulate from Buy (2) -

HomeCo's FY21 result proved broadly in-line with Ord Minnett's expectations. The reaffirmation of FY22 guidance is taken as a positive with the broker pointing out this is the only REIT to provide guidance thus far.

Guidance is for FY22 funds from operations (FFO) and DPS of 8.3cpu and 8.0cpu respectively. The broker highlights the REIT reported a portfolio valuation uplift of $47m in FY21, resulting in the NTA increasing to $1.36/unit (prior to post June 2021 acquisitions).

As the share price has approached the target, Ord Minnett has downgraded to Accumulate from Buy. The target price rises to $1.54 from $1.52.

Target price is $1.54 Current Price is $1.48 Difference: $0.06
If HDN meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $1.59, suggesting upside of 2.4% (ex-dividends)

The company's fiscal year ends in June.

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 HDN as Neutral (3) -

FY21 results were slightly ahead of prospectus forecasts. The attractive portfolio characteristics are delivering in uncertain times, UBS asserts, allowing the company to reaffirm FY22 guidance for distributions of 8c per security.

The company announced $100m in future brownfield opportunities with various asset types and tenants. UBS assesses there is 7% upside to earnings from this development, although it will take time to implement. Neutral rating and $1.55 target.

Target price is $1.55 Current Price is $1.48 Difference: $0.07
If HDN meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $1.59, suggesting upside of 2.4% (ex-dividends)

The company's fiscal year ends in June.

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

Credit Suisse rates HT1 as Outperform (1) -

HT&E reported first-half FY21 results, slightly behind Credit Suisse estimates at the earnings level but ahead on net profit of $14.5m (Credit Suisse $13.8m).

Credit Suisse notes the sale of Soprano is progressing well, with the binding documentation expected to be completed shortly.

Management has guided for ARN people and operating costs to be $2-3m higher than FY19, due to increased investment into digital radio revenue streams, higher marketing associated with the launch of a breakfast show at KIIS Melbourne, and investment into the Edge to attract a younger demographic.

While the company has guided to higher costs, Credit Suisse expects this to deliver some benefit on the digital side, with the broker now expecting 50%-plus year-on-year growth in digital audio revenues in the second half.

Outperform rating and price target of $2.10 are unchanged.

Target price is $2.10 Current Price is $1.72 Difference: $0.38
If HT1 meets the Credit Suisse target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $1.82, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in December.

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 HT1 as No Rating (-1) -

Recovery in the metro radio ad market has driven HT&E's better-than-expected first half results, with Australian Radio Network revenue growing 19% in July. Macquarie notes the pace of August bookings suggests similar momentum looking ahead. 

Australian Radio Network expects FY21 costs to exceed those of FY19 by $2-3m given investment in a new breakfast show, podcast content and digital capabilities. Macquarie notes continued reinvestment appears to be a consistent theme across the media industry. 

The broker updates earnings per share forecasts by 23%, 22% and 17% through to FY24 to reflect recovery in the metro radio ad markets as well as Nova Perth.

Due to research restrictions, Macquarie cannot advise its valuation.

Current Price is $1.72. Target price not assessed.

Current consensus price target is $1.82, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

Morgan Stanley rates HT1 as Underweight (5) -

HT&E's 2021 first-half result provided a 12% beat thanks to cost-outs and higher radio advertising revenue (up 19% on the previous corresponding period).

Morgan Stanley says strong radio advertisement revenues in the early second half augurs continued earnings strength.

In terms of the balance sheet, the company has net cash of $122m but this excludes $150m in disputed tax revenue. Link Group ((LNK)) and oOh!media ((OML)) shares total $174m. No profit guidance was issued.

Underweight rating retained. Target price steady at $1.35. Industry view: Attractive.

Target price is $1.35 Current Price is $1.72 Difference: minus $0.37 (current price is over target).
If HT1 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 $1.82, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in December.

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 HT1 as Buy (1) -

First half revenue was in line with UBS estimates. The skew to the second half is higher than usual because of a combination of investment in digital and higher marketing costs.

The main focus is the potential for an advertising market recovery, the broker suggests and its base case assumes radio advertising market growth in the December half of 17%. Buy rating and $2 target retained.

Target price is $2.00 Current Price is $1.72 Difference: $0.28
If HT1 meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $1.82, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in December.

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 HUM as Outperform (1) -

Having reported FY21 results, Humm Group is now looking ahead to continued investment in FY22 to support international expansion in the UK and Canada. 

Most of the key metrics had been re-reported but cash EPS still missed Macquarie's estimate by -3% due to a $3m preference share
adjustment.

Macquarie highlights buy now pay later volume is showing positive momentum, up 31% year-on-year, and the broker expects this trend to continue into FY22 given increased spend on marketing and product development. 

The broker updates earnings per share estimates for FY22 by -4.1% and for FY23 by -3.7%, expecting lower revenues to be offset by reduced depreciation and amortisation.

The Outperform rating is retained and the target price decreases to $1.20 from $1.25.

Target price is $1.20 Current Price is $0.97 Difference: $0.23
If HUM meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $1.23, suggesting upside of 18.6% (ex-dividends)

The company's fiscal year ends in June.

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

UBS rates HUM as Buy (1) -

Cash net profit in the second half was -26% below UBS estimates. The reason was an elevated cost-to-income ratio and gross income margin compression in BNPL. Nevertheless, the broker found the credit performance and volume growth solid.

UBS reduces net profit forecasts by -9-21% over FY22-24 to reflect higher costs and lower yields. Still, material upside exists if the offshore expansion proves successful. Buy retained. Target is reduced to $1.45 from $1.50.

Target price is $1.45 Current Price is $0.97 Difference: $0.48
If HUM meets the UBS target it will return approximately 49% (excluding dividends, fees and charges).

Current consensus price target is $1.23, suggesting upside of 18.6% (ex-dividends)

The company's fiscal year ends in June.

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

Macquarie rates IGO as No Rating (-1) -

IGO has confirmed it is in preliminary discussions with Western Areas ((WSA)) on a potential takeover of the company. Macquarie notes any offer would be subject to due diligence. 

The broker highlights that Western Areas has a larger nickel base, holding nickel reserves of 281,000 tonnes, compared to IGO's nickel reserves of 215,000 tonnes, but IGO produces more nickel. 

Due to research restrictions, Macquarie cannot provide a valuation at present.

Current Price is $8.96. Target price not assessed.

Current consensus price target is $7.49, suggesting downside of -14.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.2

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

Morgan Stanley rates IGO as Underweight (5) -

IGO has announced that it is in early discussions with Western Areas ((WSA)) about a take-over of the latter.

Morgan Stanley notes that IGO's strong cash position suggests IGO is the likely acquirer. The broker suspects  Western Areas's lack of need for a partnership suggests it is the most likely to benefit from such an acquisition. But it's too early to place bets yet.

IGO's FY22 guidance is -9% weaker on nickel and 4% higher on costs.

Nova had a strong finish to the year with fourth-quarter production 6% and 14% higher for nickel and copper versus Morgan Stanley, driven by higher grades being mined.

The broker notes costs for FY22 are around 36% higher than consensus forecasts. Underweight rating retained. The target price remains at $7.50. Industry view: Attractive.

Target price is $7.50 Current Price is $8.96 Difference: minus $1.46 (current price is over target).
If IGO meets the Morgan Stanley target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.49, suggesting downside of -14.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.2

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

Citi rates ING as Buy (1) -

In an initial assessment, FY21 underlying EBITDA was slightly ahead of guidance and Citi's estimates. Operating leverage stems from volume growth, a net cost benefit in feed and a reduction in frozen excess inventory.

No quantitative guidance was provided. Citi assesses consumer behaviour will be affected in the short term by the current lockdowns and restrictions, and firming domestic feedgrain prices could provide a headwind. Buy rating and $4.35 target maintained.

Target price is $4.35 Current Price is $3.91 Difference: $0.44
If ING meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $4.05, suggesting downside of -0.9% (ex-dividends)

The company's fiscal year ends in June.

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 IPH as Outperform (1) -

IPH has finished FY21 with underlying earnings of $124.3m, a 4.1% beat on Macquarie's forecast. Macquarie highlights the main driver for the Australia region was the improved financial performance of the Griffith Hack business, with total patent filings up 2.6%. 

It is Macquarie's view that mergers and acquisitions remain a potential catalyst for IPH, with the company continuing to explore opportunities outside Australia. 

The broker increases earnings per share estimates by 6%, 4% and 2% through to FY24.

IPH remains the market leader in Australia, with market share of 36.2%. The Outperform rating is retained and the target price increases to $9.60 from $8.00.

Target price is $9.60 Current Price is $8.73 Difference: $0.87
If IPH meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Morgans rates IPH as Add (1) -

FY21 results were slightly ahead of expectations. Morgans notes the strength of the balance sheet allows for debt-funded acquisitions which remain key to the company's strategy. The broker also considers offshore expansion inevitable.

Morgans assesses the core earnings base is defensive, although earnings sensitivity to currency remains high. Add maintained. Target is raised to $9.25 from $8.27.

Target price is $9.25 Current Price is $8.73 Difference: $0.52
If IPH meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Credit Suisse rates IRE as Neutral (3) -

Given it had been reiterated at the recent strategy day, Iress's first-half FY21 result and guidance came as no surprise to the market.

Overall, Credit Suisse believes the share price will trade based on the pending acquisition offer which is currently in due diligence.

Even though Credit Suisse sees appeal in the Iress business from a financial sponsor, at implied 52x/37x FY21/23 P/E multiples - based on management’s underlying net profit guidance - the broker struggles to see other suitors able to offer a superior price.

The Neutral rating and price target of $15.97 are both unchanged.

Target price is $15.97 Current Price is $15.10 Difference: $0.87
If IRE meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $15.11, suggesting upside of 0.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

Macquarie rates IRE as No Rating (-1) -

First half results were pre-reported and there were no changes. 2021 guidance is affirmed and Macquarie revises forecasts for net profit to $72m.

The broker assesses the targets for FY25 present material upside if achieved, yet retains forecasts for earnings per share that are -30% below the company's target, awaiting evidence of the market share gains that are required.

Research restriction means the broker cannot provide a rating or target at present.

Current Price is $15.10. Target price not assessed.

Current consensus price target is $15.11, suggesting upside of 0.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

Ord Minnett rates IRE as Accumulate (2) -

Iress's first half FY21 result, including reported segment profit of $75.6m, presented few surprises with the company reiterating FY21 segment profit guidance of $164-168m, which Ord Minnett notes will require a second half skew in order to be achieved.

Iress has received a non-binding conditional takeover bid from EQT at $15.91 per share, up from prior bids between $14.80-$15.50, and has been recommended by the board in the absence of a superior bid. EQT has been granted a 30-day due diligence process which is expected to conclude in mid-September.

Ord Minnett has upgraded the price target to reflect the bid price which the broker views as fair for the company's business as it stands today.

Ord Minnett retains an Accumulate rating and raises the target to $15.91 from $14.50.

Target price is $15.91 Current Price is $15.10 Difference: $0.81
If IRE meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $15.11, suggesting upside of 0.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

Macquarie rates KLL as Outperform (1) -

After the feasibility study increased the base production case for Beyondie to 120,000tpa, Macquarie improves its outlook while retaining conservative ramp-up assumptions.

The expanded production case is mixed, the broker asserts, as production will be 20% higher but costs are also expected to be 8% higher.

The broker assumes an equity contribution will be required and reduces the target to $0.34 from $0.40 as a result. Outperform retained.

Target price is $0.34 Current Price is $0.18 Difference: $0.16
If KLL meets the Macquarie target it will return approximately 89% (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 NCM as Downgrade to Neutral from Buy (3) -

While FY21 results were ahead of estimates with record underlying net profit, Citi notes guidance for FY22 indicates a softer year ahead. FY22 group production guidance is below 2.0m ounces while Lihir is also below expectations.

Production is nevertheless expected to lift in FY23/24 while upcoming feasibility studies should provide more clarity. Citi downgrades to Neutral from Buy and lowers the target to $27 from $30.

Target price is $27.00 Current Price is $25.54 Difference: $1.46
If NCM meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $30.71, suggesting upside of 23.9% (ex-dividends)

The company's fiscal year ends in June.

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: 0.9

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

Credit Suisse rates NCM as Outperform (1) -

Newcrest Mining delivered a strong FY21 with record profit and free cash flow, with earnings of US$2,443m, 6% ahead of consensus on better-than-expected costs.

Credit Suisse notes the FY21 result was dominated by Cadia which generated 100% of group free cash flow (FCF). FY22 group production guidance of 1.8-2.0Moz is broadly in line with consensus.

All-in cost guidance mid-point US$958/oz was 35% ahead of consensus at US$709/oz, which Credit Suisse attributes to a combination of opex and sustaining capex, with US$1,460-1,640mn total capex 32% ahead of consensus. 

Outperform rating is unchanged and the target is lowered to $28.35 from $30.00 following a decrease to the broker's 2021-23 gold price assumptions.

Target price is $28.35 Current Price is $25.54 Difference: $2.81
If NCM meets the Credit Suisse target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $30.71, suggesting upside of 23.9% (ex-dividends)

The company's fiscal year ends in June.

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: 0.9

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

Morgan Stanley rates NCM as Overweight (1) -

Newcrest Mining's FY21 result outpaced Morgan Stanley's estimates by 15%, thanks to a 49% beat on free cash flow and a $364m beat on net cash.

All this cash has translated into a hefty dividend of 55c, 41% ahead of consensus and 49% ahead of the broker. FY22 guidance was in line, although all-in-sustainable costs and capital expenditure are forecast to rise.

Net debt eased, as did capital expenditure. Cadia PC1-2 has been approved and a feasibility study is under way. 

Overweight rating retained. Target price steady at $32.00. Industry view: Attractive.

Target price is $32.00 Current Price is $25.54 Difference: $6.46
If NCM meets the Morgan Stanley target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $30.71, suggesting upside of 23.9% (ex-dividends)

The company's fiscal year ends in June.

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: 0.9

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

Morgans rates NCM as Add (1) -

Net profit in FY21 was a record, up 80% at US$1.2bn. This was driven by higher gold and copper prices. The company also posted a record annual dividend, equal to a 41% pay-out of free cash flow.

Morgans notes this is in line with the revised dividend policy that is targeting a 30-60% pay-out.

The broker points out cash flow is heavily exposed to the Australian dollar while the mix of gold and copper production provides some degree of natural hedging. Add maintained. Target is reduced to $30.43 from $30.53.

Target price is $30.43 Current Price is $25.54 Difference: $4.89
If NCM meets the Morgans target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $30.71, suggesting upside of 23.9% (ex-dividends)

The company's fiscal year ends in June.

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: 0.9

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

Ord Minnett rates NCM as Buy (1) -

Newcrest Mining's profit missed the broker but a US40c final dividend exceeded the broker's US30c assumption. FY22 guidance is softer than forecast, with increased costs and lower production, although the top end of the production guidance range has been maintained.

The broker retains Buy, but cuts its target to $34 from $38 on higher capex for growth projects. The stock offers longer term value, the broker suggests.

Target price is $34.00 Current Price is $25.54 Difference: $8.46
If NCM meets the Ord Minnett target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $30.71, suggesting upside of 23.9% (ex-dividends)

The company's fiscal year ends in June.

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: 0.9

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

Citi rates NEA as Neutral (3) -

Recent updates signal improved momentum in North America, which is expected to overtake Australasia in FY22, and the broker suspects the legal proceedings from Eagleview will not have an impact on the US business.

The Neutral/High Risk rating is retained. Target is $2.35.

Target price is $2.35 Current Price is $2.04 Difference: $0.31
If NEA meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $2.58, suggesting upside of 31.1% (ex-dividends)

The company's fiscal year ends in June.

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

Macquarie rates NGI as Outperform (1) -

The outlook is positive, Macquarie asserts, with FY21 results ahead of expectations. Cash flow from the strategic investment in Dyal is expected to drive FY22 EBITDA.

Lighthouse funds under management has also reverted to growth. Outperform retained. Target rises to $2.36 from $2.18.

Target price is $2.36 Current Price is $1.93 Difference: $0.43
If NGI meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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

Ord Minnett rates NGI as Buy (1) -

Navigator Global Investments' underlying FY21 earnings of US$31.5m were 13% ahead of Ord Minnett estimates, and the company's FY22 guidance range is ahead of the broker's previous expectations.

The broker believes the company presents an attractive investment opportunity offering an over 8% dividend yield, the potential for more accretive deals through the relationship with Dyal, while a cash balance of over US$40m sees Navigator well-positioned to capitalise on any opportunities that present.

Ord Minnett has made modest increases to earnings and net profit estimates over the forecast period

Ord Minnett retains its Buy rating and $2.40 target price: Risk medium.

Target price is $2.40 Current Price is $1.93 Difference: $0.47
If NGI meets the Ord Minnett target it will return approximately 24% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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 NWH as Outperform (1) -

FY21 results were ahead of Macquarie's expectations. The order book and tender pipeline are also robust and FY22 guidance for EBITA of $145-155m is in line with forecasts.

The broker notes the company is highly leveraged to iron ore expenditure. Outperform retained. Target rises to $2.20 from $2.15.

Target price is $2.20 Current Price is $1.96 Difference: $0.24
If NWH meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

UBS rates NWH as Buy (1) -

FY21 results were broadly in line with expectations. NRW Holdings has guided to FY22 revenue of $2.4-2.5bn, which the broker assesses is broadly flat, excluding the Primero uplift.

Despite the robust share price reaction to the results, UBS continues to believe there is valuation upside and maintains a Buy rating. Target is raised to $2.40 from $2.37.

Target price is $2.40 Current Price is $1.96 Difference: $0.44
If NWH meets the UBS target it will return approximately 22% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Citi rates ORA as Downgrade to Neutral from Buy (3) -

Results were "solid" in Citi's view. Yet, going forward, the broker observes less positive news may weigh on the stock. Particularly this involves the need to replace lost glass capacity and tougher North American growth as the business cycles the easy wins.

As the risk/reward is more balanced, the rating is downgraded to Neutral from Buy.

The broker also remains cautious about acquisitions, given the focus on adjacencies and new markets which inherently mean a lack of operating experience. Target is raised to $3.26 from $3.20.

Target price is $3.26 Current Price is $3.54 Difference: minus $0.28 (current price is over target).
If ORA meets the Citi target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.41, suggesting downside of -1.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Credit Suisse rates ORA as Neutral (3) -

While Orora's FY21 result was in-line, Credit Suisse believes the key short-term issue for the North American packaging unit, which accounts for around 50% of estimated FY22 earnings, is how the company transitions from a period of intense demand to a more
normal environment.

Management offered new guidance that earnings margins should climb steadily back to 5% by FY25.

The broker notes the beverage can demand remains robust and expects the company to expand capacity ($80m capex) with benefits
accruing in FY23-F25.

The $3.40 target and Neutral rating are maintained.

Target price is $3.40 Current Price is $3.54 Difference: minus $0.14 (current price is over target).
If ORA 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 $3.41, suggesting downside of -1.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Macquarie rates ORA as Neutral (3) -

FY21 results were ahead of expectations. As the buyback has been completed Macquarie highlights an emphasis on the growth agenda. The company is exploring adjacent opportunities in Australasia's markets.

There was a strong improvement in North America, the broker notes, although this was tempered by the subdued outlook for Australasia. Macquarie considers the stock fairly valued and retains a Neutral rating. Target is lifted to $3.60 from $3.38.

Target price is $3.60 Current Price is $3.54 Difference: $0.06
If ORA meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $3.41, suggesting downside of -1.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

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

Orora's FY21 result outpaced the broker, thanks to a margin recovery in the company's North American businesses.

Australia's revenue outperformed but margins underperformed.

Operating cash flow was strong allowing a higher than expected dividend of 8c.

Morgan Stanley expects Australia will perform in line with FY21 and is tipping an increase for North American earnings.

Target price steady at $3.20. Equal-weight rating retained. Industry view: In-Line.

Target price is $3.20 Current Price is $3.54 Difference: minus $0.34 (current price is over target).
If ORA meets the Morgan Stanley target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.41, suggesting downside of -1.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Morgans rates ORA as Hold (3) -

FY21 results were ahead of expectations and the North American performance stood out. The main negatives Morgans found were a drop in Australasian margins, while glass volumes were down in the second half because of lower wine exports to China.

Management has guided to broadly flat Australasian earnings and further growth in North America. Morgans increases estimates for FY22-24 by 5-6%. The valuation is considered fair and a Hold rating is maintained. Target rises to $3.40 from $3.00.

Target price is $3.40 Current Price is $3.54 Difference: minus $0.14 (current price is over target).
If ORA meets the Morgans target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.41, suggesting downside of -1.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Ord Minnett rates ORA as Hold (3) -

Orora's profit was in line with the broker while the 14c dividend exceeded the broker's 12c assumption. The focus from here, the broker notes, is on growth opportunities both organic and M&A.

The Canning plant, due to be approved shortly, will provide for organic growth domestically, while the focus in North America will be on M&A opportunities. The focus will be on acquiring “stable” businesses of a size that won't require equity funding, the broker points out.

Hold retained, target rises to $3.35 from $3.30.

Target price is $3.35 Current Price is $3.54 Difference: minus $0.19 (current price is over target).
If ORA meets the Ord Minnett target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.41, suggesting downside of -1.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

UBS rates ORA as Neutral (3) -

FY21 earnings growth was ahead of UBS estimates. Sales and margin improvements in North America delivered EBIT growth of 29%.

UBS notes the balance sheet has substantial surplus capacity. As the North American business has now stabilised, this allows Orora to review both organic and bolt-on opportunities to expand either its Australian footprint or North American packaging distribution platform.

Neutral rating retained. Target is $3.65.

Target price is $3.65 Current Price is $3.54 Difference: $0.11
If ORA meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $3.41, suggesting downside of -1.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Credit Suisse rates ORG as Outperform (1) -

Origin Energy's FY21 earnings were 2% above consensus, while FY22 group earnings guidance was -9% below at the midpoint.

Integrated Gas FY22 earnings guidance was -$175m below Credit Suisse and consensus, and Origin guided to an increase in capex and opex in FY22. However, the broker notes that guidance of $2.1-2.3bn is actually consistent with original FY21 guidance, which APLNG beat in FY21 at $2.0bn.

Credit Suisse notes factors supporting the company's guidance for an FY22 earnings recovery include JKM-domestic convergence, $70-100m of targeted Kraken opex savings in FY23/24, the FY24 Beach Otway price review, and the current electricity forward
curve of $60/MWh versus Origin's embedded FY22 price of $50/MWh (the broker's estimate is $55/MWh).

Outperform rating is unchanged and the target is lowered to $4.50 from $4.80.

Target price is $4.50 Current Price is $4.19 Difference: $0.31
If ORG meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $4.81, suggesting upside of 10.9% (ex-dividends)

The company's fiscal year ends in June.

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 ORG as Outperform (1) -

FY21 results were below Macquarie's estimates. The broker suggests earnings are now bouncing around at the bottom of the cycle. A recovery, driven by APLNG, should continue to help debt reduction.

By FY23 signs of structural improvement through Kraken and clearer government policy are expected to open up investment opportunities in hydro and batteries. Macquarie retains an Outperform rating and raises the target to $5.15 from $5.08.

Target price is $5.15 Current Price is $4.19 Difference: $0.96
If ORG meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $4.81, suggesting upside of 10.9% (ex-dividends)

The company's fiscal year ends in June.

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

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

Origin Energy's FY21 result outpaced consensus and Morgan Stanley estimates. Net debt eased and the dividend met consensus but fell shy of the broker.

FY22 guidance proved a miss but on the upside, capital expenditure and investments guidance was below the broker's estimate. The company also reiterated forecasts for an upswing in commodity prices in FY23.

On the decarbonisation front, Origin plans to cut Scope 1 and Scope 2 emssion by -50% by FY32 from FY17 levels and is working on more ambitious targets. No commentary was provided on decarbonisation costs and the broker suspects the company may face headwinds.

Equal-weight rating retained. Price target remains steady at $4.61.  Industry view: Cautious.

Target price is $4.61 Current Price is $4.19 Difference: $0.42
If ORG meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $4.81, suggesting upside of 10.9% (ex-dividends)

The company's fiscal year ends in June.

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

Morgans rates ORG as Add (1) -

FY21 underlying net profit was stronger than Morgans expected. Guidance on EBITDA for FY22 fell short of expectations, although the broker acknowledges cash flow appears solid.

Origin Energy has signalled the potential for more than $1bn in distributions from APLNG in FY22. Reservoir performance has been better than the participants expected, allowing cash to be extracted.

Morgans retains an Add rating and reduces the target to $5.27 from $5.29.

Target price is $5.27 Current Price is $4.19 Difference: $1.08
If ORG meets the Morgans target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $4.81, suggesting upside of 10.9% (ex-dividends)

The company's fiscal year ends in June.

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

Ord Minnett rates ORG as Hold (3) -

Origin Energy beat the broker on the profit line, but only due to lower D&A expense. The key negative was an update on Energy Markets guidance which had already been weak at the company's quarterly update, but is now mildly weaker still.

FY22 earnings guidance is below the broker's forecast.

Management waved off questions at the conference call regarding any corporate activity, such as de-merging, in an otherwise highly active sector. While cash flow is strong, capital returns are not, and the company has instigated oil price hedges.

Hold and $4.60 target retained.

Target price is $4.60 Current Price is $4.19 Difference: $0.41
If ORG meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $4.81, suggesting upside of 10.9% (ex-dividends)

The company's fiscal year ends in June.

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 ORG as Buy (1) -

FY21 underlying net profit was ahead of UBS estimates with higher realised pricing from generation.

The broker retains a Buy rating, believing the pricing environment is turning a corner and the energy markets division can benefit from rising east coast gas prices and intra-day electricity price volatility.

Origin Energy is also expected to focus on realising value from APLNG. Target rises to $4.80 from $4.75.

Target price is $4.80 Current Price is $4.19 Difference: $0.61
If ORG meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $4.81, suggesting upside of 10.9% (ex-dividends)

The company's fiscal year ends in June.

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

Morgans rates OTW as Hold (3) -

FY21 results were broadly in line with expectations, given the pre-release. The stock appears attractive relative to telco peers although this reflects, Morgans suggests, a lack of confidence in the earnings trajectory.

The broker retains a Hold rating and suspects the market requires evidence of earnings stability to gain more confidence. Morgans expects the negative trend of earnings downgrades will reverse in FY22. Target is reduced to $4.60 from $4.66.

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

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Morgans rates OZL as Upgrade to Add from Hold (1) -

A larger dividend was the main surprise in the first half results. While it is clear that OZ Minerals expects to unlock value in the Prominent Hill expansion over time, Morgans still finds the project economics underwhelming at face value.

The broker upgrades to Add from Hold as a cooling of macro sentiment and a subdued response to the expansion update could crystallise an opportunity at lower prices. Target ratchets up to $24.45 from $24.44.

Target price is $24.45 Current Price is $21.52 Difference: $2.93
If OZL meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $23.69, suggesting upside of 13.0% (ex-dividends)

The company's fiscal year ends in December.

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 PGH as Upgrade to Outperform from Neutral (1) -

With Pact Group restoring its packaging business, growing volume, and positioning for the future in a sustainable plastic industry based on recycling, Credit Suisse has upgraded the company to Outperform from Neutral and raised the target $4.95 from $3.65.

The broker believes the group's access to capital, large customer base (2,000+), diversified packaging formats and industry-leading output gives it an advantage in securing waste for recycled plastic resin.

Credit Suisse notes while the trading update for first-quarter demand is "good" so far, guidance was for non-prescriptive “earnings resilience”, with first-quarter expecting margin reduction from higher raw material and international freight costs.

Dividend payout ratio to remain at 40% until FY25.

Target price is $4.95 Current Price is $4.55 Difference: $0.4
If PGH meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $4.20, suggesting downside of -6.9% (ex-dividends)

The company's fiscal year ends in June.

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

Citi rates PPT as Neutral (3) -

FY21 results were slightly better than Citi forecast. The broker now expects 14% growth in earnings per share in FY22 with a good portion of this driven by the inclusion of 12 months of Barrow Hanley.

The broker acknowledges flows from Barrow Hanley are key to propelling the stock on a stronger growth path and evidence this is occurring is yet to be delivered. Neutral maintained. Target is raised to $39.40 from $35.00.

Target price is $39.40 Current Price is $39.12 Difference: $0.28
If PPT meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $40.14, suggesting upside of 3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Credit Suisse rates PPT as Outperform (1) -

Driven by a better outcome on revenues, which was in turn supported by high levels of performance fees, Perpetual reported an FY21 underlying profit of $124m, 4% ahead of consensus, and 8% above Credit Suisse estimates.

All divisions reported half-on-half and year-on-year pre-tax profit growth in second half FY21.

The company issued FY22 expense guidance for growth of 17-21% which was 1-5% above consensus.

The broker estimates $4bn of funds under management (FuM) at 50bp will cover the potential ~$20m step-up in the cost base for the offshore initiatives.

Largely due to higher costs and a higher tax rate, the broker lowers earnings per share (EPS) estimates by low single digits in FY22-23.

Outperform rating and target of $41.50 are both unchanged.

Target price is $41.50 Current Price is $39.12 Difference: $2.38
If PPT meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $40.14, suggesting upside of 3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Macquarie rates PPT as Neutral (3) -

FY21 result was ahead of expectations. Cost guidance for FY22 has been set at growth of 17-21%, which is above Macquarie's forecasts.

The broker notes since the acquisition of Barrow Hanley this is the third time higher costs have driven consensus downgrades and will be closely monitoring Barrow Hanley flows to gauge the success of the investment.

Going forward, a component of expenses are now linked to the performance of this business which may cause volatility, in Macquarie's view. Neutral maintained. Target rises to $35.00 from $31.75.

Target price is $35.00 Current Price is $39.12 Difference: minus $4.12 (current price is over target).
If PPT meets the Macquarie target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $40.14, suggesting upside of 3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Morgan Stanley rates PPT as Overweight (1) -

Perpetual's FY21 result outpaced consensus and Morgan Stanley estimates by 4% and 5% respectively.

The company reports good progress across divisions with the exception of private wealth, where the broker notes it is adding scale.

Cost guidance eased; investments provided a 14% beat; PAMA's fee margin fell but improvements were noted in the second half.

Price target rises to $45.00. Overweight retained, the broker appreciating the low multiple and 6% dividend.

Industry view: In-Line.

Target price is $45.00 Current Price is $39.12 Difference: $5.88
If PPT meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $40.14, suggesting upside of 3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Morgans rates PPT as Add (1) -

FY21 revenue was broadly in line while underlying net profit was ahead of expectations. Morgans lowers FY22 and FY23 forecasts by 1-2% because of higher costs, which are offset to some degree by higher revenue estimates.

The broker believes successful execution of the growth strategy could drive significant upside and the current valuation is relatively undemanding. Add maintained. Target rises to $42.92 from $42.21.

Target price is $42.92 Current Price is $39.12 Difference: $3.8
If PPT meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $40.14, suggesting upside of 3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Ord Minnett rates PPT as Hold (3) -

Perpetual's 26% profit increase beat the broker on better than expected asset management revenues, especially performance fees from the PAMA business. Costs rose meaningfully in the period due to acquisitions, but were pre-guided.

The broker is looking for signs of a turnaround in trajectory of flows for the business following management’s investment in distribution. Hold retained, target rises to $37 from $36.

Target price is $37.00 Current Price is $39.12 Difference: minus $2.12 (current price is over target).
If PPT meets the Ord Minnett target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $40.14, suggesting upside of 3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Ord Minnett rates PSQ as Buy (1) -

Pacific Smiles Group delivered a "solid" FY21 performance, in the view of Ord Minnett, even though it was cycling a weaker period when covid ruled and impacted.

The company had pre-guided in July and yesterday's release was broadly in-line with that update, suggests the broker.

The next six months are presenting headwinds (lockdowns) and these cause a reduction in forecasts, with Ord Minnett stressing it retains a positive outlook mid-term.

Ord Minnett retains its Buy rating and lowers its target price to $3.09 from $3.20.

Target price is $3.09 Current Price is $2.25 Difference: $0.84
If PSQ meets the Ord Minnett target it will return approximately 37% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Morgans rates RBL as Upgrade to Add from Hold (1) -

FY21 results were slightly below forecasts. Morgans decides to take a longer-term view, believing that while the worst may be yet to come, the potential in earnings and growth is strong.

The rating is upgraded to Add from Hold as earnings expectations appear to be re-based. Target is reduced to $4.83 from $4.88.

Target price is $4.83 Current Price is $3.64 Difference: $1.19
If RBL meets the Morgans target it will return approximately 33% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Citi rates S32 as Buy (1) -

FY21 results were in line with Citi's expectations. The broker notes the current capital management program has US$225m left to run but is expected to be extended.

The broker highlights the stock offers an average dividend yield of 7% and free cash flow yield of more than 14% over the next three years on its estimates. Buy rating and $3.50 target.

Target price is $3.50 Current Price is $2.87 Difference: $0.63
If S32 meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $3.56, suggesting upside of 27.8% (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: 0.9

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

Macquarie rates S32 as Outperform (1) -

Further to the FY21 results, see yesterday's Report, Macquarie adjusts forecasts to reflect updated FY22 and FY23 guidance. Cost guidance for FY22 has also been incorporated.

This results in FY22 estimates decreasing -1% while estimates for FY23 are decreased by -4%. Target is $4. Outperform retained.

Target price is $4.00 Current Price is $2.87 Difference: $1.13
If S32 meets the Macquarie target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $3.56, suggesting upside of 27.8% (ex-dividends)

The company's fiscal year ends in June.

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: 0.9

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

Morgan Stanley rates S32 as Overweight (1) -

South32's FY21 result met Morgan Stanley's estimates, although the dividend (which met consensus) disappointed. FY22 guidance was in line.

South32 announced a US$120m buyback top-up (the broker was expecting more), suggesting an opportunity to return more capital in FY22.

Result highlights included strong cash conversion, which resulted in a net cash beat on the broker and consensus; making the balance sheet rosy. The company reported a cost blow-out in South Africa Manganese and SAEC.

Target price rises 18% to $3.40. Overweight rating retained. Industry view: In-Line.

Target price is $3.40 Current Price is $2.87 Difference: $0.53
If S32 meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $3.56, suggesting upside of 27.8% (ex-dividends)

The company's fiscal year ends in June.

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: 0.9

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

Ord Minnett rates S32 as Buy (1) -

South32's earnings fell short of the broker on a weaker than expected coal performance. The numbers also missed the broker's forecasts for dividend, cash and costs.

That said, the broker believes South32 offers a "compelling" investment proposition as a diversified (non iron ore) miner, expecting consensus upgrades on aluminium pricing. The balance sheet is strong and a 7% yield is attractive.

Buy retained, target falls to $3.60 from $3.80.

Target price is $3.60 Current Price is $2.87 Difference: $0.73
If S32 meets the Ord Minnett target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $3.56, suggesting upside of 27.8% (ex-dividends)

The company's fiscal year ends in June.

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: 0.9

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

Macquarie rates SGR as Outperform (1) -

Despite a reduction in operating earnings (EBITDA) forecasts of -45% for FY22 because of the pandemic, Macquarie assesses improving cash flow, moderating leverage and a subsequent recovery in earnings mean the valuation remains attractive.

The broker envisages a pathway in which leverage drops below 2x in FY23, allowing dividends to be reinstated. Outperform maintained. Target is reduced to $4.25 from $4.40.

Target price is $4.25 Current Price is $3.62 Difference: $0.63
If SGR meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $4.17, suggesting upside of 15.6% (ex-dividends)

The company's fiscal year ends in June.

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

Ord Minnett rates SGR as Accumulate (2) -

For a full update on Star Entertainment's result, see yesterday's Report.

The broker retains Accumulate (Higher Risk), cutting its target to $4.40 from $4.45.

Target price is $4.40 Current Price is $3.62 Difference: $0.78
If SGR meets the Ord Minnett target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $4.17, suggesting upside of 15.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23: