Australian Broker Call

Morgan Stanley rates 360 as Overweight (1) -

Having pre-guided its FY21 result in January, Life360's update offered little surprise to Morgan Stanley. The company is unable to provide guidance for the coming year as its seeks to list in the US. 

Looking forward, company commentary suggest estimated upside from hardware integration and the UK market launch is anticipated in FY22.

The Overweight rating and target price of $16.50 are retained. Industry view: In-Line.

Target price is $16.50 Current Price is $4.68 Difference: $11.82
If 360 meets the Morgan Stanley target it will return approximately 253% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 1.0

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

Citi rates ACL as Neutral (3) -

Australian Clinical Labs' H1 slightly beat the company's guidance range but the future is all about how quickly the past boost from covid-testing will disappear?

Citis is assuming no contribution from FY25 and beyond. It is this outlook that dominates the general commentary post-result. Target price has lost -20c to $5. Neutral.

The integration of Medlab is running ahead of schedule, including projected synergies and the price paid went down to $52m from $60m "based on performance".

Citi notes the company has no debt with a net cash position of $2.8m (excl leases).

Target price is $5.00 Current Price is $4.85 Difference: $0.15
If ACL meets the Citi target it will return approximately 3% (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

UBS rates AGI as Sell (5) -

Following interim results for Ainswortth Game Technology that were in-line with guidance, UBS raises its target price to $1 from $0.72, though retains a Sell rating. The North American segment was considered the highlight with a profit in-line with pre-covid levels.

The Latin American segment surprised the analyst with a return to profitability, despite a slower return to normal operating conditions than other markets. A positive 2H skew is expected for what management describes as progressively improving trading conditions.

Target price is $1.00 Current Price is $1.20 Difference: minus $0.2 (current price is over target).
If AGI meets the UBS target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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

Citi rates AIA as Neutral (3) -

Auckland International Airport's interim performance had been severely impacted by lock-downs. Total revenues missed market expectations, including Citi's.

Lower depreciation and interest costs helped establish a small beat in keeping losses smaller than forecast. Citi notes guidance for FY22 is for a loss whereas just about everyone has penciled in a profit.

Neutral retained. Target price rises slightly to NZ$7.55 from NZ$7.44.

Current Price is $6.44. Target price not assessed.

Current consensus price target is $6.90, suggesting upside of 4.7% (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) -

First half results were in line with expectations. The re-opening of NZ borders has been further delayed and the broker now expects an international recovery will be pushed beyond six months.

This delay results in the net loss estimate for FY22 being increased to -NZ$26m. Macquarie retains an Outperform rating. Target is reduced to NZ$7.95 from NZ$8.62.

Current Price is $6.44. Target price not assessed.

Current consensus price target is $6.90, suggesting upside of 4.7% (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) -

A first half net loss of -NZ$12m from Auckland International Airport was in line with Morgan Stanley's expectations. Flight activity unsurprisingly muted in the period, with passengers down -39% on the previous comparable period. 

More positively a 17% property revenue increase went some way in offsetting passenger numbers. Operating expenditure of NZ$66m was up 12% on the previous comparable period, but the broker contextualises this is -29% lower than the first half of FY20. 

FY22 net loss guidance of -NZ$150-170m. Faster than expected recovery through vaccine rollout and market share gains offer upside risk. 

The Equal-weight rating and target price of NZ$7.47are retained. Industry view: Cautious.

Current Price is $6.44. Target price not assessed.

Current consensus price target is $6.90, suggesting upside of 4.7% (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 AIZ as Underperform (5) -

First half results were slightly better than Macquarie expected and guidance for FY22 is ahead of forecasts. The airline is cautious about demand improvements while restrictions remain in place.

An equity raising is expected by the end of March, subject to market conditions, in order to restore the balance sheet. Macquarie assesses around NZ$1.1-1.2bn is required as well as other liquidity measures. Underperform maintained. Target is steady at NZ$1.10.

Current Price is $1.43. Target price not assessed.

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: -1.0

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

Credit Suisse rates ALX as Outperform (1) -

Atlas Arteria backed up a solid full year result with guidance for a record first half 20.5 cents per share dividend, up 58% year-on-year, lifting full year dividend guidance 9%. Credit Suisse notes better than expected results included a 2% earnings from assets beat at $1,023.5m.

Traffic growth for France's APRR in the second half was encouraging, and with recovery expected at Dulles Greenway and Warnow Tunnel there is improved confidence in the traffic outlook. 

The Outperform rating and target price of $7.15 are retained. 

Target price is $7.15 Current Price is $6.42 Difference: $0.73
If ALX meets the Credit Suisse target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $6.93, suggesting upside of 5.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Macquarie rates ALX as Outperform (1) -

2021 results were in line with expectations. The company has signalled EUR400m in expenditure plans is being reviewed by the regulator for the impact on 2023 pricing.

Macquarie was disappointed with the distribution in the first half as it reflected slightly lower net profit at APRR and higher consolidation adjustments, albeit temporary, associated with AREA timing.

Outperform retained. Target edges down to $7.09 from $7.11.

Target price is $7.09 Current Price is $6.42 Difference: $0.67
If ALX meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $6.93, suggesting upside of 5.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Morgans rates ALX as Add (1) -

Atlas Arteria's 2021 growth rebound in key asset earnings was as expected by Morgans, noting toll revenue had been pre-released. There was less cash at the corporate level at year-end than forecast, mainly due to cash reserved by MAF before paying distributions to Atlas.

The result indicated the expected leverage to recovering traffic volumes.

Given the recent share price decline has improved potential return, the broker retains Add. Currency movements have the target price down to $6.69 from $6.91.

Target price is $6.69 Current Price is $6.42 Difference: $0.27
If ALX meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $6.93, suggesting upside of 5.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Macquarie rates AMI as Outperform (1) -

First half results were ahead of estimates. No changes have been made to tighten guidance with gold production expected to be at the lower end of the 112-123,000 ounces range.

Macquarie raises FY22 estimates for earnings per share by 6% and anticipates continued growth in the Federation resource with a key catalyst being the upcoming feasibility study. Outperform retained. Target is $0.60.

Target price is $0.60 Current Price is $0.45 Difference: $0.15
If AMI meets the Macquarie 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

Macquarie rates APE as Outperform (1) -

2021 results were ahead of guidance and Macquarie's expectations. This was despite a weaker contribution from higher margin aftermarket revenue because of the lockdowns.

The broker notes management is less confident regarding the timing for a resolution of supply constraints. Most encouraging was the  19.2% gross margin achieved in the second half and the increase in the new vehicle order book.

Outperform maintained. Target is raised to $18.75 from $18.00.

Target price is $18.75 Current Price is $13.21 Difference: $5.54
If APE meets the Macquarie target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $17.85, suggesting upside of 28.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Morgan Stanley rates APE as Overweight (1) -

Eagers Automotive delivered a profit beat with its FY21 results, with reported profit of $401.8m ahead of both the company's guidance range and Morgan Stanley's $391m forecast, while the order bank grew 215% in the year. 

The easyauto123 brand delivered accelerated growth, with an average of 500 vehicles purchased monthly in the final quarter and web traffic up 45%. 

Morgan Stanley notes Eagers Automotive is a key February stock pick. The Overweight rating and target price of $18.00 are retained. Industry view: In-Line. 

Target price is $18.00 Current Price is $13.21 Difference: $4.79
If APE meets the Morgan Stanley target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $17.85, suggesting upside of 28.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Morgans rates APE as Add (1) -

Eagers Automotive reported a 92% year on year increase in profit, ahead of the top of its guidance range. The order book is up 215% year on year, which Morgans estimates is four-plus months of deliveries, as demand outstrips supply.

The question is as to whether margin levels can be sustained once supply normalises. Morgans believes near term margins should prove resilient given the embedded gross profit in the order book, countering lockdown impacts, and ongoing efficiencies.

Consolidation can drive sustainably higher earnings, the broker suggests. Eagers has just signed a JV to be sole distributor of Chinese company BYD's electric vehicles. Target falls to $16.70 from $17.20 on a lower market PE. Add retained.

Target price is $16.70 Current Price is $13.21 Difference: $3.49
If APE meets the Morgans target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $17.85, suggesting upside of 28.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

UBS rates APE as Buy (1) -

First half profit for Eagers Automotive exceeded the forecast of UBS by 3% on a better-than-expected profit margin. The high margins are expected to continue for the majority of 2022.

The broker identifies growth drivers including ongoing rationalisation of the property portfolio and an earnings rise from easyauto123 (used cars). The Buy rating and $18.35 target are kept.

Target price is $18.35 Current Price is $13.21 Difference: $5.14
If APE meets the UBS target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $17.85, suggesting upside of 28.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Macquarie rates APX as Underperform (5) -

2021 results missed expectations as well as guidance. Macquarie believes this has lowered investor confidence and the lack of short-term disclosures will not help.

The company has indicated it will stop providing annual guidance and focus on a five-year target to double revenue and increase margins as well as diversify.

In the absence of any positive catalysts, Macquarie envisages limited upside potential, lowering the target to $5.70 from $9.50 and retaining an Underperform rating.

Target price is $5.70 Current Price is $6.11 Difference: minus $0.41 (current price is over target).
If APX meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.63, suggesting upside of 44.5% (ex-dividends)

The company's fiscal year ends in December.

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 APX as Downgrade to Hold from Buy (3) -

2021 net profit was below forecasts amid slow growth in the new markets business. The company will no longer provide short-term guidance, instead focusing on its 2026 targets, which Ord Minnett observes require increased reinvestment.

Ord Minnett believes the target to double revenue is ambitious, given the track record. While the stock may have been oversold in the short term, the lack of visibility and heightened level of reinvestment keep the broker on the sidelines.

Rating is downgraded to Hold from Buy and the target lowered to $7.00 from $13.50.

Target price is $7.00 Current Price is $6.11 Difference: $0.89
If APX meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $9.63, suggesting upside of 44.5% (ex-dividends)

The company's fiscal year ends in December.

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 ART as Add (1) -

Airtasker reported in line with a recent trading update. Gross marketplace volume was up 16% year on year and revenue 10%, implying a 16.7% take-rate, Morgans notes.

The platform showed resilience and adaptability in a challenging operating environment, the broker suggests, having bounced back strongly after lockdowns eased.

The broker remains attracted to the strong growth opportunity ahead, predicated on the company successfully implementing its strategy of penetrating the prodigious total addressable market opportunity both domestically and offshore.

Add retained, target slips to $1.25 from $1.27.

Target price is $1.25 Current Price is $0.68 Difference: $0.57
If ART meets the Morgans target it will return approximately 84% (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 BGA as Hold (3) -

Bega Cheese results for the first half were below expectations as supply chain disruptions adversely affected the business. There was also pressure on input prices, specifically milk.

That said, operating earnings increased following the acquisition of the Lion Dairy and Drinks business.

Ord Minnett considers the impact of disruptions a short-term issue, although declining milk production in Australia and heightened competition in terms of supply could mean further upward pressure on the farm-gate milk price.

Hold maintained. Target reduced to $5.10 from $5.40.

Target price is $5.10 Current Price is $4.90 Difference: $0.2
If BGA meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $5.45, suggesting upside of 14.3% (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 BKL as Sell (5) -

Following Blackmores' interim result release, Citi has cut its FY22 forecast by -20%, signalling the performance was a big "miss". The broker equally anticipates H2 will be weak.

Citi questions Blackmores profits in A&NZ and China given there are no barriers to entry the company's core markets. The stock is seen as expensive and not reflective of the risks that are lingering.

Sell rating retained. Target price lifts to $73.16.

Target price is $73.16 Current Price is $84.18 Difference: minus $11.02 (current price is over target).
If BKL meets the Citi target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $86.53, suggesting upside of 14.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.2

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

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

Sales geography featured in Blackmores' first half results, as impeded mobility drove weaker results in China and strong immunity product demand drove strength in Indonesia. Credit Suisse notes second half guidance requires sales momentum in China and Australia. 

Updates to the company's accounting have shifted software as a service investment to operational expenditure, previously capital expenditure, and driven a -10-15% reduction to Credit Suisse's earnings forecasts and larger earnings per share downgrades. 

Looking ahead, the broker expects the Indonesia joint venture can deliver 34% revenue compound annual growth rate through to FY25.

The rating is downgraded to Neutral from Outperform and the target price decreases to $90.00 from $100.00. 

Target price is $90.00 Current Price is $84.18 Difference: $5.82
If BKL meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $86.53, suggesting upside of 14.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.2

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

Morgans rates BKL as Hold (3) -

Blackmores' result missed on profit but beat Morgans on earnings. The broker was impressed by strong sales growth across International, and double-digit earnings growth in A&NZ. However, China disappointed.

Management is expecting a similar seasonal earnings skew in FY22 as in FY21, being 66% first half-weighted, implying FY22 earnings growth 20.8% year on year, the broker calculates. The balance sheet remains in a strong net cash position.

Blackmores has a clear strategy to deliver material earnings growth through to FY24, the broker suggests, but is trading rather full. Hold retained, target falls to $88.50 from $95.00 on China weakness.

Target price is $88.50 Current Price is $84.18 Difference: $4.32
If BKL meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $86.53, suggesting upside of 14.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.2

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

Macquarie rates BWX as Outperform (1) -

BWX reported interim financials and Macquarie, upon first glance, concludes Q2 provided relief, though the result still missed its expectations with the cost of doing business equally missing the mark.

The broker notes management continues to expect both underlying revenue and EBITDA revenue growth to be "strong" in FY22, but that forecast now comes with a skew towards the second half.

Outperform and $6.00 target.

Target price is $6.00 Current Price is $3.37 Difference: $2.63
If BWX meets the Macquarie target it will return approximately 78% (excluding dividends, fees and charges).

Current consensus price target is $5.73, suggesting upside of 133.1% (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

Credit Suisse rates CAJ as Outperform (1) -

Credit Suisse notes Capitol Health's in-line first half  is a positive result given covid-related disruptions in the half, including the company's higher exposure to Victoria's extended lockdowns. Reported sales of $94.8m and earnings of $22.2m respectively. 

Expecting covid disruptions to persist, the broker lowers FY22 forecasts -6.4% but increases forecasts for FY23 and FY24 5.5%-9.4% on expected normalisation. 

Addressing market concern over Capitol Health's lack of acquisitions and related growth, Credit Suisse notes discipline in the absence of activity and expects the company to deliver mid-teen growth with appropriate acquisitions. 

The Outperform rating is retained and the target price increases to $0.45 from $0.43. 

Target price is $0.45 Current Price is $0.35 Difference: $0.1
If CAJ meets the Credit Suisse target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $0.44, suggesting upside of 22.2% (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

Citi rates CCX as Neutral (3) -

Post City Chic Collective's H1 report, Citi analysts have drawn the conclusion the retailer is facing slower growth and margin risk. Neutral rating retained, while the price target declines to $4 from $5.30.

According to Citi, Omicron appears to be dampening consumer propensity to spend on clothing while the business itself is becoming substantially more working capital intensive due to the inventory build underway. The latter increases risks around margin, the broker explains.

Challenging conditions have led to reduced forecasts. The earlier anticipated dividend for the running year has been scrapped, with DPS forecasts further out significantly reduced.

Target price is $4.00 Current Price is $3.49 Difference: $0.51
If CCX meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $5.33, suggesting upside of 35.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Macquarie rates CCX as Outperform (1) -

City Chic first half earnings were in line with the pre-release. Inventory has built up which should mitigate global supply issues that are likely to persist over the second half, Macquarie notes.

The broker also lauds the decision to allocate capital to the procurement of stock, given the supply uncertainties. Outperform rating maintained. Target is reduced to $6.70 from $7.10.

Target price is $6.70 Current Price is $3.49 Difference: $3.21
If CCX meets the Macquarie target it will return approximately 92% (excluding dividends, fees and charges).

Current consensus price target is $5.33, suggesting upside of 35.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Morgan Stanley rates CCX as Overweight (1) -

Morgan Stanley notes limited downside risk to City Chic Collective's outlook given expected sale growth deceleration in the second half. The company reported 49.1% first half growth, but market consensus is this will slow to 39% in the second half.

Positively, Europe shows signs of recovery and inventory build in the half de-risks given supply chain constraints. The broker forecasts a second half increase to working capital of $55m to support growth. 

The Overweight rating and target price of $5.75 are retained. Industry view: In-Line.

Target price is $5.75 Current Price is $3.49 Difference: $2.26
If CCX meets the Morgan Stanley target it will return approximately 65% (excluding dividends, fees and charges).

Current consensus price target is $5.33, suggesting upside of 35.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Ord Minnett rates CCX as Buy (1) -

Sales growth of 49.8% occurred in the first half despite the issues with the supply chain and the disruption from store closures in Australia. As a result of some uncertainty regarding future demand, Ord Minnett assesses execution risk has increased.

The company has invested significantly in inventory to meet future demand. This build-up increases the execution risk, in the broker's view, particularly if demand declines. Buy rating retained. Target is reduced to $5.20 from $6.30.

Target price is $5.20 Current Price is $3.49 Difference: $1.71
If CCX meets the Ord Minnett target it will return approximately 49% (excluding dividends, fees and charges).

Current consensus price target is $5.33, suggesting upside of 35.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

UBS rates CCX as Buy (1) -

Following interim results for City Chic Collective, UBS lowers its EPS forecasts and raises assumptions for capital expenditure. As a result, the target price falls to $5 from $6. A build in inventory is expected to result in growth for revenues and market share. Buy.

The broker expects cash generation (sale of an inventory build) and less supply chain disruption to moderate some of the elevated inventory holdings. This is expected to result in a return to a net cash position after a potential drift into a 30 June 2022 net debt position.

Target price is $5.00 Current Price is $3.49 Difference: $1.51
If CCX meets the UBS target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $5.33, suggesting upside of 35.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Macquarie rates CHC as Outperform (1) -

At face value, Charter Hall Group's H1 report released today fell well short of forecasts, but Macquarie explains this is because of delayed timing of performance and transaction fees.

Everything else proved in-line and management has upgraded FY22 operating EPS guidance to no less than 112cps from a prior 105cps. Guidance implies a minor beat on Macquarie's forecast of 111cps.

Outperform and $22.68 target.

Target price is $22.68 Current Price is $15.98 Difference: $6.7
If CHC meets the Macquarie target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $21.96, suggesting upside of 32.5% (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 CHL as Add (1) -

Camplify reported in line with a recent update. First half gross transaction value was up 62% year on year, with total revenue up 109%, highlighting a very strong take-rate, Morgans notes.

The gross margin was impacted by an insurance revenue accounting policy change made to meet new standards. This change leads the broker to lower earnings forecasts and cut its target to $4.75 from $5.04.

While acknowledging current global macro and geopolitical concerns may weigh on market sentiment near term, Morgans believes Camplify has a long growth pathway ahead of it and a strong management team. Add maintained.

Target price is $4.75 Current Price is $2.92 Difference: $1.83
If CHL meets the Morgans target it will return approximately 63% (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 CIM as Neutral (3) -

CIMIC Group's majority shareholder Hochtief, holding a 78.58% stake, has made a takeover offer with a $22.00 per share bid for the remaining shares it does not hold. Credit Suisse increases its target price accordingly, expecting the offer will be successful. 

With Hochtief already holding a large share majority the broker expects this to play out as a relatively straightforward takeover, and expects a competing offer is unlikely. 

The Neutral rating is retained and the target price increases to $22.00 from $17.35.

Target price is $22.00 Current Price is $22.00 Difference: $0
If CIM meets the Credit Suisse target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $18.38, suggesting downside of -16.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Morgans rates CMW as Hold (3) -

Cromwell Property Group's result fell short of Morgans, due to asset sales, leasing outcomes, higher foreign ownership land tax and corporate costs. Leasing markets remain challenging.

The strategic review is progressing and the underlying business has seen no major changes, with assets under management and net tangible asset value stable, the broker notes.

Looking forward, Cromwell wants to position itself as a capital-light fund manager with a focus on simplification, and growth in funds under management via new products, including a pending listed office REIT.

Hold retained, target rises to $1.06 from $1.05.

Target price is $1.06 Current Price is $0.88 Difference: $0.18
If CMW meets the Morgans target it will return approximately 20% (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 DEL as Downgrade to Hold from Add (3) -

Delorean Corp reported a greater loss then Morgan's had forecast, as covid continued to impact the Engineering division and Energy Retail faced tighter margins.

While the company will continue to experience a challenging operating environment in the second half, Morgans anticipates the worst could be behind it. The company’s balance sheet has also tightened with cash falling on significant operating outflows in the first half.

Delorean is positioned well in the green energy thematic and potentially has a long growth runway ahead of it, Morgans suggests, but near term labour and material market tightness continue to present short term risk.

Downgrade to Hold from Add. Target falls to 20.5c from 27c.

Target price is $0.21 Current Price is $0.22 Difference: minus $0.015 (current price is over target).
If DEL meets the Morgans target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for 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 DMP as Neutral (3) -

First half results were weaker than expected as demand in Japan has slowed and higher investment is occurring in Australasia. Macquarie observes the decrease in Japanese consumption was abrupt but appears to be a step change rather than an ongoing decline.

The company has reiterated medium-term targets for same-store sales growth of 3-6% and 9-12% organic network growth. Macquarie observes near-term pressures continue as inflation weighs on input costs. Neutral maintained. Target is reduced to $88.70 from $132.40.

Target price is $88.70 Current Price is $80.52 Difference: $8.18
If DMP meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $107.46, suggesting upside of 30.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.4

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

UBS rates DRR as Neutral (3) -

As part of commentary on interim results for Deterra Royalties, UBS notes its own forecasts for iron ore continue to drag on future valuation, though points out cost inflation risk is lessened via the royalty exposure. The Neutral rating is maintained.

The 1H result was in-line with both the broker's and consensus forecasts. The target price eases to $4.10 from $4.20. An expanded credit facility for growth optionality was announced.

Target price is $4.10 Current Price is $4.33 Difference: minus $0.23 (current price is over target).
If DRR meets the UBS target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.53, suggesting upside of 4.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.4

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

Morgans rates EPY as Add (1) -

Earlypay reported first half profit well ahead of guidance updated in early February, and earnings up 42% year on year. Momentum continued from the last half, Morgans notes, stepping up invoice finance, lease originations and new client growth.

FY guidance was again upgraded.

Earlypay has shown resilience through the covid period and is now showing accelerated momentum, today's research update point out.

If the group can prove its technology-led strategy can deliver sustainable client growth, the broker expects a multiple re-rating to be achieved on a higher earnings base.

Add retained, target rises to 64c from 56c.

Target price is $0.64 Current Price is $0.50 Difference: $0.14
If EPY meets the Morgans target it will return approximately 28% (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 EXP as Buy (1) -

Operating conditions were extremely challenging in the first half and the net loss of -$3m was greater than Ord Minnett expected. Yet the decision to change strategic direction and acquire a business with a local customer base in Treetops Adventure could be a turning point, the broker asserts.

A material earnings improvement is now possible, in the broker's view, even if inbound visitor numbers are subdued or New Zealand remains off-limits. Buy rating retained. Target is $0.48.

Target price is $0.48 Current Price is $0.31 Difference: $0.17
If EXP meets the Ord Minnett target it will return approximately 55% (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 FCL as Outperform (1) -

First half revenue was ahead of Macquarie's forecasts and reflected new installations, upgrades and migrations from platforms. Subscription revenue guidance has been reaffirmed for FY22, which implies 20% growth in the second half.

Revenue is expected to be at the lower end of the EUR125-130m guidance as services revenue will moderate to reflect both budgetary challenges for insurance carriers and more reliance on system integrator partners.

Outperform retained. Target ticks down to $3.95 from $3.98.

Target price is $3.95 Current Price is $3.20 Difference: $0.75
If FCL meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $4.38, suggesting upside of 38.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.8

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

Citi rates FLT as Sell (5) -

Flight Centre's H1 profit missed the mark, but Citi still thinks it was a "reasonable" performance. The broker does acknowledge, coming out of hibernation, the company faces the need for extra-investment.

Citi's Key concern is liquidity decreasing faster than cash burn. The broker thus remains cautious about the company's balance sheet.

The interim result was weighed down by higher costs, reversal of government subsidies and a lower revenue margin, the broker explains. On optimism about better times ahead, estimates only reduce by small numbers.

Sell rating retained (too much risk). Target price falls to $15.77.

Target price is $15.77 Current Price is $18.09 Difference: minus $2.32 (current price is over target).
If FLT meets the Citi target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.33, suggesting upside of 0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.2

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

Morgans rates FLT as Hold (3) -

Flight Centre's loss was materially worse than consensus estimates and an increase on last year, Morgans notes, despite a stronger revenue performance. Fortunately the company has plenty of liquidity.

Omicron obviously hit December-January but February is seeing material improvement, and the only way is up, Morgans suggests. With costs now materially lower, management is confident of a return to pre-pandemic levels by FY24.

Morgans expects a return to profit in FY23. Valuation is currently fair, so Hold retained. Target rises to $19.56 from $19.50.

Target price is $19.56 Current Price is $18.09 Difference: $1.47
If FLT meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $18.33, suggesting upside of 0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.2

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

Ord Minnett rates FLT as Lighten (4) -

First half results were better than Ord Minnett estimated, with a normalised net loss of -$194m. The broker notes, over the last 12 months, the realignment of travel agent commissions has taken place, with major outbound carriers reducing rates.

The company believes it can make up the shortfall through better override deals and other measures. Ord Minnett retains a cautious approach to the stock and a Lighten rating. Target is raised to $14.40 from $13.72.

Target price is $14.40 Current Price is $18.09 Difference: minus $3.69 (current price is over target).
If FLT meets the Ord Minnett target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.33, suggesting upside of 0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.2

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

UBS rates FLT as Neutral (3) -

Following 1H results for Flight Centre, UBS assesses a challenging period with omicron impacts compounded by cost reinvestment for the reopening economies. However, recent activity/enquiries suggest the recovery is back on track.

Management expects a return to profitability in March/April for Corporate, while Leisure profitability is expected in the 4Q of 2024.

The broker maintains a Neutral rating on uncertainty created by changes (technology, store closures) for the Leisure business (which could also create material upside). The target rises to $19.10 from $18.85.

Target price is $19.10 Current Price is $18.09 Difference: $1.01
If FLT meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $18.33, suggesting upside of 0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.2

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

Macquarie rates GMA as Outperform (1) -

Genworth Mortgage Insurance Australia had pre-released its 2021 financials, but Macquarie, after a first glance over today's announcement, thinks the market will respond positively.

That assessment is based upon Genworth Mortgage Insurance Australia announcing a 12cps ordinary dividend, plus a 12cps special dividend, on top of the existing $100m buy-back, which, the broker reports, is to date still only 2.4% complete.

Outperform. Target $3.70.

Target price is $3.70 Current Price is $2.90 Difference: $0.8
If GMA meets the Macquarie target it will return approximately 28% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Ord Minnett rates HDN as Hold (3) -

First half results were slightly below expectations amid higher corporate expenses and because of the timing of property settlements. Nevertheless, guidance has been upgraded and developments are tracking ahead of expectations.

While Ord Minnett believes there is potential for solid returns through the existing portfolio, caution prevails as there may be some sell-down stemming from existing Aventus Group ((AVN)) unit holders once the merger has been implemented.

Hold maintained. Target is reduced to $1.50 from $1.58.

Target price is $1.50 Current Price is $1.40 Difference: $0.1
If HDN meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $1.61, suggesting upside of 12.4% (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 HMC as Neutral (3) -

Home Consortium delivered a better than expected result in the first half, with post-tax funds from operations of 10.3 cents per share a beat on Credit Suisse's forecast 9.2 cents on the back of $13m in trading profits recognised in the half. 

Upgraded full guidance for at least 29.0 cents per share, from 26.0 cents per share, implies 121% year-on-year growth with a 41% dividend ratio allowing for reinvestment. Expect asset sell-down to drive further trading profits in the second half, leaving an earnings gap in FY23. 

The Neutral rating is retained and the target price decreases to $6.74 from $7.53.

Target price is $6.74 Current Price is $6.05 Difference: $0.69
If HMC meets the Credit Suisse target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $6.56, suggesting upside of 1.7% (ex-dividends)

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 HMC as Upgrade to Buy from Hold (1) -

First half results were ahead of Ord Minnett's forecasts, largely because of lower tax charges. Home Consortium plans to raise $500m in the second half and is selling the remaining five balance sheet assets, providing a net cash position and the ability to fund growth with debt across its funds platform.

Ord Minnett is backing management's ability to source accretive opportunities. As the share price has pulled back over recent months, the current entry point is considered attractive and the rating is upgraded to Buy from Hold. Target slips to $7.40 from $7.80.

Target price is $7.40 Current Price is $6.05 Difference: $1.35
If HMC meets the Ord Minnett target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $6.56, suggesting upside of 1.7% (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 HMC as Sell (5) -

First half funds from operations (FFO) for Home Consortium were a 22% beat versus the expectation of UBS, in what was considered a transformational period (query over a repeat performance). FFO guidance was also upgraded by 12%. 

However, both the FFO beats and guidance are considered lower quality by the analyst, as they largely reflect trading profits on the sale of assets and the IPO for the HealthCo Healthcare and Wellness REIT ((HCW)).

The broker will delay updating forecasts and valuation until after the implementation date of the HomeCo Daily Need REIT ((HDN)) and Aventus Group ((AVN)) merger. In the meantime, the Sell rating and $5.40 target are unchanged.

Target price is $5.40 Current Price is $6.05 Difference: minus $0.65 (current price is over target).
If HMC meets the UBS target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.56, suggesting upside of 1.7% (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 HVN as Hold (3) -

At first glance, Ord Minnett finds Harvey Norman's H1 result is well above expectations. The retailer's profit, excluding property revaluations of $483m, is no less than 10% ahead of the broker's forecast, with strong margin performance in Australia the key driver.

No guidance has been provided though the broker notes the trading update provided was "strong". Consensus forecasts are expected to lift post today's update.

The 20cps dividend announced was equally ahead of the broker's 15cps forecast. Hold. Target price $5.40.

Target price is $5.40 Current Price is $4.99 Difference: $0.41
If HVN meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $6.08, suggesting upside of 17.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Credit Suisse rates IDX as Neutral (3) -

Given pre-announced results, Integral Diagnostics' first half profit of $13m offered no surprise to Credit Suisse, but the announced $90m capital raising and $65m acquisition of Peleton Radiology was new information. 

Credit Suisse is cautious on the acquisition, as well as the outlook for underlying growth for Internal Diagnostics. Earnings per share forecasts decrease -3.9% in FY22 accounting for the capital raising, and increase 2.4-2.5% in FY23-24 from aquisition benefits.

The Neutral rating is retained and the target price decreases to $3.80 from $4.25.

Target price is $3.80 Current Price is $3.91 Difference: minus $0.11 (current price is over target).
If IDX meets the Credit Suisse target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.41, suggesting upside of 25.9% (ex-dividends)

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.4

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

Ord Minnett rates IDX as Buy (1) -

First half results were pre-announced with total revenue growth of 6% excluding the contribution from acquisitions. Ord Minnett notes the Western Australian and New Zealand markets yet to experience surges in coronavirus cases and margin recovery remains uncertain.

While expecting demand will return over FY23 the broker remains cautious about operating costs and contract renewals. Buy rating retained. Target is reduced to $4.73 from $5.00.

Target price is $4.73 Current Price is $3.91 Difference: $0.82
If IDX meets the Ord Minnett target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $4.41, suggesting upside of 25.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.4

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

Citi rates IFL as Buy (1) -

Insignia Financial's reported financials don't even get a mention in Citi's post-results update; it's all about the integration of MLC and how that process is progressing much faster, with much greater synergies on the horizon.

This leads Citi to the conclusion the market has been pricing in too much risk, and the shares thus look attractive, if not undervalued.

Earnings estimates have moved up. Price target lifts to $4.85 from $4.75. Buy.

P.S. this is the old IOOF Holdings.

Target price is $4.85 Current Price is $3.82 Difference: $1.03
If IFL meets the Citi target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $5.21, suggesting upside of 33.3% (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

Credit Suisse rates IFL as Outperform (1) -

Insignia Financial's first half profit of $118m was up 79% year-on-year and a 10% beat to Credit Suisse's forecast, while earnings of $209m were up 88% year-on-year and an 18% beat to the broker. 

The company expects to realise its $218m synergy target by the end of the year, 18 months earlier than expected, driving growth profile adjustments with the broker now anticipating 53% earnings per share growth in FY22 and 23% in FY23. 

Higher revenues see Credit Suisse upgrade earnings per share forecasts 15%, 21% and 6% through to FY24.

The Outperform rating is retained and the target price increases to $5.40 from $5.20.

Target price is $5.40 Current Price is $3.82 Difference: $1.58
If IFL meets the Credit Suisse target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $5.21, suggesting upside of 33.3% (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

Morgan Stanley rates IFL as Overweight (1) -

In its first half results Insignia Financial delivered an 8% beat to Morgan Stanley's earnings forecast, while net profit missed the mark for the broker by -1%. 

Synergies are being realised earlier than expected, with the company upgrading full year synergy guidance to $100-120m from a previous $80-100m, while the full $218m synergy target looks to be achieved in the first half of FY23, 18 months earlier than expected. 

The Overweight rating and $5.50 target are retained. Industry view: Attractive.

Target price is $5.50 Current Price is $3.82 Difference: $1.68
If IFL meets the Morgan Stanley target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $5.21, suggesting upside of 33.3% (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 IFL as Buy (1) -

Insignia Financial's first half results were ahead of Ord Minnett's forecast. The interim dividend was a slight miss on the broker's estimates.

More cost savings and integration expenditure have been flagged along with the possible sale of Australian Executors Trustees. The broker suspects this will ease a tight gearing position.

A Buy rating is maintained with a target of $5.10.

Target price is $5.10 Current Price is $3.82 Difference: $1.28
If IFL meets the Ord Minnett target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $5.21, suggesting upside of 33.3% (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

Citi rates ILU as Neutral (3) -

Iluka Resources' 2021 result was in-line with consensus, reports Citi, and any changes to forecasts for 2022 have remained minor. Citi's own forecast was below consensus and was thus "beaten".

Deferred capex and rolling forward of the modeling has pulled the price target up to $10.30 (from $9.30, though we had $10.50 in the system).

Neutral rating retained with Citi's eyes focused on two key risks: increased production from competitors and demand falling from the Chinese property market.

Target price is $10.30 Current Price is $10.56 Difference: minus $0.26 (current price is over target).
If ILU meets the Citi target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.03, suggesting downside of -1.2% (ex-dividends)

The company's fiscal year ends in December.

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 ILU as Downgrade to Underperform from Neutral (5) -

Iluka Resources' guidance for sizeable capital expenditure growth in the coming year has surprised Credit Suisse. Guidance for capital expenditure of $263m in FY22 is not only more than double the broker's forecast but a notable increase on the $54m in capital expenditure in FY21.

Rutile pricing upgrades were overwhelmed by expenditure guidance, with the broker halving its FY22 free cash flow forecast and reducing forecasts -20-50% through to FY24. Higher capital expenditure expected for construction projects in FY23 and FY24 is increased. 

The rating is downgraded to Underperform from Neutral and the target price decreases to $9.00 from $9.50. 

Target price is $9.00 Current Price is $10.56 Difference: minus $1.56 (current price is over target).
If ILU meets the Credit Suisse target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.03, suggesting downside of -1.2% (ex-dividends)

The company's fiscal year ends in December.

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 ILU as Outperform (1) -

2021 results were in line with Macquarie's estimates. Production guidance for 2022 is higher than expected. Key environmental approvals  have been received and a feasibility study for the rare earths project should be completed by the end of March.

Macquarie upgrades  2022 estimates by 1% as higher volume guidance offsets increased costs. Target is lifted to $12.60 from $12.40. Outperform maintained.

Target price is $12.60 Current Price is $10.56 Difference: $2.04
If ILU meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $10.03, suggesting downside of -1.2% (ex-dividends)

The company's fiscal year ends in December.

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 ILU as Equal-weight (3) -

Full year results from Iluka Resources appear in line with Morgan Stanley's expectations, while production guidance for the year ahead is largely as anticipated, excluding higher zircon and lower rutile guidance. 

Capital expenditure guidance for -$220m is twice that forecast by Morgan Stanley (-112m), attributed to additional pre-feasability studies. Unit cash cost guidance also exceeded the broker's expectations by 9% for Australian operations and 40% for Sierra Rutile.

The Equal-weight rating and target price of $8.85 are retained. Industry view: Attractive.

Target price is $8.85 Current Price is $10.56 Difference: minus $1.71 (current price is over target).
If ILU 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 $10.03, suggesting downside of -1.2% (ex-dividends)

The company's fiscal year ends in December.

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 LNK as Neutral (3) -

While Link Administration Holdings' $55.9m first half net profit was 11% above Credit Suisse's forecast (a -9% year-on-year decline) and $70.2m pre-tax earnings (down -11% year-on-year) a 13% beat, an operating expense miss saw the performance down -1% on earnings expectations.

The company reiterated full year revenue guidance of low single-digit growth, while operating earnings were upgraded from stable to at least 5% higher than FY21. The upgrade is largely driven by an expected $100m depreciation and amortisation benefit in FY22.

The Neutral rating and target price of $5.65 are retained.

Target price is $5.65 Current Price is $5.27 Difference: $0.38
If LNK meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $5.57, suggesting upside of 5.1% (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 LNK as No Rating (-1) -

Guidance has been upgraded with operating EBIT now expected to be at least 5% above FY21. The global transformation program savings target of $75m has been retained.

The Dye & Durham transaction (acquisition of Link) is on track to be completed in June/July with documentation submitted for regulatory approval in Australia, UK, Europe and India.

Macquarie is on research restrictions and cannot provide a rating or target at present.

Current Price is $5.27. Target price not assessed.

Current consensus price target is $5.57, suggesting upside of 5.1% (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 LNK as Equal-weight (3) -

Link Administration Holdings' first half net profit result was a -17% miss on Morgan Stanley's forecast, but the broker expects the share price will react positively to a 1% beat on consensus. 

By division, Fund Solutions and BCM were key revenue drivers. The company has upgraded guided full year guidance, anticipating at least 5% growth on FY21.

The Equal-weight rating and target price of $5.50 are retained. Industry view: Attractive. 

Target price is $5.50 Current Price is $5.27 Difference: $0.23
If LNK meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $5.57, suggesting upside of 5.1% (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 LNK as Hold (3) -

Link Administration's first half operating profit appears to be above consensus, and FY guidance is a slight upgrade on prior commentary, Morgans notes.

The acquisition of Link by Dye and Durham is on track to complete in June/July. Meanwhile the board remains in exclusive talks regarding a separate sale of its BCM business.

The stock is trading below the offer price, but the broker sees potential upside if the BCM sale proceeds.

Target price adjusted to the offer price of $5.50, down from $5.51. There is the possibility of another left-field bid, but Morgans is on Hold for now.

Target price is $5.50 Current Price is $5.27 Difference: $0.23
If LNK meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $5.57, suggesting upside of 5.1% (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 LOV as Neutral (3) -

Lovisa Holdings' H1 financial performance proved better-than-expected with an acceleration in store roll-out likely, on top of more potential upside from the retailer expanding into new geographies, like maybe China and India.

Citi observes how management is successfully managing cost pressures, while sales momentum continues to be strong, and is expected to continue to be just that; strong.

Also, the company seems to have slowed down its roll-out plans for the UK, suggest the analysts. Target gains 4% to $21.45. Buy.

Target price is $22.31 Current Price is $18.50 Difference: $3.81
If LOV meets the Citi target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $22.64, suggesting upside of 14.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Macquarie rates LOV as Outperform (1) -

First half results were ahead of expectations. Macquarie notes sales growth was robust and store network growth is offsetting the disruptions caused by the pandemic.

Gross margins were up to 76.2% amid favourable FX and cost pressures are being well managed. The first eight weeks of the second half have also continued the positive momentum.

Macquarie increases cost estimates for earnings per share by 13% amid greater confidence in the second half. Outperform retained. Target edges down to $24.90 from $25.00.

Target price is $24.90 Current Price is $18.50 Difference: $6.4
If LOV meets the Macquarie target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $22.64, suggesting upside of 14.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Morgan Stanley rates LOV as Overweight (1) -

In a first look at Lovisa Holdings' first half results, Morgan Stanley notes the company appears to be tracking well ahead of expectations and there looks to be upside potential to full year forecasts. Sales growth up 48% and earnings up 46% in the half.

In the first eight weeks of the second half the company has reported 62% sales growth, offering sizeable upside to the 26% sales growth required to achieve full year expectations. 

The Overweight rating and target price of $21.00 are retained. Industry view: In-line.

Target price is $21.00 Current Price is $18.50 Difference: $2.5
If LOV meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $22.64, suggesting upside of 14.0% (ex-dividends)

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Morgans rates LOV as Add (1) -

Nothing short of remarkable, says Morgans. Sales growth of 21.5% for Lovisa Holdings, an accelerated store rollout and increased margins led to a 59% jump in earnings -- 20% above the broker's forecast.

A gross margin that goes up when all around are suffering from supply constraints and cost pressures was not something the broker expected, although some crafty forex hedging very much helped.

Lovisa may just prove to be one of the biggest success stories in Australian retail, Morgans suggests. With ambitious new leadership in place, the broker believes now is the time Lovisa steps up to become a global force.

Investment will be needed to expand the network in the US and Europe and to take it into new markets, but the returns could be "stellar". Add retained, target rises to $24.00 from $22.24.

Target price is $24.00 Current Price is $18.50 Difference: $5.5
If LOV meets the Morgans target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $22.64, suggesting upside of 14.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

UBS rates LOV as Buy (1) -

First half sales and earnings for Lovisa Holdings exceeded the expectation of both UBS and consensus, with all regions apart from Asia outperforming. There were 42 stores opened in the half bringing the total to 586.

Given higher freight and logistics costs, the broker was pleased by 1H earnings (EBIT) of $50.8m, driven by gross margin expansion and a lower ratio for cost-of-doing-business versus sales.

Trading to start the 2H is considered strong by UBS. The Buy rating is retained and the target price increases to $21 from $20.

Target price is $21.00 Current Price is $18.50 Difference: $2.5
If LOV meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $22.64, suggesting upside of 14.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Morgans rates MDC as Speculative Buy (1) -

Medlab Clinical reported in line with Morgans' forecasts on a continued operation basis. The major change in the period was the divestment of the Australian nutraceuticals business, providing for opex savings.

The focus now is on drug delivery and development, accelerating news flow around partnering discussions for its two major assets,
and advancing preparatory works for its Ph3 cancer pain trial.

The size, timing, and shape of these deals will be absolutely key, the broker notes, ahead of advancing Medlab's major cancer pain asset given clinical expenditure estimates are currently well in excess of the company's cash balance.

Speculative Buy retained, target rises to 30c from 29c.

Target price is $0.30 Current Price is $0.12 Difference: $0.18
If MDC meets the Morgans target it will return approximately 150% (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 MGH as Add (1) -

Maas Group’s interim result was in line with guidance that implies FY earnings weighted 35% to the first half, Morgans notes. A strong liquidity position will support the continued execution of its growth initiatives.

Organic growth across Construction Materials and Real Estate is set to accelerate over the second half. M&A is nearing completion, which will provide a strong foundation for the business heading into FY23, the broker suggests.

The broker remains attracted to the company's strong medium term growth outlook. Add and $5.85 target retained.

Target price is $5.85 Current Price is $4.38 Difference: $1.47
If MGH meets the Morgans target it will return approximately 34% (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 MMS as Hold (3) -

First half results were ahead of Ord Minnett's expectations. Settlements were soft amid supply constraints and management does not expect this will improve until 2023.

A credit licence for the warehouse facility is still forthcoming, although expected to occur in March. The level of carry-over, where novated lease revenue has been held back because of delays in vehicle delivery, has increased substantially and the broker expects the trend will continue over 2022.

Hold maintained. Target is reduced to $13.09 from $13.62.

Target price is $13.09 Current Price is $11.73 Difference: $1.36
If MMS meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $13.63, suggesting upside of 14.6% (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 NEC as Outperform (1) -

First half results were ahead of Credit Suisse estimates on the back of better earnings at Stan and in publishing. Outlook commentary signals a strong performance is expected across most divisions with FY22 EBITDA expected to be greater then $689m.

The broker observes Nine Entertainment is exposed to divisions with structural growth and current trading levels present an undemanding point for entry. Outperform retained. Target is steady at $3.60.

Target price is $3.60 Current Price is $2.74 Difference: $0.86
If NEC meets the Credit Suisse target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $3.56, suggesting upside of 28.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Macquarie rates NEC as Neutral (3) -

First half results were in keeping with Macquarie's expectations. The broker notes the balance sheet is strong although capital management has been deferred as opportunities are being reviewed.

The main positives are in the Stan and digital and publishing businesses. The balance sheet is forecast to reach net cash by FY23.

Valuation remains appealing but the broker does not consider this is an upside catalyst and retains a Neutral rating. Target rises to $2.90 from $2.80.

Target price is $2.90 Current Price is $2.74 Difference: $0.16
If NEC meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $3.56, suggesting upside of 28.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Morgan Stanley rates NEC as Overweight (1) -

In a first look at Nine Entertainment's first half results Morgan Stanley notes the company has delivered 15% revenue growth on the previous comparable period, 15% earnings growth and 20% earnings per share growth. 

The strong result saw full year earnings guidance increase to 22% year-on-year, implying $690m. Morgan Stanley notes Nine Entertainment's digital and subscription revenue base differentiates it from Australian media peers. 

The Overweight rating and target price of $3.75 are retained  Industry view: Attractive.

Target price is $3.75 Current Price is $2.74 Difference: $1.01
If NEC meets the Morgan Stanley target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $3.56, suggesting upside of 28.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Ord Minnett rates NEC as Buy (1) -

First half net profit was ahead of Ord Minnett's forecast. There is also upside risk to the second half reflected by robust free-to-air bookings.

Ord Minnett believes Stan is a top five streaming player but the transition into profitable digital operations could take 18-24 months, although the strength in traditional business is providing the opportunity for digital to grow into a material contributor to earnings.

Buy rating retained. Target is raised to $3.65 from $3.60.

Target price is $3.65 Current Price is $2.74 Difference: $0.91
If NEC meets the Ord Minnett target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $3.56, suggesting upside of 28.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

UBS rates NEC as Buy (1) -

Interim results for Nine Entertainment Co exceeded the estimates of UBS and company guidance after expectation-beating performances from Stan and in the Publishing segment. Management also upgraded the FY22 outlook for both segments.

Given a strong start to the 2H, the analyst upgrades the full year outlook for Television earnings, while the company's guidance for overall earnings growth was a beat versus the broker's forecast.

UBS sees further evidence of an inflection point for the combined free to air (FTA) and broadcaster video on demand (BVOD) ad markets. The target rises to $3.90 from $3.80. Buy.

Target price is $3.90 Current Price is $2.74 Difference: $1.16
If NEC meets the UBS target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $3.56, suggesting upside of 28.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Macquarie rates NSR as Underperform (5) -

Following an initial assessment, Macquarie believes National Storage REIT managed to slightly outperform its forecast in H1, but higher employee and operational costs took off some of the shine.

The REIT did upgrade FY22 guidance. However, on the broker's calculations, free cash flow falls short of declared distribution and underlying earnings.

Underperform. Target $2.28.

Target price is $2.28 Current Price is $2.44 Difference: minus $0.16 (current price is over target).
If NSR meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.37, suggesting downside of -6.7% (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 NTO as Overweight (1) -

With Nitro Software's FY21 result largely pre-guided, Morgan Stanley notes the company's update focused on a FY22 outlook. Guidance largely in line with expectations, with annual recurring revenue guidance of US$64-69 implying 43% uplift at the midpoint.

The broker expects this growth guidance to be well received by the market, indicating the company is confident of its outlook, but notes investors will want to see evidence of delivery before buying into valuation.

The Overweight rating and target price of $3.90 are retained. Industry view: In-line.

Target price is $3.90 Current Price is $1.46 Difference: $2.44
If NTO meets the Morgan Stanley target it will return approximately 167% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 1.0

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

Credit Suisse rates NXT as Neutral (3) -

First half results were ahead of estimates and there is an upgrade to FY22 guidance, with data services revenue expected of $290-295m and underlying EBITDA of $163-167m.

Yet Credit Suisse reviews forecasts for contracted and billing utilisation and expects a slower ramping up over the next couple of years, lowering estimates for contract gains. This results in a reduction to FY23 earnings estimates.

Neutral maintained. Target is reduced to $11.40 from $12.30.

Target price is $11.40 Current Price is $10.55 Difference: $0.85
If NXT meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $14.18, suggesting upside of 32.6% (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

Macquarie rates NXT as Outperform (1) -

While interim results for NextDC beat Macquarie's estimates and FY22 guidance was upgraded, the target falls to $13.90 from $16 after allowing for higher forecast operating expenses. The broker's risk free rate (used in the discount rate) also rose to 2.66% from 2.45%.

A stronger-than-forecast earnings (EBITDA) margin expansion to 59% from 54% in the 1H led to a double-digit earnings beat versus the analyst's forecast. The Outperform rating is Macquarie's only in its technology sector coverage.

Capex guidance was also increased and the broker revises up its capex estimate to $560m for FY22.

Target price is $13.90 Current Price is $10.55 Difference: $3.35
If NXT meets the Macquarie target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $14.18, suggesting upside of 32.6% (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

Morgan Stanley rates NXT as Overweight (1) -

Following a 5% beat on revenue forecasts and 10% beat on earnings forecasts in its first half results, Morgan Stanley notes NextDC has lifted full year revenue guidance modestly to $290-295m from $285-295m. 

Capital expenditure for the year also increases to $530-580m from $480-540m accounting for new regional sites added to the company's pipeline.

The Overweight rating and target price of $15.50 are retained. Industry View: Attractive.

Target price is $15.50 Current Price is $10.55 Difference: $4.95
If NXT meets the Morgan Stanley target it will return approximately 47% (excluding dividends, fees and charges).

Current consensus price target is $14.18, suggesting upside of 32.6% (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

Morgans rates NXT as Add (1) -

NextDC's result was ahead of Morgans' forecasts, and included a small upgrade to FY guidance. Capex guidance was increased by 8% but this bodes well for future growth, the broker suggests.

The company typically builds only what it knows will be leased, including recently announced generation 4 and 5 sites at big-city edges and regional centres.

NextDC remains the broker's preferred pick given substantial structural growth, quality management, significant barrier to entry and, in the broker's view, an improving competitive advantage with regional/edge sites. Add and $14.64 target retained.

Target price is $14.64 Current Price is $10.55 Difference: $4.09
If NXT meets the Morgans target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $14.18, suggesting upside of 32.6% (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

Ord Minnett rates NXT as Upgrade to Buy from Accumulate (1) -

First half earnings were ahead of forecasts, materially improving on the losses of a year ago. Ord Minnett highlights the operating leverage in the more mature data centres. Significantly, the third facilities in Sydney and Melbourne remain on track and budget.

Ord Minnett believes the business is positioned to benefit from the migration of IT work to the cloud and centralised data centres, upgrading to Buy from Accumulate. Target is reduced to $13.50 from $14.00.

Target price is $13.50 Current Price is $10.55 Difference: $2.95
If NXT meets the Ord Minnett target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $14.18, suggesting upside of 32.6% (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

UBS rates NXT as Buy (1) -

UBS assesses both impressive revenue growth and operating leverage for NextDC, upon reviewing 1H results. While earnings forecasts rise for FY22, they decline for FY23-25 on a range of factors and the target falls to $14.90 from $15.20.

These factors include increased land holding and insurance costs, explains the analyst. The regional/edge strategies are expected to contribute to near-term earnings, while expansion into Asia provides further upside. Buy.

Target price is $14.90 Current Price is $10.55 Difference: $4.35
If NXT meets the UBS target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $14.18, suggesting upside of 32.6% (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

Macquarie rates OGC as Outperform (1) -

Within FY21 results for OceanaGold Corp, earnings (EBITDA) were a small beat versus Macquarie's forecast though profits were impacted by pre-flagged impairments.

The broker expects a smoother performance in 2022, with the Didipio gold mine in the Philippines ramping-up well and improvements at the New Zealand-based assets. The Outperform rating and $3.30 target price are maintained.

Target price is $3.30 Current Price is $2.57 Difference: $0.73
If OGC meets the Macquarie target it will return approximately 28% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 1.0

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

Macquarie rates PAN as Outperform (1) -

Panoramic Resources' 1H earnings results were better than Macquarie had expected due to higher levels of costs being capitalised during the ramp up period at the Savannah nickel mine.

After incorporating the result, the broker narrows its forecast loss by -63% in FY22. However, the target price remains at $0.30 due to uncertainties over nickel prices and management executing upon shipment targets. Outperform.

Target price is $0.30 Current Price is $0.24 Difference: $0.06
If PAN meets the Macquarie target it will return approximately 25% (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 PAN as Upgrade to Add from Hold (1) -

Panoramic Resources' headline profit in the half was a positive surprise for Morgans given six months of operations and only one concentrate shipment.

With two shipments now dispatched, payments received or on the way, and undrawn debt facilities, the miner's finances appear in good shape to continue operational ramp-up. WA reopening suggests FY production is not impacted.

The broker remains positive on the stock, with nickel prices up 20% year to date and copper and cobalt credits remaining strong, while production is forecast to increase in the second half.

Target rises to 29c from 28c, upgrade to Add from Hold.

Target price is $0.29 Current Price is $0.24 Difference: $0.05
If PAN meets the Morgans target it will return approximately 21% (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 PAR as Hold (3) -

Paradigm Biopharmaceuticals' loss was greater than Morgans expected due to materially higher R&D costs. The result highlights the broker's long-held concerns around funding requirements, with around 1.5 years of cash remaining at current burn rates.

This is expected to accelerate as the company's large Ph3 OA trial gathers pace across the US, UK, and Australia.

There's not a lot of upside apparent, given management instability, trial delays, increasing cash burn, likely ASX300 exclusion, and no clear guidance on revised trial cost estimates. The broker is not surpised by ongoing share price weakness.

Hold retained, target falls to $1.29 from $1.68.

Target price is $1.29 Current Price is $1.19 Difference: $0.1
If PAR 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

Credit Suisse rates PPM as Outperform (1) -

Pepper Money's 2021 results were slightly ahead of upgraded guidance. Credit Suisse continues to allow for further compression of interest margins yet does not expect this will stem further growth.

The business continues to focus on those segments which have been vacated by the major banks. Credit Suisse retains an Outperform rating and reduces the target to $2.95 from $3.05.

Target price is $2.95 Current Price is $1.81 Difference: $1.14
If PPM meets the Credit Suisse target it will return approximately 63% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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 PPM as Outperform (1) -

Following FY21 results for Pepper Money, Macquarie highlights a strong 2H that beat expectations, despite headwinds from increased mortgage competition.

The broker feels the impact of higher funding costs and rising rates are priced-in, and maintains an Outperform rating. Competition in the mortgage space is estimated to remain intense and be a drag on margins. The target price falls to $2.80 from $3.10.

Target price is $2.80 Current Price is $1.81 Difference: $0.99
If PPM meets the Macquarie target it will return approximately 55% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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 PPT as Buy (1) -

Did Perpetual update the market with its half-yearly financials? You wouldn't know if you simply read Citi's post-event update.

The broker's commentary is all about the potential for fund flows into Barrow Hanley to turn positive, while Perpetual management is equally optimistic PAMI margins will improve - in time.

Assuming equity markets hold, Citi sees value in the stock, while acknowledging Perpetual needs both mentioned catalysts to get the share price moving.

Slight increases have been applied to forecasts. Target lifts to $40 from $39.40. Buy.

Target price is $40.00 Current Price is $35.52 Difference: $4.48
If PPT meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $40.39, suggesting upside of 11.7% (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 PPT as Outperform (1) -

First half results were ahead of Credit Suisse estimates, largely because of increased revenue. Revenue growth outpaced costs growth.

The company has reiterated guidance for cost growth of 18-22% in FY22. Yet, Credit Suisse notes, plannd investments will also lead to an asymmetrical risk profile, if and when Perpetual's initiatives produce further revenue.

Outperform reiterated. Target is steady at $43.

Target price is $43.00 Current Price is $35.52 Difference: $7.48
If PPT meets the Credit Suisse target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $40.39, suggesting upside of 11.7% (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 PPT as Neutral (3) -

While the investment performance at Perpetual continues to improve, as revealed by 1H results, Macquarie doesn't envisage the sector will re-rate near term. Results came in at the midpoint of guidance. FY22 total expense guidance was unchanged.

Nonetheless, the broker sees an advantage over ASX-listed peers due to investment style and the diversification offered by Perpetual Corporate Trust. The Neutral rating and $35 target are unchanged.

Target price is $35.00 Current Price is $35.52 Difference: minus $0.52 (current price is over target).
If PPT meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $40.39, suggesting upside of 11.7% (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 PPT as Overweight (1) -

Underlying, reports Morgan Stanley, Perpetual's half-yearly financials were in-line, though EBIT was better by some 2% and the dividend declared proved 10% ahead of forecast (due to higher payout ratio; 80% instead of 70%).

Morgan Stanley holds a positive view, based upon several growth options available to the asset manager, including ESG (which Morgan Stanley sees as a mega-trend for the decade ahead).

Overweight. The target price steady at $44. Industry view is In-Line. Estimates have increased.

Target price is $44.00 Current Price is $35.52 Difference: $8.48
If PPT meets the Morgan Stanley target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $40.39, suggesting upside of 11.7% (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 PPT as Accumulate (2) -

First half net profit was slightly below forecasts. Ord Minnett notes, by division, Perpetual Asset Management Australia and Corporate Trust were the best performers.

The performance across the former as well as Barrow Hanley remains strong and the broker believes the strategy should benefit from any shift towards value. There is also the potential for Perpetual to earn more meaningful performance fees.

Accumulate retained. Target rises to $38.00 from $36.60.

Target price is $38.00 Current Price is $35.52 Difference: $2.48
If PPT meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $40.39, suggesting upside of 11.7% (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 PPT as Neutral (3) -

Following interim results for Perpetual, UBS maintains its Neutral rating and notes that while the stock is starting to offer some value, it still trades at a premium to domestic peers. The $37.65 target price is unchanged.

The broker expects that better flows will eventuate from a substantially-improved investment performance over the last one to two years. Recent product launches and distribution capabilities are expected to support favourable organic trends.

Target price is $37.65 Current Price is $35.52 Difference: $2.13
If PPT meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $40.39, suggesting upside of 11.7% (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 PTM as Underperform (5) -

Higher expenses and unrealised losses on seed investments were revealed in 1H results for Platinum Asset Management, which was lower than Macquarie expected.

The higher expenses were due to share-based payments, explains the analyst. The target falls to $2.59 from $3.15 after allowing for earnings downgrades and a general sector de-rating. Underperform.

Target price is $2.59 Current Price is $2.35 Difference: $0.24
If PTM meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $2.52, suggesting upside of 4.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.4

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

UBS rates PTM as Sell (5) -

UBS maintains a Sell rating for Platinum Asset Management following interim results, and continues to believe that peers have better DPS growth prospects.

The broker's valuation method is changed to better capture dividends as a value driver and thus, the target price falls to $2.10 from $2.55.

First half underlying profit was broadly in-line with consensus with less fee pressure than the analyst expected and higher staff costs. While investment performance is improving, management commentary said little that would necessarily reverse structural net outflows.

Target price is $2.10 Current Price is $2.35 Difference: minus $0.25 (current price is over target).
If PTM meets the UBS target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.52, suggesting upside of 4.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23: