Australian Broker Call

Credit Suisse rates ABP as Neutral (3) -

Credit Suisse has revisited its Abacus Property result because of "erroneous commentary over ABP's guidance outlook" in its previous update with changes to the target price and earnings. The previous summary is as follows:

"Credit Suisse has adjusted estimates for Australian real estate investment trusts (A-REITs) to account for rising costs and interest rates, noting while it cannot be certain where rates will settle it has assumed a 1.5% increase to costs of debt exposure in FY23. 

The broker highlighted those companies with lower gearing and higher hedging were better insulated from the impacts of rising rates. For Abacus Property. The broker downgrades earnings forecasts - 2.8% and -6.0% for FY23 and FY24 respectively."

The result fell shy of consensus and Credit Suisse forecasts, with storage earnings growth the highlight. Net interest expense rose on higher borrowings. Debt costs are expected to continue rising along with interest rates as FY23 hedges end and limit upside. The broker expects commercial and storage portfolio income should rise as developments are completed and acquisitions flow through. 

After the revisit: FY23 FFOps rise 2.7% and FY24 FFOps fall -07%.

Neutral rating is retained and the target price decreases to $3.05 from $3.20 (previously $3.51).

Target price is $3.05 Current Price is $2.83 Difference: $0.22
If ABP meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.25, suggesting upside of 15.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Ord Minnett rates ABP as Hold (3) -

FY22 results were broadly in line with Ord Minnett's forecasts with the highlight being strong operating metrics in the storage portfolio. Distribution guidance in FY23 is for at least 18.4c per security, up 2.2% and reflecting a pay-out ratio of 85-95% of free cash.

Ord Minnett notes Abacus Property has value in the strongly-performing storage side of the business and expects some asset recycling to fund storage investments. Hold maintained. Target rises to $3.30 from $3.00.

Target price is $3.30 Current Price is $2.83 Difference: $0.47
If ABP meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $3.25, suggesting upside of 15.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Macquarie rates AMC as Outperform (1) -

FY22 net profit was in line with Macquarie's estimates. In a first view, the broker notes Amcor has guided to 3-8% growth in earnings per share in FY23, which implies 80-84c per share on a reported basis.

This includes 5-10% growth from the underlying business and a benefit of 2% from share repurchases, partially offset by negative impact of -4% from higher estimates of interest expenses. Outperform rating retained. Target is $19.

Target price is $19.00 Current Price is $18.77 Difference: $0.23
If AMC meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $18.59, suggesting upside of 0.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.5

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

UBS rates AMC as Buy (1) -

Amcor's FY22 performance, including FY23 guidance, is smack bang in line with market consensus expectations. Such is UBS's conclusion upon first read of today's release.

The analyst suggests the market is well aware of the mentioned FX headwinds and organic EPS growth guidance of 5-10% looks "solid", with a new $400m buyback on top.

UBS thinks Amcor has yet again delivered solidly, and in line. Buy. Target $20.

Target price is $20.00 Current Price is $18.77 Difference: $1.23
If AMC meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $18.59, suggesting upside of 0.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.5

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

Ord Minnett rates ASB as Downgrade to Lighten from Hold (4) -

Austal expects earnings (EBIT) to be $120.7m in FY22, which would be ahead of Ord Minnett's forecasts and prior guidance. The substantial uplift is driven by changed assumptions around costs and labour utilisation.

The broker envisages downside risk to market expectations regarding future margins for the business as Austal transitions from highly profitable LCS vessels to a new steel-based OPC program.

Rating is downgraded to Lighten from Hold and the target is lifted to $2.40 from $2.30.

Target price is $2.40 Current Price is $2.74 Difference: minus $0.34 (current price is over target).
If ASB meets the Ord Minnett target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.59, suggesting downside of -4.1% (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

UBS rates ASX as Sell (5) -

At first glance, ASX's FY22 result fell -1.4% shy of UBS's forecast and the broker expects elevated FY23 capital expenditure guidance will disappoint investors.

Management guided to capital expenditure between $115m to $125m, which compared with UBS's forecast of $90m

General expense guidance also outpaced as inflation continues to hit supplier contracts and wages.

Sell rating and $75 target price retained pending closer examination.

Target price is $75.00 Current Price is $84.64 Difference: minus $9.64 (current price is over target).
If ASX 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 $82.25, suggesting upside of 1.4% (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

Citi rates BAP as Buy (1) -

Further to the FY22 results, Citi largely retains its estimate for net profit in FY23. The broker considers its forecast for 8% core net profit growth conservative given the strong start to FY23, the $10m in DC benefits as well as the contribution from acquisitions.

FY24 forecasts are lowered by -6% to reflect a reduced contribution from New Zealand and a slower ramp up in Thailand. While Bapcor is seemingly lagging key retail and trade competitors, the broker is hopeful this is short term.

Buy retained. Target is reduced to $7.82 from $8.03.

Target price is $7.82 Current Price is $6.85 Difference: $0.97
If BAP meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $7.86, suggesting upside of 16.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Credit Suisse rates BAP as Outperform (1) -

Bapcor's FY22 result nosed out consensus and Credit Suisse's foreasts.

An inventory build resulted in a miss on operating cash flow, a situation the broker would like to see stabilise in the next result.

EPS forecasts rise 6.7% to reflect strength in the June-half and lockdown recoveries this December half. Outer year EPS forecasts rise 5.3% to 6.7%.

The broker considers the company to be undervalued and retains its Outperform rating, while noting concerns around retail market-share losses and the cost of the new Better than Before strategy.

Target price falls to $7.50 from $7.90 to reflect a rise in the risk-free rate, and lower peer multiples.

Target price is $7.50 Current Price is $6.85 Difference: $0.65
If BAP meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $7.86, suggesting upside of 16.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Macquarie rates BAP as Outperform (1) -

Macquarie believes Bapcor is well placed to manage short-term inflationary pressures and the main downside risk is a deep recession that could temporarily reduce demand.

The company provided no specific guidance in its outlook but has noted strong sales momentum in July. Macquarie retains an Outperform rating and raises the target to $8.85 from $8.25.

Target price is $8.85 Current Price is $6.85 Difference: $2
If BAP meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $7.86, suggesting upside of 16.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

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

Following FY22 results for Bapcor, Morgans expects a solid near-term outlook though assesses a fair valuation, and downgrades its rating to Hold from Add. The target rises to $7.36 from $7.08.

The results met guidance, with a 2H earnings (EBITDA) improvement of 12.5% half-on-half coming from the Trade and Specialist Wholesale divisions, which increased by 21% and 17%, respectively.

Management noted a “good start” to FY23, and the focus in the coming year will be upon operational efficiency.

Target price is $7.36 Current Price is $6.85 Difference: $0.51
If BAP meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $7.86, suggesting upside of 16.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Ord Minnett rates BAP as Buy (1) -

Ord Minnett notes the strong turnaround in the second half of FY22, with underlying EBITDA increasing by 15.5% following a decline of -5.8% in the first half. Bapcor's results were in line with expectations but a tale of two halves.

Going forward the broker expects earnings growth to be driven by the core Burson Trade Auto Parts division and continued expansion of the store network in Australasia. Buy rating maintained. Target is $8.60.

Target price is $8.60 Current Price is $6.85 Difference: $1.75
If BAP meets the Ord Minnett target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $7.86, suggesting upside of 16.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

UBS rates BAP as Buy (1) -

Bapcor reported in-line FY22 earnings according to UBS with no surprises in the results.

Like some of the industry peers, cash conversion was lower due to higher inventory levels, although the analyst expects this to moderate and return to more normal levels in FY23.

Limited guidance was offered by management, although FY23 trading has started with mid-single growth with the company looking to focus on improved return on capital and better operating efficiencies.

The broker's earnings forecasts rise marginally by 2% in FY23 and 3.1% in FY24 with the analyst seeing value at these levels with the stock estimated to grow earnings at a compound rate of 7% over the next 3 years.

A Buy rating and $7.70 price target versus $7.60 previously.

Target price is $7.70 Current Price is $6.85 Difference: $0.85
If BAP meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $7.86, suggesting upside of 16.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Credit Suisse rates BHP as Neutral (3) -

BHP Group's FY22 earnings beat consensus by 8% and the dividend also outpaced.

Net debt fell to US$0.3bn from US$4.1bn, thanks to lower working capital and a delayed cash tax, says the broker.

In the medium-term, capital expenditure is forecast to rise to US$10bn, half of which will be devoted to growth - and no new funds are being allocated to coal after the Queensland royalty increase, notes the broker.

Credit Suisse says inflation is likely to push unit costs up 13% in FY23, despite improved FX and lower energy costs, and says long-term expansion is being assessed. The broker is wary of capital expenditure forecasts given inflation and ongoing supply chain issues.

The broker raises a governance red flag after BHP backtracked on board commitments that Barrenjoey would not be appointed to advise on the Oz Minerals ((OZL)) bid after BHP's chairman took up a role in the advisor.

Neutral rating retained. Target price rises to $39 from $37.

Target price is $39.00 Current Price is $40.85 Difference: minus $1.85 (current price is over target).
If BHP meets the Credit Suisse target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $41.74, suggesting upside of 1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.3

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

UBS rates BHP as Neutral (3) -

UBS notes BHP Group reported strong FY22 earnings results and dividend of US$3.25.

The broker noted the company's strategic shift to focus on copper, nickel and WA iron ore with expansion studies for Jansen, with OZ Minerals ((OZL)) not viewed as a "nice to have, not must have" asset.

BHP Group balance sheet remains strong with US$0.3bn in net debt with plans to increase capital expenditure to US$10bn p.a.

The broker's earnings forecasts are lowered by -5.6% and -5.0% for FY23 and FY24, respectively and UBS retains a cautious stance with commodity prices forecast to fall over the next 2 years.

A Neutral rating and $35.50 price target are maintained.

Target price is $35.50 Current Price is $40.85 Difference: minus $5.35 (current price is over target).
If BHP meets the UBS target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $41.74, suggesting upside of 1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.3

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

Citi rates BXB as Buy (1) -

Citi observes there is a structural improvement occurring within Brambles. FY22 results were in line with expectations and operationally results were high quality, with the Americas and EMEA profit up 5% and 9%, respectively.

Corporate costs were the main detractor. Brambles has guided to 7-11% growth in sales and underlying profit growth of 8-11%. The broker likes the self-help in the business and remains optimistic about the structural changes.

Buy rating retained. Target is raised to $14.16 from $12.29.

Target price is $14.16 Current Price is $12.40 Difference: $1.76
If BXB meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $13.01, suggesting upside of 1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.4

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

Credit Suisse rates BXB as Outperform (1) -

Brambles's FY22 result and guidance outpaced consensus and Credit Suisse forecasts thanks to strong pricing in CHEP Americas and an improved cost performance in CHEP EMEA.

Cash also outpaced guidance, which had included a US$470m capital expenditure charge, which was higher than usual, to reflect recent sharp rises in lumber prices.

The company reports a 17% price increase in US pallets in the June half, largely due to repricing of customer contracts to redress poor profitabiity and Credit Suisse expects this process is only partially complete and may continue into FY23 and FY24 (for which prices are forecast to rise 8% and 5% respectively, although tight supply could push this higher).

The broker expects earnings (EBIT) to rise 6% in FY23 on the proviso market conditions do not worsen.

Outperform rating retained. Target price rises to $14.40 from $13.45.

Target price is $14.40 Current Price is $12.40 Difference: $2
If BXB meets the Credit Suisse target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $13.01, suggesting upside of 1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.4

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

Macquarie rates BXB as Neutral (3) -

Macquarie increases its forecasts for FY23 to the mid point of guidance, noting Brambles is a robust and defensive business with more than 80% of revenue coming from consumer segments.

Nevertheless, there is risk of a slowdown in 2023, which could bring higher costs, and with low visibility on the pricing of lumber the business may not break even on cash flow after dividends until FY25.

Neutral maintained. Target is raised to $11.80 from $10.75. 

Target price is $11.80 Current Price is $12.40 Difference: minus $0.6 (current price is over target).
If BXB meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.01, suggesting upside of 1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.4

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

Morgan Stanley rates BXB as Underweight (5) -

While FY23 guidance (in constant currency terms) by Brambles appears to be a beat versus the consensus forecast, Morgan Stanley suggests this may be lessened by currency impacts. The FY22 result was better than expected with good inflation management.

The company reported 7% revenue growth and 6% earnings (EBIT) growth, both a 1% beat compared to the broker's forecasts. Cash flow continues to lag, a situation expected to continue in FY23.

The Underweight rating and $10.20 target price are unchanged. Industry View: In-Line.

Target price is $10.20 Current Price is $12.40 Difference: minus $2.2 (current price is over target).
If BXB meets the Morgan Stanley target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.01, suggesting upside of 1.3% (ex-dividends)

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.4

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

Morgans rates BXB as Hold (3) -

Underlying FY22 profit for Brambles was a 2% beat versus Morgans and in line with consensus, while underlying earnings (EBIT) increased by 10%. The latter increase was above management’s April updated guidance for 6-7% growth.

The broker raises FY23-25 earnings forecasts by between 1-2% and increases its target to $12.60 from $11.07. The Hold rating is retained as price increases may be difficult to effect if demand softens, inflation moderates and pallet availability improves in FY24.

For FY23, management has guided to 7-10% revenue growth (constant FX) and 8-11% underlying earnings growth.

Target price is $12.60 Current Price is $12.40 Difference: $0.2
If BXB meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $13.01, suggesting upside of 1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.4

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

Ord Minnett rates BXB as Buy (1) -

Re-basing for the FY22 result has driven increases of 2% to estimates of earnings per share over FY23-24, to reflect continued price strength and operating leverage.

Ord Minnett believes prices should remain supportive in the short term and supply chain along with inventory normalisation in the second half of FY23 should alleviate pressures for the longer term.

FY23 guidance is for constant-currency revenue growth of 7-11% and underlying profit growth of 8-11%. Brambles expects free cash will be negative in FY23 albeit an improvement on FY22. Buy rating retained. Target rises to $13.80 from $13.50.

Target price is $13.80 Current Price is $12.40 Difference: $1.4
If BXB meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $13.01, suggesting upside of 1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.4

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

UBS rates BXB as Buy (1) -

Brambles reported an earnings beat with both sales and earnings ahead of UBS expectations and guidance.

Free cashflow after dividends came in lower than expected and is guided to remain net negative with ongoing investment in growing volumes and increased automation. Sustained higher European prices have also impacted, while US lumber prices have eased.

Brambles FY23-FY25 guidance was in line with previous forecasts, although strong, notes the analyst, and pointing to 'high single digit' growth in earnings off the higher FY22 base.

The broker's earnings forecasts are upgraded by 7.4% and 5.6% for FY23 and FY24, respectively.

The price target is raised to $14.10 from $13.70 and the Buy rating is maintained.

Target price is $14.10 Current Price is $12.40 Difference: $1.7
If BXB meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $13.01, suggesting upside of 1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.4

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

UBS rates CGF as Neutral (3) -

Challenger's FY22 profits, fund flows were below UBS' expectation and the analyst expressed disappointment over the slower than forecast improvement in life margins and the change in views regarding the Bank.

Funds under management (FUM) was "surprisingly weak" with net outflows of -$2.5bn in 4Q22 with a major turnaround in Fidante fortunes from the inflows during covid.

FY23 guidance came in below UBS' forecasts with concerns how the company could miscalculate the -$35m bank purchase, which now seems to offer no strategic appeal.

UBS adjusts earnings forecasts for lower FUM (estimated net outflows of -$2.2bn) and higher inflation, by -11% for FY23.

A Neutral Rating and the target price is lowered to $6.80 from $8.30 with the analyst viewing too many headwinds from the uncertain earnings profile and the Bank problems.

Target price is $6.80 Current Price is $6.76 Difference: $0.04
If CGF meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $6.71, suggesting downside of -0.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.1

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

Citi rates CSL as Buy (1) -

Citi finds there are more questions than answers regarding the FY23 outlook and reduces estimates for earnings per share in FY23 and FY24 by -8% and -2%, respectively, to reflect a slower recovery in plasma revenue and margins.

The broker finds there is comparatively less clarity in these results, noting CSL provided no outlook on expected plasma collections over the next 12 months.

Citi believes some granularity on the various divisions would be helpful and suspects a return to pre-pandemic margins will be delayed until FY25. Buy rating retained. Target is reduced to $340 from $345.

Target price is $340.00 Current Price is $292.50 Difference: $47.5
If CSL meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $324.80, suggesting upside of 8.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.8

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

Credit Suisse rates CSL as Neutral (3) -

CSL's FY22 result appears to have disappointed Credit Suisse given it suggests a delay in the company's long-awaited margin recovery, and given the result failed to keep pace with key competitor Takeda.

The broker notes plasma collections only hit pre-covid levels in May and are unlikely to benefit margins until late FY23, early FY24.

Meanwhile, Behring disappointed and expectations of a plasma recovery have also been postponed, due to higher staff and collection forecasts, and the broker expects a higher spend will be required to rebuild inventories.

Still, FY23 guidance outpaced by 6% to 11% ex-Vifor.

Neutral rating retained. Credit Suisse returns from research restriction with a $305.00 target price.

Target price is $305.00 Current Price is $292.50 Difference: $12.5
If CSL meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $324.80, suggesting upside of 8.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.8

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

Macquarie rates CSL as Outperform (1) -

FY22 guidance has implied net profit growth of 10-14% and Macquarie considers the earnings growth profile attractive to FY24, supported by the assumed recovery in plasma collections amid benefits from the Rika platform and earnings from Vifor.

The broker retains an Outperform rating for CSL and raises the target to $329.50 from $312.00.

Target price is $329.50 Current Price is $292.50 Difference: $37
If CSL meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $324.80, suggesting upside of 8.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.8

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

Morgan Stanley rates CSL as Overweight (1) -

Morgan Stanley lifts its target for CSL to $323 from $312, following FY22 results, and notes improving collection volumes. However, FY23 guidance was lower than the market had expected and collection costs remain elevated. Overweight. Industry View: In-line.

Management guidance for a FY23 profit range of US$2.5-2.5bn compares to the consensus forecast of US$2.8bn, and the broker's US$2.5bn estimate.

The analyst expects a gradual margin recovery for Behring (as opposed to V-shaped) on higher collection costs and slowly adjusting physician/prescriber behaviours following recent immunoglobulin shortages.

Seqirus continues to exceed expectations, notes Morgan Stanley, delivering earnings (EBIT) 12% ahead of the consensus forecast in FY22.

Target price is $323.00 Current Price is $292.50 Difference: $30.5
If CSL meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $324.80, suggesting upside of 8.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.8

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

Morgans rates CSL as Add (1) -

FY22 results for CSL were softer than Morgans expected, albeit in line with management’s forecasts. Strong demand for flu vaccines drove a standout performance for Seqirus, while tight supply and higher costs led to a profit fall for Behring.

The analyst believes the worst has passed for plasma collections, which are tracking above pre-pandemic levels. It's felt FY23 profit guidance is modest though 11-14% underlying growth is described as "solid". The target falls to $321.30 from $327.6. Add.

During FY22, gross margins fell on higher plasma costs, while a 3% increase in operating expenses saw underlying profit down -6%, explains the broker.

Target price is $321.30 Current Price is $292.50 Difference: $28.8
If CSL meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $324.80, suggesting upside of 8.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.8

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

Ord Minnett rates CSL as Accumulate (2) -

FY22 results reflected a larger level of deterioration in core plasma margins because of the slower recovery in collections. Despite the challenges, Ord Minnett asserts a recovery is evident.

This underpins a lift in FY23 earnings forecasts that should accelerate into FY24 with the switch to the Rika collection device. As the Vifor deal is complete, and given the improving operating trends, the broker raises the target for CSL to $330 from $315 while maintaining an Accumulate rating.

Target price is $330.00 Current Price is $292.50 Difference: $37.5
If CSL meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $324.80, suggesting upside of 8.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.8

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

Citi rates CTD as Neutral (3) -

Citi analysts haven't as yet updated following their initial impressions of Corporate Travel Management's FY22 release.

On initial assessment the analysts found the result a mixed bag, earnings (EBITDA) proving a -3% miss to consensus.

In the wash, 35% earnings (EBITDA) growth will be needed to meet consensus and exit rates proved mixed globally, the broker pointed out.

Neutral. Target price $24.09.

Target price is $24.09 Current Price is $21.15 Difference: $2.94
If CTD meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $24.20, suggesting upside of 17.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

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

Credit Suisse rates CTD as Neutral (3) -

Corporate Travel Management's FY22 result met Credit Suisse's forecasts, although trade has yet to recover to pre-pandemic levels.

Credit Suisse expects the company will have an uphill battle in FY23 and FY24 as it encounters macro pressures, and labour inflation specifically.

All up, the broker expects this should hit revenue margins and predicts rising volatility in consensus forecasts as revenue margins diverge from historical trends.

Earnings (EBITDA) forecasts fall -4% in FY23 and FY24. Target price edges up to $19.80 from $19.60. Neutral rating retained, the broker considering it full priced compared to peers.

Target price is $19.80 Current Price is $21.15 Difference: minus $1.35 (current price is over target).
If CTD meets the Credit Suisse target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $24.20, suggesting upside of 17.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

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

Macquarie rates CTD as Outperform (1) -

Macquarie believes Corporate Travel Management is well able to leverage the rebound in travel activity. A strong growth outlook is supported by market share gains and there are M&A options that are underpinned by the cash balance.

FY24 guidance is for a full recovery of proforma EBITDA, assessed to be around $265m. Macquarie retains an Outperform rating and raises the target to $23.30 from $20.80.

Target price is $23.30 Current Price is $21.15 Difference: $2.15
If CTD meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $24.20, suggesting upside of 17.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

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

Morgan Stanley rates CTD as Overweight (1) -

Morgan Stanley assesses a strong FY22 result for Corporate Travel Management, with earnings (EBITDA) of $59.8m against a guidance range of $50-$60m.

As part of guidance, management suggests a $143m earnings starting point (the 4Q run rate), which will increase in a non-linear fashion to $265m over two years. The broker feels this guidance will be well received by the market.

The Overweight rating and $29 target are maintained. Industry View: In-Line.

Target price is $29.00 Current Price is $21.15 Difference: $7.85
If CTD meets the Morgan Stanley target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $24.20, suggesting upside of 17.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

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

Morgans rates CTD as Add (1) -

Morgans leaves forecasts for Corporate Travel Management largely unchanged, even after FY22 results beat expectations (the broker's and consensus) and guidance. The target is lowered to $25.65 from $25.85, while the company remains the preferred Travel sector pick. 

The broker highlights strong cash flow, no debt and believes a final dividend of 5cps unfranked is a sign of confidence. The company is thought to standout from Travel sector peers by registering a bottom-line profit.

Despite economy headwinds, the analyst feels 4Q trends suggest strong earnings growth in FY23. The Add rating is unchanged.

Target price is $25.65 Current Price is $21.15 Difference: $4.5
If CTD meets the Morgans target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $24.20, suggesting upside of 17.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

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

Ord Minnett rates CTD as Downgrade to Hold from Accumulate (3) -

Corporate Travel Management's FY22 net profit was in line with Ord Minnett's expectations. The broker was impressed with the fourth quarter net profit, that more than offset an aggregate loss for the first three quarters.

The turnaround was driven by the northern hemisphere while the Australian division reported a materially lower revenue margin because of limited international travel.

The main challenge is the historical evidence which points to a significant contraction in business travel expenditure in times of economic downturn. Ord Minnett revises assumptions to reflect this prospect and downgrades to Hold from Accumulate. Target is reduced to $20.76 from $25.86.

Target price is $20.76 Current Price is $21.15 Difference: minus $0.39 (current price is over target).
If CTD meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $24.20, suggesting upside of 17.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

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

UBS rates CTD as Buy (1) -

UBS considers Corporate Travel Management reported a strong 4Q22 result with FY22 earnings beating both market consensus and broker expectations.

Revenues are recovering to pre covid levels across the board with full recovery forecast by FY24, and although labour problems remain, the company is seeking to offset the challenges from productivity improvements.

UBS considers Corporate Travel Management to be one of the optimum travel companies, offering investors exposure to technological advantages and ability to win market share.

The broker's earnings forecasts are slightly adjusted by 3.1% in FY23 and 1.3% in FY24. Buy rating and upgraded price target to $26.80 from $26.35.

Target price is $26.80 Current Price is $21.15 Difference: $5.65
If CTD meets the UBS target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $24.20, suggesting upside of 17.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

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

Credit Suisse rates DHG as Neutral (3) -

Domain Holdings Australia's FY22 result missed consensus and Credit Suisse's forecasts across most key metrics due to higher than forecast corporate costs. Digital earnings (EBITDA) were an exception, being in line.

Management has guided to higher operating expenditure in FY23 in the low double digits, which the broker says translates to opex growth of more than 20%.

Yet management also guides to stable margins, suggesting stronger revenue growth, which the broker concedes is possible even in the event of a decline in residential listings, given add-ons and growth at Allhomes.

FY23 earnings (EBITDA) forecasts are shaved -1% as are EBITDA margins (down -1 percentage point). Neutral rating retained. Target price steady at $4.

Target price is $4.00 Current Price is $3.88 Difference: $0.12
If DHG meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $4.22, suggesting upside of 8.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Macquarie rates DHG as Neutral (3) -

FY22 EBITDA was in line with expectations. Macquarie believes Domain Holdings Australia offers a superior yield outlook compared to rival REA Group ((REA)).

The FY23 outlook implies strong depth penetration with benefits from enhanced marketing expenditure. No material uplift is expected in the multiples at this stage and Macquarie retains a Neutral rating. Target is raised to $4.10 from $2.70.

Target price is $4.10 Current Price is $3.88 Difference: $0.22
If DHG meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $4.22, suggesting upside of 8.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Morgan Stanley rates DHG as Overweight (1) -

After an initial review of yesterday's FY22 results for Domain Holdings Australia, Morgan Stanley assesses a slight miss versus the consensus forecast for earnings.

The broker estimates the consensus FY23 earnings (EBITDA) forecast of $150m is achievable if listings rise by 5% on the previous corresponding period, despite higher cost guidance. Management guides to a low double digits increase in FY23 costs ex acquisitions.

The Overweight rating and $4.60 target price are maintained. Industry View: Attractive.

Target price is $4.60 Current Price is $3.88 Difference: $0.72
If DHG meets the Morgan Stanley target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $4.22, suggesting upside of 8.1% (ex-dividends)

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Ord Minnett rates DHG as Downgrade to Hold from Buy (3) -

Ord Minnett asserts Domain Holdings Australia must absorb incremental costs from recent acquisitions and offset the prospect for the listings environment to deteriorate.

The broker factors in a -5% decline in listings for FY23 across the business, although notes the first quarter will be a strong period because of the lockdown on the east coast in the prior comparable quarter.

Amid changing circumstances and increased costs, the broker assesses the risk/reward is fairly balanced at current levels and downgrades to Hold from Buy. Target is reduced to $4.00 from $4.40.

Target price is $4.00 Current Price is $3.88 Difference: $0.12
If DHG meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $4.22, suggesting upside of 8.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

UBS rates DHG as Buy (1) -

UBS reinstates coverage of Domain Holdings Australia after a restriction period with a Buy rating and a $4.50 target price, compared to the previous target of $5.50.

The company reported a consensus beat on revenues and a slight, -2% miss on earnings for FY22. UBS views the FY23 cost guidance as higher than consensus.

Domain has assumed revenue growth in line with the cost growth as management has little control over volumes, only costs, however the analyst notes every 1% difference in volume equals a $2m movement in EBITDA.

UBS is forecasting 21% compound growth in EPS between FY23 and FY25 and views the stock as attractively priced at current levels, while the shares continue to trade at a significant discount to market dominatrix REA Group ((REA)).

A Buy rating and $4.50 target.

Target price is $4.50 Current Price is $3.88 Difference: $0.62
If DHG meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $4.22, suggesting upside of 8.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Credit Suisse rates DOW as Upgrade to Outperform from Neutral (1) -

Downer EDI's FY22 result outpaced consensus and Credit Suisse's forecasts, which, combined with decent cash conversion satisfied the broker given challenging operating conditions.

But FY23 guidance disappointed, falling well shy of consensus and the broker, and EPS forecasts are downgraded accordingly

Nonetheless, the broker upgrades to Outperform from Neutral, reflecting its appreciation of management, lower risk profile in comparison to peers, and light capital model, discarding concerns about consensus downgrades and too high an entry price (after the share price retreat in the June half).

Target price rises to $5.75 from $5.32.

Target price is $5.75 Current Price is $5.32 Difference: $0.43
If DOW meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $6.04, suggesting upside of 11.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

Macquarie rates DOW as Outperform (1) -

Going forward, Macquarie believes 10-20% growth in net profit is "respectable", given the challenging economic environment. Moreover, Downer EDi provides defensive end-market exposure as around 90% of work in hand is government  related.

With an undemanding valuation the broker retains an Outperform rating and reduces the target to $6.04 from $6.25.

Target price is $6.04 Current Price is $5.32 Difference: $0.72
If DOW meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $6.04, suggesting upside of 11.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

UBS rates DOW as Buy (1) -

Downer EDI reported in-line earnings according to UBS, the broker highlighting a solid result from Core Urban; the Transport and Facilities division successfully managed wet weather and covid absenteeism, and the less significant Utilities division most impacted by covid as metering services demand fell.

The company has restarted guidance after a 3 year hiatus of profit growth between 10-20% for FY23, which is in line with UBS estimates and below the more optimistic market consensus.

UBS earnings forecasts are adjusted by -4.2% and -4.3% for FY23 and FY24, respectively.

The analyst views the market has yet to take into account the new, lower-risk business model Downer EDI has put in place with more reliable and less cyclical earnings.

Buy rating and $6.40 target price are retained.

Target price is $6.40 Current Price is $5.32 Difference: $1.08
If DOW meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $6.04, suggesting upside of 11.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

Macquarie rates DRR as Outperform (1) -

At first glance, the FY22 headline result and final dividend were in line with Macquarie's expectations. FY22 revenue of $265.2m was up 83%.

Deterra Royalties has stated it had a net zero operating GHG footprint in FY22 and is not directly affected by the inflationary pressures that are impacting miners.

Outperform and $5.00 target retained.

Target price is $5.00 Current Price is $4.59 Difference: $0.41
If DRR meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $4.89, suggesting upside of 6.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

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

Following a rally in the Data#3 share price, Morgans moves to a Hold rating from Add, while the target rises to $6.27 from $5.89.

The broker expects few surprises when the company releases its FY22 result today.

Target price is $6.27 Current Price is $6.45 Difference: minus $0.18 (current price is over target).
If DTL meets the Morgans target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.69, suggesting upside of 6.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Credit Suisse rates DXS as No Rating (-1) -

Dexus's FY22 result met Credit Suisse's forecasts but FY23 guidance disappointed consensus and the broker, Credit Suisse noting a lot of moving parts, with uncertain timing adding to the variability.

DPS guidance also fell well short at 50c to 51.5c, compared with consensus forecasts of 53.3c and the broker's forecast of 54.6c.

Earnings estimates fall less than -5% for FY23 and FY24.

Credit Suisse is under research restriction.

Current Price is $9.33. Target price not assessed.

Current consensus price target is $10.51, suggesting upside of 14.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

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

Macquarie rates DXS as Outperform (1) -

FY22 results were in line with expectations while FY23 distribution guidance of 50-51.5c per security is below Macquarie's prior forecasts. The broker acknowledges several sources of downside in FY23 that were not previously factored in, such as higher financing costs.

Dexus is guiding to a recovery in office markets and incentives are expected to moderate in Sydney.

The broker remains cautious, given macro uncertainty, but believes earnings and valuation benefits are not being captured by the market, retaining an Outperform rating. Target is raised to $10.79 from $10.41.

Target price is $10.79 Current Price is $9.33 Difference: $1.46
If DXS meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $10.51, suggesting upside of 14.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

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

Morgan Stanley rates DXS as Overweight (1) -

FY22 funds from operations (FFO) for Dexus were 70.4cpu compared to Morgan Stanley's and the consensus forecasts for 69.2cpu and 69.9cpu, respectively.

FY23 dividend guidance is for 50.0-51.5c, compared to the 52.3cpu expected by consensus, driven largely by higher interest rates, explains the analyst. It's also felt construction costs are weighing across several projects.

Management has indicated to the broker the office market is improving, especially in Sydney.

A buyback is not out of the question, if asset sales end up more than budgeted, assesses the analyst. The Overweight rating and $10.85 target are retained. Industry View: In-line.

Target price is $10.85 Current Price is $9.33 Difference: $1.52
If DXS meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $10.51, suggesting upside of 14.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

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

Ord Minnett rates DXS as Buy (1) -

FY22 results were broadly in line with Ord Minnett's forecasts. FY23 guidance is below expectations, with rising debt costs and $2bn in net sales expected to weigh on earnings.

The broker points out, with Dexus being an active real estate manager, deployment cannot always match sales and this is an earnings issue for FY23.

The stock is trading at a -24% discount to net tangible assets, which in turn can imply a -18% decline in asset values. Ord Minnett considers this too bearish for a high-quality manager with a highly desirable portfolio. Buy retained. Target drops to $10.50 from $11.50.

Target price is $10.50 Current Price is $9.33 Difference: $1.17
If DXS meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $10.51, suggesting upside of 14.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

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

Macquarie rates EHL as Outperform (1) -

FY22 operating earnings were in line with expectations. Macquarie notes Emeco Holdings is comfortable with consensus expectations for FY23 EBITDA of $270-275m. The company will provide an update at the AGM.

Demand remains strong and some headwinds such as labour market tightness and absenteeism are expected to ease.

With the dividend and share buyback program providing support, the broker retains an Outperform rating. The main risk envisaged is a material downturn in Australian mining activity. Target is $1.30, up from $1.18.

Target price is $1.30 Current Price is $0.82 Difference: $0.48
If EHL meets the Macquarie target it will return approximately 59% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

UBS rates EVN as Neutral (3) -

In an initial take, UBS assesses an in-line FY22 result today for Evolution Mining, and expects the focus to now move onto both growth and execution. Underlying earnings (EBITDA) of $899m compared to the consensus forecast of $904m.

Management retains its FY23 gold production forecast for 720koz and all-in sustaining costs (AISC) of $1240/oz. Regarding costs, the analyst forecasts AISC of $1,340/oz on a -10% lower copper deck.

The Neutral rating and $2.80 target are unchanged.

Target price is $2.80 Current Price is $2.69 Difference: $0.11
If EVN meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $2.77, suggesting upside of 7.8% (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

Citi rates FBU as Buy (1) -

FY22 results were largely in line with expectations. Fletcher Building has maintained NZ$100m or more for EBIT guidance in FY23, which Citi considers conservative.

The broker is optimistic because the business is cycling the covid impacts of FY22 and residential may deliver 300-400 more in unit sales to offset the fall in prices. Buy rating maintained. Target is reduced to NZ$6.53 from NZ$6.65.

Current Price is $5.07. Target price not assessed.

Current consensus price target is $7.00, suggesting upside of 37.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 1.0

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

Credit Suisse rates FBU as Outperform (1) -

Fletcher Building's FY22 earnings and FY23 guidance met preannounced targets.

Operating cash flow met Credit Suisse's forecasts and the broker notes working capital is expected to rise to fund inventories in FY23 - mainly for residential lots as high costs for other inventory persists, delaying spending.

FY23 growth is expected to be flat and home buyers' spirits are expected to settle.

Earnings forecasts are shaved less than -1% for FY23. Outperform rating retained and target price falls to $7 from $7.50 a share.

Target price is $7.00 Current Price is $5.07 Difference: $1.93
If FBU meets the Credit Suisse target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $7.00, suggesting upside of 37.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 1.0

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

Macquarie rates FBU as Outperform (1) -

Having delivered a slight beat to guidance in the second half, Macquarie notes Fletcher Building's full year result looks decent. The broker noted net debt at year end of NZ$157m was lower than guided and equates to NZ20c per share.

Macquarie also noted Fletcher Building's pricing power in both Australia and New Zealand was evident in the second half given the marked input cost inflation across the industry.

The company is guiding to earnings above NZ$850m in FY23. Macquarie lifts earnings per share forecasts 27%, 18% and 17% through to FY25.

The Outperform rating is retained and the target price increases to NZ$7.96 from NZ$7.85.

Current Price is $5.07. Target price not assessed.

Current consensus price target is $7.00, suggesting upside of 37.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 1.0

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

Morgan Stanley rates FBU as Overweight (1) -

Morgan Stanley assesses a solid FY22 result for Fletcher Building, with all key metrics in line with prior updates. Earnings (EBIT) for the Residential & Development business came in 17% ahead of the broker's forecast.

Management reiterated further growth in FY23 from backlogs and initiatives for internal improvements. A final dividend of NZ22cps was declared, which compared to the NZ23cps forecast by the analyst.

The Overweight rating is maintained, while the target decreases to NZ$7.90 from NZ$8.70. Industry view is In-Line.

Current Price is $5.07. Target price not assessed.

Current consensus price target is $7.00, suggesting upside of 37.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 1.0

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

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

Morgans lowers its rating for Genex Power to Hold from Add and reduces its target to $0.25 from $0.30 following an increased $0.25 non-binding offer for the company by Skip and Stonepeak.

The board will recommend the offer at the new price, which the analyst understands, given the premium to the previous share price trading range. However, it's thought the fundamental value still exceeds the bid price.

Target price is $0.25 Current Price is $0.23 Difference: $0.02
If GNX meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Ord Minnett rates GOZ as Hold (3) -

FY22 results were in line with Ord Minnett's forecasts and recently upgraded guidance. The broker expects FY23 funds from operations of 26.2c per security, ahead of the top end of guidance and largely because of lower floating debt cost assumptions.

The broker notes the high-quality portfolio has proven resilient, with occupancy at 97% in the second half.

Yet, while FY23 net property income will be supported by office acquisitions, favourable leasing outcomes and lower expansion capex this will be more than offset by rising debt costs. Hold maintained. Target is reduced to $3.80 from $3.90.

Target price is $3.80 Current Price is $3.64 Difference: $0.16
If GOZ meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $4.02, suggesting upside of 11.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Macquarie rates HDN as Outperform (1) -

FY22 funds from operations of 8.85c per security were in line with Macquarie's estimates. At first glance, FY23 guidance for 8.6c per security is weak and there appears to be a -2% headwind from the sale of Sunshine Coast, while hedging has increased to 74%.

As this could explain the difference between Homeco Daily Needs REIT's guidance and the broker's expectations, a further review of the detail will be undertaken. Outperform rating and $1.65 target maintained.

Target price is $1.65 Current Price is $1.32 Difference: $0.33
If HDN meets the Macquarie target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $1.52, suggesting upside of 18.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

UBS rates HDN as Neutral (3) -

In an initial review by UBS, FY22 funds from operations (FFO) for HomeCo Daily Needs REIT are in line with the broker's forecast, while the outlook is "solid". FFO were 8.85cpu and the dividend was 8.28cpu compared to the estimated 8.28cpu (same).

The analyst highlights a more than 99% rate for both collections and occupancy.

UBS remains Neutral-rated on valuation and the $1.30 target is unchanged.

Target price is $1.30 Current Price is $1.32 Difference: minus $0.02 (current price is over target).
If HDN meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.52, suggesting upside of 18.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

UBS rates HT1 as Buy (1) -

Operating earnings missed UBS estimates in the first half result. At first glance, the broker notes this was mostly a result of lower-than-forecast radio revenue that was partly offset by better-than-expected operating expenditure. Net profit was in line.

The reinstatement of the share buyback is considered positive. Buy rating and $2.50 target maintained.

Target price is $2.50 Current Price is $1.29 Difference: $1.21
If HT1 meets the UBS target it will return approximately 94% (excluding dividends, fees and charges).

Current consensus price target is $1.81, suggesting upside of 31.3% (ex-dividends)

The company's fiscal year ends in December.

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 JDO as Outperform (1) -

Heading into Judo Capital's result on August 25, Credit Suisse cuts the target price to $2.50 from $2.75 to reflect a rising cost of equity given rising interest rates. Outperform rating retained.

The broker sits above consensus and will be keeping a keen eye peeled to NIM expansion, the balance sheet and cost-to-income ratio.

Target price is $2.50 Current Price is $1.31 Difference: $1.19
If JDO meets the Credit Suisse target it will return approximately 91% (excluding dividends, fees and charges).

Current consensus price target is $1.80, suggesting upside of 38.5% (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 JHX as Overweight (1) -

As explained yesterday, James Hardie Industries' June-quarter margins disappointed Morgan Stanley, as did reduced guidance (by -3%).

This reflected a -5% earnings (EBIT) miss despite an 8% beat on sales.

Management guided to stronger margins from here as price increases flow through and transport costs fall.

Upon further reflection, the broker maintains its Overweight rating, though the target price falls to $46 from $51. Industry View: In-Line.

Target price is $46.00 Current Price is $36.59 Difference: $9.41
If JHX meets the Morgan Stanley target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $48.57, suggesting upside of 31.5% (ex-dividends)

The company's fiscal year ends in February.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.8

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

Credit Suisse rates MFG as Neutral (3) -

Magellan Financial's FY22 earnings missed consensus by -3% and Credit Suisse's forecasts by -9% after accounting for non-core investment income.

Including this, the broker's miss narrows to -3% and reflected lower management fee margins, lower associate income as Barrenjoey retreated into a June half loss, and a higher tax rate due to reduced offshore income.

EPS forecasts fall -9% in FY23 and -6% in FY24.

Neutral rating retained, the broker considering the fund performance to be underwhelming, hence inviting further outflows. Target price rises to $12.50 from $12.

Target price is $12.50 Current Price is $14.12 Difference: minus $1.62 (current price is over target).
If MFG meets the Credit Suisse target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.76, suggesting downside of -16.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.5

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

Macquarie rates MFG as Neutral (3) -

Macquarie notes Magellan Financial's management has stated investment performance will be a priority following a miss from the company's core funds management business on lower fee margins.

The company delivered full year net profit of $393.1m, compared to Macquarie's anticipated $399.0m, with management fee margins increasing just 1 basis point due to expected mix shift. The broker is forecasting a 3 basis point increase to management fee margins in the coming year.

The Neutral rating is retained and the target price increases to $13.00 from $11.50 accounting for updates to earnings forecasts. 

Target price is $13.00 Current Price is $14.12 Difference: minus $1.12 (current price is over target).
If MFG meets the Macquarie target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.76, suggesting downside of -16.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.5

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

Morgan Stanley rates MFG as Underweight (5) -

Magellan Financial's profit was in line with Morgan Stanley but the dividend missed by -10% on lower performance fees. The broker believes the fund manager has lumpy downside risks on flows and little flexibility on costs to offset this.

The strong balance sheet provides new management with options to invest in growth and add teams, but a turnaround will take time and with the stock trading above peers, the broker retains Underweight.

Target falls to $9.50 from $9.90. Industry view: Attractive.

Target price is $9.50 Current Price is $14.12 Difference: minus $4.62 (current price is over target).
If MFG meets the Morgan Stanley target it will return approximately minus 33% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.76, suggesting downside of -16.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.5

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

Morgans rates MFG as Hold (3) -

Following in-line FY22 results for Magellan Financial, Morgans retains its Hold rating as earnings are still in the process of finding a ‘base’ level. Flows are expected to remain under pressure, with around -$400m/month going out for retail.

Funds under management (FUM) at June 30 were $61.3bn, down -46.2% on the previous corresponding period.

A 2H dividend of 68.9cps was declared. The broker highlights a strong capital position and the current buyback has potential to be circa 5% EPS accretive. The target rises to $14.04 from $13.43.

Target price is $14.04 Current Price is $14.12 Difference: minus $0.08 (current price is over target).
If MFG meets the Morgans target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.76, suggesting downside of -16.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.5

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

UBS rates MFG as Sell (5) -

Magellan Financial reported FY22 earnings below UBS expectations with the core funds management business missing estimates by 4%, as institutional repricing led to lower margins.

UBS views there is a $120m p.a. risk to revenues and some 35% of earnings, due to the retail base fees, which remain too high relative to the market place and notes that the lack in change of strategic direction from the new CEO is unlikely to reverse fund outflows.

The group retains a robust balance sheet of $963m in cash and investments, equaling $5.30 per share.

The analyst downgrades earnings forecasts for FY23 and FY24 by -2% and -5%, respectively, factoring in higher fund outflows and lower institutional fee margins.

A Sell rating is retained and the price target is lowered to $10.30 from $10.60.

Target price is $10.30 Current Price is $14.12 Difference: minus $3.82 (current price is over target).
If MFG meets the UBS target it will return approximately minus 27% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.76, suggesting downside of -16.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.5

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

Citi rates MPL as Buy (1) -

In an early response to Medibank Private's full year result, Citi was disappointed by net profit of $393.9m, a miss on the broker's anticipated $412m, noting $24.8m of investment income losses drove the result, but still considers the underlying result strong. 

The company also reported higher than expected costs, which the broker notes appear to be driven by homecare nurse wage inflation. Positively, premium policyholder growth of 2.7% was ahead of the broker's forecast 2.4%.

The Buy rating is retained and the target price increases to $3.85 from $3.65.

Target price is $3.85 Current Price is $3.52 Difference: $0.33
If MPL meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $3.61, suggesting upside of 1.7% (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 MPL as Buy (1) -

On the first reading, FY22 results beat estimates, amid favourable underlying volume and margin trends. Moreover, Medibank Private's FY23 guidance for policyholder growth of 2.7% and low claims inflation of 2.3% is considered upbeat.

UBS suspects the market will question the sustainability of the low claims inflation guidance. Buy rating and $3.90 target maintained.

Target price is $3.90 Current Price is $3.52 Difference: $0.38
If MPL meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $3.61, suggesting upside of 1.7% (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 NEA as Neutral (3) -

Macquarie notes Nearmap delivered in-line revenue and annual contract value for FY22, but earnings disappointed on higher costs.

The company continues to target 20-40% annual contract value growth in the medium- to long-term, and looks to increase its headcount in the coming year as it executes on its go to market strategy.

Accounting for increased headcount and higher operating expenditure, Macquarie's earnings forecasts decease -44-156% through to FY25.

The Neutral rating and target price of $2.00 are retained.

Target price is $2.00 Current Price is $2.00 Difference: $0
If NEA meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $1.90, suggesting downside of -5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Morgan Stanley rates NEA as Overweight (1) -

Nearmap had pre-released so no surprises. The US performance was robust, Morgan Stanley notes, with annual contract revenue slightly above forecast, and the US is now bigger than A&NZ for the first time.

The company reiterated it expects to be free cash flow positive in FY24. No guidance was provided -- this is typically saved for the AGM -- and there was no update on the private equity bid at $2.10.

Overweight and $1.80 target retained. Industry view: In-Line.

Target price is $1.80 Current Price is $2.00 Difference: minus $0.2 (current price is over target).
If NEA meets the Morgan Stanley target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.90, suggesting downside of -5.9% (ex-dividends)

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Citi rates ORA as Buy (1) -

In an early response to Orora's full year results, Citi notes sales of $4,091m and net profit of $187m were in line with the broker's forecasts, but 6% and 3% ahead of consensus.

The broker notes a strong beat in the US was a driver, with pricing power driving a 14% increase to revenue. Despite no firm guidance, the company expects higher earnings in the coming year, Citi warns capital expenditure guidance of -$230 appears elevated.

The Buy rating and target price of $4.26 are retained.

Target price is $4.26 Current Price is $3.53 Difference: $0.73
If ORA meets the Citi target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $3.97, suggesting upside of 13.6% (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 ORA as Neutral (3) -

At first glance, Orora's FY22 earnings met consensus and UBS forecasts, thanks to lower interest and depreciation and interest.

FY23 guidance proved a 5% beat on consensus and the broker, albeit Australian earnings growth are forecast to be flat, compared with consensus forecasts of +5%, as cost inflation persists.

Improvements in North America in FY22 are forecast to continue into FY23.

Neutral rating and $3.80 target price retained, pending closer examination. 

Target price is $3.80 Current Price is $3.53 Difference: $0.27
If ORA meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.97, suggesting upside of 13.6% (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 ORG as Neutral (3) -

At first glance, Origin Energy's FY22 result was a mixed bag, underlying net profit after tax falling -24% below consensus forecasts and underlying earnings (EBITDA) in line with guidance.

Electricity gross margins fell -77% on FY21, and -23% shy of Credit Suisse's forecasts. Gas gross margins rose 26% year on year, but fell -23% short of the broker. The dividend outpaced consensus by 1.8c, coming in at 29c.

The broker cannot understand why no quantitative guidance was provided for FY23 given the company says it has locked in the majority of its coal supply needs for FY23 (pricing was not disclosed). But management did forecast higher earnings for FY23.

Neutral rating and $5.70 target price retained pending closer examination of the result.

Target price is $5.70 Current Price is $6.07 Difference: minus $0.37 (current price is over target).
If ORG meets the Credit Suisse target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.40, suggesting upside of 8.4% (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

UBS rates ORG as Buy (1) -

Following an initial review, UBS expects the market to be disappointed with today's FY22 result for Origin Energy. Second half underlying earnings (EBITDA) of $1,015m fell short of the consensus forecast for $1,046m, and the broker's $1,177m estimate.

Underlying profit was also well below market expectations and no management guidance was issued for FY23 earnings in the
Energy Markets division, which is another reason for disappointment.

Second half Energy Markets underlying earnings were $94m compared to the $121m expected by consensus. UBS retains its Buy rating and $7.90 target.

The 2H dividend of 16.5cps (75% franked) compared to forecasts of 12.0cps and 15.0cps by UBS and consensus.

Target price is $7.90 Current Price is $6.07 Difference: $1.83
If ORG meets the UBS target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $6.40, suggesting upside of 8.4% (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 PGH as Outperform (1) -

Credit Suisse describes Pact Group's FY22 results as "trough value, trough earnings", and maintains an Outperform rating and $4 target price, considering the company to represent deep value.

The broker is satisfied with the core business performance but cuts EPS forecasts -5% to -9% over the forecast period to reflect rising interest expense.

Supply chain constraints and cost inflation are likely to continue to drag for another six months, says the broker, and management has guided to slight earnings (EBIT) growth in FY23.

Target price is $4.00 Current Price is $1.99 Difference: $2.01
If PGH meets the Credit Suisse target it will return approximately 101% (excluding dividends, fees and charges).

Current consensus price target is $2.97, suggesting upside of 62.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Macquarie rates PGH as Neutral (3) -

Macquarie notes Pact Group has delivered an in-line full year net profit result, while earnings were within guidance although at the lower end.

A final 1.5 cents per share dividend disappointed the broker's expectations of a 4.5 cents per share payout, and the 6 cents per share dividend issued in the previous year.

Segmentally, the broker notes resilient performance in the Packaging and Sustainability and Materials segments, while Contract Manufacturing dragged.

The broker warns supply chain and input costs will remain a negative drag in the coming half, but anticipates relief in the second half. The Neutral rating is retained and the target price decreases to $2.08 from $2.20.

Target price is $2.08 Current Price is $1.99 Difference: $0.09
If PGH meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $2.97, suggesting upside of 62.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Morgan Stanley rates PSQ as Overweight (1) -

Pacific Smiles reported in line with recent guidance. The key positive in Morgan Stanley's view was detailed guidance so early in FY23, in what is a very dynamic environment.

The company will focus on preserving cash and demonstrating earnings leverage, with the FY23 roll-out scaled back, and maintaining compelling consumer dentist and staff experience despite covid challenges that have severely impacted the industry.

Morgan Stanley would have preferred not for the dividend to be reinstated, rather to see all cash retained for reinvestment at a very attractive return on invested capital. Overweight and $2.30 target retained. Industry view: In-Line.

Target price is $2.30 Current Price is $1.68 Difference: $0.62
If PSQ meets the Morgan Stanley target it will return approximately 37% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

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

On a quick assessment, Morgan Stanley found Redbubble 's result in line with guidance to slightly below FY21. A June quarter growth rate of 1% compares to -7%, -11% and -28% in the prior three quarters.

Unique customers fell to 8.3m vs 9.5m in FY21 but the repeat rate rose to 46% from 42% and selling artists grew by 19%.

Equal-weight and $1.00 target retained.

Target price is $1.00 Current Price is $1.02 Difference: minus $0.02 (current price is over target).
If RBL meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.53, suggesting upside of 59.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

UBS rates RBL as Buy (1) -

UBS doesn't appear too phased by the FY22 earnings report from Redbubble, but notes the FY23 operating expenditure guidance of 22-31% was not taken well by the market and infers there are more earnings downgrades in the short term.

The company is seeking to conclude the increase in headcount, so employee cost rises should subside and drop substantially from FY24, while brand building is forecast to boost revenues.

Management expressed confidence these strategic changes and balance sheet, combined, allow for an improved business outlook.

UBS adjusts earnings forecasts for higher gross margins in FY23 and FY24, with earnings loss estimates -89% and 31% for the next two financial years.

A Buy rating and the target price is lowered to $1.55 from $1.60.

Target price is $1.55 Current Price is $1.02 Difference: $0.53
If RBL meets the UBS target it will return approximately 52% (excluding dividends, fees and charges).

Current consensus price target is $1.53, suggesting upside of 59.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Macquarie rates RDY as Outperform (1) -

Macquarie notes both ReadyTech's $78m full year revenue and $27.5m earnings were in line with company guidance and the company delivered strong organic growth and higher value customer wins across all segments. 

The broker highlights 17% like-for-like growth in the Education segment, 16% in Workforce Solutions and 19% in Government and Justice, and notes a current focus on TAFE over universities in the education sector will likely benefit ReadyTech given its products are a strong fit. 

Lower margins reflect the company's ongoing investment to support future growth. Earnings per share estimates updated 2%, -2% and -4% through to FY25. The Outperform rating is retained and the target price increases to $4.20 from $4.05.

Target price is $4.20 Current Price is $3.20 Difference: $1
If RDY meets the Macquarie target it will return approximately 31% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

UBS rates RIC as Buy (1) -

At first glance, Ridley Corp's FY22 result beat UBS forecasts by 5%, although cash flow fell shy due to an inventory build.

Management guides to stronger FY23 earnings and cash flow, forecasting cost savings and higher sales.

Buy rating and $2 target price retained pending closer examination.

Target price is $2.00 Current Price is $1.83 Difference: $0.17
If RIC meets the UBS target it will return approximately 9% (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 RRL as Outperform (1) -

Regis Resources has signalled net profit in FY22 should be between $10-20m because of non-cash write-downs of stockpile, exploration and evaluation assets. The external auditor is yet to finalise the accounts but the number is materially lower than the $66m, Macquarie anticipated.

The broker does not expect FY22 free cash flow to be affected because of the non-cash nature of the revisions and impairments. Outperform maintained with a $2.20 target.

Target price is $2.20 Current Price is $1.76 Difference: $0.44
If RRL meets the Macquarie target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $1.83, suggesting upside of 13.2% (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

Ord Minnett rates SBM as Hold (3) -

Ord Minnett incorporates the Leonora province uplift plan, whereby the 1.4mtpa Gwalia mill is filled with Zoroastrian ore and incremental production improvements are made as shallower material is brought into the mill.

The broker's site trip has reinforced the structural challenges of the Gwalia orebody, which is deep and has a declining grade profile.

After a couple of challenging years, St. Barbara screens cheaply to the broker although there remain risks across the portfolio. Hold maintained. Target rises to $1.10 from $0.90

Target price is $1.10 Current Price is $1.04 Difference: $0.06
If SBM meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $1.09, suggesting upside of 8.8% (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 SDF as Outperform (1) -

Steadfast Group's FY22 result nosed out consensus forecasts, the dividend was in line, and management missed its $1bn transaction volume target, which came in at $945m.

Most earnings channels were solid, with agencies a standout.

EPS forecasts rise 2% in FY23 and FY24 to account for the IBA acquisition, which the broker considers expensive but good.

Outperform rating retained despite the share price nearing fair value, the broker expecting continued strong organic and inorganic execution, dependable earnings growth and positive industry conditions.

Target price rises to $5.72 from $5.40.

Target price is $5.72 Current Price is $5.39 Difference: $0.33
If SDF meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $6.06, suggesting upside of 14.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates SDF as Outperform (1) -

Macquarie notes Steadfast Group has delivered an in-line FY22 result, and is now guiding to earnings of $400-420m and net profit of $190-202m in the coming year. The company also announced its $301m purchase of Insurance Brands Australia. 

With guidance exceeding consensus forecasts, the broker notes the Insurance House acquisition looks to add $18m in earnings and the Trapped Capital initiative to add $8m. The company intends to close $220m of the $400m Trapped Capital pipeline in FY23.

The Outperform rating is retained and the target price increases to $6.00 from $5.70.

Target price is $6.00 Current Price is $5.39 Difference: $0.61
If SDF meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $6.06, suggesting upside of 14.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

UBS rates SEK as Upgrade to Buy from Neutral (1) -

UBS points to the market's disappointment regarding  "potentially bullish" guidance for Seek's FY23 earnings outlook.

The company reported 11% growth in listings over FY22 with an uptake of Premium ads and higher pricing for Classic ads, estimated at 5%,  ex-discounts for volume.

The analyst views Applications per Ad which reached an historical low will reverse as labour supply pressures ease.

The broker's earnings forecasts are reduced by -21.9% and -21.3% for FY23 and FY24, respectively, and account for a -5% and -12% decline in listings volumes over the next two financial years.

On the positive side, UBS is forecasting EDITDA margins to grow 190bs between FY23 and FY26, due to the strong operating leverage in the business and despite ongoing investment in the platform.

UBS upgrades Seek to Buy from Neutral and sees the stock as trading at a -12% discount to historical earnings. The price target falls to $27.80 from $32.

Target price is $27.80 Current Price is $23.44 Difference: $4.36
If SEK meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $30.22, suggesting upside of 32.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Citi rates STO as Buy (1) -

Citi pushes out production expectations for Dorado to 2026 and first gas in Narrabri to the second half of that year. Santos has deferred Dorado because of rising capital expenditure. Citi revises earnings estimates for 2022-24 down by -2-3%.

The broker reduces dividend expectations for 2022-23 as well, now assuming the capital return for oil pricing over US$65/bbl will be distributed via buybacks. Buy retained. Target is reduced to $8.30 from $8.60.

Target price is $8.30 Current Price is $6.91 Difference: $1.39
If STO meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $9.54, suggesting upside of 35.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 1.0

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

Macquarie rates STO as Outperform (1) -

Macquarie has described Santos' first half result as solid, noting net profit of US$1,270m was a 15% beat to consensus driven by lower interest and tax.

The company announced a first half dividend of US7.6 cents per share which did miss consensus forecasts by -31%, and increased its on-market buyback by US$100m. 

The broker notes the company flagged the sale of -5% of PNG LNG, which it expects will reduce gearing to 15%, and that Santos made a final investment decision on its Alaska project which should see first oil in 2026.

The Outperform rating is retained and the target price increases to $10.40 from $10.00.

Target price is $10.40 Current Price is $6.91 Difference: $3.49
If STO meets the Macquarie target it will return approximately 51% (excluding dividends, fees and charges).

Current consensus price target is $9.54, suggesting upside of 35.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 1.0

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

Morgan Stanley rates STO as Overweight (1) -

Santos posted a record profit in FY22, up 300% on FY21 thanks to strong pricing due to war-driven energy supply constraints. Morgan Stanley does not articulate whether the result was ahead of forecast.

Revenue and production were also higher during the period, predominantly driven by additional interests in PNG LNG. Capital management and free cash generation continues to be a key focus, with the company increasing free cash 199% during the period.

This supported an increased dividend and buyback.

Overweight and $11.00 target retained. Industry view: Attractive.

Target price is $11.00 Current Price is $6.91 Difference: $4.09
If STO meets the Morgan Stanley target it will return approximately 59% (excluding dividends, fees and charges).

Current consensus price target is $9.54, suggesting upside of 35.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 1.0

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

Morgans rates STO as Add (1) -

Morgans leaves its Add rating and $9.30 target price unchanged for Santos after 1H results came in close to forecasts. The interim US7.6cps lagged the US11cps consensus expectation, as funds were deployed to boost the on-market share buyback.

The broker suggests the board may increase the 2H dividend payout ratio, as gearing is on-track to finish the year at 11%, down from 22%.

Management stated the final investment decision for Dorado has been delayed by the inflationary backdrop and a sale of -5% in PNG LNG is a couple of months away.

Production, sales and cost guidance for FY23 were unchanged.

Target price is $9.30 Current Price is $6.91 Difference: $2.39
If STO meets the Morgans target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $9.54, suggesting upside of 35.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 1.0

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

Ord Minnett rates STO as Buy (1) -

First half net profit was slightly ahead of Ord Minnett's forecasts as was the US7.6c interim dividend. In line with expectations, Santos has decreased the scale of the asset sale process because of the high levels of free cash flow generated by elevated commodity prices.

The broker is disappointed the Dorado project has been deferred, while noting the Pikka unit in Alaska has been sanctioned. The on-market share buyback has increased to US$350m.

The broker suspects the company is being prudent with its balance sheet given increased capital requirements. Buy rating maintained. Target rises to $9.90 from $9.55.

Target price is $9.90 Current Price is $6.91 Difference: $2.99
If STO meets the Ord Minnett target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $9.54, suggesting upside of 35.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 1.0

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

UBS rates STO as Buy (1) -

Santos reported mixed IH22 earnings with underlying earnings coming in some 6% better than UBS expectations from a lower tax rate, and the US7.6c announced interim dividend came in below forecasts and market expectations of US10.7c.

The company did, however, increase the US$250m buy-back by US$100m and with the 5% sell-down of PNG LNG, the balance sheet gearing is forecast to fall to 12% by the end of 2022, suggesting more capital management is possible.

UBS adjusts for lower future tax rates and earnings estimates rise by 7.8% for FY22, and 7.7% for FY23.

Oil prices are forecast to stay higher than US$65bbl and alongside robust fundamentals for global LNG markets, a Buy rating for Santos is retained.

The price target is adjusted marginally to $9.45 from $9.65.

Target price is $9.45 Current Price is $6.91 Difference: $2.54
If STO meets the UBS target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $9.54, suggesting upside of 35.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 1.0

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

Citi rates SUL as Buy (1) -

Citi continues to be surprised by Super Retail's sales, which beat expectations by 6% in the second half of FY22 and strength has continued into the first quarter.

The broker suspects consumer expenditure will hold up better than generally expected into FY23. Moreover, the company's cost pressures in FY23 appear largely manageable.

Super Retail remains the top pick in discretionary retail and Citi maintains a Buy rating. Target is raised to $13.50 from $13.30.

Target price is $13.50 Current Price is $10.70 Difference: $2.8
If SUL meets the Citi target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $12.16, suggesting upside of 20.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24: