Australian Broker Call

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

Following in-line FY22 results for 3P Learning, Morgan Stanley lowers earnings forecasts in accordance with management's goal of aligning its P&L statement with cash earnings, post merger. While underlying drivers are little changed, the target falls to $1.40 from $1.80.

The broker sees less optionality as management has clearly pulled-back on global enterprise (no progress on a significant contract)
and US sales (sales team halved).

More positively, cash generation surprised to the upside, according to the analyst. The Equal-weight rating is unchanged. Industry view: In-Line.

Target price is $1.40 Current Price is $1.25 Difference: $0.15
If 3PL meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Citi rates ABC as Neutral (3) -

AdBri reported a miss on 1H22 earnings results with Citi attributing the weaker result to a lack of pricing power in the face of rising costs to sustain margins, even though the company beat on sales.

Management provided no guidance but did highlight out-of-cycle price rises across masonry, concrete, aggregates and cement in the months of May, June, July and August, respectively with further price rises for concrete, aggregates and masonry in September.

Citi adjusts FY22 revenue forecasts for the price rises and assumes a 12% margin in the 2H22 to the historical mean, and remains optimistic that AdBri can recover the cost imposts by FY23, leaving those forecasts unchanged.

A Neutral rating is retained and the price target is lowered to $2.37 from $2.62.

Target price is $2.37 Current Price is $2.21 Difference: $0.16
If ABC meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $2.78, suggesting upside of 20.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Credit Suisse rates ABC as Neutral (3) -

First half earnings were down -7% and disappointed Credit Suisse. Second half net profit guidance is, in the broker's view, effectively a -20% decrease.

Given AdBri has an advantage in energy supply to its Birkenhead clinker kiln, the broker had expected better commentary regarding margins. Yet the company has indicated prices are lagging costs. Target is reduced to $2.30 from $3.40. Neutral rating retained.

Target price is $2.30 Current Price is $2.21 Difference: $0.09
If ABC meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $2.78, suggesting upside of 20.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

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

Morgan Stanley suggests it may take some time for sentiment towards AdBri to recover from 1H results, which revealed a -17% earnings (EBIT) miss. The 5cps 1H dividend was also below the expected 6cps. The target falls to $2.40 from $3.40.

No guidance was provided though management expects 2H earnings growth, and out-of-cycle price increases are expected to help out.

The analyst highlights earnings margins declined -160bps year-on-year to 9.8%, likely due to wet weather across Eastern Australia, higher diesel prices, a higher D&A charge and a substandard acquisition performance.

The Equal-weight rating is unchanged. Industry view: In line.

Target price is $2.40 Current Price is $2.21 Difference: $0.19
If ABC meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $2.78, suggesting upside of 20.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Ord Minnett rates ABC as Hold (3) -

First half underlying net profit of $54.3m was below Ord Minnett's forecast. A strong pick up in construction materials volumes was evident although AdBri is yet to deliver the leverage to an improved outlook, the broker asserts.

EBIT forecasts are lowered by -9% for 2022 and -7% for 2023. Ord Minnett requires evidence of price realisation before becoming more positive and maintains a Hold rating. Target is reduced to $2.50 from $2.65.

Target price is $2.50 Current Price is $2.21 Difference: $0.29
If ABC meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $2.78, suggesting upside of 20.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

UBS rates ABC as Neutral (3) -

AdBri's first half has disappointed UBS's forecasts as rising costs continued to impact, and the broker warns many of these headwinds, including costs of labour and energy, look to persist. 

The broker notes lagged price increases will help offset higher costs to an extent, but finds price increases issued insufficient to needs. UBS highlights while AdBri has a track record of driving price growth in its home market, it depends more on other players lifting prices in large east coast markets.

The Neutral rating is retained and the target price decreases to $2.43 from $2.70.

Target price is $2.43 Current Price is $2.21 Difference: $0.22
If ABC meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $2.78, suggesting upside of 20.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Morgan Stanley rates AD8 as Overweight (1) -

FY22 results for Audinate Group were pre-guided, so Morgan Stanley elects to focus on the speed to attain free cash flow (FCF) breakeven.

The broker expects positive profit/FCF from FY24 and points to the company's growing relevance in the ASX-listed Technology sector, with a forecast for $100m in revenue in FY25.

The analyst raises the target price to $10 from $9 and retains the Overweight rating. Industry view is In-Line.

Target price is $10.00 Current Price is $8.80 Difference: $1.2
If AD8 meets the Morgan Stanley target it will return approximately 14% (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 AD8 as Buy (1) -

Audinate Group has delivered another impressive result according to UBS. Despite supply constraints, the company delivered underlying earnings of $4.3m, at the top end of guidance.

The company noted record demand levels persist, but continue to be constrained by supply. UBS expects this trend to continue through the coming year. The video segment gaining traction should also benefit according to the broker.

The Buy rating is retained and the target price increases to $10.20 from $9.85.

Target price is $10.20 Current Price is $8.80 Difference: $1.4
If AD8 meets the UBS target it will return approximately 16% (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

Morgans rates ADH as Hold (3) -

While the Adairs' share price declined by -14% in reaction to yesterday's FY22 results, Morgans still retains its Hold rating in the expectation rising interest rates and reduced real household income will continue to weigh. The target falls to $2.40 from $2.50.

The broker notes a strong contribution from Focus on Furniture offset a poor performance by Mocka in FY22. Management expects to '‘continue to grow sales and EBIT’' in FY23.

The analyst takes heart from management's confidence in offering FY23 profit guidance (the first retailer under Morgans coverage to do so), which indicates a good grasp of costs and investment spend.

Target price is $2.40 Current Price is $2.20 Difference: $0.2
If ADH meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $3.03, suggesting upside of 37.9% (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 ADH as Buy (1) -

UBS notes Adairs' second half net profit missed its expectations by -7% driving by an earnings loss from the company's Mocka brand. The broker notes Mocka delivered a -$0.8 earnings loss in the second half, having achieved a $5.7m profit in the first half.

With the share price declining -14% since the release of the company's full year results, the broker expects the decline reflects weaker performance and margins from Mocka in the medium-term and an in-line FY23 guidance which the broker expects accounts for a challenging macro environment.

The Buy rating is retained and the target price decreases to $3.40 from $3.70.

Target price is $3.40 Current Price is $2.20 Difference: $1.2
If ADH meets the UBS target it will return approximately 55% (excluding dividends, fees and charges).

Current consensus price target is $3.03, suggesting upside of 37.9% (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 ALD as Neutral (3) -

Credit Suisse welcomed Ampol's first half result, with the dividend surprising to the upside. The outperformance largely stemmed from refining margins as convenience volumes were below forecast. Still, the rate of recovery in fuel volumes was slower than anticipated.

Credit Suisse expects the increase in working capital from higher fuel prices will partially unwind in the second half as prices moderate.

Proceeds from the sale of Gull and a reduction in working capital should bring net debt down below the target range and, potentially, allow capital management. Neutral maintained. Target is reduced to $31.93 from $32.34.

Target price is $31.93 Current Price is $34.92 Difference: minus $2.99 (current price is over target).
If ALD meets the Credit Suisse target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $37.61, suggesting upside of 9.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Macquarie rates ALD as Outperform (1) -

Ampol's full year result was a 15% beat to Macquarie's expectations, with strong refining margins supporting earnings. The company was able to use the cycle to more rapidly pay down debt incurred from the Z Energy acquisition.

With the debt to earnings ratio back inside management's target range, Macquarie suggests capital management options are now open, and the broker expects buybacks could come sooner than earlier assumed.

Outperform and $38.30 target retained -- the broker having raised from $38.00 in an early response yesterday.

Target price is $38.30 Current Price is $34.92 Difference: $3.38
If ALD meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $37.61, suggesting upside of 9.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Ord Minnett rates ALD as Buy (1) -

First half underlying net profit of $445m was ahead of Ord Minnett's forecast as was the unfranked interim dividend of $1.20 a share. Two months of Z Energy contributed to the record result, although the broker notes a key driver was Lytton which set record refiner margins.

Ampol believes global capacity growth will be below demand growth, excluding China, which means refiner margins will remain elevated. Ord Minnett retains a Buy rating and $39 target.

Target price is $39.00 Current Price is $34.92 Difference: $4.08
If ALD meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $37.61, suggesting upside of 9.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

UBS rates ALD as Buy (1) -

UBS is anticipating a recovery in fuel volumes to 2019 levels and synergies from the Z Energy acquisition to support an 18% compound annual growth rate for Ampol between FY22-25.

Given Ampol is well advanced on the sale of Z Energy's 77 retail sites, the broker also anticipates capital management in coming months which benefits the share price.

Resilience in refining margins also looks set to benefit earnings, and UBS lifts its earnings forecast 5% for the second half accordingly. 

The Buy rating is retained and the target price increases to $39.80 from $39.60.

Target price is $39.80 Current Price is $34.92 Difference: $4.88
If ALD meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $37.61, suggesting upside of 9.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Citi rates ALU as Neutral (3) -

Altium reported FY22 earnings of US$57m, 16% better than Citi's expectations and 13% ahead of consensus.

The better than anticipated results were generated from higher revenue growth from Design software and Octopart, as well as higher margins.

Altium FY23 EBITDA guidance is 7% ahead of consensus and management continued to confirm the FY26 target, excluding acquisitions or mergers.

A Neutral rating is retained and a $33.50 target price.

Target price is $33.50 Current Price is $29.93 Difference: $3.57
If ALU meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $33.48, suggesting downside of -6.5% (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: 0.6

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

Macquarie rates ALU as Upgrade to Outperform from Underperform (1) -

Altium's FY22 revenues came in ahead of guidance, while earnings margins were at the upper end of guidance. Stronger-than-forecast results were largely driven by Octopart, which beat Macquarie's estimates by 13% from both stronger clicks as well as cost-per-click.

Altium’s outlook is improving, in Macquarie's view. Management’s conviction in hitting its FY26 targets is increased by stronger-than-forecast revenue per subscriber growth, although this was offset by weaker overall subs growth and higher churn.

Upgrade to Neutral from Underperform. Target rises to $31.40 from $25.20.

Target price is $31.40 Current Price is $29.93 Difference: $1.47
If ALU meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $33.48, suggesting downside of -6.5% (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: 0.6

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

Morgan Stanley rates ALU as Overweight (1) -

FY22 results for Altium revealed revenue and earnings (EBITDA) beats of 3% and 8%, respectively, compared to the broker's forecasts. The same metrics also came in well above consensus expectations, putting to bed market supply chain concerns, feels the analyst.

The broker suggests the company is benefiting from competitive pricing and strong demand for Octopart search. It's also felt the company's software is aiding customers in re-purposing chips during the current shortage. 

The Overweight rating and $35 target are retained. Industry view: Attractive.

Target price is $35.00 Current Price is $29.93 Difference: $5.07
If ALU meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $33.48, suggesting downside of -6.5% (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: 0.6

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

Ord Minnett rates ALU as Accumulate (2) -

FY22 net profit of $55.5m was ahead of Ord Minnett's forecasts, largely on lower tax and D&A charges. The broker observes Altium is experiencing the benefits now of its "hard pivot" to cloud as term-based licences now account for 33% of software licenses sold.

Octopart also benefits from supply chain disruption, with search activity growing sequentially. The company has reiterated it its 2026 revenue target of US$500m. Ord Minnett maintains an Accumulate rating and raises the target to $34 from $32.

Target price is $34.00 Current Price is $29.93 Difference: $4.07
If ALU meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $33.48, suggesting downside of -6.5% (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: 0.6

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

Citi rates ANN as Buy (1) -

In a first take, Citi assesses today's FY22 results for Ansell are better than expected on lower employee costs. FY23 basic EPS guidance was -3% below consensus expectations.

For FY22, EPS (adjusted for the exit of Russia) was US138.6cps, 10% above the consensus forecast, and towards the top-end of the US125-145cps guidance range, explains the analyst.

Healthcare was negatively impacted by a decline in single use exam gloves and plant shutdowns (covid), notes the broker. Both causes abated in the 2H as evidenced by the 15.6% margin compared to 10.1% in the 1H.

The analyst anticipates a positive share price reaction, as the end approaches for covid impacts on exam gloves. A $32.75 target price is set. Buy.

Target price is $32.75 Current Price is $25.14 Difference: $7.61
If ANN meets the Citi target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $28.84, suggesting upside of 5.7% (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

Macquarie rates ANN as Outperform (1) -

FY22 results appear mixed on first view and Macquarie notes the impact from Russia on earnings per share. Finished goods inventory remains above pre-pandemic levels.

On an adjusted basis, Ansell expects growth in earnings per share of US115-135c per security, implying growth of 7-26%.

Macquarie observes commentary ex Russia and FX reveals improved trends and a basis for growth into FY24. Outperform rating and $27.85 target maintained.

Target price is $27.85 Current Price is $25.14 Difference: $2.71
If ANN meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $28.84, suggesting upside of 5.7% (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

Macquarie rates ARB as Outperform (1) -

FY22 was in line with pre-reported revenue guidance. Macquarie notes, at first glance, in FY22 growth was achieved despite a very challenging environment, particularly in the second half.

No specific guidance was provided, although ARB Corp remains positive and expects benefits from new vehicle models by the end of 2022. The customer order book is sitting well above historical levels. Outperform rating and $37.90 target maintained.

Target price is $37.90 Current Price is $31.81 Difference: $6.09
If ARB meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $39.31, suggesting upside of 22.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

UBS rates BHP as Neutral (3) -

Having delivered record earnings and cash flow in FY22, UBS notes BHP Group now seeks to accelerate growth. The company is targeting production over 300m tonnes per annum from its WA iron ore operations, and copper expansions in Chile and Olympic Dam.

Given strong operational performance across the WA iron ore operations, BHP Group intends to roll out work practices, culture and operating systems to QCoal and Minerals Australia in an attempt to lower costs.

Expected declines in commodity pricing over the next one to two years drives UBS's outlook. The Neutral rating and target price of $35.50 are retained.

Target price is $35.50 Current Price is $41.35 Difference: minus $5.85 (current price is over target).
If BHP meets the UBS target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $41.74, suggesting upside of 0.7% (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

Macquarie rates BLD as Neutral (3) -

FY22 results were at the upper end of guidance, while EBITDA and EBIT missed Macquarie's estimates. Boral expects higher revenue in FY23 from price and volume growth in a less disrupted year.

In an initial view, Macquarie notes improving infrastructure demand and non-residential activity are expected to offset any softening of detached housing demand in the second half of FY23. Neutral rating and $3.20 target maintained.

Target price is $3.20 Current Price is $2.89 Difference: $0.31
If BLD meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $2.88, suggesting downside of -2.8% (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 BLD as Neutral (3) -

FY22 net profit was below UBS estimates while EBITDA was in line. In a first read, the broker notes several one-off items will help growth in FY23 along with a recovery from pandemic and weather driven impacts from FY22.

UBS is -10% below consensus estimates and expects costs will persist into FY23 despite Boral's best efforts. Neutral rating and $3.15 target maintained.

Target price is $3.15 Current Price is $2.89 Difference: $0.26
If BLD meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $2.88, suggesting downside of -2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.5

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

Macquarie rates BRG as Outperform (1) -

In an initial review, Macquarie assesses an in-line FY22 result for Breville Group, while working capital (including inventory build) was better than expected. Acceleration in the Americas partially offset EMEA softness resulting from the Ukraine war.

Despite inflationary pressures from FOB and freight costs, the earnings (EBIT) margin stayed at 11% due to price increases in the Global Product segment, explains the analyst.

Management "are on plan for 1H23". The Outperform rating and $23.35 target are retained.

Target price is $23.35 Current Price is $21.47 Difference: $1.88
If BRG meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $25.62, suggesting upside of 19.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

UBS rates BRG as Buy (1) -

At first glance, sales in FY22 missed UBS estimates. No guidance was provided for FY23 although Breville Group has indicated it is "on plan".

UBS notes the Americas accelerated strongly in the second half but EMEA is likely to have performed weaker than the market expected.

The company has reiterated the view that its product is not seasonal and will not need to be discounted. Buy rating and $25 target retained.

Target price is $25.00 Current Price is $21.47 Difference: $3.53
If BRG meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $25.62, suggesting upside of 19.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Macquarie rates COE as Neutral (3) -

Cooper Energy reported earnings -5% below Macquarie's forecast. The broker has lowered its Otway production forecast following the release of FY23 production guidance, but notes room for potential upgrades pending results from the Orbost plant works.

FY23 earnings guidance was also below expectation.

Neutral retained, target falls to 24c from 26c.

Target price is $0.24 Current Price is $0.24 Difference: $0
If COE meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $0.28, suggesting upside of 20.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

Morgans rates COE as Add (1) -

While Cooper Energy's FY22 result was ahead of Morgans expectations, FY23 guidance was a significant miss, suggesting the market is too bullish on production and costs. The broker maintains its Add rating and sets a $0.29 target price.

FY22 underlying profit was $14.4m compared to the consensus forecast for -$1.7m and the broker's $11.9m expectation. It's thought a lot depends on how Orbost performs during FY23.

Target price is $0.29 Current Price is $0.24 Difference: $0.05
If COE meets the Morgans target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $0.28, suggesting upside of 20.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

Ord Minnett rates COE as Buy (1) -

FY22 net profit was well ahead of Ord Minnett's forecasts. FY23 guidance implies 9-14% production growth and 48-86% growth in operating earnings (EBITDAX).

The broker reiterates its positive view on the stock, noting Cooper Energy is leveraged to a strong east coast gas market. An increasing proportion of gas exposed to higher prices is anticipated as contracts are re-set and new developments come online. Buy rating and $0.34 target maintained.

Target price is $0.34 Current Price is $0.24 Difference: $0.1
If COE meets the Ord Minnett target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $0.28, suggesting upside of 20.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

Credit Suisse rates CWY as Underperform (5) -

Underlying results in FY22 were in line with Credit Suisse estimates. The broker believes the acquisition of GRL, to take advantage of council FOGO waste plans, is simply tidying a messy and onerous contract that was acquired with Suez Sydney.

Cleanaway Waste Management's $400m equity raising has been used to fund the deal and strengthen the balance sheet. Credit Suisse acknowledges merit in the business strategy but requires more evidence this is producing results before incorporating a higher valuation multiple.

Underperform maintained. Target is raised to $2.40 from $2.30.

Target price is $2.40 Current Price is $2.69 Difference: minus $0.29 (current price is over target).
If CWY 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 $2.92, suggesting upside of 5.5% (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

Morgans rates CWY as Hold (3) -

Morgans assesses broadly in-line FY22 results for Cleanaway Waste Management though expects meaningful downgrades to FY23 forecasts in reaction to FY23 guidance.

Management also announced a placement and share purchase plan for $350m and up to $50m, respectively, to fund the acquisition of GRL and for further growth opportunities. 

GRL is a post-collections compositing facility that processes around 20% of Sydney’s red bin household waste.

The Hold rating is retained and the target falls to $2.69 from $2.79.

Target price is $2.69 Current Price is $2.69 Difference: $0
If CWY meets the Morgans target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $2.92, suggesting upside of 5.5% (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 EDV as Outperform (1) -

FY22 results, at first glance, were in line with expectations. Hotels, as expected, was strong, with sales up 6.6%. Retail sales growth was down -1.7% although Macquarie highlights this was cycling a tough comparable.

Margins expanded across both divisions. Margins were also driven by lower promotional activity by Endeavour Group in the first half, which the broker notes began to normalise in the second half. Outperform rating and $7.70 target maintained.

Target price is $7.70 Current Price is $8.27 Difference: minus $0.57 (current price is over target).
If EDV meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.45, suggesting upside of 2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.1

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

Ord Minnett rates EDV as Accumulate (2) -

At first glance, FY22 results were broadly in line at the EBIT and net profit levels. There were large swings in the second half across retail and hotels and a large miss in retail offset a beat in hotels.

The trading update is largely in line with the broker's expectations. Subject to Endeavour Group's commentary around the persistence of higher retail costs and lower margins, Ord Minnett expects mid single-digit consensus downgrades as the market resets retail margins lower. Accumulate rating and $8.40 target retained.

Target price is $8.40 Current Price is $8.27 Difference: $0.13
If EDV meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $7.45, suggesting upside of 2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.1

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

UBS rates EDV as Sell (5) -

FY22 EBIT and net profit were marginally below consensus while ahead of UBS estimates at first glance.

A shift in mix is reflected in trading at the start of the first half, as the tailwinds from the reopening of the economy are materialising quicker than previously expected.

Liquor consumption at home is not yet being affected by the rising cost of living. UBS retains a Sell rating and $7.20 target.

Target price is $7.20 Current Price is $8.27 Difference: minus $1.07 (current price is over target).
If EDV 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 $7.45, suggesting upside of 2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.1

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

Ord Minnett rates EVT as Buy (1) -

FY22 results were ahead of expectations amid improvements made during the pandemic.

Event Hospitality & Entertainment has signalled that, while it is on track to return to pre-pandemic earnings, the timing may be pushed out beyond FY23 because of higher energy and other input costs as well as the absence of international visitors in the hotels business.

Still, Ord Minnett remains positive on the stock given the cost and revenue synergies that have been implemented. Buy rating retained. Target is reduced to $19.11 from $19.77.

Target price is $19.11 Current Price is $15.49 Difference: $3.62
If EVT meets the Ord Minnett target it will return approximately 23% (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

Macquarie rates FPH as Outperform (1) -

Fisher & Paykel Healthcare has provided first half FY23 profit guidance -45% below Macquarie's forecast.

Macquarie downgrades FY23-24 Hospital revenue forecasts on higher destocking and a slower clinical adoption ramp-up. By the broker's estimates, hospital destocking could be worth NZ$100-200m-plus in revenue with the challenge assessing how much of this has been worked through.

While acknowledging a quality business with a solid medium-term growth profile, Macquarie notes its revised earnings forecasts have the stock trading on a 56x forward PE. Downgrade to Neutral from Outperform. Target falls to NZ$21.49 from NZ$26.66.

Current Price is $18.25. Target price not assessed.

Current consensus price target is $19.50, suggesting upside of 9.1% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.7

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

Macquarie rates HAS as Outperform (1) -

Variations in assumptions present material risk to base case earnings forecasts and valuation.

Macquarie makes several assumptions in regard to the development scenario for the Yangibana project. In particular, securing the necessary funding presents material risk for Hastings Technology Metals.

The broker reiterates an Outperform rating and $6.30 target.

Target price is $6.30 Current Price is $4.40 Difference: $1.9
If HAS meets the Macquarie target it will return approximately 43% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Citi rates HUB as Buy (1) -

Hub24 underlying net profit was up 133% and 15% ahead of Citi's estimates. Revenue was in line with forecasts. At first glance, flows appear to be in line with expectations and platform EBITDA margins better than previously expected.

On the negative side, the broker notes increasing Xplore integration costs while synergies are expected to take longer. The company has lowered its FY24 funds under administration guidance to $80-89bn, reflecting weaker market movements.

Buy rating and $26.40 target maintained.

Target price is $26.40 Current Price is $24.96 Difference: $1.44
If HUB meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $29.67, suggesting upside of 21.7% (ex-dividends)

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Ord Minnett rates HUB as Buy (1) -

On initial assessment, it looks like Hub24's FY22 performance is a "healthy beat", comments Ord Minnett. All financial metrics, from revenue to profit, reported and underlying, to the 12.5c dividend are above market consensus and the broker's estimates.

Management did pare back its guidance for the June-2024 target for funds under admin (FUA) to $80-89bn from a previously guided $83-92bn, but the broker suspects this has been caused by market volatility generally.

Ord Minnett also suspects market consensus is already in line with the new FUA target. Buy. Target $30.

Target price is $30.00 Current Price is $24.96 Difference: $5.04
If HUB meets the Ord Minnett target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $29.67, suggesting upside of 21.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Credit Suisse rates IFL as Outperform (1) -

Insignia Financial has sold AET to Equity Trustees for $135m and Credit Suisse updates forecasts to reflect the sale. The sale is immaterial to earnings although ensures gearing remains within the target range in FY23.

The broker downgrades earnings estimates by -2% for FY24 to reflect the lost earnings that are only partially offset by lower interest costs.

Credit Suisse maintains the Outperform rating and $4.30 price target.

Target price is $4.30 Current Price is $3.23 Difference: $1.07
If IFL meets the Credit Suisse target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $3.92, suggesting upside of 24.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Morgan Stanley rates IFL as Overweight (1) -

Insignia Financial will sell Australian Executor Trustees to EQT Holdings for $135m, subject to conditions precedent. Morgan Stanley expects a portion of sale proceeds will help cover further remediation payments, as the A&NZ cap for remediations has been reached.

Management expects to reduce debt and pay for some transformation costs.

Overweight rating and $3.85 target. Industry view: Attractive.

Target price is $3.85 Current Price is $3.23 Difference: $0.62
If IFL meets the Morgan Stanley target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $3.92, suggesting upside of 24.0% (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

Macquarie rates ILU as Outperform (1) -

Movements in zircon and rutile prices and variation in production and cash cost assumptions present key risk to earnings forecasts and valuation for Iluka Resources, Macquarie asserts.

The broker lowers earnings estimates by -3-6% for 2022-24 and expects first production at Eneabba phase 3 in 2025. Outperform maintained. Target is reduced to $12.10 from $13.60.

Target price is $12.10 Current Price is $9.61 Difference: $2.49
If ILU meets the Macquarie target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $11.19, suggesting upside of 18.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

UBS rates ING as Neutral (3) -

Inghams Group's full year earnings of $381m were a -14% year-on-year decline, broadly in line with UBS's expectations, while the second half declined -31% on the previous comparable period.

The broker noted covid lockdowns and absenteesism across both Australia and New Zealand significantly impacted earnings.

Given the ongoing challenges facing the company, Inghams Group refrained from providing formal guidance for the coming year, but noted feed costs and operational inefficiencies were expected to continue to impact on earnings. 

UBS forecasts 7% earnings growth for FY23. The Neutral rating is retained and the target price decreases to $2.90 from $3.05.

Target price is $2.90 Current Price is $2.56 Difference: $0.34
If ING meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $3.00, suggesting upside of 17.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

UBS rates KGN as Sell (5) -

In a first glance at today's FY22 results for Kogan.com, which were pre-guided, UBS points out underlying e-commerce gross margins remain under pressure quarter-on-quarter.

The broker arrives at this conclusion after stripping out Advertising and Kogan First income contributions from an improved bottom line result.

No guidance was provided. Based on a difficult extrapolation of a one month trading update, UBS feels FY23 consensus earnings are unlikely to be upgraded. The Sell rating and $3.15 target are maintained.

Target price is $3.15 Current Price is $3.80 Difference: minus $0.65 (current price is over target).
If KGN meets the UBS target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -1.0

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

Citi rates LLC as Buy (1) -

Lendlease Group FY22 earnings results beat consensus according to Citi but the dividend announced was a miss.

Management provided no guidance which is normal practice but segment guidance did offer some upside earnings potential for FY23 consensus notes the broker.

Citi believes the stock is offering value, trading on a significant discount to the sector, but highlights investor concerns around future market conditions and the ability for Lendlease Group to achieve the FY24 targets, including a return on invested capital of 10%-13%

The Buy rating is kept and the target price is lowered to $13.40 from $14.37.

Target price is $13.40 Current Price is $10.41 Difference: $2.99
If LLC meets the Citi target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $12.41, suggesting upside of 20.6% (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 LLC as Outperform (1) -

Lendlease reported 9% ahead of Macquarie on better than anticipated investment and development earnings. FY23 divisional guidance was provided and is also marginally better than the broker's forecast, albeit below consensus.

Macquarie had expected FY23 earnings to disappoint the market, however the broker views this as the last transition year before earnings return to target and more importantly, the FY22 result increased line of site into FY24-FY25 and beyond.

Outperform retained, target rises to $13.33 from $11.80.

Target price is $13.33 Current Price is $10.41 Difference: $2.92
If LLC meets the Macquarie target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $12.41, suggesting upside of 20.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

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

FY22 EPS for Lendlease Group was broadly in line with Morgan Stanley's forecast.

The broker highlights operational momentum, with commencements of $8bn in FY23 comparing to $4bn of completions, though the company may not become cash flow positive until FY27.

The analyst lowers its FY23 and FY24 profit estimates due to project delays and higher costs, though retains the $11.20 target price. The Equal-weight rating is unchanged.

Target price is $11.20 Current Price is $10.41 Difference: $0.79
If LLC meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $12.41, suggesting upside of 20.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

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

FY22 operating profit was ahead of Ord Minnett's forecast. The final dividend meant the full year pay-out at $0.16 was softer than the broker's $0.18 forecast.

Lendlease Group has lifted development work in progress and there is completion visibility out to the end of FY25. An earnings recovery remains a story of FY24 and beyond, Ord Minnett asserts, underpinned by large cap one Sydney Harbour profits.

Rating is upgraded to Buy from Accumulate and the target lifted to $12.50 from $12.00.

Target price is $12.50 Current Price is $10.41 Difference: $2.09
If LLC meets the Ord Minnett target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $12.41, suggesting upside of 20.6% (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 LYC as Downgrade to Neutral from Outperform (3) -

Macquarie downgrades estimates for rare earth pricing, given the disruptions and softer consumer confidence that has weighed on demand over recent months.

This drives reductions in earnings forecasts for Lynas Rare Earths and the rating is downgraded to Neutral from Outperform, given a strong share price performance. Target is lowered to $10.40 from $12.50.

Target price is $10.40 Current Price is $9.19 Difference: $1.21
If LYC meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.5

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

Macquarie rates MAH as Outperform (1) -

In a first look at today's FY22 result for Macmahon, Macquarie notes a 3% beat versus the broker's reported revenue forecast, while earnings were within 2% of expectation. Earnings guidance for FY23 was retained while revenue guidance was upgraded.

The FY22 earnings margin fell to 5.9% from 7.1% year-on-year reflecting higher covid-related operating costs, increased labour costs and zero-margin cost recoveries.

More positively, operating cash flow and free cash outflow for FY22 were stronger than Macquarie's expectations on a recovery in cash conversion.

After allowing for the final dividend of 0.35cps, the full year dividend was -7% lower than the broker expected. The Outperform rating and $0.20 target are retained.

Target price is $0.20 Current Price is $0.17 Difference: $0.03
If MAH meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Morgans rates MGH as Add (1) -

Following a period of research restriction, Morgans updates forecasts for Maas Group for strong FY22 results and the recent $105m placement and $6.4m share purchase plan.

The broker likes management's ability to grow the business both organically and via acquisition, as demonstrated by FY23 earnings (EBITDA) guidance which implies growth of around 50%. 

The Add rating and $5.60 target are retained.

Target price is $5.60 Current Price is $4.12 Difference: $1.48
If MGH meets the Morgans target it will return approximately 36% (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

Macquarie rates MND as Outperform (1) -

A first glance by Macquarie at today's FY22 results for Monadelphous Group revealed a profit of $52m, a beat versus the broker's and consensus estimates for $50m and $46m, respectively. The 25cps final dividend also beat the broker's 21cps expectation.

The beats continued with FY22 earnings (EBITDA) of $111m versus the consensus forecast of $104m.

Management expects strong ongoing demand for maintenance services from a buoyant backdrop and aging assets across the Resources and Energy sectors.

A new wave of construction projects are also expected to ramp-up activity, though a shortage of skilled labour may weigh. The broker retains its Outperform rating and $12.00 target.

Target price is $12.00 Current Price is $11.44 Difference: $0.56
If MND meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $11.40, suggesting downside of -5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.4

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

UBS rates MND as Neutral (3) -

At first read, FY22 EBITDA is in line with UBS estimates. Monadelphous Group did not provide earnings guidance for FY23 but envisages tendering activity will remain buoyant across the construction and maintenance markets.

Labour shortages will still constrain capacity. FY23 revenue is to be skewed to the second half. UBS maintains a Neutral rating and $11 target.

Target price is $11.00 Current Price is $11.44 Difference: minus $0.44 (current price is over target).
If MND meets the UBS target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.40, suggesting downside of -5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.4

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

Citi rates NAN as Sell (5) -

In a first look at today's FY22 results for Nanosonics, Citi notes revenue of $120m was as pre-announced in July. Consumables sales rose 8% year-on-year and Capital revenue jumped by 41%.

The broker notes the transition to a direct distribution model was largely completed though required significant investments, thereby reducing FY22 profitability.

FY23 guidance for a range of metrics implied to the analyst earnings (EBIT) of $4.6-4.8m, which is in line with the consensus forecast.

The US remains the main growth driver, accounting for around 85% of the 3,100 unit growth in installed base, explains Citi.

The $3.85 target and Sell rating are unchanged.

Target price is $3.85 Current Price is $4.76 Difference: minus $0.91 (current price is over target).
If NAN meets the Citi target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.14, suggesting downside of -12.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.3

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

Citi rates NCK as Buy (1) -

Nick Scali reported FY22 earnings some 2% better than Citi's expectations and 6% ahead of market consensus with stronger margins offsetting a slight miss on sales.

Citi adjusts earnings forecasts by 26% and 3% for FY23 and FY24, respectively for better than expected July trading results, with no change in momentum in August and better than anticipated cost synergies from Plush.

Management will provide the next market update at the October AGM.

A Buy rating is retained and the target price rises to $14.62 from $12.00 largely due to the earnings forecast changes with the company offering "compelling value" at 10x FY23 earnings.

Target price is $14.62 Current Price is $10.51 Difference: $4.11
If NCK meets the Citi target it will return approximately 39% (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

Macquarie rates NCK as Outperform (1) -

Nick Scali's FY22 profit came in 13% ahead of Macquarie's expectations, on higher gross margins and lower operating costs and interest expense.

The company's order bank at year-end was up 67% (including Plush). Macquarie expects this to begin to normalise in the first half FY23 with reduced lead times.

The broker expects performance to be supported by Plush acquisition growth and synergies, with the unwinding of the order bank
expected to support revenue in FY23, but notes the risk of spending shifting away from the category and rising supply chain costs.

Outperform and $12.70 target retained.

Target price is $12.70 Current Price is $10.51 Difference: $2.19
If NCK meets the Macquarie target it will return approximately 21% (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

Morgans rates NCM as Hold (3) -

Following Newcrest Mining's in-line FY22 underlying earnings (EBITDA), Morgans downgrades its FY23 earnings estimates based on FY23 production/cost guidance. The US20cps final dividend was a highlight, as the broker had forecast US12cps.

As the analyst estimates shares are trading at near fair value, the Hold rating is unchanged, while the target slips to $20.60 from $21.06 on the weaker-than-expected FY23 guidance.

Target price is $20.60 Current Price is $18.49 Difference: $2.11
If NCM meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $22.37, suggesting upside of 20.1% (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 NHC as Outperform (1) -

Coal sales in the July quarter were -15% below Credit Suisse estimates. This was offset by a higher benchmark price of US$404/t.

The broker finds commentary constructive, albeit with an increasing focus on supply security amidst the Russian coal embargo. As a result, the Newcastle price is expected to remain elevated at historical peak levels for the medium term.

New Hope is expected to distribute around 45% of second half EBITDA as a final dividend at the FY22 results on September 20, equating to around $0.55 per share.

The Outperform rating is maintained. Target is raised to $5.20 from $4.90.

Target price is $5.20 Current Price is $4.98 Difference: $0.22
If NHC meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $4.68, suggesting downside of -8.5% (ex-dividends)

The company's fiscal year ends in July.

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 NHC as Outperform (1) -

New Hope Corp released its June quarter FY22 production result, which highlighted weaker production and sales at Bengalla than Macquarie's forecasts and guidance.

Bengalla production was impacted by adverse weather, labour shortages, and cost inflation. But earnings nevertheless rose 80% from the March quarter on stronger realised pricing.

The outlook for FY23 is positive, Macquarie suggests, with a volume rebound expected at Bengalla and buoyant coal pricing expected to continue. Inflationary pressures remain, however, earnings margins remain substantial.

Outperform and $5.00 target retained.

Target price is $5.00 Current Price is $4.98 Difference: $0.02
If NHC meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $4.68, suggesting downside of -8.5% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Morgans rates NHC as Add (1) -

Fourth quarter earnings (EBITDA) for New Hope were a 6% beat compared to Morgans forecast as coal prices continue to surprise to the upside. The target price rises to $5.50 from $4.69 and the Add rating is maintained.

The broker thinks shares can drive higher once the market grasps the scope of current cash flows and the potential for increased dividends.

Under a bullish pricing scenario, the analyst arrives at a $6.30 share price valuation.

Target price is $5.50 Current Price is $4.98 Difference: $0.52
If NHC meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $4.68, suggesting downside of -8.5% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Citi rates NHF as Upgrade to Neutral from Sell (3) -

Citi assesses the nib Holdings FY22 earnings report as better than expected with arhi's 2H22 net margin of 9.9% higher than forecast, due to benign claims from covid impacts, and iihi recovering more swiftly than anticipated.

The FY22 premium growth 7% for iihi was achieved despite a -5% fall in policyholders which Citi attributes to the mix of workers versus students.

Citi earnings forecasts are adjusted by 24% for FY23 and 14.5% for FY24.

The rating is upgraded to Neutral from Sell and the target price is raised to $7.80 from $6.95.

Target price is $7.80 Current Price is $7.78 Difference: $0.02
If NHF meets the Citi target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $7.69, suggesting downside of -1.9% (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

Credit Suisse rates NHF as Neutral (3) -

FY22 results beat Credit Suisse forecasts. Margins in the second half surprised to the upside, at 9.9%, largely from risk equalisation benefits as the 65-plus cohort made fewer claims.

As a result the broker suspects elevated margins will continue, despite nib Holdings anticipating a return to 6-7% over time. The broker upgrades FY23 and FY24 underlying EPS estimates by 15% and 12%, respectively, in line with stronger growth and margins.

Target is raised to $8.00 from $6.86. Neutral maintained as the stock is considered fairly valued.

Target price is $8.00 Current Price is $7.78 Difference: $0.22
If NHF meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $7.69, suggesting downside of -1.9% (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

Macquarie rates NHF as Neutral (3) -

nib Holdings' FY22 results were a 13% beat to consensus, while the final dividend of 11cps was also a positive, Macquarie notes.

FY23 guidance was nonetheless mixed, featuring higher Australian residents health insurance policyholder growth and margin
expectations partly offset by lower policyholder growth and margin expectations in New Zealand.

Macquarie believes earnings growth in FY23 will be underpinned by rebound in the international inbound health insurance and travel divisions, as well as normalisation of investment income, but valuation continues to look fair.

Target rises to $7.25 from $6.95, Neutral retained.

Target price is $7.25 Current Price is $7.78 Difference: minus $0.53 (current price is over target).
If NHF meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.69, suggesting downside of -1.9% (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

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

Morgan Stanley raises its target price for nib Holdings to $7.50 from $6.95 following FY22 results which showed 3.2% Australian resident health insurance (ARHI) policyholder growth and benign claims. 

Management has guided to FY23 ARHI policy holder growth of around 3-4%.

The gross profit margin for FY22 was 22.9% versus the analyst's 21% forecast. Benign claims are still expected in FY23, along with a better performance by non-ARHI businesses. Industry View: In-Line.

Target price is $7.50 Current Price is $7.78 Difference: minus $0.28 (current price is over target).
If NHF meets the Morgan Stanley target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.69, suggesting downside of -1.9% (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

Morgans rates NHF as Hold (3) -

Following strong FY22 results for nib Holdings, Morgans raises its target to $8.36 from $7.04 on lower Australian residents health Insurance (ARHI) claim expense forecasts and improved earnings estimates for international inbound health insurance (IIHI).

For FY22, group operating profit exceeded the consensus estimate by 11%.

The analyst retains a Hold rating due to uncertainty over how long claim tailwinds will persist for ARHI, the elevated multiple, and the difficulty of estimating future earnings.

Target price is $8.36 Current Price is $7.78 Difference: $0.58
If NHF meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $7.69, suggesting downside of -1.9% (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

UBS rates NHF as Neutral (3) -

nib Holdings' full year results demonstrated improvement according to UBS, with profitability in Australian Residential (arhi), International and Travel supporting operating profit of $235m, an 11% beat to consensus forecasts.

The broker notes guidance implies a further 3-4% lift in arhi in the coming year, and with new members at a seven-year high in the fourth quarter of FY22 momentum looks to carry into the new financial year.

The Neutral rating is retained and the target price increases to $8.10 from $7.70.

Target price is $7.70 Current Price is $7.78 Difference: minus $0.08 (current price is over target).
If NHF meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.69, suggesting downside of -1.9% (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

Macquarie rates NSR as Neutral (3) -

National Storage REIT's FY22 earnings were broadly in line with Macquarie's forecast. FY23 guidance is ahead of the broker's prior forecast given deployment and revenue per available metre (RevPAM) expectations.

RevPAM continues to outperform Macquarie's expectations, but the broker sees downside risk as the cycle continues to slow, with NZ occupancy declining over the past six months.

The balance sheet is nevertheless considered well placed through FY23 and the stock trading attractively relative to history.

Neutral retained, target rises to $2.37 from $2.29.

Target price is $2.37 Current Price is $2.43 Difference: minus $0.06 (current price is over target).
If NSR meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.36, suggesting downside of -2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Morgan Stanley rates NSR as Underweight (5) -

National Storage REIT reported FY22 EPS of 10.6cpu compared to Morgan Stanley's 10.5cpu forecast and guided to a minimum of 10.5cpu in FY23.

Guidance assumes an around -$40m impact from higher interest costs (40% hedged) and operating expenses, explains the broker. Occupancy of 89% is considered strong, and has risen from 88% six months ago.

The Underweight rating and $2.20 target are unchanged.Industry view is In-Line.

Target price is $2.20 Current Price is $2.43 Difference: minus $0.23 (current price is over target).
If NSR meets the Morgan Stanley target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.36, suggesting downside of -2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Ord Minnett rates NSR as Buy (1) -

FY22 results were slightly ahead of Ord Minnett's forecasts, because of lower operating expenses. A strong lift occurred in operating margins, to 66% in the second half, which demonstrates National Storage REIT's scale advantage.

FY23 guidance is for earnings of at least 11.1c per security. The broker suggests the operating performance will slow in FY23 given considerable revenue growth achieved in prior years, along with a more challenging consumer backdrop. Buy rating and $2.70 target retained.

Target price is $2.70 Current Price is $2.43 Difference: $0.27
If NSR meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $2.36, suggesting downside of -2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Credit Suisse rates OML as Neutral (3) -

First half results were weaker than Credit Suisse expected. Nevertheless, the broker observes oOh!media has made a strong start to the second half, with third quarter revenue currently up 37% and at 98% of 2019.

Still, a note of caution is sounded in extrapolating the run rate into the remainder of the half, given that the comparable period was affected by lockdowns in both Sydney and Melbourne and July and August were subdued in 2019.

The on-market buyback reflects a low level of gearing and the broker suspects it could account for 25-30% of average daily volume when it commences in September, providing reasonable share price support. Neutral maintained. Target is raised to $1.50 from $1.40.

Target price is $1.50 Current Price is $1.34 Difference: $0.16
If OML meets the Credit Suisse target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $1.60, suggesting upside of 13.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Macquarie rates OML as Outperform (1) -

The first half operating earnings for oOh!media were softer than Macquarie estimated. A buyback has been announced for up to $75m, representing 10% of shares on issue.

The broker expects structural tailwinds will partially offset any pending advertising market softness while the buyback is illustrative of the company's confidence in the outlook. Outperform maintained. Target is raised to $1.80 from $1.60.

Target price is $1.80 Current Price is $1.34 Difference: $0.46
If OML meets the Macquarie target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $1.60, suggesting upside of 13.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Ord Minnett rates OML as Hold (3) -

Ord Minnett observes a recovery is occurring over 2022. The positive share price reaction to the first half results was deserved, in the broker's view, as expectations had been conservative. A share buyback has provided valuation support.

Given the extensive lockdown impacts in the prior corresponding half, the broker forecasts sales growth for oOh!media in the second half of 21%.

A key difference compared with other media is that outdoor advertising did not experience a post-pandemic rebound like that which occurred in free-to-air TV and across other channels. Hold maintained. Target is reduced to $1.50 from $1.75.

Target price is $1.50 Current Price is $1.34 Difference: $0.16
If OML meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $1.60, suggesting upside of 13.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Credit Suisse rates REP as Outperform (1) -

FY22 results were broadly in line with Credit Suisse estimates. RAM Essential Services Property Fund exceeded prospectus guidance. FY23 guidance is for a distribution of 5.7-5.8c per security based on a 90-100% pay-out ratio.

The broker suspects RAM is being conservative, as 94% of income is exposed to essential services and medical, hence a degree of predictability.

The broker downwardly revises FY23-24 estimates by -2-2.8% and lowers the target to $0.95 from $1.01. Outperform maintained.

Target price is $0.95 Current Price is $0.83 Difference: $0.12
If REP meets the Credit Suisse target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $0.96, suggesting upside of 14.3% (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

Ord Minnett rates REP as Buy (1) -

RAM Essential Services Property Fund exceeded prospectus forecasts with its maiden results. Implied FY23 guidance is below Ord Minnett's estimates as management adopts conservative floating-rate assumptions and some development is delayed.

Defensive income streams are increasing with the medical exposure up to 50%.  Ord Minnett notes the business is adding value via capital recycling and retains a Buy rating. Target rises to $0.99 from $0.97.

Target price is $0.99 Current Price is $0.83 Difference: $0.16
If REP meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $0.96, suggesting upside of 14.3% (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 RMS as Outperform (1) -

Ramelius Resources has signalled non-cash impairments will occur in the FY22 result, due on August 29. These new one-off impairments include an Edna May non-cash impairment of -$90-95m and a write-off of exploration and other minor assets of -$18-20m.

Macquarie highlights the impairment testing did not include Edna May stage 3 cutback. Outperform rating and a $1.20 price target maintained.

Target price is $1.20 Current Price is $0.90 Difference: $0.3
If RMS meets the Macquarie target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $1.21, suggesting upside of 31.2% (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

Citi rates RWC as Sell (5) -

Reliance Worldwide reported FY22 EBITDA of $268.7m which was in line with consensus, with Citi noting that guidance was downgraded in April.

The results showed US results in line while strength in EMEA was offset by weakness in APAC.

Citi views Reliance Worldwide as a quality business but the macro headwinds are too strong at this point in the cycle. With July sales down -3% the analyst is flagging further earnings downgrades including higher interest costs and foreign exchange impacts on currency translation.

Sell rating is maintained and the price target is lowered to $3.80 from $3.84.

Target price is $3.80 Current Price is $4.23 Difference: minus $0.43 (current price is over target).
If RWC meets the Citi target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.79, suggesting upside of 17.1% (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 RWC as Outperform (1) -

FY22 EBIT was ahead of expectations. Reliance Worldwide has guided to stable markets in the Americas and Asia Pacific with a backlog likely to underpin FY23. The UK is considered "flat at best".

Soft trading in July has been attributed to destocking, which Credit Suisse accepts is consistent with other industry reports. Target is reduced to $5.00 from $5.50.

Outperform rating retained, as the broker believes the company has a lower earnings reversion risk compared with its peers, along with a good record of cost management.

Target price is $5.00 Current Price is $4.23 Difference: $0.77
If RWC meets the Credit Suisse target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $4.79, suggesting upside of 17.1% (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 RWC as Outperform (1) -

Reliance Worldwide is exposed to markets which are relatively defensive and Macquarie believes the valuation discount is not reflecting this. No specific guidance was provided for FY23 although the company noted the uncertainty regarding the medium term.

The broker trims FY23-25 estimates by -3-5%, the bulk of which is a consequence of higher interest costs. Outperform maintained. Target is reduced to $5.10 from $5.40.

Target price is $5.10 Current Price is $4.23 Difference: $0.87
If RWC meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $4.79, suggesting upside of 17.1% (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 RWC as Overweight (1) -

Morgan Stanley believes a negative share price reaction to Reliance Worldwide's FY22 results was overdone and retains its Overweight rating and $5.40 target. Industry view: In-Line.

While the 1Q trading update showed group net sales ex EZ-Flo down -3%, the analyst feels currency moves were largely responsible. There was no FY23 guidance. 

The result was marginally ahead of the broker's forecasts with margins improving, especially for EZ-Flo. For FY23, the earnings (EBIT) forecast is reduced by -7%, which still implies 7% earnings growth.

Morgan Stanley sees leverage from raw materials relief and upside risk to revised forecasts.

Target price is $5.40 Current Price is $4.23 Difference: $1.17
If RWC meets the Morgan Stanley target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $4.79, suggesting upside of 17.1% (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

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

Morgans determines from FY22 results for Reliance Worldwide (that exceeded expectations), that activity is softening in all regions, and lowers its rating to Hold from Add. The target falls to $4.42 from $4.83.

Management advised that July group sales were down -3% and that detached housing construction in the US is slowing, despite strength  in commercial, multi-residential, and mixed-use construction.

Demand for water heaters has also softened and wholesalers are reducing inventory levels because of improving supply chains, said the company.

Target price is $4.42 Current Price is $4.23 Difference: $0.19
If RWC meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $4.79, suggesting upside of 17.1% (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 RWC as Downgrade to Hold from Buy (3) -

Ord Minnett believes the demand outlook is increasingly uncertain for Reliance Worldwide. Some customers are starting to unwind inventory, affecting volumes and sales.

FY22 underlying net profit and sales were ahead of forecasts, with the company benefiting from the acquisition of EZ-Flo in November. Yet EBITDA margins declined to 22.9% amid commodity cost pressures and dilution from EZ-Flo.

Ord Minnett downgrades to Hold from Buy and lowers the target to $4.50 from $6.20.

Target price is $4.50 Current Price is $4.23 Difference: $0.27
If RWC meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $4.79, suggesting upside of 17.1% (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 RWC as Buy (1) -

UBS notes Reliance Worldwide delivered a beat with its full year results, supported by its US and EMEA operations. The broker expects performance to remain strong moving forward, and notes solid margin exit run-rates set the pace for the coming year.

The broker finds the repair and renovation and non-discretionary repair markets more stable, and Reliance Worldwide exposure to these segments, as well as declining raw material prices, should benefit margins. 

The Buy rating is retained and the target price decreases to $5.30 from $5.40.

Target price is $5.30 Current Price is $4.23 Difference: $1.07
If RWC meets the UBS target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $4.79, suggesting upside of 17.1% (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

Citi rates SCG as Neutral (3) -

Scentre Group has upgraded distribution guidance for 2022 to above $0.19 per security, which represents more than 14.2% growth. In the first analysis, Citi notes the main reasons for the improvement are the passing through of CPI +2% leases and improving leasing spreads.

Given upgraded guidance, the broker expects the stock to perform well initially and will now focus on the detail from the briefings. Neutral rating and $2.81 target maintained.

Target price is $2.81 Current Price is $2.78 Difference: $0.03
If SCG meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $2.96, suggesting upside of 3.7% (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

UBS rates SCG as Buy (1) -

First half numbers were ahead of UBS estimates. At first glance, the broker notes Scentre Group expects earnings per security to be above $0.19 for 2022, which represents at least 14.2% growth.

Distributions are guided to be at least $0.15 and the broker envisages scope to improve the return. Buy rating and $2.94 target retained.

Target price is $2.94 Current Price is $2.78 Difference: $0.16
If SCG meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $2.96, suggesting upside of 3.7% (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

UBS rates SDR as Buy (1) -

In a first appraisal of today's FY22 results for SiteMinder, UBS notes accelerating 4Q momentum for revenue, while slightly higher costs were behind an earnings (EBITDA) miss. It's thought the share market will reward free cash flow neutral guidance by 4Q24.

Revenue of $116m was a 1% beat compared to the broker's forecast, while earnings (EBITDA) of -$22.4m missed the anticipated -$20.3m.

The underlying net loss for FY22 was -$40.7m exceeded the forecast for -$37.7 by UBS. The broker retains its Buy rating and $7.20 target price.

Target price is $7.20 Current Price is $3.95 Difference: $3.25
If SDR meets the UBS target it will return approximately 82% (excluding dividends, fees and charges).

Current consensus price target is $5.94, suggesting upside of 51.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Credit Suisse rates SGP as Outperform (1) -

FY22 results were broadly in line with Credit Suisse estimates and marginally above recent guidance. Stockland's residential contracts are at record levels, with a target of 6000 settlements and operating margins in the 18% range.

As prices are around 13% above FY22, Credit Suisse expects residential EBIT growth in FY24. Growth in commercial is also expected, as retail sales are recovering and this should be trading profit contributions from Melbourne Business Park and M_Park.

The broker retains an Outperform rating and reduces the target to $4.15 from $4.20.

Target price is $4.15 Current Price is $3.66 Difference: $0.49
If SGP meets the Credit Suisse target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $4.15, suggesting upside of 14.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Credit Suisse rates SGR as Neutral (3) -

Credit Suisse expects the domestic operating earnings (EBITDA) margin for Star Entertainment will fall to 23.0% in FY23 from 25.8% in FY19.

The business has commenced FY23 with domestic revenue up 9% compared with pre-pandemic levels. Revenue is expected to taper off as Crown Sydney has an impact, having opened on August 8. Neutral maintained. Target is reduced to $2.90 from $2.95.

Target price is $2.90 Current Price is $2.84 Difference: $0.06
If SGR meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $3.41, suggesting upside of 24.5% (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 SGR as Outperform (1) -

Macquarie suspects revenue may slow as economic circumstances become more challenging and reduces estimates for EBITDA by -3% for FY23-24, largely because of higher costs.

Uncertainty surrounds the competition from Crown Sydney and the outcomes of regulatory reviews, both of which will crystallise in the next 12 months.

Still, the broker highlights the resilience of Star Entertainment's revenue streams and suspects there is a re-rating opportunity ahead, trading on 9x enterprise value/EBITDA and 18x PE on a FY24 basis. Outperform maintained. Target is reduced to $3.50 from $3.60.

Target price is $3.50 Current Price is $2.84 Difference: $0.66
If SGR meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $3.41, suggesting upside of 24.5% (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 SGR as Hold (3) -

Following in-line FY22 earnings (EBITDA) and profit for Star Entertainment, Morgans lowers its target to $3.00 from $3.10 to incorporate a lower sales forecast and lower margin assumptions.

The Hold rating is retained on the analyst's concerns about ongoing regulatory investigations and potential delays for the sale and leaseback of The Star Sydney buildings.

Target price is $3.00 Current Price is $2.84 Difference: $0.16
If SGR meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $3.41, suggesting upside of 24.5% (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 SGR as Buy (1) -

Ord Minnett downgrades FY23 earnings estimates following the FY22 result to reflect expectations that the Crown Sydney strategy will change from October, even though there has been no discernible impact affecting Star Entertainment's Sydney performance from the opening of Barangaroo, so far.

The broker remains constructive on the stock given the current valuation and retains a Buy rating, reducing the target to $3.80 from $4.20. A higher cost base has been factored in which includes additional compliance/regulatory costs as the various review processes are undertaken.

Target price is $3.80 Current Price is $2.84 Difference: $0.96
If SGR meets the Ord Minnett target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $3.41, suggesting upside of 24.5% (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 SGR as Buy (1) -

UBS notes Star Entertainment delivered a 5% beat to consensus with earnings of $237m, supported by strong performance in the June quarter which delivered $120m in earnings alone, with the broker noting June performance was indicative of strong rebound as restrictions eased.

The broker warns despite signs of resilience, Star Entertainment has flagged increased costs given tight labour markets, supply chain issues and rising inflation. UBS notes labour costs look to increase 3-4%, while other costs could rise by as much as 5-10%, largely offsetting revenue strength.

The Buy rating and target price of $3.85 are retained.

Target price is $3.85 Current Price is $2.84 Difference: $1.01
If SGR meets the UBS target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $3.41, suggesting upside of 24.5% (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 SSG as Accumulate (2) -

FY22 results were in line with forecasts. Ord Minnett observes Shaver Shop has a strong position in the personal care segment and generates high returns on capital.

While there remains scope for infill stores and expansion in New Zealand the company has largely build out its network in Australia. The broker expects complementary adjacent business is likely to feature in expansion plans and create further value for shareholders.

Accumulate maintained with a target of $1.30.

Target price is $1.30 Current Price is $1.17 Difference: $0.13
If SSG meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

UBS rates SXL as Buy (1) -

UBS has described Southern Cross Media's full year results as broadly in line, with the company reporting a -1.8% revenue decline. The broker notes while audio revenue was up 9%, TV revenue declined -25% due to the company's change in affiliation to Ten.

Underlying expenses did decrease -3% in the year, with a -31% decline in TV expenses offsetting an 11% increase in audio costs and a 6% increase in broadcast expenses. The broker notes upside risk to forecasts if the radio ad market can return to pre-covid levels in the next 2-5 years.

The Buy rating is retained and the target price decreases to $1.80 from $2.30.

Target price is $1.80 Current Price is $1.11 Difference: $0.69
If SXL meets the UBS target it will return approximately 62% (excluding dividends, fees and charges).

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 VVA as Downgrade to Neutral from Buy (3) -

Viva Leisure reported FY22 revenues below Citi forecasts and losses broadly in line.

The analyst points to a higher utilisation rate of 69% for owned locations as well as growth in membership for owned locations, but notes the negative 12-month pushback in the 400 location target.

Citi adjusts earnings forecasts by -1% and -38% for FY23 and FY24, respectively for a slower than expected rollout of locations and weaker consumer backdrop.

Concerns around the capital intensity to fund growth with the new scrip option for acquisitions as well as the cost of living headwinds are highlighted as reasons contributing to the downgrade in the stock fto Neutral from Buy.

The target price is lowered to $1.39 from $1.85.

Target price is $1.39 Current Price is $1.24 Difference: $0.15
If VVA meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

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