Australian Broker Call

Ord Minnett rates ALK as Buy (1) -

Alkane Resources delivered an H1 performance broadly in line with quarterly updates, comments Ord Minnett. Permitting news for expansion at Tomingley is welcomed as a positive.

The broker's thesis remains the mine will double gold production and extend life by 10 years. Buy rating reiterated while the price target gains 10c to $1.20.

Ord Minnett suggests the next catalyst will be an update on the Kaiser resource, expected before the end of March.

Target price is $1.20 Current Price is $0.64 Difference: $0.565
If ALK meets the Ord Minnett target it will return approximately 89% (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

Citi rates ASG as Buy (1) -

A strong first half result from Autosports Group was driven by 21.1% organic growth in higher margin service and parts revenue, according to Citi, with performance supported by the company's investment in 29 additional service hoists. Group revenue of $1,062n was a 6% beat to the broker.

In a further positive the company grew its order bank 14% over the half, and momentum carried into January with the company experiencing its largest January order write ever, up 13% on the previous year. Citi expects to see consensus revenue forecasts increase.

The Buy rating and target price of $3.05 are retained.

Target price is $3.05 Current Price is $2.16 Difference: $0.89
If ASG meets the Citi target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $2.90, suggesting upside of 37.4% (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 ASG as Outperform (1) -

Autosports Group's first half results were ahead of guidance amid stronger revenue. Management appears confident in the usual seasonal skew to the second half and, in addition, Macquarie notes there will be a five-month contribution from the Motorline acquisition.

The broker expects consumption of luxury cars will come under pressure but the company's customer base does not yet show signs of weakness. Outperform maintained. Target is reduced to $2.75 from $3.00.

Target price is $2.75 Current Price is $2.16 Difference: $0.59
If ASG meets the Macquarie target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $2.90, suggesting upside of 37.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

UBS rates ASG as Buy (1) -

First half results were well ahead of estimates yet UBS notes the share price only rose 2%, which signals the market may be hesitant to re-rate automotive dealers, given a view that margin should eventually normalise.

Still, in the case of Autosports Group, the broker expects luxury demand will hold up better than volume and there is greenfield expansion to provide organic growth.

UBS integrates the Motorline acquisition and maintains a Buy rating. Target is reduced to $2.90 from $3.10.

Target price is $2.90 Current Price is $2.16 Difference: $0.74
If ASG meets the UBS target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $2.90, suggesting upside of 37.4% (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

Credit Suisse rates AUB as Outperform (1) -

AUB Group posted a strong beat, Credit Suisse asserts, driven by Australia Broking and an "excellent" performance from Tysers. AUB expects rate increases in second half to be in line with the first, with the acceleration in property rates being especially helpful given the portfolio mix.

Execution was particularly strong suggesting robust sustainable run-rate growth even before the benefit of premium rises, the broker notes. Credit Suisse has increased its earnings forecasts and its target to $31.20 from $25.65.

Despite the stock trading at a significant PE premium to its five-year average, and to the ASX200, the broker retains Outperform, seeing a clear path to continued earnings growth driving further upside with potential for further upgrade surprises.

Target price is $31.20 Current Price is $27.07 Difference: $4.13
If AUB meets the Credit Suisse target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $29.81, suggesting upside of 9.9% (ex-dividends)

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 AUB as Outperform (1) -

AUB Group's first half results were pre-released and guidance upgraded for FY23 just a week ago. The Tysers acquisition is exceeding Macquarie's expectations with margins at 20.4%.

Australian broking earnings were up 28.7% with margins of 35.2%. Macquarie upgrades estimates for FY23 and FY24 by 2.7% and 0.9%, respectively. Target rises to $29.40 from $28.26. Outperform retained.

Target price is $29.40 Current Price is $27.07 Difference: $2.33
If AUB meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $29.81, suggesting upside of 9.9% (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 AUB as Downgrade to Hold from Accumulate (3) -

First half net profit was up 52%, as anticipated, and revenue increased 42%. AUB Group has backed up a strong result with bullish medium-term targets, Ord Minnett highlights, upgrading margin assumptions that were already ahead of estimates.

The broker had been wary that reinvestment in the offering would limit some of the margin expansion over the medium term. Net profit forecasts remain at the top end of guidance, incorporating higher commissions.

Rating is downgraded to Hold from Accumulate with a target of $29.

Target price is $29.00 Current Price is $27.07 Difference: $1.93
If AUB meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $29.81, suggesting upside of 9.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

UBS rates AUB as Buy (1) -

AUB Group has lifted its 3-5 year margin targets across all divisions except the agency and achieved a 35% Australian broker margin in the first half which has now increased to 38%. UBS observes broker margins are under earning and the company is playing catch up to peers.

Tysers has thus far exceeded initial expectations although the strong second half contribution embedded in guidance appears ambitious to the broker. UBS retains a Buy rating and raises the target to $29.65 from $29.00.

Target price is $29.65 Current Price is $27.07 Difference: $2.58
If AUB meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $29.81, suggesting upside of 9.9% (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 CGC as Upgrade to Accumulate from Hold (2) -

A falling share price has pulled Morningstar/Ord Minnett back to the drawing board to upgrade the rating for Costa Group to Accumulate from Hold.

Fair value remains at $3.10.

One interesting observation is that Morningstar believes Costa Group's concentrated customer base prevents it from building an economic moat because, and here's the quote: "the balance of bargaining power lies with its powerful customers".

Target price is $3.10 Current Price is $2.45 Difference: $0.65
If CGC meets the Ord Minnett target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $2.83, suggesting upside of 10.7% (ex-dividends)

The company's fiscal year ends in December.

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 CHL as Add (1) -

Camplify Holdings had pre-released most details prior to yesterday's 1H result and Morgans retains its $2.60 target and Add rating.

The broker's key takeaway from the broadly solid result is the strong outlook for forward bookings and the positive operating cash flow (OCF) of around 0.5m for the period.

The result included just one month of trading from the recently-acquired German-based PaulCamper, which amounted to $2.6m of gross transaction volumes (GTV), notes the analyst.

Target price is $2.60 Current Price is $1.98 Difference: $0.62
If CHL meets the Morgans target it will return approximately 31% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

Ord Minnett rates CHL as Accumulate (2) -

Camplify Holdings' interim loss of -$2.2m was smaller than the -$4.8m forecast by Ord Minnett and the broker considers this a positive given the uncertain macro outlook.

The company has benefited from leisure spending post covid and there are no signals available to date this trend is about to break, the broker suggests.

History suggests, offers the broker, Australians favour domestic travel during tougher times, which implies Camplify should benefit, also because RV owners will feel the need to place their vehicles on the Camplify platform in order to generate extra income.

Target $2.11. Accumulate.

Target price is $2.11 Current Price is $1.98 Difference: $0.13
If CHL meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

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

Credit Suisse rates CRN as Outperform (1) -

Coronado Global Resources' 2022 profit was broadly in line but a "token" dividend of 0.5c fell well short of Credit Suisse' 6c forecast. Yet 2022 total dividends equate to around an 80% free cash flow payout, against a policy of 60-100%, which suggests consensus had
been over-optimistic.

The broker suggests Coronado may have M&A in mind, perhaps eyeing off BHP Group's ((BHP)) planned coal mine sales.

2023 production guidance is -5% below forecast, with inflation pushing costs 6% higher and capex 50% higher. Performance should improve on better weather, and the stock is trading below implicit met coal price valuation, the broker notes.

Target falls to $2.10 from $2.30, Outperform retained.

Target price is $2.10 Current Price is $1.99 Difference: $0.115
If CRN meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $2.25, suggesting upside of 16.0% (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: 0.8

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

Macquarie rates CRN as Outperform (1) -

Coronado Global Resources delivered a mixed result in 2022 compared with Macquarie's forecasts despite the materially higher income derived from buoyant metallurgical coal prices. The final dividend was well below expectations.

Guidance is also slightly softer than the broker expected while capital expenditure for 2023 is above estimates. 2023 guidance of 16.8-17.2mt has been provided, at mining costs of US$84-87/t.

Target falls to $2.60 from $2.70. Outperform retained.

Target price is $2.60 Current Price is $1.99 Difference: $0.615
If CRN meets the Macquarie target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $2.25, suggesting upside of 16.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.8

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

UBS rates CRN as Neutral (3) -

UBS observes Coronado Global Resources sustained a very mixed performance in 2022. The main highlight of the results were record returns of US$700m although inflation and weather affected the business via higher costs and lower production.

2023 guidance for 16.8-17.2mtpa is a little softer than the broker expected and expenditure guidance is higher. Neutral maintained. Target is raised to $1.85 from $1.70.

Target price is $1.85 Current Price is $1.99 Difference: minus $0.135 (current price is over target).
If CRN meets the UBS target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.25, suggesting upside of 16.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.8

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

Morgans rates CWP as Hold (3) -

Morgans will stay Hold-rated on Cedar Woods Properties until more clarity emerges on interest rates and the residential housing market stabilises. The current share price target is $4.56 and the broker would be a buyer at or below $4.00.

The analyst holds this view following the release of 1H results where management pointed to the cumulative impact of rising interest rates, inflation and soft sentiment on lower lot demand.

While prices are holding firm, sales contract volumes fell -50% on the previous corresponding period, notes Morgans. Profit for the half missed expectation by -26.4%. 

The broker lowers its target to $4.65 from $4.80.

Target price is $4.65 Current Price is $4.56 Difference: $0.09
If CWP meets the Morgans target it will return approximately 2% (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 DMP as Neutral (3) -

While Domino's Pizza Enterprises remains a leader in many of its markets, Citi is increasingly questioning whether the company can justify the same premiums it has historically demanded.

According to the broker, unless the company shares more margin with both franchisees and consumers, sales and store rollouts may continue to disappoint. 

The broker found few positives in the interim result, but the company is hopeful implementation of flexible vouchers may generate a better result, with an early positive result already recorded in Australia and New Zealand.

The Neutral rating is retained and the target price decreases to $58.00 from $70.36.

Target price is $58.00 Current Price is $54.37 Difference: $3.63
If DMP meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $62.91, suggesting upside of 13.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

Credit Suisse rates DMP as Neutral (3) -

Domino's Pizza Enterprises put up its prices in December and subsequently watched sales collapse. Sales have declined another -2% in the first seven weeks of FY23, Credit Suisse notes, and it is unlikely that the company will meet its store addition target for the year.

The broker now assumes a pause in store opening plans in 2023. Franchisees are reluctant to open stores due to low profitability and resetting value for customers is unlikely to improve profitability in the short term.

Credit Suisse has cut its sales expectations and its target to $54.40 from $65.52. Neutral retained.

Target price is $54.40 Current Price is $54.37 Difference: $0.03
If DMP meets the Credit Suisse target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $62.91, suggesting upside of 13.6% (ex-dividends)

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

Macquarie rates DMP as Upgrade to Neutral from Underperform (3) -

Domino's Pizza Enterprises disappointed Macquarie with its first half results, given a capital raising occurred in December. Europe drove the miss to estimates, with EBITDA down -31%.

Management pointed out higher prices  negatively affected volumes. Meanwhile, Australasia appears to be holding up.

Weakening franchisee sentiment results in a cautious outlook, yet Macquarie notes the stock has fallen -25% on the back of the result and upgrades to Neutral from Underperform. Target is reduced to $55 from $60.

Target price is $55.00 Current Price is $54.37 Difference: $0.63
If DMP meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $62.91, suggesting upside of 13.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

Morgan Stanley rates DMP as Overweight (1) -

While Morgan Stanley notes significant challenges for Domino's Pizza Enterprises after reviewing 1H results, improvement is expected for FY24. The Overweight rating is maintained.

Earnings for the half of $114m were -13% below the $131m forecast by consensus, while profit was a -5% miss, due to lower sales in Asia and lesser margins in Europe, explains the analyst.

The broker reduces its FY23 and FY24 earnings (EBITDA) forecast by around -10% to reflect the results and a continuation of challenging market conditions. The target falls to $75 from $85.

Target price is $75.00 Current Price is $54.37 Difference: $20.63
If DMP meets the Morgan Stanley target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $62.91, suggesting upside of 13.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

Morgans rates DMP as Add (1) -

First half earnings (EBIT) for Domino's Pizza Enterprises missed forecasts by Morgans and consensus by -5% and -7%, respectively, as customers resist recent price rises.

Europe was again the primary area of earnings weakness as the earnings margin contracted to 7% from 8.5% in the 2H of FY22. Management also noted the 8-10% network expansion target for FY23 may be in jeopardy.

The broker doesn't expect a rapid turnaround in the company's fortunes and significantly lowers its FY23 and FY24 forecasts and slashes its target to $70 from $90.

Given the negative share price reaction to the result, the analyst keeps an Add rating as there's sufficient upside potential as implied by the new target price.

Target price is $70.00 Current Price is $54.37 Difference: $15.63
If DMP meets the Morgans target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $62.91, suggesting upside of 13.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

Ord Minnett rates DMP as Upgrade to Accumulate from Hold (2) -

Domino's Pizza Enterprises' December-half result fell well short of Ord Minnett's forecast, volumes slumping in December and failing to recover.

The broker sheets this back to price rises for pizzas and deliveries to compensate franchisees for cost inflation, but adds the company appears to have overestimated the product's price elasticity.

Add to that continued cost inflation, adverse foreign exchange movements and falling market share (particularly to burgers and dining-in and drive-throughs), and the broker suspects management has some thinking to do

First step will most likely be to address the pricing structure, and the broker suspects inflation may start to ease, providing some relief for franchisees.

EPS forecasts fall -10% in FY23; and -10% in FY24.

Upgrade to Accumulate from Hold following the recent share price retreat. Target price is $68.

This is Ord Minnett's first report since transitioning to Morningstar Research. Previously it held a Buy rating and $80 target price.

Target price is $68.00 Current Price is $54.37 Difference: $13.63
If DMP meets the Ord Minnett target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $62.91, suggesting upside of 13.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

UBS rates DMP as Downgrade to Neutral from Buy (3) -

On further analysis UBS downgrades Domino's Pizza Enterprises to Neutral from Buy and reduces the target to $60 from $78. First half results were below estimates and considered "poor".

To support franchisee profitability, the company absorbed higher food prices and reduced margins, particularly in Europe. The business is looking to raise food prices again and UBS is confident that poor execution is not entrenched, yet initiatives will take time to implement.

Target price is $60.00 Current Price is $54.37 Difference: $5.63
If DMP meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $62.91, suggesting upside of 13.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

Citi rates EBO as Neutral (3) -

Strong community pharmacy sales underpinned a better than expected first half from Ebos Group, with the division reporting 18% revenue growth in the period, 7% of which was attributed to revenue contribution from its covid anti-viral. 

Management expects the 11% organic growth from the division can be sustained over the coming half. 

The result has driven Citi to upgrade earnings per share estimates 1-2%. The broker highlights higher for longer sales growth in community pharmacy, as well as acquisitions, offer upside risk. 

The Neutral rating is retained and the target price increases to $41.00 from $38.50.

Target price is $41.00 Current Price is $40.78 Difference: $0.22
If EBO meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $39.53, suggesting downside of -2.7% (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 EBO as Outperform (1) -

Margin expansion and market share gains supported a strong first half result and a beat for Ebos Group, Credit Suisse reports. Solid gains were made in Healthcare and Animal Care and ex-acquisitions, the broker estimates greater than 10% organic earnings growth.

Community Pharmacy is growing well above historical averages due to continued market share growth and greater foot traffic into pharmacists.

Any government move to allow pharmacists to prescribe some medicines to reduce the pressure on GPs would represent upside to FY24.

Target falls to $44 from $45 on higher interest costs. Outperform retained.

Target price is $44.00 Current Price is $40.78 Difference: $3.22
If EBO meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $39.53, suggesting downside of -2.7% (ex-dividends)

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Macquarie rates EBO as Outperform (1) -

First half results largely beat expectations and management expects another year of profitable growth. Macquarie's view on institutional healthcare remains intact amid a slower recovery in elective surgery and specialty mix.

In general, the hospital business continues to win share and new customers which, in the broker's view, highlights the benefits of a comprehensive offering. Outperform maintained. Target rises to NZ$47.93 from NZ$47.01. 

Current Price is $40.78. Target price not assessed.

Current consensus price target is $39.53, suggesting downside of -2.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Morgan Stanley rates EBO as Overweight (1) -

First half revenue and EPS for Ebos Group were beats of 8% and 5.5%, respectively, against consensus forecasts. 

Morgan Stanley attributes this outperformance to the Healthcare division, while LifeHealthcare was in line with expectations.

Antiviral sales within the Community Pharmacy segment contributed to a 1% increase in market share, explains the analyst. The market position is considered dominant with access to two large brands in Chemist Warehouse and Terry White.

The Overweight rating is maintained and the target rises to NZ$47.30 from NZ45.10. Industry view In-Line.

Current Price is $40.78. Target price not assessed.

Current consensus price target is $39.53, suggesting downside of -2.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Morgans rates EBO as Add (1) -

Ebos Group has a history of solid growth and consistently improving its return on capital employed (ROCE), according to Morgans, and record in-line 1H results didn't disappoint.

The broker upgrades its FY24 and FY25 forecasts by around 1% and raises its target to $44.12 from $43.75.

Management offered no specific guidance for FY23 though expects another full year of profitable growth.

The broker's Add rating is maintained for Ebos Group, which is considered suitable for those investors seeking sustainable medium-term returns.

Target price is $44.12 Current Price is $40.78 Difference: $3.34
If EBO meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $39.53, suggesting downside of -2.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Ord Minnett rates EBO as Sell (5) -

Ebos Group's December-half result appears to have met Ord Minnett's forecasts, thanks to a 42% rise in earnings (EBIT) due to acquisitions and high-margin technology.

The broker explains the company's Chemist Warehouse contract win gives it a solid advantage on competitors Sigma Healthcare ((SIG)) and API ((WES)), and observes Ebos Group is already gaining market share.

But it's not all sunshine and roses. The broker considers the share-price rise to be overdone, and doubts the 29% EBIT growth rate in animal care is likely to be sustained, which should tame margin growth.

Sell rating and $29 target price retained.

Target price is $29.00 Current Price is $40.78 Difference: minus $11.78 (current price is over target).
If EBO meets the Ord Minnett target it will return approximately minus 29% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $39.53, suggesting downside of -2.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Macquarie rates EHL as Outperform (1) -

Emeco Holdings reported first half results that missed Macquarie's estimates on adjusted net profit  and EBIT, with adjusted EBITDA at the top end of guidance.

Discussions continue regarding the PNP receivable default with a one-off credit loss of -$22.9m anticipated, net of the expected part payments.

Macquarie connsiders the outlook favourable as earnings growth should occur across all segments. The main downside risk is a material drop in commodity prices that reduces rental equipment demand. Target is reduced to $1.10 from $1.15. Outperform maintained.

Target price is $1.10 Current Price is $0.76 Difference: $0.34
If EHL meets the Macquarie target it will return approximately 45% (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

Ord Minnett rates EML as Buy (1) -

Morningstar, sorry Ord Minnett, believes investors should not expect anything but a slow recovery ahead for EML Payments. At the same time, the broker does see reasons to "stay the course" (if you're still in there).

EML Payments revealed a large drop in operational earnings and net profit in the first half and the broker had not expected anything different.

After including one-offs, fraud losses and class actions, the company had to report a statutory loss. Regardless, the analyst was unpleasantly surprised by larger-than-expected margin compression.

Variable costs were higher, another unpleasant surprise, particularly in the digital payments business. Fair value has been lowered to $1.70 from $1.85. Buy rating retained.

Target price is $1.70 Current Price is $0.58 Difference: $1.12
If EML meets the Ord Minnett target it will return approximately 193% (excluding dividends, fees and charges).

Current consensus price target is $1.31, suggesting upside of 125.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Citi rates FLT as Neutral (3) -

Having pre-released much of its first half first, Flight Centre Travel's result offered little in the way of surprises for Citi.

The company reported earnings of $95m, albeit excluding $16m in employee costs, and reiterated full year guidance of $250-280m, reflecting a normal 65% second half skew.

While strong momentum was demonstrated in the Corporate business, the broker is cautious about reliance on Corporate to meet guidance in a potentially recessionary environment. 

The Neutral rating is retained and the target price increases to $19.55 from $16.98.

Target price is $19.55 Current Price is $18.48 Difference: $1.07
If FLT meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $18.52, suggesting upside of 0.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.2

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

Credit Suisse rates FLT as Underperform (5) -

Flight Centre Travel reported in line with its pre-release but given employee retention costs were taken below the line, Credit Suisse notes an actual miss on AGM guidance, and retention costs will be ongoing.

The squeeze on Leisure revenue is structural, the broker believes. Corporate client wins are a highlight but with at least two thirds coming through FCM’s platform that caters to enterprise clients, the falling mix of SME clients is a headwind to margins, the broker notes.

Corporate client wins lead to a target increase to $16.10 from $14.20. Underperform retained.

Target price is $16.10 Current Price is $18.48 Difference: minus $2.38 (current price is over target).
If FLT meets the Credit Suisse target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.52, suggesting upside of 0.0% (ex-dividends)

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

Macquarie rates FLT as Outperform (1) -

First half results were pre-released. Macquarie notes Flight Centre Travel's corporate business is outperforming peers and the broader industry. Total transaction volumes in the first half were up 147% with adjusted EBITDA of $79.6m.

Guidance for FY23 has been maintained for underlying EBITDA of $250-280m prior to any contribution from Scott Dunn. The company has noted no signs of macro headwinds at this stage.

The broker retains an Outperform rating and raises the target to $21.30 from $20.75.

Target price is $21.30 Current Price is $18.48 Difference: $2.82
If FLT meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $18.52, suggesting upside of 0.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.2

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

Morgans rates FLT as Hold (3) -

Headline numbers for Flight Centre Travel had been released prior to yesterday's 1H results, so Morgans discovered little that was new.

Management reiterated FY23 guidance (which is prior to any benefits from the recent Scott Dunn acquisition), as well as the FY26 profit (NPBT) margin target. Should the latter be achieved, the stock is currently materially undervalued.

Higher net interest and D&A charges slightly lowered the broker's profit forecasts and the target falls to $18.10 from $19.11. The Hold rating is unchanged.

Target price is $18.10 Current Price is $18.48 Difference: minus $0.38 (current price is over target).
If FLT meets the Morgans target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.52, suggesting upside of 0.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.2

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

Ord Minnett rates FLT as Lighten (4) -

Flight Centre Travel's December-half result sharply disappointed Ord Minnett, as revenue margins continue to fall in Leisure Travel, despite a forecast covid rebound.

The broker doubts the company will return to prepandemic profitability and suspects the company may have to transform its model in the next year to 18 months to align with global trends.

Ord Minnett observes the balance sheet compares favourably to peers and that the corporate division performed well (but warns of macro pressures ahead).

EPS estimates rise to incorporate the Scott Dunn purchase and higher earnings forecasts.

Lighten rating retained on valuation. Target price rises to $17.39 from $13.71.

Target price is $17.39 Current Price is $18.48 Difference: minus $1.09 (current price is over target).
If FLT meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.52, suggesting upside of 0.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.2

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

UBS rates FLT as Neutral (3) -

First half results revealed a strong recovery in the top line and were largely pre-reported. Corporate activity is accelerating and UBS considers this a testament to the differentiated technology and service offering from Flight Centre Travel.

Initial trading in the second half is robust and demand for leisure travel shows no sign of slowing. If business confidence and consumer sentiment hold up, the broker envisages upside to its current recovery profile.  Neutral maintained. Target rises to $18.65 from $17.00.

Target price is $18.65 Current Price is $18.48 Difference: $0.17
If FLT meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $18.52, suggesting upside of 0.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.2

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

Morgans rates HPI as Add (1) -

A rise of 12% for underlying rental income (compared to the previous corresponding period) offset higher interest costs in the 1H, explains Morgans.

Hotel Property Investments maintained 18.4cpu dividend guidance for FY23. Hotel occupancy is 100% and the weighted average lease expiry (WALE) is 10 years. An interim distribution of 9.2cpu was declared.

The broker raise its target to $3.76 from $3.68. Add. 

Target price is $3.76 Current Price is $3.59 Difference: $0.17
If HPI meets the Morgans target it will return approximately 5% (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

Morgan Stanley rates HSN as Overweight (1) -

Morgan Stanley expects stronger 2H growth for Hansen Technologies after in-line 1H revenue and a small miss on earnings (EBITDA).

Management sees sustainable long-term margins of around 30%, rather than the higher margins (32-35%) achieved during the pandemic. The company is continuing to review M&A opportunities.

The long-term growth target by FY25 was reiterated by the company.

The Overweight rating and $5.75 target are maintained. Industry View: Attractive.

Target price is $5.75 Current Price is $4.65 Difference: $1.1
If HSN meets the Morgan Stanley target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $6.02, suggesting upside of 26.4% (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 HSN as Buy (1) -

While 1H results for Hansen Technologies were a miss compared to Ord Minnett's forecasts, management reiterated FY23 guidance.

The broker sees a positive revenue outlook given recent contract wins and operating margins should stabilise as wages inflation eases.

While patience may be required, the analyst suspects M&A activity will ultimately be a positive catalyst for the stock price.

Ord Minnett lowers its EPS estimates by -4-6% over the forecast period and the target falls to $6.00 from $6.40.

Target price is $6.00 Current Price is $4.65 Difference: $1.35
If HSN meets the Ord Minnett target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $6.02, suggesting upside of 26.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Morgan Stanley rates HT1 as Underweight (5) -

While Morgan Stanley assesses a solid FY22 result for HT&E (in line with consensus), a cyclical fall in advertising revenues and rising operating costs in 2023 weighs on the outlook.

Management noted the previous positive growth trends of 2022 had ceased, and now sees flat 1Q revenue and limited visibility into March and the 2Q.

The broker lowers its target to $1.00 from $1.10. Underweight. Industry view: Attractive.

Target price is $1.00 Current Price is $1.20 Difference: minus $0.2 (current price is over target).
If HT1 meets the Morgan Stanley target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.52, suggesting upside of 27.5% (ex-dividends)

The company's fiscal year ends in December.

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 JDO as Outperform (1) -

Judo Capital reported profit slightly ahead of Credit Suisse, driven by higher net interest income partly offset by higher expenses. 

In the near term the market is likely to be cautious around the upcoming funding, the broker suggests, together with how Judo navigates a tougher economic environment, but the company has delivered on announced targets to date and continues to track towards at-scale metrics.

Credit Suisse believes there is material upside to the current share price over the medium term. Target falls to $2.25 to $2.50 to reflect a "more gentle" path. Outperform retained.

Target price is $2.25 Current Price is $1.44 Difference: $0.815
If JDO meets the Credit Suisse target it will return approximately 57% (excluding dividends, fees and charges).

Current consensus price target is $1.91, suggesting upside of 37.4% (ex-dividends)

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 KAR as Outperform (1) -

Karoon Energy's first half results were below Macquarie's estimates at the net profit line. This reflected higher operating expenditure and costs. Growth in the short term is coming from first oil at Patola while appraisal drilling at Neon-2 will determine whether this asset is economic.

The stock remains Macquarie's top pick in the small-medium energy category and the Neon appraisal program is considered a key factor in valuation as it is not priced in by the market. Outperform retained. Target is reduced to $3.05 from $3.10.

Target price is $3.05 Current Price is $2.17 Difference: $0.88
If KAR meets the Macquarie target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $3.18, suggesting upside of 45.1% (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: 1.0

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

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

According to Morgan Stanley, first half results for Karoon Energy demonstrate the leverage within the business. There's favourable free cash flow leverage to Brent with lower policy risk compared to peers in the broker's Australian Energy coverage.

An increase in earnings (EBITDA) and profit of 97% and 275%, respectively, resulted from a 33% increase in production, on the previous corresponding period

Profit for the half was -25% lower than the analyst expected owing to a ramp-up in operations and development costs.

The target rises to $2.88 from $2.32 and the rating is increased to Overweight from Equal-weight. It's felt the inflection in Karoon's exploration and production profile is under-appreciated by investors. Industry view: Attractive.

Target price is $2.88 Current Price is $2.17 Difference: $0.71
If KAR meets the Morgan Stanley target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $3.18, suggesting upside of 45.1% (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: 1.0

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

Morgans rates KAR as Add (1) -

Morgans assesses a steady 1H result for Karoon Energy. Underlying earnings were short of expectations by the broker and consensus though cash earnings were closer to the mark.

The analyst suggests higher production volumes in the 2H should drive unit costs (which averaged US$17.3/bbl in the 1H) lower.

Management's FY23 guidance for production and costs are unchanged.

The broker's target falls to $3.60 from $3.70. Add.

Target price is $3.60 Current Price is $2.17 Difference: $1.43
If KAR meets the Morgans target it will return approximately 66% (excluding dividends, fees and charges).

Current consensus price target is $3.18, suggesting upside of 45.1% (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: 1.0

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

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

Morgans upgrades its rating for Lindsay Australia to Add from Hold and raises its target to 86c from 50c after 1H results materially beat expectations.

The broker feels outlook commentary was positive, with the company aiming to expand its Rail capacity and grow its Rural business.

Management reiterated FY23 guidance, with strong operating conditions and improved utilisation in Transport expected to drive 2H growth.

CEO Kim Lindsay will retire after 20 years in the role on June 30.

Target price is $0.86 Current Price is $0.75 Difference: $0.11
If LAU meets the Morgans target it will return approximately 15% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Morgan Stanley rates LNK as Overweight (1) -

Morgan Stanley lowers its target to $2.00 from $3.40 after updating its forecasts following the Pexa Group ((PXA)) sell down and distribution.

The broker sees a positive if management can sell its Link Funds Solutions (LFS) division to Waystone and thereby broadly offset the -$303m Woodford (equity fund)-related fine imposed by the UK regulator.

The analyst retains an Equal-weight rating partly due to further risk of class actions. Industry view: Attractive.

Target price is $2.00 Current Price is $2.17 Difference: minus $0.17 (current price is over target).
If LNK meets the Morgan Stanley target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.75, suggesting upside of 28.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Citi rates LOV as Neutral (3) -

Lovisa Holdings' trading update surprised Citi on the upside, indicating total sales for the first seven weeks of the second half are up 24%. While a strong result, the broker notes some of this is being driven by a price increase, cycling omicron and the addition of 150 new stores.

Lovisa appears to be executing well on transforming itself into a truly global retailer, the broker suggests, and it is arguably more resilient than other retailers given its younger customer base and lower priced products.

But the stock is unlikely to beat consensus FY23 expectations, Citi believes, which may be necessary to justify the 40x FY23 PE multiple.

Target falls to $24.55 from $25.20, Neutral retained.

Target price is $24.55 Current Price is $23.85 Difference: $0.7
If LOV meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $26.73, suggesting upside of 8.1% (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 LOV as Outperform (1) -

First half results beat Macquarie's estimates as Lovisa Holdings continues to execute on its store roll-out and expansion.

There is a short-term cost investment at a time when the business is cycling tough comparables, yet the track record and exposure to youth underpin the broker's confidence.  Macquarie retains an Outperform rating and raises the target to $27.10 from $27.00.

Target price is $27.10 Current Price is $23.85 Difference: $3.25
If LOV meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $26.73, suggesting upside of 8.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

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

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

There was a 5% beat on revenue in the 1H for Lovisa Holdings compared to the consensus forecast though earnings (EBIT) missed by -1% on a higher cost-of-doing-business (CODB), explains Morgan Stanley.

As is usual practice, no guidance was provided. The first seven weeks of the 2H showed total sales growth of 24% compared to the broker's 2H forecast for 9%.

The broker sees limited share price upside on a high valuation and because its forecasts sit at the top-end of the CEO's long-term incentive hurdle. Equal-weight. Target $25. Industry View: In-Line.

Target price is $25.00 Current Price is $23.85 Difference: $1.15
If LOV meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $26.73, suggesting upside of 8.1% (ex-dividends)

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 LOV as Add (1) -

Sales in the 1H for Lovisa Holdings were around 1% higher than Morgans forecast. The company experienced 12.5% like-for-like sales growth and increased the pace of new store rollouts, with 86 new stores greater than the 84 opened in the whole of FY22.

In the 2H, Lovisa has already opened a further 31 stores and management expects rollout momentum to increase going forward.

The gross margin in the 1H was 180bps higher than the analyst had forecast due to higher selling prices.

The broker reiterates its former statement: Lovisa may just prove to be one of the biggest success stories in Australian retail.

The Add rating is maintained and the target rises to $29 from $28.50.

Target price is $29.00 Current Price is $23.85 Difference: $5.15
If LOV meets the Morgans target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $26.73, suggesting upside of 8.1% (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 LOV as Buy (1) -

First half earnings were below UBS estimates. Lovisa Holdings has achieved significant sales growth globally and this is expected to continue.

Product innovation remains a key driver of the business which is leveraged to a younger cohort that is socially conscious and less exposed to the rising cost of living, explains the broker.

UBS retains a Buy rating and reduces the target to $28 from $29.

Target price is $28.00 Current Price is $23.85 Difference: $4.15
If LOV meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $26.73, suggesting upside of 8.1% (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 MGX as Neutral (3) -

First half results were better than Macquarie expected, although cash flow remains a depressing factor. FY23 guidance is unchanged at 3.2-3.7mt at $70-75/t.

Operations and cash generation are expected to be stronger in the second half and the broker notes there are now commodity price tailwinds. Neutral maintained. Target is steady at $0.60.

Target price is $0.60 Current Price is $0.57 Difference: $0.03
If MGX meets the Macquarie target it will return approximately 5% (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

Credit Suisse rates MMS as Outperform (1) -

Credit Suisse saw it as good news that there were no surprises in McMillan Shakespeare's result, except for a significant beat on the interim dividend, with management continuing to demonstrate its capital management capabilities.

Looking ahead, the broker believes that while new vehicle supply delays have yet to dissipate, incremental improvement back to normal should start to unlock the excess order book on a 12-18 month view, with corresponding benefits to earnings growth.

Organic business momentum is positive, Credit Suisse notes, and the novated lease sector should benefit materially on a medium-term view from tax legislation designed to promote EV uptake.

The stock is very cheap, the broker asserts. Outperform and $15.60 target retained.

Target price is $15.60 Current Price is $13.81 Difference: $1.79
If MMS meets the Credit Suisse target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $15.74, suggesting upside of 14.0% (ex-dividends)

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 MMS as Outperform (1) -

First half results were below Macquarie's estimates with the weakness driven by the shift to warehouse funding. Operating metrics remain positive with novated lease sales up 11%.

 McMillan Shakespeare is well-positioned for the electric vehicle FBT exemption provided by the federal government, the broker notes. Management continues to explore exit options for the UK operation.

Target is raised to $14.78 from $14.84. Outperform.

Target price is $14.78 Current Price is $13.81 Difference: $0.97
If MMS meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $15.74, suggesting upside of 14.0% (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 MMS as Hold (3) -

While the 1H earnings (EBITDA) margin was lower than expected, better revenue drove a 3.8% earnings beat for McMillan Shakespeare compared to Ord Minnett's forecast.

Novated yields remained elevated against pre-covid levels and management expects this operating environment to persist into the 2H.

Ord Minnett believes the Asset Management division was buoyed by a strong performance in A&NZ, a function of robust end-of-lease income from car sales.

Despite a fall in forecast earnings over FY24 and FY25, the broker's discounted cash flow valuation rises and the target climbs to $14.40 from $13.90.

Target price is $14.40 Current Price is $13.81 Difference: $0.59
If MMS meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $15.74, suggesting upside of 14.0% (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 NSR as Underperform (5) -

First half underlying earnings per share were ahead of Macquarie's forecasts. National Storage REIT has upgraded FY23 guidance by 4%, and although this is in line with prior expectations the broker remains cautious about FY24, given rising interest expenses.

Given elevated valuations and interest expenses Macquarie retains an Underperform rating, raising the target to $2.15 from $1.93 on the roll forward of estimates and a reduction in peak-to-trough cap rate expansion assumptions.

Target price is $2.15 Current Price is $2.34 Difference: minus $0.19 (current price is over target).
If NSR meets the Macquarie target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.22, suggesting downside of -8.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.8

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

Morgan Stanley rates NSR as Underweight (5) -

First half EPS of 6c beat Morgan Stanley's forecast of 5.7c and management upgraded FY23 guidance to 11.5c from 11.1c. The broker's FY23 forecast was already at 11.6c.

The analyst's key 1H highlights included the ongoing increase in the revenue per available metre (REVPAM) metric. Its expected this REVPAM growth slows to "no less than 1.7% in the 2H".

The Underweight rating and $2.40 target are unchanged. Industry view is In-Line.

Target price is $2.40 Current Price is $2.34 Difference: $0.06
If NSR meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $2.22, suggesting downside of -8.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.8

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

Morgans rates NSR as Hold (3) -

Morgans retains its Hold rating and $2.24 target for National Storage REIT following 1H results that were supported by strong occupancy and rate growth.

The portfolio was valued at $4.1bn at the end of December, up from $3.7bn at 30 June last year.

Management's FY23 guidance is for underlying EPS of 11.5cpu, up from 11.1cpu, while underlying profit is expected to be more than $138m, with a distribution payout ratio of 90-100%.

Hold, target $2.24.

Target price is $2.24 Current Price is $2.34 Difference: minus $0.1 (current price is over target).
If NSR meets the Morgans target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.22, suggesting downside of -8.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.8

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

Ord Minnett rates NSR as Lighten (4) -

First half earnings reflected increased storage revenue and improved operating margins, which Ord Minnett notes more than offset a near doubling of interest expense and a 17% increase in operating expenses.

National Storage REIT declared an interim dividend, unfranked, of 5.5c, in line with expectations.

The broker makes few changes to its full year forecasts, raising estimates for EPS by just 1%. Target is raised 5% to $2.10 to reflect the time value of money. Lighten maintained.

Target price is $2.10 Current Price is $2.34 Difference: minus $0.24 (current price is over target).
If NSR meets the Ord Minnett target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.22, suggesting downside of -8.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.8

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

UBS rates NWS as Buy (1) -

News Corp missed estimates in its first half result. On further analysis UBS notes, while FX was a significant drag during the second quarter, earnings were affected by higher interest rates and inflation across all businesses.

News Corp has confirmed it is no longer in discussions with CoStar to sell Move and this follows the recent withdrawal of a proposal to explore a recombination with FOX.

These two prospects had potential to crystallise value that is not recognised by the market, yet UBS believes the fundamental value of the underlying businesses has not changed.

Buy rating maintained. Target is reduced to $32.70 from $34.00.

Target price is $34.00 Current Price is $25.05 Difference: $8.95
If NWS meets the UBS target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $33.18, suggesting upside of 27.8% (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: 0.5

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

Macquarie rates OZL as No Rating (-1) -

2022 results were in line with Macquarie's estimates. OZ Minerals has confirmed intentions for a $1.75/share special dividend, conditional on the implementation of the scheme with BHP Group ((BHP)). This will mean shares are acquired for $28.25 cash.

Copper and gold production guidance ranges are unchanged. Macquarie is on research restrictions and cannot provide a rating or target.

Current Price is $27.97. Target price not assessed.

Current consensus price target is $27.61, suggesting downside of -1.5% (ex-dividends)

The company's fiscal year ends in December.

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 OZL as Equal-weight (3) -

2022 results were in line with expectations. While no final dividend was declared, Morgan Stanley notes OZ Minerals' intention to declare a fully franked special of $1.75/share on the scheme with BHP Group ((BHP)) becoming effective.

Production and operating costs guidance has been maintained. Capital expenditure guidance for West Musgrave in 2023 has been raised to -$625-725m, reflecting the timing of expected expenditure.

Morgan Stanley maintains an Equal-weight rating with a $25.30 target and an Attractive industry view.

Target price is $25.30 Current Price is $27.97 Difference: minus $2.67 (current price is over target).
If OZL meets the Morgan Stanley target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $27.61, suggesting downside of -1.5% (ex-dividends)

The company's fiscal year ends in December.

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 OZL as Hold (3) -

In-line FY22 results for OZ Minerals are of secondary importance behind progress on BHP Group's ((BHP)) scheme/takeover offer, suggests Morgans.

The broker thinks the offer will likely succeed and notes if the scheme becomes effective after a vote in April, the $28.25 takeover price will be reduced by the $1.75cps fully franked dividend to be declared in March.

The Hold rating and $28.25 target are unchanged.

Target price is $28.25 Current Price is $27.97 Difference: $0.28
If OZL meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $27.61, suggesting downside of -1.5% (ex-dividends)

The company's fiscal year ends in December.

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 PAN as Outperform (1) -

First half results were weaker than Macquarie expected in terms of net profit while revenue was 25% higher than estimated. The difference stemmed from higher depreciation and unrealised losses on forward contracts.

The second half is expected to improve as commercial production levels are ramped up at Savannah. Panoramic Resources has maintained FY23 guidance. Outperform retained. Target edges down to $0.20 from $0.22.

Target price is $0.20 Current Price is $0.14 Difference: $0.055
If PAN meets the Macquarie target it will return approximately 38% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Morgan Stanley rates PFP as Overweight (1) -

First half results signal a more modest skew to the second half than Propel Funeral Partners has achieved historically, in order to hit expectations. Sales were ahead of Morgan Stanley's forecasts in the first half while EBITDA was in line.

With the benefit of acquisitions, the broker envisages scope for upward revisions. No specific guidance was provided although the company indicated revenue in January was materially higher than the prior corresponding period.

Morgan Stanley retains its Overweight rating and $5.50 target. Industry View: In-Line.

Target price is $5.50 Current Price is $4.48 Difference: $1.02
If PFP meets the Morgan Stanley 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 PMT as Outperform (1) -

Patriot Battery Metals has completed further metallurgical test work on the drill core from CV5. This confirmed that dense media separation is the most likely process route.

Spodumene concentrate has been confirmed with a grade of over 5.5% lithium oxide achievable at a 75-79% recovery rate. This suggests there is upside risk to Macquarie's assumptions in its base case development scenario.

The near-term catalyst is a resource estimate for Corvette. Outperform and $1.75 target retained.

Target price is $1.75 Current Price is $1.57 Difference: $0.18
If PMT meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 1.0

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

Citi rates PRN as Buy (1) -

A strong interim result and third guidance upgrade in three months are testament to Perenti’s ability to deliver productivity benefits and deliver growth project ramp-ups across various jurisdictions, Citi asserts. Management’s commentary cemented the broker's view around near-term revenue visibility.

While the work-in-hand balance fell sequentially, Citi believes Perenti is well positioned to secure new work given its proven track record of delivering operational improvement, and extensive geographical footprint.

A deteriorating safety performance is nevertheless concerning and this could continue to weigh on investor confidence until there is evidence of sustained improvement.

Target rises to $1.60 from $1.43, Buy retained.

Target price is $1.60 Current Price is $1.17 Difference: $0.435
If PRN meets the Citi target it will return approximately 37% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates PRU as Upgrade to Outperform from Neutral (1) -

First half net profit was stronger than Macquarie expected although the dividend was below forecasts. Perseus Mining will review the dividend with the full year result with the potential for a bonus on top of the base payout.

Second half guidance has been maintained for 230-260,000 ounces at a cost of US$1000-1100/oz. Following recent movements in the share price and the strong cash generation, Macquarie upgrades to Outperform from Neutral. Target is steady at $2.50.

Target price is $2.50 Current Price is $1.89 Difference: $0.61
If PRU meets the Macquarie target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $2.35, suggesting upside of 19.3% (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 PSI as Outperform (1) -

PSC Insurance's December-half result outpaced Macquarie's earnings (EBIRDA) forecasts by 1.6% and EPS forecasts by 14.8%, thanks to strong organic growth supported by acquisitions (60/40 contributions).

Management upgraded EBITDA guidance by 2.9% (excluding Tysers Retail JV, which management expects will require equity funding to the tune of $65m to $100m for the UK JV).

All divisions posted strong growth; and margins rose 150bps to 35.2%. 

The broker appreciates the balance sheet, observing 75% of the March $80m equity raising has been deployed and that the company's leverage ratio sits at 1.4x - well below its target of 2.0x to 2.5x. 

EPS forecasts rise 6.4% in FY23; 2.3% in FY24; and 2.7% in FY25.

Outperform rating retained. Target price rises to $5.65 from $5.30.

Target price is $5.65 Current Price is $4.89 Difference: $0.76
If PSI meets the Macquarie 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: 0.5

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

UBS rates PSI as Neutral (3) -

UBS found PSC Insurance's first half result "solid" at the group level. Distribution was the weakest among peers with the company noting that rates are increasing at a lower rate than 12 months ago.

UBS interprets this as reflecting a greater casualty mix in the book relative to property classes where rates are strongest.

The broker remains cautious on the outlook given the premium rate pressures and increasing US competition in financial lines. Neutral maintained. Target rises to $5.00 from $4.75.

Target price is $5.00 Current Price is $4.89 Difference: $0.11
If PSI meets the UBS target it will return approximately 2% (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

Morgan Stanley rates PSQ as Overweight (1) -

First half result was softer than Morgan Stanley expected. Pacific Smiles has restated guidance to the lower end of the prior range of $270-285m in patient fees and $24-27m in EBITDA.

The broker assesses there is a demanding skew to the second half even so, requiring increased attendance and an improvement in cancellation rates as well as higher fees per appointment. A catalyst for revisiting the stock will be delivery on revised guidance.

Overweight and $2.30 target retained. Industry view: In-Line.

Target price is $2.30 Current Price is $1.27 Difference: $1.03
If PSQ meets the Morgan Stanley target it will return approximately 81% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Morgan Stanley rates PTM as Underweight (5) -

First half net profit missed Morgan Stanley's estimates, amid lower management fees and elevated staff costs.

The increase in staffing costs was primarily attributed to a larger provision for variable compensation and an additional grant in the Partners Plan on the back of strong investment returns from most funds.

Performance fees for Platinum Asset Management were negligible. Underweight maintained. Target is $1.85. Industry view: In-Line.

Target price is $1.85 Current Price is $2.28 Difference: minus $0.43 (current price is over target).
If PTM meets the Morgan Stanley target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.89, suggesting downside of -1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.5

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

Ord Minnett rates PTM as Hold (3) -

Platinum Asset Management's H1, showing a big drop in underlying profit, was a negative surprise for Morningstar/Ord Minnett. Higher staff expenses made the difference.

The broker is not amused. Calls it "undesirable". Regardless, enough reasons remain present for investors to "stay the course", leaving the Hold rating unchanged.

A slowing in net retail outflows and higher interest rates have now been incorporated into forecasts. The analyst argues any period of net inflows is likely to remain short lived.

Looking further out, funds under management (FUM) is expected to peak at $20bn in FY25 and reduce to $18bn by FY27. Fair value, while admitting there's a lot of uncertainty surrounding it, is set at $2.25 (unchanged).

Target price is $2.25 Current Price is $2.28 Difference: minus $0.03 (current price is over target).
If PTM meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.89, suggesting downside of -1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.5

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

Macquarie rates QAL as Outperform (1) -

Qualitas' December-half earnings met Macquarie's forecasts and management reaffirmed guidance.

Highlights included strong returns and growth from co-investments/warehousing; committed funds under management rose $1.6bn (including $1.1bn of preannounced mandates); attractive margins and strong returns on private real estate credit; and a strong balance sheet.

Management advises private credit offers the strongest opportunity going forward and Macquarie observes that the company's medium-term pipeline is big and that the company's track record in managing risk in this environment is playing to its favour.

Outperform rating retained. Target price eases to $3.27 from $3.28 as the broker tinkers with EPS forecasts.

Target price is $3.27 Current Price is $2.77 Difference: $0.5
If QAL meets the Macquarie target it will return approximately 18% (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 RDY as No Rating (-1) -

ReadyTech's December-half result met Macquarie's forecasts and the broker advises that the company is on track to meet FY23 guidance.

The result appeared solid: Education in line, Workforce Solutions outpacing, and Government and Justice disappointing at the earnings (EBITDA) line due to investment to support recent contract wins.

Net debt rose but management advised it remains within its target and reiterated its target of achieving $160m-plus organic revenue by FY26.

EPS forecasts fall -7% in FY23; and -4% in FY24. Macquarie is on research restriction.

Current Price is $3.32. Target price not assessed.

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Citi rates REH as Sell (5) -

Reece has demonstrated its pricing power in a solid first half with what Citi described as surprisingly strong price increases of 22% and 11% in US and Australia respectively. 

Less positive were soft exit rates, with volumes declining -6% in the second quarter in the US off 8% growth in the first quarter, and declining -2% in the second quarter in Australia off 2% growth in the first quarter.

The Sell rating is retained and the target price decreases to $14.30 from $14.63.

Target price is $14.30 Current Price is $16.52 Difference: minus $2.22 (current price is over target).
If REH meets the Citi target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.10, suggesting downside of -11.3% (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 REH as Downgrade to Underperform from Neutral (5) -

Reece's December-half result appears to have met Macquarie's forecasts, higher tax and interest largely offsetting an operationally strong result and rising gross profit.

But the broker is cautious, observing volumes are slowing, particularly in the US (floating rate USD-denominate debt is an added problem), and a deteriorating macro environment. Macquarie also believes exit rates suggest downside risk.

No specific guidance was provided but the broker says a subsidence in inflation would reduce some of the risk. In the meantime, the broker cuts margin forecasts, raises interest-cost assumptions and pegs a higher tax rate.

EPS forecasts fall -5% in FY23; -19% in FY24; and -13% in FY25. Rating downgraded to Underperform from Neutral. Target price falls to $14.10 from $15.10.

Target price is $14.10 Current Price is $16.52 Difference: minus $2.42 (current price is over target).
If REH meets the Macquarie target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.10, suggesting downside of -11.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.6

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

Morgan Stanley rates REH as Underweight (5) -

Morgan Stanley welcomed a firm first half result, which demonstrated good coverage of cost inflation. Yet further deterioration in volumes amid a more modest price environment is likely to place pressure on earnings.

Moreover, the broker finds the current FY24 PE multiple of 28x unsustainable, particularly given a softening demand outlook.

As a result, the current valuation is hard to justify and an Underweight rating is reiterated. Target is unchanged at $11.00. Industry View: In-Line.

Target price is $11.00 Current Price is $16.52 Difference: minus $5.52 (current price is over target).
If REH meets the Morgan Stanley target it will return approximately minus 33% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.10, suggesting downside of -11.3% (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 REH as Hold (3) -

Reece's 1H results came in ahead of Morgans expectations with underlying earnings (EBITDA) and underlying profit beats of 12% and 1%, respectively. Both A&NZ and the US delivered earnings growth. The interim dividend of 8cps missed the expected 9.6cps.

Across the business, volumes progressively softened during the half and management is expecting a further contraction in the 2H.

After the broker rolls forward the financial model for Reece and allows for an increasingly uncertain outlook, the target slips to $15.60 from $16.80. Hold.

Target price is $15.60 Current Price is $16.52 Difference: minus $0.92 (current price is over target).
If REH meets the Morgans target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.10, suggesting downside of -11.3% (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 REH as Hold (3) -

Reece's December-half result outpaced Ord Minnett's forecasts thanks to strong sales and margins, but its dividend disappointed.

Net debt closed the half at 1.2x - well below the company's debt covenants observes the broker, positioning it well for growth.

On the downside, volumes fell in response to a downturn in construction, and management advised this trend would continue through 2023.

Meanwhile, Reece is grabbing the opportunity to invest, opening an extra four branches in Australia and seven in the US.

Hold rating retained to reflect management's guidance. Target price eases to $15.50 from $16.

Target price is $15.50 Current Price is $16.52 Difference: minus $1.02 (current price is over target).
If REH meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.10, suggesting downside of -11.3% (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

Citi rates RIO as Neutral (3) -

Rio Tinto is now painting itself as a "growth company" according to Citi, with the company reporting improvements in its key Western Australian iron ore business and underground development at the Oyu Tolgoi development back on track. 

The company reported an in-line full year profit result, with underlying earnings of US$26.3bn. Citi has lifted its underlying earnings and net profit forecasts for the coming year 7% each.

The Neutral rating and target price of $120.00 are retained.

Target price is $120.00 Current Price is $125.51 Difference: minus $5.51 (current price is over target).
If RIO meets the Citi target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $116.79, suggesting downside of -5.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.0

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

Macquarie rates RIO as Neutral (3) -

Rio Tinto delivered a mixed FY22 full-year result, underlying earnings in line with Macquarie's forecasts but cash flow missed by -5% and reported earning missed by -11% due to a tax writedown.

The dividend proved an 8% beat, despite the cash-flow miss.

Macquarie expects that a rebound in iron ore prices could represent EPS upside of 35% in 2023 and 47% in 2024 for the miner, based on spot prices.

EPS forecasts rise 1% for 2023 and beyond.

Neutral rating retained. Target price edges up $1 to $122.

Target price is $122.00 Current Price is $125.51 Difference: minus $3.51 (current price is over target).
If RIO meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $116.79, suggesting downside of -5.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.0

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

Morgan Stanley rates RIO as Overweight (1) -

2022 operating earnings (EBITDA) and net profit were exactly in line with Morgan Stanley's estimates.

All Rio Tinto's guidance metrics for 2023 are unchanged in terms of production and costs, while capital expenditure is expected to be at the lower end of the prior range of US$8-9bn.

Ore reserves at Kennecott have increased by 17% on completion of the prefeasibility study at the Apex pit wall pushback. There has also been a slight increase in the mineral resource at Winu.

Morgan Stanley's Overweight rating and $123.50 target are maintained. Industry View: Attractive.

Target price is $123.50 Current Price is $125.51 Difference: minus $2.01 (current price is over target).
If RIO meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $116.79, suggesting downside of -5.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.0

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

Macquarie rates S32 as Neutral (3) -

A roundtable with South32 management reveals the following, advises Macquarie:

The company is continuing to increase its exposure to base metals and is building its presence in the Americas as its Australian assets approach their life end.

Management is particularly partial to copper, nickel and zinc and is seeking to make several, targeted, niche acquisitions to avoid bidding wars with large diversified miners.

Neutral rating and $4.60 target price retained.

Target price is $4.60 Current Price is $4.59 Difference: $0.01
If S32 meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $4.96, suggesting upside of 10.1% (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: 0.6

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

Credit Suisse rates SBM as Outperform (1) -

St Barbara's underlying earnings were in line with Credit Suisse. The focus is nevertheless on the proposed merger with Genesis Minerals ((GMD)) and resultant spin-off of assets into another company.

There are clauses in place that require St Barbara to deliver on a pre-agreed budget/net debt at the point at which the scheme becomes effective, the broker notes. Breaching a clause could present risks of a restructure to the proposed transaction.

Should the transaction not proceed, St Barbara will most likely have to refinance its debt and recapitalise the business, says the broker.

Outperform and $1.05 target price retained.

Target price is $1.05 Current Price is $0.57 Difference: $0.48
If SBM meets the Credit Suisse target it will return approximately 84% (excluding dividends, fees and charges).

Current consensus price target is $0.87, suggesting upside of 52.0% (ex-dividends)

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Macquarie rates SBM as No Rating (-1) -

St. Barbara's December-half result missed Macquarie's forecasts by a decent clip, impairments at Simberi and Atlantic sharply extending the company's loss.

St. Barbara closed the half with net debt of $124.3m, which compares with the broker's forecast of $132.6m; and cash was in line at $37.5m.

EPS forecasts fall -8% in FY23.

Meanwhile, Leonora's assets have been consolidated into the St. Barbara/Genesis merger entity Hoover House, and the non-Leonara assets are to be demerged and listed in a new company called Phoenician Metals.

Macquarie is currently under research restriction.

Current Price is $0.57. Target price not assessed.

Current consensus price target is $0.87, suggesting upside of 52.0% (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

Ord Minnett rates SBM as Hold (3) -

Following weaker than expected 1H results for St. Barbara, Ord Minnett believes the merger with Genesis Minerals ((GMD)), on current agreed terms, hinges largely on the performance of the Gwalia mine this quarter.

If the forecast net debt position falls outside the pre-determined range or the St. Barbara share price slumps in relation to the Genesis share price, the deal structure could be impacted, the broker points out.

The target falls to 70c from 75c. Hold.

Target price is $0.70 Current Price is $0.57 Difference: $0.13
If SBM meets the Ord Minnett target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $0.87, suggesting upside of 52.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Citi rates SCG as Neutral (3) -

While Scentre Group has reported improving leasing spreads, strong average rent escalation and a 98.9% occupancy rate off the back of an operationally strong retail real estate results season, interest costs remain a key headwind to the company according to Citi. 

The company reported a record 3,409 leasing deals in 2022, but looking ahead the broker highlights pressure remains on underlying cap rates and gearing amid ongoing interest cost rises. 

The Neutral rating is retained and the target price increases to $3.10 from $3.00.

Target price is $3.10 Current Price is $2.99 Difference: $0.11
If SCG meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $3.17, suggesting upside of 5.0% (ex-dividends)

The company's fiscal year ends in December.

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 SCG as Neutral (3) -

Scentre Group's 2022 result beat Credit Suisse and guidance, driven by a 14% increase in property income, partly due to a material
decline in covid rent relief and partly offset by higher net finance costs. A 10.5% increase in the dividend was also a beat.

2023 guidance is also above forecast. Management noted January sales were up 21% on 2021 and 11% on 2019. Foot traffic was up, and customer visits are up 10m relative to January 2022. Specialty sales productivity has also increased.

The drawback is the balance sheet and a relatively high cost of debt, the broker notes. There are levers that could be pulled, but the  timing or likelihood of these outcomes is not clear at this stage.

Target rises to $3.11 from $3.08, Neutral retained.

Target price is $3.11 Current Price is $2.99 Difference: $0.12
If SCG meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $3.17, suggesting upside of 5.0% (ex-dividends)

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Macquarie rates SCG as Upgrade to Neutral from Underperform (3) -

Scentre Group's FY22 full-year result met Macquarie's forecasts, and FY23 guidance outpaced by 2%. The broker observes the company's leasing spreads continue to trend upwards.

Macquarie estimates the company will deploy -$0.6bn (net) in FY23, which should raise the company's leverage to 40% from 39%.

Given Scentre Group's strong retail performance, the broker expects the company may have an opportunity to sell retail assets and reduce leverage, without impacting earnings.

Macquarie also observes the company has an opportunity to cut its interest costs via a lower-margin subordinated notes (the company holds a 2026 call option on $2.1bn notes) or refinance at lower rates (pending market movements), and that every 1% change in the margin translates to a 2% rise in funds from operations.

Rating is upgraded to Neutral from Underperform. The broker tinkers with EPS forecasts. Target price rises 13% to $2.89 from $2.55 to reflect a better-than-expected expansion in the company's cap rate.

Target price is $2.89 Current Price is $2.99 Difference: minus $0.1 (current price is over target).
If SCG meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.17, suggesting upside of 5.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Morgan Stanley rates SCG as Overweight (1) -

2022 results were in line with estimates. 2023 guidance for FFO of 20.75-21.25c per security is better than Morgan Stanley expected.

The broker now expects Scentre Group's net operating income will grow by $140-150m in 2023, sustained by rental growth and improving ancillary income. Some of this will be offset by interest expenses.

The main issue, the broker assesses, is less about gearing and more about the $4bn in hybrids, which would create a drag on earnings if normal debt parameters were applied. Still, the first call is not until 2026 so there are options to address the issue.

Overweight. Target is $3.52. Industry View: In-line.

Target price is $3.52 Current Price is $2.99 Difference: $0.53
If SCG meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $3.17, suggesting upside of 5.0% (ex-dividends)

The company's fiscal year ends in December.

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 SCG as Neutral (3) -

2022 results slightly missed UBS estimates yet guidance is considered credible with FFO in the range of 20.8-21.3c per security. Scentre Group is experiencing strong sales, a rebound in foot traffic and improved occupancy as well as the impact of CPI-linked annual escalation.

The downside consists of expectations for a slowdown in consumer spending throughout 2023 and an increasing debt balance. Neutral retained and the broker maintains a preference for the stock over Vicinity Centres ((VCX)). Target is steady at $3.20.

Target price is $3.20 Current Price is $2.99 Difference: $0.21
If SCG meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $3.17, suggesting upside of 5.0% (ex-dividends)

The company's fiscal year ends in December.

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 SDF as Outperform (1) -

Steadfast Group posted another solid beat, Credit Suisse suggests, featuring ongoing revenue growth acceleration and rapid inorganic growth execution. Profit was a beat on strong revenues.

Organic growth was "exceptional", via continued market share gains and higher premium pricing. Margin contraction was disappointing but the broker expects a solid second half reversal as the expense growth rate slows now that the post-covid rebound is over.

Given a solid pipeline and rapid execution, Steadfast could surprise to the upside versus its M&A growth target. The stock is trading at a premium to its five-year averages but Credit Suisse sees the potential for further upgrade surprises.

Target rises to $6.46 from $5.72, Outperform retained.

Target price is $6.46 Current Price is $5.74 Difference: $0.72
If SDF meets the Credit Suisse target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $6.34, suggesting upside of 8.4% (ex-dividends)

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 SDF as Hold (3) -

Steadfast Group's December-half result pleased Ord Minnett, thanks to strong organic and inorganic growth (60/40 contributions).

The broker appreciates the company's track record of average annual EPS growth over 10 years of 14%.

Higher commissions, more brokers, more customers and acquisitions, are all combining to create a strong platform for the insurance broker, says Ord Minnett.

Hold rating and $5.70 target price retained.

Target price is $5.70 Current Price is $5.74 Difference: minus $0.04 (current price is over target).
If SDF meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.34, suggesting upside of 8.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

UBS rates SDF as Buy (1) -

UBS believes the first half results have validated its view. Agencies stand to benefit from the hardening market, which comprises 45% of Steadfast Group's EBITA mix.

Organic growth, while reduced in the first half, is expected to normalise in the second half. The broker envisages the top of the revised EBITA guidance of $420-430m is achievable. Later in the year, the company will unveil plans for international expansion.

The Buy rating and $6.70 target are unchanged.

Target price is $6.70 Current Price is $5.74 Difference: $0.96
If SDF meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $6.34, suggesting upside of 8.4% (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

Credit Suisse rates SDR as Outperform (1) -

Credit Suisse does not qualify SiteMinder's result, but has raised its target to $4.50 from $4.30 and retains Outperform.

SiteMinder is transitioning from connectivity partner to distribution optimisation platform, the broker notes, seeking to leverage its data to drive the next iteration of value to hoteliers.

The automation of intelligence and analytics to hoteliers should assist in maximising revenue across distribution channels in real-time. Strong momentum in property additions in the second half to date de-risks meeting revenue targets.

SiteMinder is trading on a 5.5x FY24 revenue multiple while offering forecast 30%pa revenue growth over FY23-25, Credit Suisse points out.

Target price is $4.50 Current Price is $4.08 Difference: $0.42
If SDR meets the Credit Suisse target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $5.19, suggesting upside of 34.8% (ex-dividends)

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 SDR as Buy (1) -

Reading between the lines, SiteMinder's interim result has not disappointed. Ord Minnett sees a company that not only has delivered on its IPO promises, it has equally successfully transitioned away from pure reliance on subscription revenues.

Adding a transactional component to the business is progressing well, the broker adds. Ord Minnett is very much in favour of the strategic shift.

The broker sees another positive in that management has pulled forward the timing of becoming free cash neutral by reducing non-revenue focused costs.

Buy. Target $5.21 (was $5.73) on slightly lowered forecasts.

Target price is $5.21 Current Price is $4.08 Difference: $1.13
If SDR meets the Ord Minnett target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $5.19, suggesting upside of 34.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

UBS rates SDR as Buy (1) -

SiteMinder's first half result was largely pre-released and softer than UBS estimated. The broker observes the uplift in revenue and net property additions has accelerated half on half, indicating the business is building momentum.

Key growth drivers are on track and further upside is envisaged from monetising intelligence and the Little Hotelier roll-out into the smaller hotels segment. Buy retained. Target rises to $6.55 from $6.40.

Target price is $6.55 Current Price is $4.08 Difference: $2.47
If SDR meets the UBS target it will return approximately 61% (excluding dividends, fees and charges).

Current consensus price target is $5.19, suggesting upside of 34.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24: