Australian Broker Call

Ord Minnett rates 29M as Hold (3) -

The second half was "messy" in Ord Minnett's view with earnings missing estimates materially. The resource update remains the positive part, underpinned by higher commodity prices.

Resource grades remain unchanged while reserves were down -6%. After adjusting for the 2022 results, the broker downgrades earnings estimates slightly but maintains a $1.95 target. Hold retained.

Target price is $1.95 Current Price is $1.56 Difference: $0.395
If 29M meets the Ord Minnett target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $1.57, suggesting downside of -1.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.6

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

Credit Suisse rates ABB as Outperform (1) -

Aussie Broadband posted earnings in line with Credit Suisse and a minor increase to FY23 earnings guidance has followed, despite lower revenue guidance.

Reduced revenue guidance is driven by slower delivery of lower margin residential mobile and white label broadband connections, with higher earnings supported by improved CVC cost management and a slowdown in staff growth.

The company is enjoying a benefit from Aussie Fibre deployment, the broker notes. Connected buildings to the network have more than tripled to 288, with an additional 73 being provisioned, and a further 1400 identified for connection.

Outperform and $3.40 target retained.

Target price is $3.40 Current Price is $2.90 Difference: $0.5
If ABB meets the Credit Suisse target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $3.12, suggesting downside of -0.1% (ex-dividends)

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Morgan Stanley rates ABB as Underweight (5) -

While first half revenues from Aussie Broadband were below expectations, Morgan Stanley maintains the company is well managed with management lifting full year guidance.

Revenue in the half was up 65% year-on-year, with earnings up 86% year-on-year. With the company's run-rate continuing to slow and with industry competition looking to remain intense, Morgan Stanley expects Aussie Broadband is entering a lower growth phase. 

The Underweight rating is retained and the target price increases to $2.40 from $2.10. Industry view: In-Line.

Target price is $2.40 Current Price is $2.90 Difference: minus $0.5 (current price is over target).
If ABB 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 $3.12, suggesting downside of -0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Ord Minnett rates ABB as Buy (1) -

First half results beat expectations. Ord Minnett believes a reshuffle of Aussie Broadband's segments is overdue post the OTW acquisition. A changing mix adds to the quality of earnings, given typically lower churn rates and higher switching costs associated with business, government and enterprise markets.

FY23 revenue guidance of $780-800m is lower at the mid point compared with the broker's forecast, considered a function of the revenue mix and softer growth rates in the residential market. Buy rating retained. Target is reduced to $3.55 from $3.61.

Target price is $3.55 Current Price is $2.90 Difference: $0.65
If ABB meets the Ord Minnett target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $3.12, suggesting downside of -0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

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

While Morgan Stanley is a fan of Adore Beauty's leading position in an attractive category, the broker is wary of limited near-term earnings visibility as the company cycles multiple years of lockdown benefits.

Having delivered a -4% first half revenue miss, the retailer has also reported a softer than expected start to the second half. 

The broker does highlight earnings in the first half were a beat to its forecasts on lower costs. The company is aiming to be earnings profitable over the full year, before returning to margins of 2-4% by FY24.

The Equal-weight rating is retained and the target price decreases to $1.15 from $1.70. Industry view: In-Line.

Target price is $1.15 Current Price is $1.02 Difference: $0.125
If ABY meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

UBS rates ABY as Neutral (3) -

Adore Beauty's December-half result broadly met UBS forecasts but trading for the first seven weeks of the June half disappointed, as did sales guidance.

UBS observes the company does not usually experience a first-half skew and puts this down to the slowing macro environment, and expects cost-out programs will be needed to achieve guidance, and says strong margin guidance appears ambitious.

UBS battens down the hatches and cuts EPS forecasts -50% over FY23-FY26.

Neutral rating retained. Target price falls to $1.25 from $1.90.

Target price is $1.25 Current Price is $1.02 Difference: $0.225
If ABY meets the UBS target it will return approximately 22% (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

Macquarie rates AGI as Outperform (1) -

Ainsworth Game Technology results were slightly ahead of Macquarie's forecasts. Earnings continue to improve which the broker believes is driven by a recovery in operating conditions.

The underlying business is profitable and there is significant operating leverage to higher volumes. Overall, Macquarie believes the stock is cheap and retains an Outperform rating with a target of $1.30, raised from $1.25.

Target price is $1.30 Current Price is $1.04 Difference: $0.26
If AGI meets the Macquarie target it will return approximately 25% (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

Morgans rates AIM as Add (1) -

Ai-Media Technologies' 1H result was broadly in line with Morgans expectations. It's felt profits will flow more easily in future now the inflection point in the transition to a SaaS business has passed.

Margins for the Saas business are nearly double the legacy business, explains the analyst. Management noted “artificial intelligence is strengthening the company's moat in many areas”.

The broker lowers its target to 70c from 75.5c after allowing for the 1H result and raising its risk free rate assumption. Add.

Target price is $0.70 Current Price is $0.35 Difference: $0.35
If AIM meets the Morgans target it will return approximately 100% (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 AKE as Buy (1) -

First half results were below Citi's estimates amid higher depreciation for Mount Cattlin. Allkem plans for low-grade volumes similar to the December quarter to be sold in the March quarter. The approval for James Bay is still outstanding.

Citi observes market sentiment has been weak following news flow from China but fundamentals remain positive. Buy rating and $16.90 target maintained.

Target price is $16.90 Current Price is $11.16 Difference: $5.74
If AKE meets the Citi target it will return approximately 51% (excluding dividends, fees and charges).

Current consensus price target is $16.23, suggesting upside of 43.0% (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 AKE as Buy (1) -

Allkem's December-half result slightly missed UBS's forecasts despite previous downgrades, but the broker was consoled by the absence of further bad news by way of delays and changes.

UBS observes the company enjoys a strong net cash position but advises expansion plans remain ambitious (albeit execution risk is largely incorporated into the share price).

Management advises fundamentals remain healthy and UBS says spodumene supply remains tight.

Buy rating retained. Target price falls to $16.60 from $19.10.

Target price is $16.60 Current Price is $11.16 Difference: $5.44
If AKE meets the UBS target it will return approximately 49% (excluding dividends, fees and charges).

Current consensus price target is $16.23, suggesting upside of 43.0% (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 ALX as Neutral (3) -

Atlas Arteria's December-half result met UBS and consensus forecasts and management reiterated FY23 guidance and dividend guidance (thanks to Skyway regearing which should ensure capital releases of $230m over the next two years, advises UBS).

Corporate costs proved a beat but operational cash flows a miss.

UBS considers the company to be highly defensive but sleepy on the returns front, but conjectures upside could come by way of a faster than expected Dulles Greeneway restructure, or a formalisation of IFM's takeover desires.

Neutral rating retained. Target price eases to $6.55 from $6.65.

Target price is $6.55 Current Price is $6.77 Difference: minus $0.22 (current price is over target).
If ALX meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.40, suggesting downside of -6.4% (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 APM as Outperform (1) -

APM Human Services International delivered a 3% beat on profit, assisted by revenues growing 39% year on year, Credit Suisse notes, with a particularly strong performance in North America driven by new Canadian contracts and Equus.

The A&NZ profit margin was weaker but due to higher interest costs, the Workforce Australia ramp-up and a greater earnings contribution from lower-margin Allied Health. Management is guiding to a 54% second half profit skew.

Credit Suisse expects earnings in second half to improve given the full year benefit of Everyday Independence, Equus acquisitions, Ontario and RSVAP contracts, and improved Allied Health & Workforce Australia, partly offset by decline in Restart volumes and higher net interest costs.

Outperform retained, target falls to $3.85 from $4.00.

Target price is $3.85 Current Price is $2.20 Difference: $1.65
If APM meets the Credit Suisse target it will return approximately 75% (excluding dividends, fees and charges).

Current consensus price target is $3.35, suggesting upside of 45.0% (ex-dividends)

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.9

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

Morgan Stanley rates APM as Overweight (1) -

While APM Human Services International delivered a beat in its first half, Morgan Stanley feels the result was overshadowed by weak cash conversion, with the company reporting a cash conversion rate of 59% in the half compared to 84% in the preceding period. 

The company guided to an improved 85% conversion rate in the second half, which it expects to retain moving forward. 

The Overweight rating and target price of $3.00 are retained. Industry view: In-Line.

Target price is $3.00 Current Price is $2.20 Difference: $0.8
If APM meets the Morgan Stanley target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $3.35, suggesting upside of 45.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.9

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

UBS rates APM as Buy (1) -

APM Human Services International's December-half result proved mixed but UBS concludes the result met expectations on key metrics; and the broker says the result suggests weaker FY23 outlook (-1% on consensus and UBS).

Earnings (EBITDA) proved an operational beat; the broker had already accounted for a weak UK restart; and UBS expects weak cash conversion should return to historical averages.

More concerning, says the broker, is higher leverage; a weak organic contribution; and segment restating.

UBS believes the company is well position to win new contracts, boasts an undemanding valuation, and promises a three-year EPS compound annual growth rate of 6%. 

EPS forecasts fall -1% to -4% across FY23 to FY26. Buy rating retained. Target price falls to $3.75 from $3.85.

Target price is $3.75 Current Price is $2.20 Difference: $1.55
If APM meets the UBS target it will return approximately 70% (excluding dividends, fees and charges).

Current consensus price target is $3.35, suggesting upside of 45.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.9

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

Macquarie rates APX as Neutral (3) -

2022 outcomes were weaker than Macquarie anticipated and first half guidance implies further downgrades.The focus of the new CEO will be on setting up Appen for structural growth that evolves from data to industry vertical AI solutions and eventually AI products.

An increased loss is forecast for 2023-25 yet the CEO's briefing has bolstered the broker's confidence regarding a medium-term recovery. Neutral maintained as Macquarie transfers coverage to another analyst. Target is lowered to $2.50 from $2.70.

Target price is $2.50 Current Price is $2.36 Difference: $0.14
If APX meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $2.48, suggesting upside of 6.7% (ex-dividends)

The company's fiscal year ends in December.

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 APX as Underweight (5) -

In a first look at Appen's full year results, Morgan Stanley found both results and guidance for the current fiscal year to be underwhelming.

The company is anticipating its first half of 2023 to be materially lower than the first half of 2022, which Morgan Stanley feels supports its thesis that Appen's human based model is less economical than automated solutions.

The Underweight rating and target price of $2.25 are retained. Industry view: Attractive.

Target price is $2.25 Current Price is $2.36 Difference: minus $0.11 (current price is over target).
If APX meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.48, suggesting upside of 6.7% (ex-dividends)

The company's fiscal year ends in December.

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 ART as Add (1) -

While most metrics from Airtasker's 1H result were pre-released, Morgans points to some softness for posted tasks from falling consumer confidence due to the macroeconomic backdrop.

As a result of the weakened consumer, the broker lowers its gross marketplace volume (GMV) and revenue estimates by -2-5% across FY23-25, and the target falls to 80c from 90c.

The company's core marketplace grew organically, with GMV and revenue rising by circa 24% on the previous corresponding period, observes the analyst. Early-stage offshore markets are thought to be gaining traction.

The Add rating is unchanged.

Target price is $0.80 Current Price is $0.27 Difference: $0.535
If ART meets the Morgans target it will return approximately 202% (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

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

Futures trading accounted for 21% of ASX's revenue in the last fiscal year, and remains one of the company's largest revenue streams.

Morgan Stanley's data suggests futures volumes increased 11.5% year-on-year in the first eighteen trading days of February, ahead of the typical peak that is March.

The broker does anticipate an -18% SPI200 volumes decline will partly offset. The Equal-weight rating and target price of $68.90 are retained. Industry view: In-Line.

Target price is $68.90 Current Price is $67.82 Difference: $1.08
If ASX meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $69.69, suggesting upside of 2.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Morgans rates AUA as Speculative Buy (1) -

Supply chain pressures weighed on 1H results for Audeara resulting in a slight miss against Morgans forecasts. Expenses associated with an expected ramp-up in sales and new product development also weighed.

A key short-term catalyst is progress on the Amplifon rollout, with international sales currently lagging the analyst's expectation.

The Speculative Buy rating is unchanged, while the target eases to 24c from 27c.

Target price is $0.24 Current Price is $0.07 Difference: $0.17
If AUA meets the Morgans target it will return approximately 243% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

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

Following 1H results, Morgans feels Bega Cheese is over the worst of recent headwinds and upgrades its rating to Add from Hold.

The half was materially impacted by higher milk and other inflationary costs, as well as the lag impact of implementing price rises, explains the analyst.

Management reduced FY23 earnings (EBITDA) guidance to the lower-end of prior guidance. Rising interest rates are expected to further impact profits and the broker makes large cuts to its FY23 forecast.

The target rises to $4.05 from $3.71 after Morgans applies higher multiples after recent peer outperformance and the net debt forecast falls on asset sales.

Target price is $4.05 Current Price is $3.43 Difference: $0.62
If BGA meets the Morgans target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $3.68, suggesting upside of 5.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Morgan Stanley rates BTH as Overweight (1) -

Bigtincan Holdings's pre-guided December-half result met Morgan Stanley's forecasts and management reiterated guidance and advised free cash flow break-even should be achieved in FY23.

Annual recurring revenue rose 16%; and gross margins increased to 88% from 86% in the previous December half.

Cash burn surprised negatively and included -$4.5m of one-off redundancies and -$2.1 in non-recurring seasonal costs.

The broker awaits the shift to free-cash-flow positive. Overweight rating and $1 target price retained. Industry view: In line.

Target price is $1.00 Current Price is $0.52 Difference: $0.48
If BTH meets the Morgan Stanley target it will return approximately 92% (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

Credit Suisse rates BXB as Outperform (1) -

Brambles' result beat Credit Suisse handsomely at both constant currency and not levels. First half revenue growth was driven by pricing growth, as volume declines were recorded in both Americas and EMEA.

Management has raised FY guidance to revenue growth of 12-14% from 7-10% and earnings growth of 15-18% from 8-11% (constant currency). Pallet destocking was “gradual” rather than extreme in the period, and Brambles continues to expect further cash outflow in FY23, but not as much as in FY22.

Outperform and $15.30 target retained.

Target price is $15.30 Current Price is $12.86 Difference: $2.44
If BXB meets the Credit Suisse target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $14.09, suggesting upside of 9.1% (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: 0.5

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

Citi rates CCX as Neutral (3) -

The start to the second half has been weaker than expected with sales declining -17% for the first seven weeks.

Citi also envisages a risk to medium-term demand from strategies to discount and reduce marketing, while there are questions around the balance sheet despite a restructuring of debt.

The broker reduces FY23 net profit estimates for City Chic Collective to reflect the write down of inventory and upgrades FY24 and FY25 to reflect initiatives to turn around margins.

Neutral/High Risk retained. Target is reduced to $0.56 from $0.72.

Target price is $0.56 Current Price is $0.52 Difference: $0.045
If CCX meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $0.61, suggesting upside of 30.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

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

City Chic Collective's pre-guided December-half result met Morgan Stanley's forecasts but trading for the first weeks of the June half disappointed by -17%.

Management retained inventory guidance and advised it is on schedule to hit a net cash position by the end of June.

The broker downgrades earnings forecasts.

Equal-weight rating retained. Target price falls to 60c from 70c. Industry view: In line. 

Target price is $0.60 Current Price is $0.52 Difference: $0.085
If CCX meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $0.61, suggesting upside of 30.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Ord Minnett rates CCX as Hold (3) -

In line with its January trading update, City Chic Collective reported an underlying operational (EBITDA) loss of -$3.4m, due to lower sales and declining margins. Apart from sales deleverage, margins were impacted by promotions as well as higher logistics and fulfillment costs.

Sales were down -8% in the 1H and even further down (-17%) in the first seven weeks of the 2H. The analyst is expecting further margin erosion from lower demand and further promotional activity in an attempt to lower stock levels.

The broker expects the business will return to profitability in FY24. The Hold rating and 60c target are unchanged.

Target price is $0.60 Current Price is $0.52 Difference: $0.085
If CCX meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $0.61, suggesting upside of 30.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Ord Minnett rates CMW as Accumulate (2) -

Ord Minnett highlights the stretched balance sheet in the half-year result and now factors in a $420m raising in the June half. The broker believes an equity issue would be supported, given the business is in "decent shape".

Ord Minnett also gives Cromwell Property some credit for divesting assets at near book value during the period. Still, to reduce gearing enough to avoid an equity raising the broker asserts the business would need to dump the Polish retail portfolio.

Accumulate maintained as the securities appear undervalued. Target edges down to $0.90 from $0.95.

Target price is $0.90 Current Price is $0.70 Difference: $0.205
If CMW meets the Ord Minnett target it will return approximately 29% (excluding dividends, fees and charges).

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 COG as Buy (1) -

According to Ord Minnett, 1H results were solid for COG Financial Services' underlying business though a first half loss from the company's 20.1% holding in EarlyPay ((EPY)) ruined the mood. The impact from EarlyPay is considered short-term in nature.

The broker highlights the Finance, Broking and Aggregation segment has proven resilient in the face of rising interest rates and $3.4bn of net assets were financed during the half.

The analyst feels the company is well placed to seize upon any accretive acquisition opportunities.

The target falls to $1.93 from $2.06. Buy.

Target price is $1.93 Current Price is $1.44 Difference: $0.49
If COG meets the Ord Minnett target it will return approximately 34% (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 CXO as Outperform (1) -

Core Lithium has produced its first spodumene concentrate from Finnis and first sales are guided for the June quarter. Macquarie welcomes the news as this is ahead of forecasts.

Still wet weather has affected the Grants open cut and this could affect the timing of the ramp up. The previous capital raising should enable the company to accelerate organic growth, the broker adds.

The Outperform rating and $1.30 target are unchanged. 

Target price is $1.30 Current Price is $0.93 Difference: $0.37
If CXO meets the Macquarie target it will return approximately 40% (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

Morgans rates CXO as Initiation of coverage with Hold (3) -

While spot lithium prices have recently softened, Morgans suggests tight supply will continue as new projects are taking longer to complete. Also, increased demand is expected out of China.

The broker initiates coverage on Core Lithium with a 91c target price. The company's Finniss lithium project near Darwin is in development and has already sold some direct shipping ore.

First production from the plant is expected in the 2H and there are offtake contracts with China-based Ganfeng and Yahua, explains Morgans.

The broker adopts a Hold rating as the stock price appears to be incorporating a lot of success for exploration, and current multiples are higher than for peers.

Target price is $0.91 Current Price is $0.93 Difference: minus $0.02 (current price is over target).
If CXO meets the Morgans target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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 DBI as Add (1) -

As expected by Morgans, the FY22 result for Dalrymple Bay Infrastructure delivered substantial earnings growth.

This outcome follows a higher negotiated rate achieved in the 2H following the finalisation of Terminal Infrastructure Charge negotiations, explains the analyst.

DPS guidance for FY23 was unchanged at 20.1c.

The target falls to $2.63 from $2.67 on the broker's forecast changes. Add.

Target price is $2.63 Current Price is $2.48 Difference: $0.15
If DBI meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $2.84, suggesting upside of 13.9% (ex-dividends)

The company's fiscal year ends in December.

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 DDR as Overweight (1) -

Dicker Data's pre-guided result is roughly in line with Morgan Stanley's expectations, although debt remains on the high side, and the broker expects the company is likely to struggle with working capital in the near term.

The broker takes a shift in the category mix as a plus, and observes the company is still gaining market share.

Morgan Stanley expects supply should normalise over 2023 and for overall demand to hold up. 

Overweight rating and $13 target price retained.

Target price is $13.00 Current Price is $8.00 Difference: $5
If DDR meets the Morgan Stanley target it will return approximately 63% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Macquarie rates DEG as Outperform (1) -

First half results have signalled a reduced loss for FY23, with the outcomes of Mallina DFS along with gold and FX prices the key risks to Macquarie's forecasts.

De Grey Mining has completed the prefeasibility study ahead of a final investment decision and financing in the second half of 2023. Outperform and $1.90 target retained.

Target price is $1.90 Current Price is $1.30 Difference: $0.605
If DEG meets the Macquarie target it will return approximately 47% (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

Credit Suisse rates DOW as Outperform (1) -

Downer EDI reported first half underlying profit of $68m versus Credit Suisse' $75.3m forecast. Operating cashflow conversion of 8.5% caused further concerns and FY23 guidance was reduced to $170-190m from $210-230m previously.

The new CEO announced a transformation program which the broker has not formally adopted into its numbers even though it is primarily a cost-out exercise. The broker does see some modest margin expansion.

Credit Suisse believes the second half will provide a clearer path to likely FY24 earnings and in turn a rebuild in valuation for the company as investors get a better look at operating performance in a more ‘normal’ environment.

Target falls to $4.20 from $4.50, Outperform retained.

Target price is $4.20 Current Price is $3.02 Difference: $1.18
If DOW meets the Credit Suisse target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $4.09, suggesting upside of 29.4% (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 DOW as Neutral (3) -

FY23 guidance has been reduced by -18% at the mid point after a first half result that was weaker than Macquarie expected. The broker notes the distribution was reduced in the first half to five cents, bringing to the end almost a decade of 10c half-year dividends.

Downer EDI's cash flow was poor with only 8.5% conversion, generally reflecting delayed collections and supplier payments on completion of the SGT trains contract. Macquarie retains a Neutral rating and lowers the target to $3.25 from $4.05.

Target price is $3.25 Current Price is $3.02 Difference: $0.23
If DOW meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $4.09, suggesting upside of 29.4% (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 DOW as Buy (1) -

Ord Minnett describes the first half result as "shocking" with net profit down -33% and well below forecasts. Nevertheless, limited long-term implications are derived from the outcome.

One positive, the broker points out, is that the scope of the utilities contract issues have been delineated and apparently independently investigated.

As work in hand has increased favourably, Ord Minnett believes the market reaction to the results as being too harsh. Margin forecasts remain above what was achieved in H1 FY23 amid an assumed recovery from the labour and supply chain-affected lows plus a normalisation of the weather and contract performance. Buy rating maintained. Target steady at $5.60.

Target price is $5.60 Current Price is $3.02 Difference: $2.58
If DOW meets the Ord Minnett target it will return approximately 85% (excluding dividends, fees and charges).

Current consensus price target is $4.09, suggesting upside of 29.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

UBS rates DOW as Neutral (3) -

Downer EDI's December-half result missed consensus foreasts by -12% and management downgraded guidance yet again by -18% (this compares with a -15% downgrade in December) citing poor weather, labour shortages and productivity challenges.

Cash conversion also missed UBS's forecasts, the dividend was sliced by -60%, and leverage rose to 2.3x from 1.7x.

UBS observes the common downgrade themes are labour and weather, and advises the company need to learn how to better manage these risks going forward.

EPS forecasts fall -22% in FY23; and -25% in FY24. Neutral rating retained. Target price falls to  $3.30 from $4.

Target price is $3.30 Current Price is $3.02 Difference: $0.28
If DOW meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $4.09, suggesting upside of 29.4% (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 ECF as Accumulate (2) -

Ord Minnett notes a slight beat versus expectations for Elanor Commercial Property Fund's 1H result. However, FY23 guidance for funds from operations (FFO) per unit was reaffirmed, due to the impact of rising debt costs in the 2H.

The analyst considers operating metrics across the portfolio were solid for the 1H with positive leasing spreads of 16% and like-for-like rental growth of 4.7%, while occupancy stood at 95.7% (an outperformance versus national peers).

The FY23 dividend guidance was maintained at 9.4cpu.

The target rises to $1.03 from 99c. Accumulate.

Target price is $1.03 Current Price is $0.93 Difference: $0.1
If ECF meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Ord Minnett rates FCL as Buy (1) -

While Ord Minnett was disappointed with the first half loss, the broker's outlook does not change. Ord Minnett considers the underlying trends encouraging, which supports its conviction that an earnings recovery is underway.

Free cash flow is expected to be generated in FY25 and profit to occur in FY26. The broker lowers the target to $3.40 from $3.75, largely because of a higher-than-expected rise in the expense base.

As the shares fell over -20 % following the result, they are now at a material discount to fair value estimates and a Buy rating is retained.

Target price is $3.75 Current Price is $1.35 Difference: $2.4
If FCL meets the Ord Minnett target it will return approximately 178% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 1.0

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

Macquarie rates GLN as Outperform (1) -

Galan Lithium will start drilling Greenbushes South lithium project. Macquarie considers this a positive development which provides material upside potential.

The main value driver, nevertheless, is the Hombre Muerto West project and once pilot approvals are received, the company is expected to lodge development plans and permits for a full-scale plant.

Outperform and $1.90 target retained.

Target price is $1.90 Current Price is $1.12 Difference: $0.78
If GLN meets the Macquarie target it will return approximately 70% (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 HAS as Outperform (1) -

Hastings Technology Metals has progressed with Yangibana, expecting the main construction in the next few months. A review of the capital costs and timing is underway. The company has spent -$53m in the first half on early site works and 70% is now complete.

Early work at Onslow has also been underway with 25% now complete. Outperform rating maintained. Macquarie updates equity raising assumptions and reduces the target to $3.60 from $4.20.

Target price is $3.60 Current Price is $2.26 Difference: $1.34
If HAS meets the Macquarie target it will return approximately 59% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Citi rates HLS as Neutral (3) -

First half results were pre-released. Yet Citi was disappointed there were no further details on cost initiatives. Base volumes are recovering but remain below trend. Healius has underperformed its peers and the broker expects a recovery will also lag peers.

The broker reduces FY23 and FY24 estimates for earnings per share by -14%. No guidance was provided. Neutral maintained. Target is reduced to $2.85 from $3.05.

Target price is $2.85 Current Price is $2.81 Difference: $0.04
If HLS meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.18, suggesting upside of 15.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.1

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

Credit Suisse rates HLS as Underperform (5) -

Healius reported a -96% fall in year on year underlying profit and -89% in earnings, in line with the earlier pre-announcement, reflecting the post-covid crunch. The company's slow adjustment to its cost base led to a large decline in margins, Credit Suisse explains.

The key news from the result, Credit Suisse suggests, is that Healius is expanding its pathology network again to accelerate growth, having reduced centre numbers by some -10% during covid.

Healius has a higher exposure to the GP referral base which the broker believes will see slower growth versus Specialist /Hospital channels in the short to medium term. Credit Suisse was disappointed by the lack of clear cost out targets.

Underperform retained, target falls to $2.70 from $2.95.

Target price is $2.70 Current Price is $2.81 Difference: minus $0.11 (current price is over target).
If HLS meets the Credit Suisse target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.18, suggesting upside of 15.5% (ex-dividends)

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 HLS as Outperform (1) -

Macquarie finds there is now greater clarity on costs with initiatives expected to provide a lower base into FY24. First half results were pre-released with revenue affected by lower covid testing contributions.

Healius is expanding its pathology network after a period of consolidation and Macquarie remains positive about the medium-longer term outlook. There is also valuation support on FY24 earnings estimates. Outperform maintained. Target is unchanged at $4.

Target price is $4.00 Current Price is $2.81 Difference: $1.19
If HLS meets the Macquarie target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $3.18, suggesting upside of 15.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.1

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

Morgan Stanley rates HLS as Underweight (5) -

Healius's December-half results met preliminary figures, although underlying net profit after tax fell -5% short of Morgan Stanley's estimates. EPS also disappointed and no dividend was announced.

Management's FY23 earnings (EBITDA) guidance sharply outpaced the broker but broader guidance was not forthcoming and the broker considers gearing to be elevated at 2.98x (approaching the 3.5x covenant). Management advises it should remain within its covenants by the end of June.

Underweight rating and $2.65 target price retained.

Target price is $2.65 Current Price is $2.81 Difference: minus $0.16 (current price is over target).
If HLS meets the Morgan Stanley target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.18, suggesting upside of 15.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.1

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

Ord Minnett rates HLS as Accumulate (2) -

Ord Minnett found the most disappointing aspect of the first half results was the weak underlying base pathology revenue and attributes this weakness to managing the transition from pandemic testing as well as staff shortages and patient cancellations.

The broker now assumes Healius cedes more market share in FY23 and reduces EBIT forecast by -17% on average for the next three years. The main highlight was the imaging segment where underlying revenue was up 10% versus market growth of 3%.

The broker expects dividends will be reinstated in the second half and maintains a $3.55 target. Accumulate.

Target price is $3.55 Current Price is $2.81 Difference: $0.74
If HLS meets the Ord Minnett target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $3.18, suggesting upside of 15.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.1

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

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

As tighter financial conditions are looming, Ord Minnett suggests there is a chance, if history is any guide, Humm Group will turn to an equity raise to support compliance with debt covenants.

If a raise can be avoided over the forecast period, the analyst believes fair value for shares is around 80cps.

The analyst assumes a raise of around $150m in FY24 at a -15% discount to Ord Minnett's current target of 50cps. The rating is downgraded to Hold from Accumulate.

Target price is $0.50 Current Price is $0.51 Difference: minus $0.005 (current price is over target).
If HUM meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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

Macquarie rates IVC as Neutral (3) -

2022 results were below Macquarie's forecasts. InvoCare is cycling elevated volumes and, while some share has been lost, capacity was not increased during peak volumes.

As a result, the broker believes the business is better positioned compared with some peers to manage lower industry volumes now.

Still, the test will be progress on the company's desire for better workforce flexibility and more accurate forecasting of demand. Neutral maintained. Target is reduced to $10.25 from $11.40.

Target price is $10.25 Current Price is $9.86 Difference: $0.39
If IVC meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $11.24, suggesting upside of 18.3% (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 IVC as Equal-weight (3) -

InvoCare's FY22 full-year revenue met consensus forecasts but missed Morgan Stanley's expectations, as did earnings (EBITDA) by -13%, and cash conversion.

On the flipside, net debt proved a 13% beat.

Management advises trading to date in 2023 is on track and the broker expects death rates and covid volatility to normalise this year.

Equal-weight rating and $11.25 target price retained. Industry view: In-line.

Target price is $11.25 Current Price is $9.86 Difference: $1.39
If IVC meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $11.24, suggesting upside of 18.3% (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 IVC as Add (1) -

Despite a miss for InvoCare's FY22 result as higher costs weighed on margins, Morgans believes headwinds will moderate and maintains its Add rating. Those headwinds included labour constraints, supply chain pressures and inclement weather.

FY22 operating earnings (EBITDA) and operating profit missed consensus forecasts by -4% and -13%, respectively, and the broker lowers its target to $11.10 from $12.80 in reaction.

Management noted trading so far in the 1Q was positive and in line with expectations.

The analyst believes recent share price weakness provides a good entry point for long-term investors.

Target price is $11.10 Current Price is $9.86 Difference: $1.24
If IVC meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $11.24, suggesting upside of 18.3% (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

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

2022 results were weaker than Ord Minnett expected. While funeral volumes and prices have rebounded, the inflationary effects on the cost base are dampening near-term profitability.

The broker suspects InvoCare lost volume share in Australian funerals in 2022 but expects growth to resume in 2023.

Ord Minnett estimates much of the spike in funeral demand the past year was taken by smaller firms that have latent capacity and can ramp up the labour force. Rating is upgraded to Buy and the target is $14.50.

Target price is $14.50 Current Price is $9.86 Difference: $4.64
If IVC meets the Ord Minnett target it will return approximately 47% (excluding dividends, fees and charges).

Current consensus price target is $11.24, suggesting upside of 18.3% (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 IVC as Neutral (3) -

InvoCare's FY22 full-year earnings (EBIT) disappointed UBS forecasts by -17%, despite a strong death rate, as staff shortages and cost inflation cut into operating deleverage, advises the broker.

UBS observes the company continued to lose market share in December, but that losses were slowing.

But with death rates likely to fall in 2023, and higher interest rates and impending depreciation and amortisation, the broker spies little room for improvement.

UBS already sits -40% below consensus' net profit after tax forecasts. 

FY23 EPS forecasts fall -27% in FY23; -21% in FY24; -15% in FY25; and -9% in FY26.

Rating is downgraded to Sell from Neutral. Target price falls to $8.85 from $11.60.

Target price is $8.85 Current Price is $9.86 Difference: minus $1.01 (current price is over target).
If IVC meets the UBS target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.24, suggesting upside of 18.3% (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

Macquarie rates KED as Neutral (3) -

First half results were in line with the pre-release. Healthcare, which is 56% of Keypath Education International's revenue, produced growth of 22.3% which implies the other segments went backwards in terms of revenue.

The contribution margin in the first half was down -23.7% which reflects the large number of programs in a deep investment phase.

Macquarie believes progress over the next 12-18 months, as the business targets positive adjusted EBITDA from the second half of FY24, will be critical. Neutral maintained. Target is reduced to $0.73 from $0.97.

Target price is $0.73 Current Price is $0.70 Difference: $0.03
If KED meets the Macquarie target it will return approximately 4% (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 KGN as Underperform (5) -

Kogan.com had pre-released its numbers. Some stability returned to the business in January, Credit Suisse notes, on a smaller scale business. The ability to sustain gross margins on exclusive and third-party brands is the main variable in the second half.

The impact of excess inventory in the first half could be seen in the result, the broker points out, and product range expansion in exclusive and third-party brands that led to the inventory issues of 2022 is clearly not a viable expansion opportunity for Kogan.

Growth is likely to be constrained to core ranges, probably limiting the opportunity for market growth. Credit Suisse is yet to see stabilisation, let alone growth, in marketplace revenue and Amazon continues to take significant share in Australia.

Target rises to $3.07 from $2.96, Underperform retained.

Target price is $3.07 Current Price is $3.50 Difference: minus $0.43 (current price is over target).
If KGN meets the Credit Suisse target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.99, suggesting upside of 56.8% (ex-dividends)

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Ord Minnett rates KGN as Buy (1) -

First half results were pre-released in January. Ord Minnett expects topline growth to re-emerge albeit at a lower level than that enjoyed during the covid restrictions.

The first signs of an improving underlying performance are emerging, with January being the first month in which Kogan.com generated a profit since July 2022. The broker continues to envisage great potential in the business but reduces subscriber growth estimates for FY23 by -10%.

A Buy rating is maintained. Target is steady at $10.70.

Target price is $10.70 Current Price is $3.50 Difference: $7.2
If KGN meets the Ord Minnett target it will return approximately 206% (excluding dividends, fees and charges).

Current consensus price target is $5.99, suggesting upside of 56.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

UBS rates KGN as Neutral (3) -

Kogan.com's December-half result was largely preannounced but the company has issued a margin update, gross margins rising 790 basis points.

UBS says the rise reflects a fall/sale in old inventories, which has boosted the balance sheet, the company finishing 2022 with net cash of $74m.

UBS observes the company returned to profit in late January and says the next step is the return to a long-term top-line growth trajectory - and that an increase in new customer numbers would be helpful in this respect.

UBS also says future growth may require expenditure and observes marketing investment slumped. 

EPS forecasts rise 28% in FY23; 5% in FY24; and 5% in FY24. Neutral rating retained. Target price falls to $4.20 from $4.50.

Target price is $4.20 Current Price is $3.50 Difference: $0.7
If KGN meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $5.99, suggesting upside of 56.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Morgans rates KSL as Add (1) -

In a broadly solid result, underlying profit for Kina Securities in the 1H was in line with Morgans forecast. Bad debts were well contained and an impressive 18% return on equity (ROE) was achieved.

The broker now includes in its forecasts the impact from the December budget (PNG government) which increased the corporate income tax rate on PNG Commercial Banks to 45% from 30% from the 2023 fiscal year.

The target drops to $1.02 from $1.11. Add.

Target price is $1.02 Current Price is $0.80 Difference: $0.22
If KSL meets the Morgans target it will return approximately 27% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

This company reports in PGK. 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 LFG as Neutral (3) -

First half net profit was slightly below Citi's estimates. Amid minor earnings revisions the broker still forecasts a multi-year decline in earnings, as volumes slow and costs rise while asset quality deteriorates.

Liberty Financial has displayed good execution in building out a diverse offering in secured finance yet the broker suspects it is ultimately vulnerable to competitive pressures and slowing demand.

An earnings trough is expected in FY25. Neutral maintained. Target is reduced to $3.95 from $4.15.

Target price is $3.95 Current Price is $3.80 Difference: $0.15
If LFG meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $4.18, suggesting upside of 10.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

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

Liberty Financial delivered a first half result in line with Credit Suisse' forecasts, with profit lower year on year given expected macro headwinds affecting areas like funding costs and credit growth.

The broker expects some of the residual impacts of these pressures to further impact the second half and into early FY24, before a return to earnings growth.

Credit Suisse believes the market will likely require evidence of a peak in interest rates before a meaningful re-rate will occur, but trading at a 6x forward PE and with a dividend yield in excess of 10%, on a 12-month view the broker sees valuation as compelling.

Upgrade to Outperform from Neutral, target unchanged at $4.55.

Target price is $4.55 Current Price is $3.80 Difference: $0.75
If LFG meets the Credit Suisse target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $4.18, suggesting upside of 10.1% (ex-dividends)

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Macquarie rates LFG as Outperform (1) -

First half reesults were in line with Macquarie's estimates. Despite a challenging operating environment, the broker was pleased with the revenue as lending volumes were stronger.

While envisaging considerable margin pressure as funding spreads normalise, the broker prefers Liberty Financial to its non-bank peers because of its SMSF product and differentiated pricing.

Moreover, a decision not to re-price the back book above cash rates resulted in lower churn rates compared with peers. Outperform maintained. Target is reduced to $4.05 from $4.25.

Target price is $4.05 Current Price is $3.80 Difference: $0.25
If LFG meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $4.18, suggesting upside of 10.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Morgans rates LTR as Initiation of coverage with Speculative Buy (1) -

While spot lithium prices have recently softened, Morgans suggest tight supply will continue as new projects are taking longer to complete. Also, increased demand is expected out of China.

The broker initiates coverage on early-stage developer Liontown Resources with a Speculative Buy rating. The company is currently constructing the Kathleen Valley project in WA, which is supported by offtake agreements with Ford, Tesla and LG.

The analyst cautions Liontown is a higher-risk opportunity when compared to its established peers. While Kathleen Valley is the company's key project, a second emerging project called Buldania is located near Norseman, also in WA.

The company won't generate free cash until FY25 following completion of commissioning and first sales of product, explains Morgans. Target $1.96.

Target price is $1.96 Current Price is $1.32 Difference: $0.645
If LTR meets the Morgans target it will return approximately 49% (excluding dividends, fees and charges).

Current consensus price target is $2.05, suggesting upside of 50.9% (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

Macquarie rates LYC as Neutral (3) -

Lynas Rare Earths produced a first half result that beat Macquarie's estimates in terms of earnings and cash flow. The broker upgrades the FY23 outlook to incorporate this.

While constructive on the outlook for rare earths pricing, the uncertainty of the ramp up at Kalgoorlie and the operations at the Malaysian plant are acknowledged headwinds. Neutral maintained. Target is reduced to $8.90 from $9.90.

Target price is $8.90 Current Price is $7.97 Difference: $0.93
If LYC meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $8.20, suggesting upside of 0.0% (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 LYC as Sell (5) -

First half results were largely in line with the pre-release. Still, Ord Minnett is "frustrated" with a perceived production gap and concerned that its incorporation of a three-month outage may not be enough.

The broker currently expects Kalgoorlie will be commissioned closer to September and delays first production estimates by three months but envisages a risk this could blow out to 6-9 months and eliminate the bulk of FY24 earnings. Sell rating reiterated. Target is $6.70.

Target price is $6.70 Current Price is $7.97 Difference: minus $1.27 (current price is over target).
If LYC meets the Ord Minnett target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.20, suggesting upside of 0.0% (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

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

Lynas Rare Earths' December-half result fell well short of UBS forecasts due to a price lag which led to higher cost of goods sold.

Management advised Kalgoorlie remains on track for June quarter first-feed but UBS says the completion data and ramp-up remain questionable, noting the pressure is on after the renewal of the company's Malaysian operating licence.

The broker downgrades FY24 and FY25 production forecasts accordingly, and raises its cost-of-goods-sold estimates.

EPS forecasts fall -15% in FY23; -65% in FY24; and -41% in FY25. No dividends are forecast.

Rating is downgraded to Neutral from Buy. Target price falls -13% to $9 from $10.30.

Target price is $9.00 Current Price is $7.97 Difference: $1.03
If LYC meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $8.20, suggesting upside of 0.0% (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

Credit Suisse rates MIN as Neutral (3) -

Mineral Resources' earnings came in -2% below Credit Suisse, reflective of lingering inflationary pressure as seen across the sector. The dividend was broadly in line with expectations, but a heavy working capital build saw net debt come in 17% higher than consensus.

With the Wodgina upstream ramp-up accelerating and a six-month lag in cashflow, the working capital headwind will likely persist over the short term, the broker suggests. FY23 guidance largely unchanged.

Credit Suisse acknowledges Mineral Resources offers a more diversified and stronger growth trajectory versus pure-play peers, and remains constructive on short-term iron ore and long-term gas prices, but execution challenges may lead to volume downside during a peak-pricing window.

Neutral retained, target falls to $80 from $84.

Target price is $80.00 Current Price is $79.50 Difference: $0.5
If MIN meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $97.33, suggesting upside of 17.9% (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

Ord Minnett rates MIN as Hold (3) -

First half results at the net profit line were substantially less than Ord Minnett expected. Yet, the broker takes no longer-term implications from the weak result and considers it a function of timing. Estimates for earnings per share in FY23 are reduced by -23%.

The broker projects a 10% 10-year EBITDA growth rate at a midcycle EBITDA margin of 48%. The share price, having pulled back, is still considered somewhat overvalued and a $75 target is maintained. Hold retained.

Target price is $75.00 Current Price is $79.50 Difference: minus $4.5 (current price is over target).
If MIN 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 $97.33, suggesting upside of 17.9% (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 MX1 as Speculative Buy (1) -

While 1H results for Micro-X were ahead of Morgans forecasts the 33c target and Speculative Buy rating are left unchanged. A net loss of -$3.9m compared to the broker's -$4.8m estimate.

The analyst notes upcoming catalysts include the mid-2023 launch of the Argus X-Ray Camera, EU Rover approval and increasing sales for the ultra-lightweight X-ray unit, named Mobile DR.

Target price is $0.33 Current Price is $0.13 Difference: $0.2
If MX1 meets the Morgans target it will return approximately 154% (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 NAN as Upgrade to Hold from Lighten (3) -

Ord Minnett upgrades to Hold from Lighten as the share price has moved through the trigger point. Target is $4.

Target price is $4.00 Current Price is $4.46 Difference: minus $0.46 (current price is over target).
If NAN 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 $4.61, suggesting upside of 1.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Ord Minnett rates NXD as Buy (1) -

NextEd Group underlying EBITDA was largely pre-released and therefore in line with Ord Minnett's expectations. Net profit exceeded expectations as a result of an income tax benefit.

To cater for growth in demand, the business has highlighted -$7.9m in capital expenditure in the second half, most of which is dedicated to campus fit out.

The company expects to materially increase revenue and profit in the second half and FY24. Buy rating maintained. Target rises to $1.60 from $1.55.

Target price is $1.60 Current Price is $1.47 Difference: $0.13
If NXD meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Morgans rates PBP as Add (1) -

Morgans upgrades its earnings forecasts for Probiotec following an impressive 1H result driven by increased demand for both manufacturing and packing services. Underlying earnings came in slightly ahead of guidance. 

Management pointed to significant orders on hand to drive 2H growth. While guidance for FY23 was in line with the broker's prior forecasts, an increasing margin scenario was confirmed.

The Add rating and $3.30 target are unchanged.

Target price is $3.30 Current Price is $2.29 Difference: $1.01
If PBP meets the Morgans target it will return approximately 44% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Morgans rates PLS as Add (1) -

While spot lithium prices have recently softened, Morgans suggest tight supply will continue as new projects are taking longer to complete. Also, increased demand is expected out of China.

The broker assesses a very strong 1H operating result for Pilbara Minerals that was around expectations.

While production guidance was raised by 9% for FY23, the analyst notes this will come at the cost of a lower grade. Capex guidance was increased by 7%.

A maiden dividend of 11cps (interim) was declared.

The broker lowers its target to $5.30 from $5.40. Add

Target price is $5.30 Current Price is $4.20 Difference: $1.1
If PLS meets the Morgans target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $5.12, suggesting upside of 22.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

UBS rates QUB as Neutral (3) -

Qube Holdings's December-half result outpaced UBS forecasts by roughly 10%, thanks to strong performanes from Logistics and Infrastructure, and a solid margin beat. Ports and Bulk, and Patrick revenue were also strong.

Management suggested FY23 guidance had risen on the strength of the December-half but dampened June-half expectations, flagging concerns over the weather and weaker container activity.

Returns from average capital employed rose to 8.9% from 8% and UBS observes the company has maintained strong capital discipline.

Neutral rating retained on valuation, UBS believing logistics margins are unsustainable and that Ports and Bulk are also likely to retreat to their historical average. Target price rises to $3.40 from $3.20.

Target price is $3.40 Current Price is $3.18 Difference: $0.22
If QUB meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $3.35, suggesting upside of 4.0% (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 RED as Downgrade to Hold from Speculative Buy. (3) -

While Red 5 delivered a beat for 1H results, it also raised around $90m in capital (a few days prior to the result) to alleviate balance sheet/working capital issues in the development and ramp-up of the KOTH project.

The analyst predicts the company will miss 2H production and cost guidance by -4% and -17%, respectively, and with past operational underperformance suspects market confidence in management may take time to be restored.

Ord Minnett cautions: should there be further cost overruns or slipups, another capital raise may be required.

The rating falls to Hold from Speculative Buy, while the target plunges to 15c from 37c.

Target price is $0.15 Current Price is $0.14 Difference: $0.015
If RED meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Macquarie rates REG as Outperform (1) -

First half results were ahead of Macquarie's estimates. This highlights the improved earnings profile for Regis Healthcare, underpinned by higher funding and a recovery in occupancy.

Macquarie expects strong earnings growth will be supported into FY24 and FY25. Updates relating to future funding remain a key catalyst. Outperform maintained. Target edges down to $2.10 from $2.15.

Target price is $2.10 Current Price is $1.53 Difference: $0.575
If REG 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: 0.5

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

Credit Suisse rates REP as Outperform (1) -

RAM Essential Services Property Fund's first half result was a miss relative to Credit Suisse' estimates, in part due to timing differences, but full-year dividend guidance is reaffirmed.

A second half skew is largely a function of timing of the cash benefit of first half rent reviews, and the broker expects cash flow to improve in the second half.

At current pricing RAM is trading at a -23% discount to net tangible asset valuation, the broker notes, but peers are all trading at discounts to NTA. The REIT offers a forecast yield of 7.2%, albeit on a fairly high forecast 96% payout ratio.

While Credit Suisse' earnings forecasts reflect earnings growth in FY24-25, this is in part a function of the assumed roll-out of RAM's development pipeline. Outperform retained, target falls to 94c from 95c.

Target price is $0.94 Current Price is $0.80 Difference: $0.14
If REP meets the Credit Suisse target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $0.94, suggesting upside of 17.5% (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 REP as Buy (1) -

First half results were slightly lower than Ord Minnett expected. Multiple opportunities have been identified by RAM Essential Services Property Fund and the broker suspects its ability to grow earnings will be contingent on gearing and available liquidity.

Gearing increased to 32.8% for 29.9% and liquidity room to $44m post the balance sheet. The broker believes the latter is somewhat constrained and the business will seek recycling opportunities going forward. Buy retained. Target is lowered to $0.96 from $0.99.

Target price is $0.96 Current Price is $0.80 Difference: $0.16
If REP meets the Ord Minnett target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $0.94, suggesting upside of 17.5% (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 REP as Buy (1) -

RAM Essential Services Property Fund's December-half result fell shy of UBS's forecasts, due to higher management fees and lower net property income. Management reiterated guidance, expecting an improvement in leasing spreads and development coupons on the Mayo and North West developmets.

UBS would appreciate greater transparency on the rollover of hedges given rising gearing (still within target) and costs.

Debt costs pleasantly surprised and the DPS payout ratio outpaced the fund's target range. 

Buy rating retained. Target price falls to 92c from 97c.

Target price is $0.92 Current Price is $0.80 Difference: $0.12
If REP meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $0.94, suggesting upside of 17.5% (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 RIO as Lighten (4) -

Rio Tinto's net profit fell -38% amid falling commodity prices and rising cash costs.  Adjusted EBITDA was also down -30% and below Ord Minnett's estimates. Lower iron ore prices accounted for a large portion of the decline.

The broker suspects high prices are providing incentives for the major miners to slowly turn towards production expansion rather than returning excess cash to shareholders.

This should lead to more investment. Ord Minnett's assumed near-term payout ratio estimate is lowered to 60% from 70% to reflect this. Lighten rating and $107 target maintained.

Target price is $107.00 Current Price is $115.46 Difference: minus $8.46 (current price is over target).
If RIO meets the Ord Minnett target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $116.79, suggesting upside of 0.0% (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: 0.0

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

UBS rates SGR as Buy (1) -

Star Entertainment's December-half earnings (EBITDA) met the guidance midpoint but outpaced UBS by 1%. Net profit after tax missed consensus by -14%. Management reiterated FY23 guidance.

Sydney proved a miss as higher costs and slowing revenue took their toll, but Gold Coast and Brisbane outpaced thanks to a revenue beat.

Star is embarking on an $800m capital raising to cut debt but UBS believes this has already been priced in and says it should help absorb a potential Austrac fine, rising casino taxes, or a slowing in consumer demand.

UBS observes the company has also gained covenant relief until June 2025 - and no dividends will be paid until it reaches target gearing.

EPS and DPS forecasts fall sharply across FY23 and FY24. UBS holds the faith, expecting the raising addresses many concerns, and Star Entertainment should be free to run.

Buy rating retained. Target price falls to $1.75 from $1.95.

Target price is $1.75 Current Price is $1.49 Difference: $0.26
If SGR meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $1.88, suggesting upside of 27.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Morgans rates SHJ as Add (1) -

Work in progress (WIP) for Shine Justice grew by 9% half-on-half and suggests to Morgans better things will arise from FY24 onwards. However, costs incurred from increased activity weighed on 1H results, explains the analyst.

The increased spending and timing issues (class action settlements/litigation funding timing) also combined to weaken 1H cash flow, observes the broker.

Management maintained FY23 earnings (EBITDA) guidance, which implies to Morgans a large 2H skew.

The broker lowers its earnings forecasts and the valuation falls on lower assumed operating cash flows in FY23. The target declines to $1.06 from $1.43. Add.

Target price is $1.06 Current Price is $0.74 Difference: $0.32
If SHJ meets the Morgans target it will return approximately 43% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Morgans rates SMR as Add (1) -

Higher realised prices for pulverised coal injection (PCI) drove FY22 results for Stanmore Resources past expectations and leads Morgans to forecast a net cash position for the 1H of FY23.

The broker makes minor adjustments to its forecasts and raises its target price to $4.80 from $4.75.

The shares appear way too cheap to Morgans and an Add rating is retained.

Target price is $4.80 Current Price is $3.56 Difference: $1.24
If SMR meets the Morgans target it will return approximately 35% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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 SQ2 as Outperform (1) -

Macquarie notes "solid" fourth quarter results with adjusted gross profit margins increasing to 58% amid an increased contribution from the higher-margin Afterpay and Cash App businesses.

Block has provided an investment framework around the "Rule of 40" and gross profit retention goals. A stronger focus on profitability should help retain shareholders, Macquarie asserts. The broker retains an Outperform rating. Target is steady at $145.

Target price is $145.00 Current Price is $114.23 Difference: $30.77
If SQ2 meets the Macquarie target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $149.00, suggesting upside of 33.6% (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: 0.7

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

Morgans rates SRX as Add (1) -

Morgans assesses a solid FY22 result for Sierra Rutile, with a profit beat on the reversal of a prior impairment for the development project Sembehun, while earnings missed on higher costs.

The impairment reversal at Sembehun raises the analyst's confidence in a project that represents the long-term opportunity for the company.

The broker justifies its higher target of 55c, up from 45c, by citing improved rutile prices, a strong balance sheet and a better operational performance. Add.

Target price is $0.55 Current Price is $0.24 Difference: $0.31
If SRX meets the Morgans target it will return approximately 129% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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 TPG as Neutral (3) -

TPG Telecom reported revenues below Credit Suisse's forecast in the second half but slightly higher earnings.

Following solid operating trends at Vodafone, the company has confirmed the Vodafone price increase implemented at the end of January will now extend to the back-book.

This will be positive for revenues but the broker is wary of the impact on subs growth, with Vodafone benefitting in the half both from the Optus data breach and Telstra’s price increases.

2023 earnings guidance is in line with forecast, but interest costs are higher. Target falls to $5.20 from $5.30, Neutral retained.

Target price is $5.20 Current Price is $5.00 Difference: $0.2
If TPG meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $6.23, suggesting upside of 22.8% (ex-dividends)

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Macquarie rates TPG as Neutral (3) -

2022 operating earnings (EBITDA) were better than Macquarie expected. TPG Telecom's guidance for 2023 has been provided for the first time, with EBITDA expected in the range of $185-195bn. This is ahead of prior expectations.

The main concern Macquarie raises is the unhedged debt exposure, while the stock is screening as fair value at best. Neutral maintained. Target is steady at $5.30.

Target price is $5.30 Current Price is $5.00 Difference: $0.3
If TPG meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $6.23, suggesting upside of 22.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Morgan Stanley rates TPG as Overweight (1) -

TPG Telecom's FY22 full-year revenue and earnings (EBITDA) outpaced consensus by roughly 1% and 2% but net profit after tax EPS disappointed by -14% as rising finance costs bit.

Morgan Stanley observes key data points were positive suggesting strong momentum heading into 2023.

The broker retains the company as its top pick for the sector. Overweight rating retained. Target price is $7.70.

Target price is $7.70 Current Price is $5.00 Difference: $2.7
If TPG meets the Morgan Stanley target it will return approximately 54% (excluding dividends, fees and charges).

Current consensus price target is $6.23, suggesting upside of 22.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Morgans rates TPG as Add (1) -

TPG Telecom's FY22 results were in line with expectations and Morgans suggests positive earnings momentum is now evident for the first time since the merger with Vodafone Australia.

Thanks to the return of international travel, explains the analyst, mobile subscribers and the average revenue per user (ARPU) metric rose for the year. 

The analyst points out TPG has 100% variable rate debt. Hence, rising interest rates are expected to add more than -$100m to the FY23 interest rate expense.

The broker retains its Add rating and $5.50 target.

Target price is $5.50 Current Price is $5.00 Difference: $0.5
If TPG meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $6.23, suggesting upside of 22.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Ord Minnett rates TPG as Buy (1) -

2022 results beat Ord Minnett's expectations. The broker notes investors are cautious about the impact of price rises at TPG Telecom given the customer base is conditioned to the bargain offers from Vodafone.

Yet Ord Minnett considers the pricing initiative another step towards a more rational market and factors in "sufficient" churn while raising EBITDA estimates.

While the shares remain at a steep discount to the unchanged $7.40 target, the stellar earnings growth in the second half has vindicated projections, the broker adds. Buy rating maintained.

Target price is $7.40 Current Price is $5.00 Difference: $2.4
If TPG meets the Ord Minnett target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $6.23, suggesting upside of 22.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Macquarie rates TPW as Neutral (3) -

While expecting headwinds for furniture retailers given rising interest rates and slower housing turnover, Macquarie considers this captured in the current share price for Temple & Webster following the significant movement in the shares after the first half results.

Meanwhile, the strong balance sheet offers potential for growth opportunities. Neutral rating and $4 target maintained.

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

Current consensus price target is $4.66, suggesting upside of 34.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

UBS rates TYR as Buy (1) -

Tyro Payments had largely pre-guided so today's H1 release contained no surprises for UBS with the added observation there seems to have been a solid start into H2 as well.

Guidance for FY23 has been reaffirmed and suggests, the broker points out, a positive free cash flow exit run-rate in FY23. High capex is seen as a disappointment.

The broker states merchant churn will be a figure to watch given a potentially tougher macro outlook throughout the remainder of 2023.

Buy. Target $1.95.

Target price is $1.95 Current Price is $1.64 Difference: $0.315
If TYR meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $1.92, suggesting upside of 17.3% (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 VNT as Add (1) -

FY22 results for Ventia Services revealed a 5% beat versus forecasts within the prospectus and also against estimates made by consensus and Morgans. Revenue growth offset the impact of lower margins upon earnings, explains the analyst.

Management believes current margins are sustainable. FY23 guidance is for profit (NPATA) growth of 7-10% and distributions will be around 7% of NPATA.

The broker lowers its target to $3.20 from $3.25. Add.

Target price is $3.20 Current Price is $2.32 Difference: $0.88
If VNT meets the Morgans target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $3.30, suggesting upside of 39.8% (ex-dividends)

The company's fiscal year ends in December.

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

Citi rates WDS as Neutral (3) -

Citi downgrades estimates for 2023 and 2024 because of higher unit production costs from a "surprisingly high" toll charge for interconnector volumes at the North West Shelf.

Woodside Energy appears to be taking a more conservative view on its balance sheet, paying lower dividends in the foreseeable future. The broker believes this is evident in the depreciation methodology changes which are not offset by a higher payout ratio.

Citi maintains a Neutral rating, expecting declining commodity prices while already being optimistic about the growth value. Target is reduced to $36.40 from $37.97.

Target price is $36.40 Current Price is $35.13 Difference: $1.27
If WDS meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $38.23, suggesting upside of 6.3% (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: 0.4

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

Macquarie rates WDS as Neutral (3) -

2022 earnings were largely signalled ahead of the results while adjusted EBITDA was slightly weaker than Macquarie anticipated because of higher royalties.

Key projects remain on track and the broker highlights the fact the inflationary pressures have not yet driven changes to budgets.

Macqquarie believes Woodside Energy has reached a peak in dividends, with a final dividend of US$1.44 a share, and envisages a -56% fall for the dividend into the next reporting period based on a steady 80% payout ratio.

Hence, the broker suggests this may be the time the company can consider shifting to a free-cash-flow based payout. Neutral retained. Target edges down to $35 from $36.

Target price is $35.00 Current Price is $35.13 Difference: minus $0.13 (current price is over target).
If WDS meets the Macquarie target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $38.23, suggesting upside of 6.3% (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: 0.4

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

Morgans rates WDS as Hold (3) -

Woodside Energy's FY22 earnings and dividends were softer than consensus was expecting, though earnings were a 2% beat compared to Morgans forecast.

The company expects over US$400m in annual synergies from the merger with BHP Group's ((BHP)) Petroleum division going forward.

Guidance for FY23 production and capex was maintained. The analyst notes management is willing to temporarily sacrifice its gearing target in order to maintain dividends. A US$1.44 final dividend was declared.

Morgans makes only minor changes to its forecasts, and as the unchanged $33.60 target price is close to the share price, the Hold rating is also maintained.

Target price is $33.60 Current Price is $35.13 Difference: minus $1.53 (current price is over target).
If WDS 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 $38.23, suggesting upside of 6.3% (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: 0.4

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

Ord Minnett rates WDS as Accumulate (2) -

In the wake of Woodside Energy's 2022 results, Ord Minnnett reduces distribution forecasts to US$1.94 for 2023 from the "rarefied 2022 levels", still assuming an 80% payout ratio which is at the top of the target range. Net profit in 2022 was slightly ahead of forecasts.

The broker considers the possibility the ordinary payout may be reduced in preference for special dividends and/or share buybacks notwithstanding acquisitions.

Woodside has not changed 2023 production guidance from the 180-190mmboe previously flagged, a 20% increase on 2022. The broker retains a $44.50 target with an Accumulate rating.

Target price is $44.50 Current Price is $35.13 Difference: $9.37
If WDS meets the Ord Minnett target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $38.23, suggesting upside of 6.3% (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: 0.4

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

UBS rates WDS as Neutral (3) -

Woodside Energy's FY22 full-year result missed consensus earnings forecasts due to higher than expected royalties and hedging losses, but otherwise was mostly in line with UBS's forecasts.

The company reports that growth projects are on track, but logged a reserve downgrade for Wheatstone. 

UBS observes gearing finished the year at 1.6%, leaving the balance sheet well capable of funding growth as Woodside heads into a heavy capital expenditure cycle.

The broker remains wary of overruns or potential growth purchases (management advised it is considering buying mid-cap assets in the Gulf of Mexico). The broker now expects an 80% pay-out ratio.

EPS forecasts rise 1% in FY23 to reflect lower shipping and trading costs.  Neutral rating and $36.50 target price retained.

Target price is $36.50 Current Price is $35.13 Difference: $1.37
If WDS meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $38.23, suggesting upside of 6.3% (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: 0.4

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

Morgans rates WGN as Hold (3) -

Morgans assesses weak 1H earnings by Wagners Holding Co due to margin impacts in all divisions. The result was in line with the company's previous market update on February 22.

Management is instigating an urgent review to address strategy and performance.

FY23 earnings guidance is unchanged, with the analyst suggesting 2H guidance points to improving margins on the back of both price escalations and as uneconomic fixed-price contracts complete.

Morgans lowers its target to 63c from 70c. Hold.

Target price is $0.63 Current Price is $0.56 Difference: $0.07
If WGN meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $0.96, suggesting upside of 72.0% (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

Morgan Stanley rates WPR as Underweight (5) -

Waypoint REIT's full-year FY22 result broadly met Morgan Stanley's forecast and management issued maiden 2023 EPS guidance, implying a -4% reduction, advised the broker, reflecting higher debt and asset sales.

Morgan Stanley advised hedging rose during the December half to 93% from 78% at the end of June.

The December-half cap rate rose 27bps and net tangible assets fell to $3.02 from $3.18. Underweight rating and $2.35 target price retained.

Target price is $2.35 Current Price is $2.64 Difference: minus $0.29 (current price is over target).
If WPR meets the Morgan Stanley target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.74, suggesting upside of 0.4% (ex-dividends)

The company's fiscal year ends in December.

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 WPR as Add (1) -

FY22 results for Waypoint REIT were in line with management guidance.

The trust executed -31 non-core asset sales during FY22 for $146.8m. The broker had assumed some further sales and capital management initiatives, though management stated this would not be a priority in 2023.

While management won't be active in 2023, proceeds from non-core asset sales further out will either be recycled into new acquisitions, development opportunities or capital management initiatives, expects Morgans.

2023 guidance is for distributable EPS of 16.48cpu (in line with 2022). The broker lowers its target to $2.90 from $2.95. Add.

Target price is $2.90 Current Price is $2.64 Difference: $0.26
If WPR meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $2.74, suggesting upside of 0.4% (ex-dividends)

The company's fiscal year ends in December.

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 WPR as Accumulate (2) -

2022 results and 2023 earnings guidance were broadly in line with Ord Minnett's expectations.

No further asset sales or capital management were flagged but the broker believes Waypoint REIT is being conservative. The broker also expects the strategy will shift towards redevelopment opportunities.

Accumulate maintained. Target is raised to $2.97 from $2.93.

Target price is $2.97 Current Price is $2.64 Difference: $0.33
If WPR meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $2.74, suggesting upside of 0.4% (ex-dividends)

The company's fiscal year ends in December.

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 ZIP as Hold (3) -

First half results were ahead of expectations. Ord Minnett notes Zip Co remains committed to being cash positive at the EBITDA line in the first half of FY24.

Still, the broker hesitates ahead of any developments with businesses in the rest of the world, expecting decisions to be made on addressing the cash burn.

If divestments occur, this would be a welcome development as these businesses are yet to be cash flow positive, suggests the broker. Hold maintained. Target is lowered to $0.65 from $0.70.

Target price is $0.65 Current Price is $0.51 Difference: $0.14
If ZIP meets the Ord Minnett target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $0.60, suggesting upside of 17.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23: