Australian Broker Call

Morgan Stanley rates 3PL as Overweight (1) -

3P Learning intends to merge with Blake eLearning. Morgan Stanley sees a sound basis for the transaction in terms of scale, product mix, customer mix and the potential for meaningful revenue and cost synergies.

The broker also sees scope for greater long-term relevance of 3P Learning stock for investors

On the flip side, the broker notes Blake seems to be cycling a period of accelerated covid sign-up. While acknowledging higher churn and a flatter near-term growth profile to be a logical outcome, Morgan Stanley does not have a clear view on Blake's margin profile.

The broker maintains its Overweight rating with the target price rising to $1.60 from $1.50. Industry view: In-line.

Target price is $1.60 Current Price is $1.31 Difference: $0.29
If 3PL meets the Morgan Stanley target it will return approximately 22% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Credit Suisse rates ALL as Outperform (1) -

Credit Suisse points out it is Apple and not Aristocrat Leisure that is named as the defendant in the six lawsuits that have been filed in US federal courts alleging casino-style app games that allow users to purchase virtual coins and paying money to win more playing time constitutes unlawful gambling in certain US states.

The broker notes, nevertheless, in 2020 Washington state tightened laws to protect mobile gaming and social casino developers after a similar case that involved Aristocrat Leisure.

The end result, the broker suggests, could be that Apple may restrict, or alter, its distribution of mobile gambling games. Outperform rating and $38 target maintained.

Target price is $38.00 Current Price is $36.29 Difference: $1.71
If ALL meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $37.20, suggesting upside of 2.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Macquarie rates APA as Outperform (1) -

Macquarie believes new opportunities may emerge with the expansion of the east coast grid in order to lift peak capacity to Victoria, where gas production is in decline.

AGL Energy ((AGL)) could be a customer, having lost the Crib Point gas source. Macquarie also expects APA Group will receive cash payments for around $46-60m that was vested in the development of Crib Point.

A growth opportunity for the company is likely in the next 2-3 years as the centres for gas production move location. Macquarie retains an Outperform rating and raises the target to $10.50 from $10.17.

Target price is $10.50 Current Price is $10.14 Difference: $0.36
If APA meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $10.70, suggesting upside of 7.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Morgan Stanley rates BHP as Overweight (1) -

BHP Group's joint venture with Vale - Samarco - filed for restructuring in Brazil.

BHP Group stated this is a last-resort response to multiple legal actions filed by some of Samarco's financial creditors. Also, the group clarified judicial restructuring will not affect Samarco’s obligation or commitment to make full redress for the 2015 Fundao dam failure.

Overweight rating is retained with a target price of $47.35. Industry view: Attractive.

Target price is $47.35 Current Price is $46.18 Difference: $1.17
If BHP meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $46.94, suggesting upside of 2.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.4

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

Macquarie rates BSL as Outperform (1) -

Macquarie upgrades earnings estimates in the second half to $919.4m. The broker reviews its investment thesis, finding favourable market dynamics are offering demand and pricing support.

A consolidating global steel industry, high utilisation and strong demand have combined to underpin a rally in steel prices.

While acknowledging the risks associated with the rollover of steel prices/spreads, the broker envisages strong earnings momentum can continue. Outperform retained. Target is raised to $23.50 from $21.65.

Target price is $23.50 Current Price is $20.33 Difference: $3.17
If BSL meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $21.34, suggesting upside of 5.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Macquarie rates FBU as Neutral (3) -

Macquarie assesses the requirements for the FY23 target for earnings of NZ$800m, believing the market is discounting many of the inputs.

On balance, despite raising estimates for FY21-24 earnings per share by between 3-9%, the broker still falls short of the FY23 target in its estimates.

Macquarie expects the May investor briefing will be instructive and the stock is likely to be firm heading into this event. The broker retains a Neutral rating and raises the target to NZ$6.78 from NZ$6.38.

Current Price is $6.61. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.3

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

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

Macquarie believes the earnings outlook has been transformed by material upgrades to the outlook for lithium and spodumene prices. Earnings estimates have been more than doubled for the next five years and the increased cash flow is expected to reduce debt funding requirements.

The broker's previous forecast of a cumulative loss of -US$68m over 2021-23 has swung to a cumulative profit of US$154m. Forecasts for 2024 and 2025 earnings rise 64% and 26%, respectively.

This drives an upgrade to Outperform from Underperform and the target is lifted to $4.20 from $1.60. The broker also remodels production assumptions for Mount Cattlin after the site tour in March and for James Bay and Sal de Vida following recent updates.

Target price is $4.20 Current Price is $3.12 Difference: $1.08
If GXY meets the Macquarie target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $3.05, suggesting downside of -5.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.2

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

Ord Minnett rates GXY as Buy (1) -

Galaxy Resources' spodumene concentrate production of 46,600t was largely in line with Ord Minnett's expectations. Sales of 29,900t were lower as a shipment was delayed to the June quarter.

Galaxy Resources has indicated second quarter shipments could be in excess of US$600/t, which is in line with the broker's recent upgrade to estimates. Buy rating and $3.80 target retained.

Target price is $3.80 Current Price is $3.12 Difference: $0.68
If GXY meets the Ord Minnett target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $3.05, suggesting downside of -5.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.2

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

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

Following the recent decision by ANZ Bank ((ANZ)) to terminate its current agreement with Netwealth ((NWL)) for interest paid on pooled cash accounts, Macquarie reviews cash spreads for the platforms.

While there may be some further downward pressure on deposit rates in the short term, the broker envisages scope for competition to re-emerge later in 2021. Margin expansion for the platforms should occur as cash rates begin to increase again.

Macquarie forecasts rates to start increasing from the first quarter of 2023. The broker upgrades to Outperform from Neutral, also noting the short-term outlook for flows is encouraging given the ongoing disruption to larger incumbents. Target edges down to $24.00 from $24.25.

Target price is $24.00 Current Price is $21.65 Difference: $2.35
If HUB meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $25.46, suggesting upside of 13.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Macquarie rates IGO as No Rating (-1) -

Macquarie upgrades earnings forecasts after incorporating improved lithium pricing. IGO's share of production from Greenbushes is expected to rise to 300,000tpa from FY25 and Kwinana hydroxide come on line in FY22.

The company secured rights to acquire a 49% interest in global lithium joint venture from Tianqi for US$1.4bn in December. The transaction is expected to be completed by the end of FY21.

Macquarie is under research restriction for IGO and cannot provide a target or rating.

Current Price is $6.66. Target price not assessed.

Current consensus price target is $6.21, suggesting downside of -8.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Morgans rates M7T as Add (1) -

Morgans assesses the third quarter result as solid with cash receipts of $8.4m and net operating cash inflow of $3.3m. The broker is pleased by $12.8m in new sales orders for the quarter from both new and existing customers. This compares to $7.6m in the 2nd quarter.

As the broker makes no changes to forecasts the Add rating and $1.68 target are unchanged.

Target price is $1.68 Current Price is $1.38 Difference: $0.3
If M7T meets the Morgans target it will return approximately 22% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

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

Morgans lowers the rating to Hold from Add for Mainstream Group. The target price is increased to $2 from $1.20 to match a bid of $2 per share from SS&C to acquire the company. This is a 67% premium to the previous Vistra bid of $1.20 per share.

The broker views this proposal as a likely knockout bid, given the substantial premium to Vistra’s proposal and because the ‘go shop’ period would have likely drawn out any other potential acquirers. 

The analyst believes this is a fantastic outcome for shareholders and provides the substantial premium for control thought to be lacking in the Vistra proposal. Vistra has until Friday, 16th of April 2021, to match or offer more favourable terms

Target price is $2.00 Current Price is $1.97 Difference: $0.03
If MAI meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

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

The company has received a new takeover offer from SS&C Technologies for $2.00 cash, exceeding the previous proposal of $1.20 from Vistra. Target is raised to $2.00 from $1.20.

There is risk of further interest from existing or other parties, yet Ord Minnett believes the current proposal represents maximum value and to reflect this downgrades to Hold from Buy. Vistra  has until April 16 to match or better the offer.

Target price is $2.00 Current Price is $1.97 Difference: $0.03
If MAI meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Macquarie rates MIN as Outperform (1) -

Macquarie incorporates upgrades to its lithium price outlook, expecting Mineral Resources' share of lithium hydroxide production will grow to 60,000tpa by FY28 and first production is expected in FY22.

The upgrades have materially improved the medium and longer-term outlook while buoyant iron ore prices continue to drive shorter-term momentum.

Outperform rating. Target is raised to $61 from $50.

Target price is $61.00 Current Price is $41.16 Difference: $19.84
If MIN meets the Macquarie target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $45.05, suggesting upside of 10.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

Morgan Stanley rates NUF as Overweight (1) -

With La Nina delivering above-average rainfall to Australia prior to the winter planting season and seasonal conditions improving in Europe and North America, Morgan Stanley expects a strong demand environment for Nufarm in FY21.

The broker's FY21 Asia-Pacific operating income forecast remains at $115m.

Overweight. Target price rises to $5.60 from $5.20. Industry view: In-Line.

Target price is $5.60 Current Price is $5.39 Difference: $0.21
If NUF meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $5.29, suggesting upside of 0.9% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.7

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

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

Following the recent decision by ANZ Bank ((ANZ)) to terminate its current agreement with Netwealth for interest paid on pooled cash accounts, Macquarie reviews cash spreads for the platforms.

While there may be some further downward pressure on deposit rates in the short term, the broker envisages scope for competition to re-emerge later in 2021. Margin expansion for the platforms should occur as cash rates begin to increase again.

Macquarie forecasts rates to start increasing from the first quarter of 2023. The broker upgrades to Outperform from Neutral, also noting the short-term outlook for flows is encouraging given the ongoing disruption to larger incumbents. Target is reduced to $16.50 from $17.75.

Target price is $16.50 Current Price is $13.33 Difference: $3.17
If NWL meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $15.14, suggesting upside of 8.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.4

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

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

Macquarie finds the medium-term outlook significantly improved because of upgrades to lithium price forecasts. In the shorter term earnings are largely unaffected as lithium carbonate prices have been locked in at US$5500/t for the second half of FY21.

Nevertheless, the improved earnings outlook eases funding concerns for the Olaroz and Naraha expansions and the broker upgrades to Outperform from Underperform. Target is raised to $7.10 from $2.90.

Target price is $7.10 Current Price is $5.47 Difference: $1.63
If ORE meets the Macquarie target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $5.76, suggesting downside of -1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

Macquarie rates PLS as Resume Coverage with Outperform (1) -

Macquarie has a more bullish outlook for spodumene prices and remodels the growth outlook for Pilbara Minerals with a staged approach. A nine fold increase in spodumene production is expected by 2028.

The broker resumes coverage with an Outperform rating and $1.30 target. Production at Pilgangoora was reduced in FY20 because of weak market conditions but in the past few months demand has significantly improved. Full production is expected before the end of 2021.

Target price is $1.30 Current Price is $1.16 Difference: $0.14
If PLS meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $1.04, suggesting downside of -12.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Credit Suisse rates PTM as Downgrade to Underperform from Neutral (5) -

Funds under management of $24.5 bn in March, were down -1.4% amid both net outflows and negative market movements. The International fund continues to experience outflows with around -$65m of outflows in the month.

The stand-out fund for inflows was International Healthcare. Credit Suisse does not believe this is enough to encourage an inflection in flows and suspects disruption/switching in the platform industry could have a significant impact on Platinum Asset Management.

The broker downgrades to Underperform from Neutral following 20% outperformance over the last three months, raising the target to $4.65 from $4.50.

Target price is $4.65 Current Price is $4.84 Difference: minus $0.19 (current price is over target).
If PTM 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 $4.05, suggesting downside of -16.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.6

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

Macquarie rates RIO as Outperform (1) -

Rio Tinto has an agreement with Turquoise Hill for a funding solution that will cover the estimated -US$2.3bn shortfall for Oyu Tolgoi. Debt is key to closing the funding gap and Macquarie was surprised at the company's willingness to provide additional debt to the project.

Meanwhile, the broker notes iron ore prices continue to drive earnings momentum and the stock is trading on 2021 and 2022 free cash flow yields of 2I-22% at spot prices.

Outperform rating maintained. Target is $140.

Target price is $140.00 Current Price is $114.88 Difference: $25.12
If RIO meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $124.21, suggesting upside of 9.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.6

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

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

Rio Tinto has reached an agreement with Turquoise Hill on a financing plan for Oyu Tolgoi, to the tune of an estimated US$2.3 bn, in order to complete the underground project.

According to a new funding plan, principal debt repayments up to US$1.4bn will be rescheduled to better align with the revised mine plan, project timing and cash flows.

Rio Tinto has agreed to address any potential funding shortfalls up to US$750m on the same terms as the project financing. Rio Tinto has a 50% interest in Turquoise Hill and 34% economic interest in Oyu Tolgoi.

Equal-weight rating retained. Industry view is In-Line. The target price is $106.5.

Target price is $106.50 Current Price is $114.88 Difference: minus $8.38 (current price is over target).
If RIO meets the Morgan Stanley target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $124.21, suggesting upside of 9.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.6

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

UBS rates RIO as Neutral (3) -

UBS maintains its Neutral rating on Rio Tinto with a target of $104.

Rio Tinto has entered into an agreement with Turquoise Hill Resources to update the funding plan for the Oyu Tolgoi underground project. The plan reduces the funding requirement to US$2.3bn from US$3.6bn in September.

UBS notes both companies will re-profile US$1.4bn of principal debt repayments with lenders to align with the revised mine plan and seek to raise an extra US$500m under the existing project financing arrangements.

The broker also notes Rio Tinto has agreed to address any shortfall up to US$750m by proving a senior co-lending facility.

Target price is $104.00 Current Price is $114.88 Difference: minus $10.88 (current price is over target).
If RIO meets the UBS target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $124.21, suggesting upside of 9.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.6

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

Macquarie rates SGM as Outperform (1) -

Macquarie reviews the outlook for steel prices and upgrades FY21 net profit estimates to $113.7m. The broker expects increasing volumes for Sims as the market tightens.

Global steel production continues to recover, supported by growing demand and in turn this has driven a significant increase in scrap prices. Outperform retained. Target is raised to $17.50 from $16.50.

Target price is $17.50 Current Price is $14.94 Difference: $2.56
If SGM meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $15.18, suggesting upside of 3.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

Citi rates SHV as Buy (1) -

Citi thinks the almond board of California’s March 2021 position report points towards strong export demand amidst low prices for the 2020 crop with export shipments up 52% over last year. 

Expectations of continued export market demand along with concerns around water supplies for the 2021 crop present upside risk to the current almond pricing in the broker's view. 

Citi retains a Buy rating and $6.50 target.

Target price is $6.50 Current Price is $6.26 Difference: $0.24
If SHV meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

The company's fiscal year ends in September.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Morgan Stanley rates STO as Overweight (1) -

Santos remains Morgan Stanley's top pick under the large cap energy coverage.

Santos's board has announced an incentive package for its CEO Kevin Gallagher with a once-off growth projects incentive which in Morgan Stanley's view is to reassure markets about the company's long-term strategy and his tenure. 

Overweight rating is retained. Target is $7.90. Industry view: Attractive.

Target price is $7.90 Current Price is $7.13 Difference: $0.77
If STO meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $7.81, suggesting upside of 10.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.5

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

Ord Minnett rates TCL as Buy (1) -

Ord Minnett expects the Transurban consortium will likely acquire the full 49% stake in WestConnex and not opt for a lesser stake.

This is likely to be funded with 50% equity, given this keeps serviceability largely unchanged and is less dilutive to earnings.

Buy rating unchanged. Target is $16.

Target price is $16.00 Current Price is $13.67 Difference: $2.33
If TCL meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $14.27, suggesting upside of 5.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Morgans rates WEB as Hold (3) -

Due to dilutionary impacts, Morgans is surprised the company has raised capital for the third time since covid-19 began. However, the broker continues to see the stock as fair valued and retains the Hold rating and $4.92 price target.

The company has raised $250m through convertible notes to pay down term debt, fund the cash payment associated with the previous notes conversion and for general corporate purposes and growth.

The analyst explains benefits from the new notes include reducing refinancing risk, a lowering of the liquidity covenant, further strengthening of the balance sheet by around $169m and a lowering of the interest rate (reduces interest expense by -$2.2m). 

Target price is $4.92 Current Price is $5.31 Difference: minus $0.39 (current price is over target).
If WEB meets the Morgans target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.28, suggesting downside of -0.5% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.6

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

Macquarie rates WTC as Outperform (1) -

Macquarie upgrades FY21 estimates, factoring in stronger-than-forecast container volumes based on trade statistics.

Over the long-term the company's fundamentals appear intact and the broker believes it has conservatively adjusted estimates despite being above guidance.

Outperform rating retained. Target is raised to $34 from $33.

Target price is $34.00 Current Price is $30.63 Difference: $3.37
If WTC meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $31.33, suggesting downside of -0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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