Australian Broker Call

Credit Suisse rates ANZ as Outperform (1) -

First half cash earnings will be affected by notable items to the tune of -$925m.

Credit Suisse assesses the disclosure of these items is likely to remove some "noise" when the results are published as the market will probably focus on margins together with cost aspirations of "below $8bn".

The Outperform rating and $29.50 target are retained.

Target price is $29.50 Current Price is $28.74 Difference: $0.76
If ANZ meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $30.09, suggesting upside of 3.3% (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 ANZ as Outperform (1) -

ANZ Bank has pre-released some notable items impacting the first half cash profit. While having a minor impact on valuations, when these charges are recurring Macquarie points out the implications are more significant.

In recent years this type of the announcement took -5-10% of bank earnings. Still, now it appears the market has increasingly shifted towards excluding these items from cost bases and assuming additional savings benefits. This view is considered optimistic and premature by the broker.

Macquarie downgrades FY21 estimates by -12% and recognises the risk of additional notable items beyond the first half that are likely to result in future downgrades to bank earnings. This is a sector-wide problem the broker insists, and not unique to ANZ Bank.

The Outperform rating and $30 target are unchanged.

Target price is $30.00 Current Price is $28.74 Difference: $1.26
If ANZ meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $30.09, suggesting upside of 3.3% (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

Ord Minnett rates ANZ as Accumulate (2) -

ANZ Banking Group's disclosed the combined one-off items in the first half of FY21 had a negative -$817m impact on cash earnings. Ord Minnett had already included an impact of -$248m in its model.

The impact on capital was modest at just -5bps and the net impact of these changes is a -9% reduction in Ord Minnett's FY21 cash earnings forecast.

The interim dividend forecast remains unchanged at 70c per share. Here, the broker assumes non-cash charges like goodwill write-downs would not limit the bank's ability to pay dividends. 

Ord Minnett maintains an Accumulate rating with a target of $30.40. 

Target price is $30.40 Current Price is $28.74 Difference: $1.66
If ANZ meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $30.09, suggesting upside of 3.3% (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

Ord Minnett rates ASB as Hold (3) -

Ord Minnett views a proposed funding bill as a positive for the US Navy shipbuilding sector though the majority is allocated to public sites. US$25bn of federal funding is proposed over the next 20 years to recapitalise US shipyard infrastructure.

However, the broker remains cautious on the outlook for Austal given the operational risks from a transition in business model. Also, the move to new and as-yet-unawarded steel shipbuilding programs from profitable mature programs is considered a risk.

The Hold rating and $2.35 target are maintained.

Target price is $2.35 Current Price is $2.41 Difference: minus $0.06 (current price is over target).
If ASB meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.85, suggesting upside of 19.7% (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

Morgans rates AST as Hold (3) -

Morgans assesses Ausnet was a beneficiary of an improved regulated revenue outcome under the Final Decision for its Electricity Distribution business. The Hold rating is unchanged and the target price is decreased to $1.82 from $1.86.

The Australian Energy Regulator has allowed for flat revenue in the first regulatory year, declining by -1.7% per year across the following four years. On the flipside, there was no tax allowance, mainly as a result of some accelerated capex tax expensing.

Target price is $1.82 Current Price is $1.90 Difference: minus $0.08 (current price is over target).
If AST 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 $1.87, suggesting downside of -0.9% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.1

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

Morgans rates BKG as Add (1) -

Morgans identifies continuing positive trends in the business from the third quarter update. On the pcp units shipped rose by 41%, revenue by 53% and earnings (EBITDA) by 267%.

The broker highlights FY21 market share will likely increase to a forecast 7.7% from 6% in FY20. It’s believed share gains will continue, driven by front and back-end improvements to the offering and the benefits of scale.

The Add rating is maintained and the target price is increased to $3.54 from $3.53.

Target price is $3.54 Current Price is $2.43 Difference: $1.11
If BKG meets the Morgans target it will return approximately 46% (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

Citi rates BPT as Neutral (3) -

Beach Energy's third-quarter result missed expectations, observes Citi, mostly led by underperformance at the Western Flank. This has driven Beach Energy to downgrade its 2P reserves for the project by -24.8mmboe. The company also withdrew the 5-year guidance.

Post this update, FY21 earnings are expected to fall by -23%. Despite the recent price weakness, Citi notes a lack of growth catalysts and decides to retain its Neutral rating. Target falls to $1.42 from $1.88.

Target price is $1.42 Current Price is $1.27 Difference: $0.15
If BPT meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $1.77, suggesting upside of 39.1% (ex-dividends)

The company's fiscal year ends in June.

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 BPT as Outperform (1) -

Beach Energy has been forced to downgrade Western Flank oil & gas reserves. This was triggered by disappointing production/geological data since the disclosure of the Bauer declines back in February.

Macquarie had been anticipating some weakness but the downgrades beyond Bauer were a major surprise. The broker believes the withdrawal of guidance and the potential for impairments in August could serve as an overhang of the stock for some time.

Macquarie retains an Outperform rating, given the stock is now down -24%, and reduces the target to $1.75 from $2.10.

Target price is $1.75 Current Price is $1.27 Difference: $0.48
If BPT meets the Macquarie target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $1.77, suggesting upside of 39.1% (ex-dividends)

The company's fiscal year ends in June.

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

Morgans rates BPT as Add (1) -

While the Add rating is maintained, Morgans lowers the target price to $1.82 from $2.20, as production forecasts fall and capital intensity increases in the Western Flank.

Management reduced estimates for 2P reserves by -18.4MMboe because of the poor performance in the Western Flank oil and gas fields.

The company also lowered FY21 production and earnings (EBITDA) guidance by -5%, which implies to the broker increases in operating costs. 

Target price is $1.82 Current Price is $1.27 Difference: $0.55
If BPT meets the Morgans target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $1.77, suggesting upside of 39.1% (ex-dividends)

The company's fiscal year ends in June.

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

Ord Minnett rates BPT as Buy (1) -

Beach Energy's March-quarter production at 5.9mmboe was down -5% over last year and -16% below Ord Minnett’s forecast. Total sales volumes were above production but still well below the broker's estimate.

The extent of the issues at Western Flank was far greater than expected and Beach Energy downgraded both FY21 guidance and proven and probable reserves while also moving away from its five-year production outlook.

Ord Minnett notes the focus now is the credibility of other growth projects and whether management can regain the trust of the market, which may take some time.

Buy recommendation with the target dropping to $1.75 from $2.20.

Target price is $1.75 Current Price is $1.27 Difference: $0.48
If BPT meets the Ord Minnett target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $1.77, suggesting upside of 39.1% (ex-dividends)

The company's fiscal year ends in June.

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

Morgan Stanley rates BTH as Overweight (1) -

After third quarter results, Morgan Stanley considers the company is tracking well. Management narrowed both FY21 annual recurring revenue (ARR) and revenue towards the top end of guidance.

The broker highlights the ClearSlide integration is progressing well, with people, systems and development structure running to plan. The broker retains an Overweight rating and $1.50 target. Industry view is In-Line.

Target price is $1.50 Current Price is $0.87 Difference: $0.63
If BTH meets the Morgan Stanley target it will return approximately 72% (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

Citi rates BUB as Sell (5) -

Bubs Australia's third-quarter update shows strategies to drive key channels appear to be showing early promise, observes Citi.

Even so, the broker views Bubs as a small brand contesting an increasingly challenging market with domestic players outperforming and the declining birth rate putting pressure on the category.

The broker would be more positive on the stock if there is more traction from the new Daigou 2.0 strategy.

Sell with a $0.35 target price.

Target price is $0.35 Current Price is $0.41 Difference: minus $0.06 (current price is over target).
If BUB meets the Citi target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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 CCP as Hold (3) -

In a trading update, Credit Corp reaffirmed FY21 earnings guidance and purchase debt ledger (PDL) investment. Net lending guidance was increased, with volumes close to pre-covid levels.

Debt sale volumes remain subdued though there are early signs of increasing supply to come, notes Morgans. The Hold rating is maintained until the broker attains greater confidence in the near-term PDL investment levels. 

The analyst is positive on the long-term outlook given a strong balance sheet, a solid market position in both Australia/US and a material growth opportunity in the US. The target is decreased to $33.45 from $34.05.

Target price is $33.45 Current Price is $29.03 Difference: $4.42
If CCP meets the Morgans target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $33.25, suggesting upside of 20.3% (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

Credit Suisse rates CHC as Neutral (3) -

Charter Hall has upgraded FY21 guidance to at least 57c per security, well above Credit Suisse's previous estimates. The broker assesses the business has derived more transaction fees relative to previous guidance.

While the upgrade is pleasing, the broker believes attention is on the outlook for FY22 and much of the growth expectations have already been priced in by the market. Neutral maintained. Target rises to $14.40 from $14.14.

Target price is $14.40 Current Price is $14.00 Difference: $0.4
If CHC meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $15.81, suggesting upside of 11.2% (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

Macquarie rates CHC as Outperform (1) -

Charter Hall has upgraded FY21 guidance by 3.6% to no less than 57c per security. The direct business has experienced strong inflows, which drove the upgrade.

Guidance does not include any accrual of performance fees in future that may subsequently be realised. Hence, Macquarie suggests another upgrade could be forthcoming.

The broker believes the upgrade highlights the strength of the diversified business and retains an Outperform rating. Target is raised to $16.12 from $15.78.

Target price is $16.12 Current Price is $14.00 Difference: $2.12
If CHC meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $15.81, suggesting upside of 11.2% (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 CHC as Overweight (1) -

Charter Hall Group has upgraded its guidance for the third time in FY21, lifting EPS estimates to no less than 57cps, from no less
than 55cps previously.

The broker notes this highlights a strong track record in positioning the business to maximise benefits from exposure to the flow of capital into real estate, and then the capacity to exceed expectations.

Morgan Stanley retains an Overweight rating and $17 target. Industry view is In-Line.

Target price is $17.00 Current Price is $14.00 Difference: $3
If CHC meets the Morgan Stanley target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $15.81, suggesting upside of 11.2% (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

Ord Minnett rates CHC as Accumulate (2) -

Charter Hall Group has upgraded the earnings guidance by 3.6% to at least 57c for FY21 from “no less than 55c”. As a result, Ord Minnett lifts its earnings forecast by 1.8% to 57.2c.

The broker notes the bulk of the upgrade is led by very strong inflows and assets under management growth in the direct business. The diversification across retail, listed and wholesale businesses allows the group to tap multiple capital sources, adds Ord Minnett. 

Ord Minnett retains an Accumulate rating and $16.50 target.

Target price is $16.50 Current Price is $14.00 Difference: $2.5
If CHC meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $15.81, suggesting upside of 11.2% (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

Macquarie rates CHN as Outperform (1) -

Chalice Mining has completed 90,000 metres of drilling at Julimar. Macquarie notes the discovery continues to grow in the latest drilling has provided further clarity on the potential size of the deposit.

The broker continues to envisage further upside at Julimar as well as exploration potential in the state forest, which is yet to be drilled.

Incorporating the third quarter result means a -5% reduction in the FY21 forecast loss because of lower exploration and corporate expenses. Outperform maintained. Target is $9.20.

Target price is $9.20 Current Price is $6.90 Difference: $2.3
If CHN meets the Macquarie target it will return approximately 33% (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

Ord Minnett rates CIM as Buy (1) -

CIMIC Group posted its first-quarter result with revenue of $2.18bn coming in 4.1% above Ord Minnett’s forecast.

Recovering well from the lower levels in the second half of last year, the broker observes the group won $3.5bn of new work this quarter against $2.5bn expected by Ord Minnett.

The company maintains its guidance for a 2021 net profit of $400-$430m.

Buy rating and a target of $29.

Target price is $29.00 Current Price is $19.40 Difference: $9.6
If CIM meets the Ord Minnett target it will return approximately 49% (excluding dividends, fees and charges).

Current consensus price target is $23.91, suggesting upside of 23.8% (ex-dividends)

The company's fiscal year ends in December.

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

Credit Suisse rates CIP as Neutral (3) -

FY21-23 earnings per security estimates are revised up by 0.3% to 2.4% to reflect recent acquisitions. Credit Suisse considers the company has done a good job in improving the quality of the portfolio.

The broker anticipates a few consecutive periods of earnings growth will help dissipate market perceptions of Centuria Industrial being a "serial equity raiser".

There is scope for further accretive acquisitions, given the spread of yields over the cost of debt. Neutral maintained. Target is raised to $3.42 from $3.24.

Target price is $3.42 Current Price is $3.48 Difference: minus $0.06 (current price is over target).
If CIP meets the Credit Suisse target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.58, suggesting upside of 2.0% (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

Morgan Stanley rates CIP as Overweight (1) -

Morgan Stanley views as mildly positive the deal to purchase a block of land in Dandenong South, and an associated construction contract for an industrial estate at a cost of $88.8m.

When fully leased, the broker calculates the deal translates to a yield of 4.3%, which is broadly in-line with the South East Melbourne market cap rate of 4.0%-4.5%. The target price is $3.77 and the rating is Overweight. Industry view: In-line.

Target price is $3.77 Current Price is $3.48 Difference: $0.29
If CIP meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.58, suggesting upside of 2.0% (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

Ord Minnett rates CIP as Buy (1) -

Centuria Industrial REIT has acquired a parcel of land in Dandenong South from a local developer that will build six industrial units as part of a development fund-through transaction. The transaction is considered as sound by Ord Minnett.

The REIT will pay $88.8m for the project, which will commence shortly and be completed in mid-2022. The Buy recommendation and price target of $3.90 are maintained. The broker believes the stock continues to trade at a discount to transactional markets.

Target price is $3.90 Current Price is $3.48 Difference: $0.42
If CIP meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $3.58, suggesting upside of 2.0% (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

Credit Suisse rates COF as Downgrade to Neutral from Outperform (3) -

Credit Suisse revises estimates post the recent update, with FY21-23 forecasts for earnings per security increased to 2.2%.

The broker expects earnings will get worse before they get better although market transaction evidence remains supportive of metropolitan office values.

A decline in earnings is expected in FY22 owing to lease surrender payments received in FY21. Rating is downgraded to Neutral from Outperform and the target is raised to $2.20 from $2.14.

Target price is $2.20 Current Price is $2.20 Difference: $0
If COF meets the Credit Suisse target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $2.17, suggesting downside of -0.9% (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

Citi rates EOS as Downgrade to Neutral from Buy (3) -

Electro Optic Systems Holdings offers exposure to multiple long-term growth opportunities, highlights Citi, including counter drones and space communication.

Despite this, Citi thinks the ongoing uncertainty about the timing of cash receipts from a major customer may put strain on short term liquidity. 

Over the longer term, the broker thinks the company would do well to diversifying its customer base and reduce exposure to a single customer.

Citi downgrades to Neutral from Buy with the target reduced to $5.28 from $6.60.

Target price is $5.28 Current Price is $4.62 Difference: $0.66
If EOS meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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

UBS rates FMG as Neutral (3) -

Fortescue Metals Group's March quarter shipments were flat over last year at 42mt although in-line with UBS's forecast. While shipment and costs guidance remains unchanged, capex guidance has been lifted circa US$200m.

The company benefits from high iron ore prices, expected to fall to circa US$100/t by 2021-end and circa US$75/t by 2023-end by the broker led by an expected recovery in Brazilian supply, softening demand in China demand and inventories build-up. 

Neutral with a target of $18.

Target price is $18.00 Current Price is $22.59 Difference: minus $4.59 (current price is over target).
If FMG meets the UBS target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $21.43, suggesting downside of -4.8% (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: 0.3

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

Macquarie rates GMA as Outperform (1) -

First quarter growth in gross written premium was 25% and Macquarie forecasts $45m in reserve releases from the fourth quarter.

The company will adjust reporting to semi-annual from quarterly, commencing in the first half. Macquarie believes this will lower the chance of a surprise early release of reserves in 2021.

Outperform maintained. Target rises to $3.60 from $3.20.

Target price is $3.60 Current Price is $2.74 Difference: $0.86
If GMA meets the Macquarie target it will return approximately 31% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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 GOZ as Downgrade to Neutral from Outperform (3) -

Growthpoint Properties has addressed known vacancy risks, with occupancy moving up to 96% and the weighted average lease expiry of 6.1 years providing a high degree of visibility, Credit Suisse assesses.

The broker believes there is capacity to fund growth initiatives but the timing is unclear. There could also be upside to estimates if Growthpoint Properties successfully executes on its acquisition strategy.

Currently, the stock is considered fair value and the rating is downgraded to Neutral from Outperform. Target is raised to $3.72 from $3.54.

Target price is $3.72 Current Price is $3.74 Difference: minus $0.02 (current price is over target).
If GOZ meets the Credit Suisse target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.57, suggesting downside of -6.1% (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

UBS rates GPT as Neutral (3) -

GPT Group's retail cash collection is in a catch-up phase, observes UBS, although a resetting of rent is still to come. Office leasing enquiry was better but occupancy dropped to 91.9% while logistics occupancy dropped to 96.8% from 99.8% in December 2020.

The group has guided to funds from operations (FFO) growth in 2021 of 8% and dividend distribution growth of 12%. The broker highlights dividend is growing faster than FFO since the dividend policy is based on free cashflow. 

Neutral rating with a target of $4.80.

Target price is $4.80 Current Price is $4.62 Difference: $0.18
If GPT meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $4.69, suggesting upside of 0.5% (ex-dividends)

The company's fiscal year ends in December.

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

Morgans rates IME as Add (1) -

The first quarter cashflow report showed Morgans continued improvements in new contract growth, image volumes, active radiologists and recurring revenues.

Management stated the pipeline over the next three to six months is at record highs and there is increasing interest in the high-value customised systems. The Speculative Buy rating and $3.13 target are maintained.

Target price is $3.13 Current Price is $2.00 Difference: $1.13
If IME meets the Morgans target it will return approximately 56% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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 IPL as Neutral (3) -

Credit Suisse increases forecasts to reflect new fertiliser price estimates although remains less certain about the 2022 pricing environment. The main issue for investors, the broker suggests, is plant reliability heading into the first half result.

Cost support has improved but the recent impact of supply disruptions should not be dismissed, suggest the analysts.

Credit Suisse also notes coal production in the US is underperforming relative to expectations. All up, the broker sticks with a Neutral rating and raises the target to $2.83 from $2.70.

Target price is $2.83 Current Price is $2.65 Difference: $0.18
If IPL meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $3.04, suggesting upside of 15.0% (ex-dividends)

The company's fiscal year ends in September.

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

Morgans rates JHC as Hold (3) -

The non-binding indicative takeover bid at $1.04, appears reasonable to Morgans. The Hold rating is maintained and the target rises to $1.04 to reflect the bid price.

The Board recommends taking no action at this point until they have had a chance to review the offer in more detail.

Target price is $1.04 Current Price is $1.01 Difference: $0.03
If JHC meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $0.86, suggesting downside of -15.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.1

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

Credit Suisse rates JHG as Neutral (3) -

First quarter outflows of -US$3.3bn revealed a slight deterioration compared with the prior quarter, Credit Suisse points out. Yet adjusted earnings per share of US91.1c are ahead of expectations.

This was primarily because of revenue and better-than-expected expenses. Credit Suisse reiterates a Neutral rating, noting fund performance remains weak and posing a risk to flows. Target is raised to $44.50 from $44.00.

Target price is $44.50 Current Price is $44.85 Difference: minus $0.35 (current price is over target).
If JHG meets the Credit Suisse target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $48.85, 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

Citi rates JHX as Neutral (3) -

Citi notes expectations are running high for James Hardie Industries looking at the forward 12-month P/E ratio of circa 27x.

The broker highlights in a scenario where housing starts either reach 1.6m or revert back to the long-term average of 1.43m starts, both scenarios factor in the fibre cement category share at circa 24% and circa 30%.

While not dismissing James Hardie’s ability to deliver on this growth, Citi prefers to remain Neutral with the target rising to $43.25 from $41.80.

Target price is $43.25 Current Price is $42.90 Difference: $0.35
If JHX meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $43.84, suggesting upside of 4.9% (ex-dividends)

The company's fiscal year ends in March.

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 JIN as Overweight (1) -

Morgan Stanley notes the second half has seen Powerball and OzLotto prizes ramp faster than has historically been the case. This has resulted in higher aggregate ticket sales, as implied by the volume of lower division winners, explains the broker.

The analyst feels this reflects a covid step-up in demand, and prize reserves being released after reaching upper limits. However, a strong like-for-like sales performance, especially in Powerball, implies to the analyst some degree of sustained change.

Overweight rating. Target is $15.20. Industry view: In-line.

Target price is $15.20 Current Price is $14.08 Difference: $1.12
If JIN meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $14.64, suggesting upside of 4.6% (ex-dividends)

The company's fiscal year ends in June.

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 KLL as Outperform (1) -

Kalium Lakes has identified a potential for 120,000tpa through low-capital improvements. Macquarie assesses Beyondie is progressing well and initial production is still expected in the first quarter of FY22.

At the end of the March quarter the company had cash of $34.2m and $30.1m in undrawn debt, which covers the broker's forecasts for the remaining project expenditure. Outperform rating and $0.40 target retained.

Target price is $0.40 Current Price is $0.20 Difference: $0.2
If KLL meets the Macquarie target it will return approximately 100% (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

Ord Minnett rates MAI as Hold (3) -

Ord Minnett feels the current takeover offer of $2.35 from SS&C is surely the best shareholders can expect. However, the broker has said that before during the string of six takeover proposals from four separate parties. The target is raised to $2.35 from $2. Hold rating.

SS&C remains the favoured bidder, according to the analyst, after Apex Group made a $2.35 all-cash proposal that was subsequently matched by SS&C. The deal has been endorsed by the board and major shareholders of Mainstream Group Holdings.

Target price is $2.35 Current Price is $2.65 Difference: minus $0.3 (current price is over target).
If MAI meets the Ord Minnett target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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 MGH as Add (1) -

Morgans believes three business have been acquired on very attractive terms, with the aim of expanding the Construction Materials and Plant Hire businesses.

While the stock has materially re-rated since the IPO, the broker thinks further M&A is possible in the near-term. The Add rating is maintained and the target price is increased to $4.35 from $3.23.

The acquisitions are not expected to be material to FY21 earnings and the analyst leaves the FY21 earnings (EBITDA) forecast unchanged at $75m.

Target price is $4.35 Current Price is $4.05 Difference: $0.3
If MGH meets the Morgans target it will return approximately 7% (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

Citi rates MIN as Buy (1) -

Citi's tour of Mineral Resources' mining operations in Western Australia reaffirmed the view the company is a "leading-edge operator" in lithium as well as a fast-moving entrepreneurial operator in iron ore.

The broker thinks the company is poised to use these skills with an ambitious growth plan and sees a potential near term opportunity via the Ashburton hub that can unlock almost $6.60 per share in value.

On the lithium front, Citi highlights the company proposes a Wodgina upgrade using the learnings from Mt Marion to take output to 1-1.1mtpa of spodumene concentrate.

Buy rating and $47 target retained.

Target price is $47.00 Current Price is $47.75 Difference: minus $0.75 (current price is over target).
If MIN meets the Citi target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $45.32, suggesting downside of -4.8% (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

Credit Suisse rates MPL as Outperform (1) -

Credit Suisse believes current industry tailwinds could mean the update expected in May exceeds current expectations.

The broker also believes positive industry reform and the alternative care strategy, with reduced reliance on hospitals, should provide some support for earnings over the medium term. Outperform rating and $3.25 target maintained.

Target price is $3.25 Current Price is $3.08 Difference: $0.17
If MPL meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $3.08, suggesting upside of 0.7% (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 OGC as Downgrade to Underperform from Neutral (5) -

Macquarie downgrades to Underperform from Neutral on valuation grounds. OceanaGold produced a mixed first quarter, with production in line but costs 10% above the broker's estimates.

The weather impacted Macraes, while the company is continuing to progress through final regulatory reviews for Didipio. A 12-month process is still expected in order to return that mine to full operation. Target is reduced $2.00 from $2.10.

Target price is $2.00 Current Price is $2.20 Difference: minus $0.2 (current price is over target).
If OGC meets the Macquarie target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.23, suggesting upside of 4.5% (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: 0.0

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

Ord Minnett rates ORG as Buy (1) -

Origin Energy's March-quarter result was strong, observes Ord Minnett, with production, sales volumes and pricing all above Ord Minnett’s expectations.

The broker expects further strengthening in LNG pricing driven by the recent higher oil prices flowing into contract prices in FY22. The primary concern remains the energy markets business and the impact of lower wholesale electricity prices, adds Ord Minnett.

Buy recommendation with the target rising to $5.52 from $5.50.

Target price is $5.52 Current Price is $4.16 Difference: $1.36
If ORG meets the Ord Minnett target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $5.06, suggesting upside of 21.4% (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

Morgans rates PAR as Reduce (5) -

It comes as no surprise to Morgans the investigational new drug (IND) application for Paradigm Biopharmaceutical's osteoarthritis trial has been placed on hold. This delays acceptance by the FDA for a few months.

The broker highlights investors will need to balance potential dilution risk as cash burn accelerates versus a number of potential catalysts including IND acceptance, study readouts and trial commencement.

In the third quarter cash outflow of -$4.85m was aided by a $3.4m R&D tax rebate and a -36% reduction in R&D expenses. The Reduce rating and $1.69 target are maintained.

Target price is $1.69 Current Price is $2.31 Difference: minus $0.62 (current price is over target).
If PAR meets the Morgans target it will return approximately minus 27% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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 PBH as Upgrade to Outperform from Neutral (1) -

March quarter results demonstrate an ability to capture revenue in the US, Credit Suisse asserts. The broker considers the company a credible number four player in the US sports betting market.

PointsBet made more betting markets on the Super Bowl than any other competitor. The broker upgrades to Outperform from Neutral and raises the target to $16.15 from $16.00.

The company intends to add 12 new states by the end of 2022 and bring total live operations to 18 states.

Target price is $16.15 Current Price is $13.60 Difference: $2.55
If PBH meets the Credit Suisse target it will return approximately 19% (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

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

After incorporating the trading update (see Ord Minnett's first thoughts on April 30 in this Report), the broker upgrades to a Buy rating from a Hold. The shares are considered trading at a discount to a revised valuation. The target rises to $15.90 from $15.70.

The analyst increases FY21-22 revenue forecasts by 18-24% while decreasing earnings (EBITDA) estimates by -19-20%. A record jump in active clients in the US resulted from a significant jump in marketing efforts in the US market, explains the broker.

Management is targeting being operational in 18 US states by end of 2022 (six currently).

Target price is $15.90 Current Price is $13.60 Difference: $2.3
If PBH meets the Ord Minnett target it will return approximately 17% (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

UBS rates QBE as Buy (1) -

UBS highlights QBE Insurance Group has exposure to large corporate accounts in speciality lines via international operations. Further, this division was responsible for the strongest premium rate increase in 2020 and rose by 16.6% in the second half of 2021.

The broker expects the rate increase to settle down in 2021 but remain high single-digit or low double-digits. The company should also have a gradual flow through of rate in earnings, adds the broker.

Buy with a target of $10.25.

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

Current consensus price target is $10.71, suggesting upside of 7.0% (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: 0.8

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

Citi rates RMD as Downgrade to Neutral from Buy (3) -

Citi notes ResMed continues to perform very well operationally even in a difficult environment.

Further, there are many upsides post covid including higher market growth from the return of previous OSA patients, market share gains from the new Airsense 11 device, and increased penetration in the COPD market.

The company has guided to double-digit revenue growth in the second half of FY22 and in the broker's view, the stock is about -10% undervalued.

Despite these positives, Citi downgrades to Neutral from Buy with the target dropping to $28.50 from $29.

Target price is $28.50 Current Price is $26.17 Difference: $2.33
If RMD meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $28.01, suggesting upside of 12.0% (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

Credit Suisse rates RMD as Outperform (1) -

ResMed has announced the launch of its new CPAP device, AirSense 11. This is expected to be widely launched in the US by the end of 2021. Credit Suisse believes the main differentiator will be the improved software.

With two new devices in the market, the other from Philips, the broker believes the industry will enter a resupply cycle in FY22, aiding device growth. Around 11% device growth in the US is forecast.

Otherwise the March quarter result disappointed at the revenue level although the company was cycling tough comparables. Outperform rating maintained. Target is reduced to $29.00 from $29.50.

Target price is $29.00 Current Price is $26.17 Difference: $2.83
If RMD meets the Credit Suisse target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $28.01, suggesting upside of 12.0% (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 RMD as Neutral (3) -

March quarter results were below Macquarie's expectations. A gradual recovery in new patient growth is anticipated over the rest of 2021 and into 2022.

Medium-term forecasts are unchanged with the broker anticipating opportunities for growth and, given a favourable balance sheet, noting flexibility for capital management. Target is reduced to $27.50 from $28.00. Neutral retained.

Target price is $27.50 Current Price is $26.17 Difference: $1.33
If RMD meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $28.01, suggesting upside of 12.0% (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

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

Third quarter revenue for ResMed was in-line with Morgan Stanley's forecast. EPS beat the analyst's estimate while selling, general and administrative expenses (SG&A) were lower than expected.

Management said there is still uncertainty in the short term around device recovery. However, low-single-digit sequential growth in Q4 versus Q3 is expected, then continued improvement in patient flow through FY22.

The broker notes the AirSense 11 controlled launch has started in some parts of the US, and the company is targeting a broader launch in late 2021. Equal-weight. Industry view: In-Line. Price target is $27.40.

Target price is $27.40 Current Price is $26.17 Difference: $1.23
If RMD meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $28.01, suggesting upside of 12.0% (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

Morgans rates RMD as Add (1) -

Morgans views current headwinds as more cyclical than structural. An upgrade cycle is considered imminent, with the next generation sleep apnea platform, AirSense 11, due for commercialisation by the end of the year.

The broker felt third quarter results were mixed, with underlying revenue growth flat and gross margins contracting on higher costs and an unfavourable product mix.

However, profit was slightly ahead of the analyst’s expectations on lower opex, patient flows are sequentially improving and there’s ongoing mask resupply. Add rating and the target falls to $29.14 from $30.09.

Target price is $29.14 Current Price is $26.17 Difference: $2.97
If RMD meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $28.01, suggesting upside of 12.0% (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

Ord Minnett rates RMD as Upgrade to Hold from Lighten (3) -

ResMed's third-quarter result shows revenue of US$768.8m, missing Ord Minnett's forecast by -3% led by lower-than-expected device sales globally due to reduced demand for ventilators.

Despite a softer revenue result, the broker finds the fundamentals of the sleep market attractive especially with the unveiling AirSense11 continuous positive airway pressure therapy (CPAP) device.

Further, Ord Minnett highlights the tables have turned outside the US with ResMed expected to enjoy a solid boost as competitor Philips is unable to supply many markets pending approval of its new device.

Ord Minnett upgrades to Hold from Lighten and increases the target to $26.50 from $25.20.

Target price is $26.50 Current Price is $26.17 Difference: $0.33
If RMD meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $28.01, suggesting upside of 12.0% (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 SO4 as Outperform (1) -

The commissioning of the processing plant is underway, with the first harvest salts loaded. The company has ended the March quarter with $46m in cash and $43.4m in undrawn debt.

Given the recent capital raising and available debt, Macquarie reiterates the view that Salt Lake Potash is in a strong position to ramp up Lake Way.

Outperform rating with a target of $0.80. 

Target price is $0.80 Current Price is $0.44 Difference: $0.36
If SO4 meets the Macquarie target it will return approximately 82% (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 SRJ as Add (1) -

The first quarter report points to a slower pace of revenue growth than Morgans had expected. The broker lowers the revenue forecast to to be more in-line with the current cash receipt run-rate. Speculative Buy rating and the target price is decreased to $0.66 from $0.67.

More positively, the analyst feels the handful of small orders the company has with tier one customers could lead to much larger orders in the second half. It's also considered R&D activity continues to build a long term growth runway.

Target price is $0.66 Current Price is $0.29 Difference: $0.37
If SRJ meets the Morgans target it will return approximately 128% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 1.0

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

Ord Minnett rates SSM as Buy (1) -

The NBN Co’s $2.9b program of work upgrading to FTTP technologies is intended to be rolled out to two million households during FY22 and FY23. Ord Minnett reviews FY22 assumptions in light of the lack of news flow from the NBN Co.

The analyst ascribes a higher probability to Service Stream winning connection/activation workflows as opposed to the design/construction component.

The broker raises cost of equity capital assumptions, to reflect heightened uncertainty and retains the risk rating as high. Consequently, the target price falls to $1.41 from $1.62. The Buy rating is retained.

Target price is $1.41 Current Price is $1.02 Difference: $0.39
If SSM meets the Ord Minnett target it will return approximately 38% (excluding dividends, fees and charges).

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

Ord Minnett rates SZL as Buy (1) -

Sezzle’s March quarter underlying merchant sales (UMS) were 6.7% ahead of Ord Minnett's expectations, as average usage exceeded expectation by a similar amount. Active consumers of 2.6m were also in-line with the broker's forecast.

Additionally, income was 19% ahead of the analyst's estimate, as average merchant fees jumped versus the prior quarter. The top 10%
of Sezzle’s users transacting 49 times per annum.

Management's proposal to pursue a US IPO could be especially beneficial, believes Ord Minnett. The Buy rating is maintained and the target price increases to 11.90 from $11.50.

Target price is $11.90 Current Price is $9.63 Difference: $2.27
If SZL meets the Ord Minnett target it will return approximately 24% (excluding dividends, fees and charges).

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: 1.0

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