Australian Broker Call

Ord Minnett rates ALL as Accumulate (2) -

Aristocrat Leisure's FY21 release earlier today showed headline numbers in-line with expectations, comment analysts at Ord Minnett upon initial assessment.

It looks like the main negative is the emergence of a third bidder for the UK's Playtech. Ord Minnett remains of the view that Aristocrat remains in the driver's seat and the company has the ability to pay more to get the acquisition over the line.

The company did guide towards higher spending and investments in FY22. Accumulate. Target $51.

Target price is $51.00 Current Price is $47.35 Difference: $3.65
If ALL meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $49.79, suggesting upside of 9.5% (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

Credit Suisse rates ALQ as Outperform (1) -

Credit Suisse expects ALS' share price will continue to perform given earnings improvement potential. The company highlighted continuing robust trading conditions, and despite supply chain constraints it continues to add capacity where it can.

Credit Suisse expects the company can exceed profit after tax guidance, and is guiding to $257m compared to top end of guidance of $252m. 

The Outperform rating is retained and the target price increases to $14.70 from $14.10. 

Target price is $14.70 Current Price is $13.58 Difference: $1.12
If ALQ meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $13.60, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Macquarie rates ALQ as Outperform (1) -

ALS's September half-year profit nosed out Macquarie's forecasts, thanks to a strong performance from Life Sciences.

Commodities fell shy no thanks to global supply chain pressures which caused margins to fall about -1.6% short of Macquarie's forecasts. The company is successfully adding capacity which should reduce growth constraints, says the broker.

Management guides to 33% growth for the financial year, in line with consensus. EPS forecasts for FY22, FY23 and FY24 rise 1% each.

Target price rises to $14.33 from $13.80. Outperform rating retained.

Target price is $14.33 Current Price is $13.58 Difference: $0.75
If ALQ meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $13.60, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

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

While ALS posted a first half profit result ahead of Morgan Stanley, second half guidance to higher D&A in Life Sciences and cost pressures in commodities may limit consensus upgrades, the broker suggests.

ALS has done a good job in increasing margins over the years, the broker notes, but cost issues might now come to bear. To that end Morgan Stanley retains an Equal-weight rating, seeing valuation as full, while lifting its target to $13.20 from $13.10.

Industry view: In-line.

Target price is $13.20 Current Price is $13.58 Difference: minus $0.38 (current price is over target).
If ALQ meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.60, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Morgans rates ALQ as Hold (3) -

First half underlying profit exceeded Morgans expectation and guidance and the broker makes 2-5% upgrades to FY22-24 EPS estimates. The target price rises to $13.57 from $13.17. The analyst considers the stock fully priced and maintains a Hold rating.

Life Sciences was the standout segment due to higher than expected volumes, points out the broker, though volumes/revenues were also strong for Commodities. Strong margins are expected to correct in the 2H due to further capacity additions and supply constraints.

Target price is $13.57 Current Price is $13.58 Difference: minus $0.01 (current price is over target).
If ALQ meets the Morgans target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.60, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

UBS rates ALQ as Neutral (3) -

First half profit (UNPAT) for ALS was a 6% beat against the forecast of UBS. A 46% lift in earnings (EBIT) was considered supported by strong performances in the Commodities and Life Sciences segments.

The analyst estimates FY22 guidance implies a 2H result that is flat to down on the 1H, despite a $6m contribution from the Nuvisan transaction. While the Neutral rating is unchanged, UBS lifts its target to $13.50 from $13 after referencing multiples from global peers.

Target price is $13.50 Current Price is $13.58 Difference: minus $0.08 (current price is over target).
If ALQ meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.60, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Credit Suisse rates ALX as Outperform (1) -

Credit Suisse notes commentary coming from French presidential candidates on nationalising assets is likely unhelpful to Atlas Arteria's share price, although the broker expects the risk of the APRR toll system being nationalised is low.

Elsewhere, an unexpected shift in power to Republicans from Democrats in Virginia earlier this month has driven less certainty around the likelihood of Atlas Arteria making a toll price deal for the Dulles Greenway in the first quarter of FY21. 

FY22 dividend forecast increases 3% on expected higher traffic for the APRR. The Outperform rating and target price of $7.15 are retained. 

Target price is $7.15 Current Price is $6.55 Difference: $0.6
If ALX meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $6.86, suggesting upside of 2.3% (ex-dividends)

The company's fiscal year ends in December.

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 ALX as Upgrade to Outperform from Neutral (1) -

Macquarie upgrades Atlas Arteria to Outperform from Hold, noting the company is trading slightly below fair value, and that the APRR concession and likely improved certainty towards Greenway should combine with the attractive dividend to spur desire.

Target price rises 35c to $6.87 to reflect improved cash flow and a -30 basis point cut in bond forecasts.

Macquarie tinkers with Atlas Arteria's earnings estimates, shaving -1.2% off FY21, adding 0.2% to FY22; and cutting -2.8% from FY24, expecting the improved Greenway traffic outlook will fall foul of the currency outlook.

The company's investor day met expectations, the 100% distribution policy intact, and the company continuing to adopt a legislation solution to the Greenway toll-road-to-concession settlement.

October inflation fell at 2.6%, compared to the broker's forecast 2.1%, which should boost toll revenue.

Target price is $6.87 Current Price is $6.55 Difference: $0.32
If ALX meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $6.86, suggesting upside of 2.3% (ex-dividends)

The company's fiscal year ends in December.

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 ALX as Add (1) -

After reviewing the investment case for Atlas Arteria, Morgans increases its target price to $6.78 from $6.61 and reaffirms its Add rating. The broker estimates a potential 12-month return of around 10%.

Many factors support the view for attractive longer-term returns, including an improving outlook for APPR. This comes as the October 2021 CPI has been published at 2.6% year-on-year. The analyst thinks will feed through the annual toll escalation formula to a February 2022 increase of circa 1.9%. 

The company's interest rate risk is lessened by staggered, largely fixed-rate debt, explains the analyst.

Target price is $6.78 Current Price is $6.55 Difference: $0.23
If ALX meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $6.86, suggesting upside of 2.3% (ex-dividends)

The company's fiscal year ends in December.

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 APE as Outperform (1) -

Eagers Automotive's 2021 underlying operating profit before tax (UOPBT) guidance fell short of consensus and missed Macquarie's forecast by -7.5%, management citing a -$20m to -$25m slog from the deferral of vehicle sales and deliveries relating to reduced lockdown sales and fluctuations in new vehicle supply.

The order bank continues its upward trek, auguring well for 2022, so Macquarie expects it will all come out in the wash and that it is just a "timing issue".

Higher metal margins are expected to continue into 2022 before normalising towards the second half. 2021 EPS forecasts are cut -7%; and raised 2.5% for 2022.

Target price falls to $18 from $18.50. Outperform rating retained, Macquarie citing an attractive multiple relative to peers.

Target price is $18.00 Current Price is $14.20 Difference: $3.8
If APE meets the Macquarie target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $17.81, suggesting upside of 24.5% (ex-dividends)

The company's fiscal year ends in December.

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 APE as Overweight (1) -

Eagers Automotive has provided fresh 2021 guidance showing only a small hit to profit from lockdowns and in line with Morgan Stanley's expectations. Trading was strong in non-locked down regions and demand remained robust in locked down regions.

This pent-up demand has led to a growing order book and hence the broker sees the company as well placed going into 2022.

Overweight and $18 target retained. Industry view is In-Line.

Target price is $18.00 Current Price is $14.20 Difference: $3.8
If APE meets the Morgan Stanley target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $17.81, suggesting upside of 24.5% (ex-dividends)

The company's fiscal year ends in December.

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 APE as Add (1) -

Eagers Automotive released FY21 profit (NPBT) guidance -5% adrift of consensus estimates with key markets impacted by 2H lockdowns, explains Morgans. Along with the impact of supply constraints, management estimates a profit (PBT) impact of circa -$20-25m.

The broker reduces its target price to $17.20 from $20.45. The Add rating rating is maintained, given the potential for EA123 strategy execution and ongoing efficiency improvements.

Target price is $17.20 Current Price is $14.20 Difference: $3
If APE meets the Morgans target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $17.81, suggesting upside of 24.5% (ex-dividends)

The company's fiscal year ends in December.

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 APE as Upgrade to Buy from Accumulate (1) -

Lockdowns in the second half of FY21 are set to cause up to an estimated -$25m impact on Eagers Automotive full-year earnings guidance of $390-395m, with Ord Minnett noting demand continues to exceed supply capabilities. 

The company has grown its order bank for sixteen consecutive months, providing near-term earnings confidence with revenue to be recognised on the backlog upon delivery of vehicles, and some suggestion that supply chain congestion could ease in the next six months.

The rating is upgraded to Buy from Accumulate and the target price increases to $18.50 from $18.00.

Target price is $18.50 Current Price is $14.20 Difference: $4.3
If APE meets the Ord Minnett target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $17.81, suggesting upside of 24.5% (ex-dividends)

The company's fiscal year ends in December.

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

UBS rates APE as Buy (1) -

Following revised FY21 guidance by Eagers Automotive, UBS lowers its FY21 EPS forecast by -7%. It's thought demand remains strong despite recent lockdown impacts, and management pointed to ongoing strong growth for Easyauto123. 

The broker expects business efficiency improvements and the ongoing property consolidation opportunity will continue to drive materially higher margins than those of pre-covid. The Buy rating and $18.35 target price are unchanged.

Target price is $18.35 Current Price is $14.20 Difference: $4.15
If APE meets the UBS target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $17.81, suggesting upside of 24.5% (ex-dividends)

The company's fiscal year ends in December.

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 AVN as No Rating (-1) -

Aventus Group and HomeCo Daily Needs ((HDN)) have conducted an asset tour of their Gregory Hills, Hills Super Centre and Belrose Super Centre holdings.

Macquarie says the newly combined vehicle plans $60m in developments a year and expects Gregory Hills will be finished this December, and says footfall is travelling 10% to 26% above pre-covid levels.

Large format retail conditions are expected to remain buoyant and support leasing.

Macquarie is under rating restriction.

Current Price is $3.36. Target price not assessed.

Current consensus price target is $3.41, suggesting upside of 1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Macquarie rates BPT as Neutral (3) -

Macquarie reviews Beach Energy scenarios after media speculation regarding Seven Group's Holding ((SVW)) in the company after the departure of CEO Matt Kay.

The broker says share-price weakness post the CEO exit could provide Seven with a window of opportunity to consolidate Beach Energy into the company; and it would not be a stretch for the company to gain control.

Macquarie notes the rising costs of capital for pure oil and gas companies is generating opportunity for investors with deep pockets seeking a 10-15-year timeframe; and that Beach Energy's gas projects should prove resilient during the green transition.

Target price steady at $1.40 to. Neutral rating retained.

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

Current consensus price target is $1.65, suggesting upside of 31.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Citi rates BWX as Neutral (3) -

Cit upgrades BWX to Buy from Neutral in response to a -15% retreat in the share price and a positive AGM update.

Management reports a better-than-expected distribution rollout; and Go-To is outperforming the broker's forecasts.

The broker believes the company is well positioned for strong distribution growth in Europe and the US, and to expand its DTC platforms.

Citi expects freight costs and covid-driven delays to the completion of its operations facility will eat into stronger revenue. Target price rises 1% to $5.70 from $5.63.

Target price is $5.70 Current Price is $4.50 Difference: $1.2
If BWX meets the Citi target it will return approximately 27% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Citi rates CBA as Sell (5) -

As reported yesterday, Citi analysts were disappointed because of a sharp fall in net interest margin (NIM), on top of rising costs, against a background of no growth in revenues.

Citi sees no justification for the relative premium. Sell. Target $94.50.

Target price is $94.50 Current Price is $98.99 Difference: minus $4.49 (current price is over target).
If CBA meets the Citi target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $87.25, suggesting downside of -10.7% (ex-dividends)

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.8

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

Credit Suisse rates CBA as Underperform (5) -

Following first quarter results Credit Suisse has downgraded earnings forecasts -4-5% through to FY24 for Commonwealth Bank, driven by a considerably lower net interest margin in the quarter. The broker continues to expect a $4bn buyback in FY23.

The broker notes the Q1 result indicates significant industry-wide pressure in retail banking, and while some impact is likely transitory Credit Suisse notes impacts from digital disruption are more structural. 

Commonwealth Bank remains Credit Suisse's least preferred pick in Australian banking. The Underperform rating is retained and the target price decreases to $92.50 from $95.00.

Target price is $92.50 Current Price is $98.99 Difference: minus $6.49 (current price is over target).
If CBA meets the Credit Suisse target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $87.25, suggesting downside of -10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.8

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

Macquarie rates CBA as Underperform (5) -

Commonwealth Bank's September-quarter trading update revealed competition-driven mortgage margin erosion; and a decline in non-interest income.

Macquarie recently opined that Commonwealth Bank had little room for error and now forecasts a -3% fall in FY22 pre-provision earnings growth and -15% downside to the bank's multiple.

On the flipside, the bank reported strong balance sheet momentum: household deposits, home lending and business lending all posting respectable growth.

EPS forecasts are downgraded -2% to -3% to reflect growing expenses and margin pressure.

Target price falls to $86 a share from $88.50. Underperform rating retained.

Target price is $86.00 Current Price is $98.99 Difference: minus $12.99 (current price is over target).
If CBA meets the Macquarie target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $87.25, suggesting downside of -10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.8

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

Morgan Stanley rates CBA as Underweight (5) -

Commonwealth Bank's performance in recent periods has been superior to peers, Morgan Stanley notes, and management has been innovating and accelerating investment in order to "re-imagine products and services" and provide "global best digital experiences and technology."

But, as the broker says, it is still a bank. Following the disappointing trading update, the broker suggests investors need to reappraise CBA's ability to maintain above-system growth and above-peer margins.

Even after yesterday's share price tumble, the broker still sees the stock as overvalued. Underweight retained, target falls to $87.50 from $90.00. Industry view: In-Line.

Target price is $87.50 Current Price is $98.99 Difference: minus $11.49 (current price is over target).
If CBA meets the Morgan Stanley target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $87.25, suggesting downside of -10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.8

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

Morgans rates CBA as Reduce (5) -

The 1Q unaudited cash profit from Commonwealth Bank was a -9% miss versus Morgans expectation, with a significantly lower than expected net interest margin (NIM). Moreover, operating expenses were higher than expected and interest income soft, notes the analyst.

The broker maintains its Reduce rating and still feels the stock trades at an unjustified premium relative to peers. Morgans downgrades cash EPS forecasts for FY22-24 by -10.7%, -9.4% and -9.2%, respectively. The target price falls to $73 from $80.

On one multiple, the broker calculates the bank is trading at a 85% premium over Westpac Bank ((WBC)), with an inferior cost outlook and a greater margin headwind for home lending.

Target price is $73.00 Current Price is $98.99 Difference: minus $25.99 (current price is over target).
If CBA meets the Morgans target it will return approximately minus 26% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $87.25, suggesting downside of -10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.8

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

Ord Minnett rates CBA as Hold (3) -

Commonwealth Bank's first quarter results disappointed on revenue, costs, earnings and capital position, and confirmed Ord Minnett's concern over a margin contraction for big banks. Cash earnings forecasts decrease -3%, -5% and -6% through to FY24.

The broker has been concerned that reduced big bank competitive advantage, increasing small bank and non-bank lender competition, and returns above the cost of capital would drive margin compression, despite a variable home loan interest rate repricing delaying impacts.

The Hold rating is retained and the target price decreases to $90.00 from $95.00.

Target price is $90.00 Current Price is $98.99 Difference: minus $8.99 (current price is over target).
If CBA meets the Ord Minnett target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $87.25, suggesting downside of -10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.8

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

Citi rates CCX as Neutral (3) -

City Chic Collective's AGM update confirmed Citi's view that Evan's growth had slowed.

The broker is positive on the long-term outlook but retains a Neutral rating to reflect continued supply-chain drag on Evan's and Navabi in the near term, the possible impact of covid on UK and European Christmas trading sentiment, and the high trading multiple.

Avenue continued to post a strong performance, a broader product range boosting traffic, conversion and basket size, and Citi expects the US business will grow 30% in the first half.

FY22 to FY24 EPS estimates are downgraded -4% to reflect continued weakness in Evans. Target price is cut -7% to $6.75. Neutral rating retained.

Target price is $6.75 Current Price is $6.44 Difference: $0.31
If CCX meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $6.65, suggesting upside of 5.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Morgan Stanley rates CCX as Overweight (1) -

An update ahead of its AGM revealed City Chic Collective's comparable sales growth, outside of locked down stores, has continued into FY22. Online sales continue to grow at historical levels.

The one issue which might spook the market, Morgan Stanley warns, is an expectation second half sales will be greater than first, when this is typically skewed the other way around. But there were lockdowns in the first half.

Those, and a seasonal shift as the US and EU businesses grow means the skew makes sense, the broker believes.

Overweight and $6.65 target retained. Industry view: In-line.

Target price is $6.65 Current Price is $6.44 Difference: $0.21
If CCX meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $6.65, suggesting upside of 5.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Ord Minnett rates CCX as Accumulate (2) -

Store closures and supply chain issues will drive a miss on growth forecasts in the first half for City Chic Collective and cause an estimated -$1m per month impact on underlying earnings. Ord Minnett reduces earnings forecasts -7% and -2% for FY22 and FY23 respectively. 

Despite this, the broker notes momentum moving into key holiday trading months in both Australia and the Americas, although low inventory in Europe limits growth opportunity. Ord Minnett highlights the company is positioned for significant growth in coming years.

The Accumulate rating and target price of $6.70 are retained.

Target price is $6.70 Current Price is $6.44 Difference: $0.26
If CCX meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $6.65, suggesting upside of 5.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

UBS rates EDV as Initiation of coverage with Neutral (3) -

UBS initiates coverage on Endeavour Group with a $7.10 target price. The broker forecasts market share gains for Retail and Hotels and sees overall reopening leverage. The analyst begins with a Hold rating given the strong share price post demerger.

The broker expects above-industry growth from increasing hotel numbers, a greater gaming focus and venue refurbishments. Retail market share growth is anticipated from store growth and refurbishments, and online market share gains.

Target price is $7.10 Current Price is $7.14 Difference: minus $0.04 (current price is over target).
If EDV meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.86, suggesting downside of -4.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.3

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

Macquarie rates EML as Outperform (1) -

EML Payment's AGM trading update reiterated FY22 guidance, thanks to a solid start to the year, allaying Macquarie's doubts, but the broker expects rising costs will hamper the company's chances of outpacing guidance.

Revenue ranges tightened, the midpoint rising; but overheads rose, triggering earnings downgrades in the outer years.

The company expects to meet the Central Bank of Ireland's date to finalise its remediation program.

EPS forecasts rise 2% for FY22 but fall -16.3% in FY23, -15.1% in FY24; and -12% to -13% thereafter. 

Target price falls to $3.90 from $4.55. Outperform rating retained.

Target price is $3.90 Current Price is $2.91 Difference: $0.99
If EML meets the Macquarie target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $4.11, suggesting upside of 41.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

UBS rates EML as Buy (1) -

Following a 1Q trading update and revised guidance from EML payments, UBS incorporates into its forecasts higher costs and reduces its target to $4.40 from $4.80. Strong 1Q revenue growth was considered largely offset by a lower gross profit margin and higher overheads.

Owing to Central Bank of Ireland (CBI) uncertainty, the broker also discounts the company's multiple versus peers. Despite this, the analyst points to progress in the CBI remediation process and expects the company will be allowed to grow its business within the new framework.

Target price is $4.40 Current Price is $2.91 Difference: $1.49
If EML meets the UBS target it will return approximately 51% (excluding dividends, fees and charges).

Current consensus price target is $4.11, suggesting upside of 41.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Citi rates EVN as Upgrade to Buy from Neutral (1) -

Evolution Mining's $1bn deal with Glencore that will see it take ownership of the Ernest Henry operation gets the approval of Citi, supported by the broker's bullish view on copper.

Citi believes the deal is accretive to Evolution and should enable management to continue its track record of cost-out at a site previously owned by a major.

On that basis, Citi upgrades to Buy from Neutral. The target price gains 50c to $4.70.

Citi's in-house view is for a multi-year, electrification driven bull market for copper with long term prices of US$4.08/lb or US$9,000/t. Ernest Henry will lift Evolution Mining's copper output to circa 60ktpa, points out the broker.

Target price is $4.70 Current Price is $4.01 Difference: $0.69
If EVN meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $4.10, suggesting downside of -7.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Macquarie rates EVN as Neutral (3) -

Evolution Mining will buy 100% (up from 30%) of Ernest Henry for $1bn. Macquarie says the acquisition should increase Evolution's copper production and reduce all-in-sustaining costs.

The broker says the deal is earnings and valuation accretive and will allow the company to accelerate deeper drilling and possibly extend the mine life.

The company continues to experience problems with the Red Lake ramp-up, which is keeping the project within guidance and remains a risk to forecasts.

EPS forecasts rise 6% in FY22 and FY23 to reflect the Ernest Henry deal. FY24 to FY26 estimates rise 4% to 6% to reflect stronger copper production.

Target price rises to $4.20 from $3.90 to reflect earnings accretion. Neutral retained, the broker noting Red Lake outweighs Ernest Henry in the earnings mix.

Target price is $4.20 Current Price is $4.01 Difference: $0.19
If EVN meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $4.10, suggesting downside of -7.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

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

Despite the price paid by Evolution Mining for the remaining 70% in the Earnest Henry mine being greater than valued, Morgan Stanley sees the deal as sensible as management understands the asset well, having owned 30% in a joint venture since 2016.

The deal gives Evolution control of the asset and any future exploration upside. The purchase will be funded by a private US placement and cash.

Equal-weight and $3.65 target retained. Industry view: In-Line.

Target price is $3.65 Current Price is $4.01 Difference: minus $0.36 (current price is over target).
If EVN meets the Morgan Stanley target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.10, suggesting downside of -7.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Macquarie rates HDN as No Rating (-1) -

Aventus Group ((AVN)) and HomeCo Daily Needs have conducted an asset tour of their Gregory Hills, Hills Super Centre and Belrose Super Centre holdings.

Macquarie says the newly combined vehicle plans $60m in developments a year and expects Gregory Hills will be finished this December.

The broker says footfall is travelling 10% to 26% above pre-covid levels and large format retail conditions are expected to remain buoyant and support leasing.

Macquarie is under rating restriction.

Current Price is $1.42. Target price not assessed.

Current consensus price target is $1.62, suggesting upside of 14.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Ord Minnett rates IPL as Downgrade to Accumulate from Buy (2) -

Following the released of Incitec Pivot's FY21 metrics and a strong earnings result, Ord Minnet has increased earnings before tax forecasts by 8% for FY21 and 35% for FY22.

The broker expects elevated fertiliser pricing to persist for at least another six months. 

Given recent share pricing, the rating is downgraded to Accumulate from Buy while the target price increases to $3.50 from $3.20.

Target price is $3.50 Current Price is $3.28 Difference: $0.22
If IPL meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $3.60, suggesting upside of 9.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Citi rates LFG as Buy (1) -

Liberty Financial Group's September-quarter trading update met Citi's forecasts, albeit loan growth leaned towards higher margin securitisation business as higher residential churn rates dampened stronger originations.

Citi expects this reflects a shift to fixed-rate loans, consumers anticipating a higher interest rate environment, which advantages Liberty's net interest margins relative to peers.

The broker expects the fixed-rate trend will normalise, boosting volumes. In the meantime, cheap funding is expected to support margins, as will continuing securitisation.

Target price is $8.10. Buy rating retained.

Target price is $8.10 Current Price is $5.66 Difference: $2.44
If LFG meets the Citi target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $7.71, suggesting upside of 36.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Macquarie rates LFG as Outperform (1) -

Liberty Financial Group's September-quarter trading update met Macquarie's expectations.

Settlements supported book growth despite higher run-off; and diversification and lower funding costs offset higher competition.

The company intends to launch expanded auto-finance products further diversifying its asset base. Net margins were supported and Liberty now has $1.6bn in capital after two recent securitisations.

Macquarie doesn't discount an earnings surprise but reduces the target price to $6.74 from $7.98 to reflect the weighted comparative multiple across major and regional banks of 10.5x, which has fallen from 12.1x.

Outperform rating retained, the broker appreciating the valuation and dividend yield.

Target price is $6.74 Current Price is $5.66 Difference: $1.08
If LFG meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $7.71, suggesting upside of 36.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Macquarie rates NIC as Neutral (3) -

Nickel Mines expects its 80% Angel Nickel will commission first production three months ahead of schedule. Macquarie considers this encouraging and upgrades 2022 and 2023 nickel production estimates 13% and 4%.

Macquarie says the recent retreat in spot coking coal and Indonesian thermal coal prices have reduced pressure on the company's earnings outlook, but prices are still strong enough to constrain earnings momentum.

2021 earnings forecasts are steady but 2022 and 2023 are raised 17% and 5%.

Target price rises 10% to $1.10 from $1 to reflect the improved near-term outlook. Neutral rating retained.

Target price is $1.10 Current Price is $1.16 Difference: minus $0.06 (current price is over target).
If NIC meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.21, suggesting upside of 3.6% (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

Citi rates NUF as Buy (1) -

Nufarm's FY21 result missed Citi's forecasts, plagued by higher logistics costs and regulatory pressures.

Citi expects positive market fundamentals will prevail across Europe and the US, and the cost profile will improve.

FY22 and FY23 earnings estimates fall -5% and -7% to reflect the cost impacts and continued European deregistration pressure.

Buy rating and $6 target price retained.

Target price is $6.00 Current Price is $4.59 Difference: $1.41
If NUF meets the Citi target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $5.59, suggesting upside of 15.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Credit Suisse rates NUF as Neutral (3) -

Despite a -5% miss on profit after tax forecasts, Nufarm showed profitability improvements in all segments and Credit Suisse noted the company delivered on a -$20m cost reduction. 

Expiration of several product registrations, with an estimated -EUR15m impact to European food sales in FY22, appears to have driven a share price drop. The broker notes mitigating impacts and discussions on crop protection product pipeline would reduce uncertainty.

The Neutral rating is retained and the target price decreases to $5.01 from $5.14.

Target price is $5.01 Current Price is $4.59 Difference: $0.42
If NUF meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $5.59, suggesting upside of 15.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Macquarie rates NUF as Outperform (1) -

Nufarm's FY21 profit result seriously outpaced Macquarie and consensus forecasts; strong cash, debt reduction and a return to dividend proving the icing on the cake.

Operating cash flow was nearly double the broker's estimate thanks to strong working capital management.

Management provides no guidance but says positive momentum continued in the first six weeks and is expected to continue to do so.

Favourable seasonal conditions are vying with supply chain and raw-materials cost pressures for supremacy.

FY22 earnings forecasts are raised 3% and the broker expects the improved balance sheet should help it ride out seasonal swings.

EPS estimates are cut -2%; -8% and -12% across FY22 to FY24 to reflect lower European earnings.

Outperform rating retained. Target price falls to $5.45 from $5.90.

Target price is $5.45 Current Price is $4.59 Difference: $0.86
If NUF meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $5.59, suggesting upside of 15.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

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

Nufarm posted a strong result ahead of Morgan Stanley with impressive cash flows, but the broker suggests management's growth outlook may have underwhelmed investors who were expecting more. (Agri stocks have run hard for months on favourable weather conditions.)

Morgan Stanley believes expectations were too lofty and Nufarm's stronger cash flow and lower debt represent important milestones that should not be underappreciated. That said, the broker lowers its target to $4.90 from $5.20 and retains Equal-weight.

Industry view: In-Line.

Target price is $4.90 Current Price is $4.59 Difference: $0.31
If NUF meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $5.59, suggesting upside of 15.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Morgans rates NUF as Add (1) -

Nufarm's underlying profit materially beat Morgans expectation. There's thought to be potential for capital management or funding of growth initiatives and the broker feels the stock remains undervalued. The Add rating is kept and the target rises to $6.35 from $6.32.

At current multiples, the analyst believes investors are getting a free option over the company's two biggest Seed opportunities in Omega-3 Canola and Carinata. 

Target price is $6.35 Current Price is $4.59 Difference: $1.76
If NUF meets the Morgans target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $5.59, suggesting upside of 15.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

UBS rates NUF as Buy (1) -

Nufarm's FY21 earnings (EBITDA) result represented a 5% and 2% beat versus the UBS forecast and consensus estimate. The analyst highlights a strong cashflow performance which supported a 4cps final dividend (the first dividend declared since FY18).

The analyst believes the turnaround is still evolving, and expects earnings growth driven by -$10m of cost-outs from the Performance Improvement Program. Organic growth is also anticipated, given the favourable agriculture outlook.

The broker retains its Buy rating and increases its target price to $6.15 from $6.04.

Target price is $6.15 Current Price is $4.59 Difference: $1.56
If NUF meets the UBS target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $5.59, suggesting upside of 15.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Credit Suisse rates SEK as Outperform (1) -

Given strong year-to-date ad volumes, Seek has upgraded FY22 guidance to the upper-end of previous range across the board. Credit Suisse upgrades forecasts above guidance, expecting revenue of $1.02bn, underlying earnings of $456m and profit after tax of $209m. 

Looking ahead, the broker notes ad volume growth is expected to only contribute an additional $27.0m to revenue between FY19 and FY23, despite current strong volume growth. Further benefit is likely to come from higher pricing and further impact from dynamic pricing.

The Outperform rating is retained and the target price increases to $39.50 from $35.00.

Target price is $39.50 Current Price is $35.28 Difference: $4.22
If SEK meets the Credit Suisse target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $35.05, suggesting downside of -1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.4

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

Morgans rates SEK as Hold (3) -

In the wake of Seek's AGM trading update, Morgans makes material upgrades to its FY22 forecasts, while assuming additional investment will constrain FY23 earnings. Management noted trading was near the top end of guidance with strong conditions domestically and in Asia.

The broker lifts its target price to $31.73 from $29.64 though maintains its Hold rating while at the same time conceding the potential for further upgrades. 

Target price is $31.73 Current Price is $35.28 Difference: minus $3.55 (current price is over target).
If SEK meets the Morgans target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $35.05, suggesting downside of -1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.4

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

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

After reviewing Seek's "solid" trading update, UBS downgrades its rating to Neutral from Buy. It's thought $1bn of revenues in A&NZ over the next 5 years have already been priced in by the market. The target price rises to $36 from $35.

While admitting forecasting remains difficult, Seek management expects to achieve the top-end of the FY22 existing guidance range for underlying revenue, earnings (EBITDA) and profit.

Target price is $36.00 Current Price is $35.28 Difference: $0.72
If SEK meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $35.05, suggesting downside of -1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.4

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

Macquarie rates SVW as Outperform (1) -

Seven Group Holdings' trading update pleased Macquarie, management reiterating WesTrac & Coates guidance in the face of lockdowns.

The company enjoyed strong construction and mining demand in NSW and WA but encountered some supply-chain issues.

Activity in NSW and Victoria points to a strong recovery and Qld and WA are strengthening.

Management is focusing heavily on debt reduction, and hopes to repay a $2.97bn bridging loan before September 30.

FY22 and FY23 EPS forecasts rose 1% ad 2%. Target price rises 1% to $29.90. Outperform rating retained.

Target price is $29.90 Current Price is $22.26 Difference: $7.64
If SVW meets the Macquarie target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $27.04, suggesting upside of 23.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Ord Minnett rates SZL as Buy (1) -

Even in a sector seeing large rewards from merchant wins, Sezzle is a stand out for Ord Minnet. The broker noted alongside Affirm, Sezzle appears to be the only buy now pay later peer to make the US top ten retailers for a direct merchant partnership. 

The company has US$132m liquidity available making it well-positioned for further growth,  with the broker noting partnerships could unlock further value.

The Buy rating and target price of $9.90 are retained. 

Target price is $9.90 Current Price is $4.62 Difference: $5.28
If SZL meets the Ord Minnett target it will return approximately 114% (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

Citi rates UMG as Buy (1) -

United Malt Group's FY21 result proved a slight disappointment to Citi as higher supply-chain costs and project delays at the Scottish project combined with covid blues to suppress profits.

Citi remains positive on United Malt, expecting processing volumes will breach pre-covid levels after the March quarter, as UK whisky exports hold and US on-premise beer consumption recovers.

The broker believes FY21 will prove the earnings trough and forecasts stronger margins, volumes, capacity utilisation and Scottish expansion. Transformation benefits are expected to continue to accrue.

FY22 to FY23 earnings estimates fall -4% and -1% to reflect project delays at Inverness and supply-chain imposts. 

Target price falls to $4.90 from $5. Buy rating retained.

Target price is $4.90 Current Price is $4.06 Difference: $0.84
If UMG meets the Citi target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $4.80, suggesting upside of 14.5% (ex-dividends)

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Credit Suisse rates UMG as Neutral (3) -

With United Malt Group's FY21 full-year results in line with expectations, Credit Suisse expects sales volumes should be at pre-covid levels by the second quarter of FY22.

On the company's FY22 outlook, Credit Suisse expects the additional -$8-10m barley sourcing costs to drive consensus downgrades but notes the cost appears to be worst case and likely to be offset by spot malt pricing, while price rises could drive surprise upside. 

The Neutral rating is retained and the target price decreases to $4.52 from $4.59 given capital expenditure increases in the next year.

Target price is $4.52 Current Price is $4.06 Difference: $0.46
If UMG meets the Credit Suisse target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $4.80, suggesting upside of 14.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Macquarie rates UMG as Outperform (1) -

United Malt Group's FY21 profit result missed consensus and Macquarie forecasts.

Management says market conditions are improving as venues re-open post covid and that earnings are expected to step up 24% once the Scottish distilling expansion is finalised in FY22.

Macquarie cuts FY22 EPS forecast -9.5%, expecting supply chain pressures and higher tax will gobble up transformation gains.

FY23 EPS forecast rises 1.4%; and FY24 EPS forecast eases -0.6%.

Target price rises to $4.68 from $4.51. Outperform rating retained, Macquarie believing United Malt has an attractive covid-recovery profile; a solid balance sheet and no near-term refinancing dates.

Target price is $4.68 Current Price is $4.06 Difference: $0.62
If UMG meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $4.80, suggesting upside of 14.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

UBS rates UMG as Buy (1) -

UBS had low expectations for United Malt Group's FY21 result which were duly met, with a low-quality performance towards the bottom-end of guidance. Cost headwinds from Canadian grain imports were thought offset by a recovery in Distribution and lower corporate costs.

The analyst points out malt volumes appear to have slightly improved over FY22 year-to-date. The on-premise volume recovery story is what investors should be focusing upon, according to the broker. The Buy rating and $5.10 target price are unchanged.

Target price is $5.10 Current Price is $4.06 Difference: $1.04
If UMG meets the UBS target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $4.80, suggesting upside of 14.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Macquarie rates UWL as Neutral (3) -

Uniti Group's operational update shows revenue, free cash flow, EBITDA and net leverage are all tracking ahead of budget.

Macquarie says guidance suggests the company will, at the least, meet consensus forecasts.

The company has announced a buy-back and is likely to direct the funds towards expanding and activating its national broadband networks.

FY22, FY23 and FY24 EPS forecasts rise 7.1%, 8% and 6.4% to reflect stronger new business, the company continuing to secure work in its core markets.

Target price rises to $4.38 from $4.13. Neutral rating retained.

Target price is $4.38 Current Price is $4.18 Difference: $0.2
If UWL meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Ord Minnett rates VVA as Buy (1) -

Ord Minnett notes following lockdowns all Viva Leisure's facilities are operational again, but impacts from closures have driven a -6% reduction in the broker's revenue forecast for FY22.

The company's latest trading update reported, while September was largely a write off, a stronger-than-expected rebound in October drove a return to 70% of historical peak. The broker notes growth may help offset the seasonally weaker holiday period.

The Buy rating is retained and the target price increases to $3.16 from $3.02.

Target price is $3.16 Current Price is $2.34 Difference: $0.82
If VVA meets the Ord Minnett target it will return approximately 35% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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