Australian Broker Call
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May 06, 2022
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COMPANIES DISCUSSED IN THIS ISSUE
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The number next to the symbol represents the number of brokers covering it for this report -(if more than 1).
Last Updated: 05:00 PM
Your daily news report on the latest recommendation, valuation, forecast and opinion changes.
This report includes concise but limited reviews of research recently published by Stockbrokers, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end.
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Today's Upgrades and Downgrades
LOV - | Lovisa Holdings | Buy | Citi |
Overnight Price: $2.74
Macquarie rates 29M as Outperform (1) -
Presenting at the Macquarie Conference, 29Metals revealed it is executing multiple initiatives to improve operational performance at
both Golden Grove and Capricorn.
The Cervantes study is the key near-term catalyst, Macquarie notes, with the miner targeting completion of relevant studies in the September quarter.
With spot prices implying a 20% free cash flow yield, the broker retains Outperform and a $3.50 target.
Target price is $3.50 Current Price is $2.74 Difference: $0.76
If 29M meets the Macquarie target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $3.21, suggesting upside of 17.2% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY22:
Macquarie forecasts a full year FY22 dividend of 5.40 cents and EPS of 17.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.9, implying annual growth of -77.6%. Current consensus DPS estimate is 2.9, implying a prospective dividend yield of 1.1%. Current consensus EPS estimate suggests the PER is 25.1. |
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 5.30 cents and EPS of 17.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.1, implying annual growth of 29.4%. Current consensus DPS estimate is 5.1, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 19.4. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $3.03
Macquarie rates ABC as Outperform (1) -
Presenting at the Macquarie Conference, Adbri noted continued solid market dynamics in residential, mining and infrastructure markets. Volumes were notably strong, with mining activity a key underpin in many regions, and rain disruption was well managed.
Adbri has shown resilience amidst weather conditions owing to its relatively diverse geographic and product market exposures, Macquarie suggests. The broker continues to see market conditions improving and find a forecast FY22 PE of 12.3x attractive.
Outperform and $4.15 target retained.
Target price is $4.15 Current Price is $3.03 Difference: $1.12
If ABC meets the Macquarie target it will return approximately 37% (excluding dividends, fees and charges).
Current consensus price target is $3.58, suggesting upside of 19.3% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY22:
Macquarie forecasts a full year FY22 dividend of 16.00 cents and EPS of 23.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.3, implying annual growth of 19.1%. Current consensus DPS estimate is 14.4, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 14.1. |
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 17.00 cents and EPS of 24.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.4, implying annual growth of 0.5%. Current consensus DPS estimate is 14.8, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 14.0. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates ABC as Neutral (3) -
Adbri's Q1 market update proved better-than-expected as UBS notes there has been a lot of bad weather throughout the period. A positive is taken from cost control in light of inflation challenges awaiting the industry.
UBS has lifted forecasts but remains skeptical, arguing there is no genuine prospect for a step change in margins. Thus others in the sector are seen as better propositions, including James Hardie ((JHX)), Reliance Worldwide ((RWC)) and CSR ((CSR)).
The Neutral rating is retained as well as the target price of $3.25
Target price is $3.25 Current Price is $3.03 Difference: $0.22
If ABC meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $3.58, suggesting upside of 19.3% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY22:
UBS forecasts a full year FY22 EPS of 21.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.3, implying annual growth of 19.1%. Current consensus DPS estimate is 14.4, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 14.1. |
Forecast for FY23:
UBS forecasts a full year FY23 EPS of 21.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.4, implying annual growth of 0.5%. Current consensus DPS estimate is 14.8, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 14.0. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
AGL AGL ENERGY LIMITED
Infrastructure & Utilities
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Overnight Price: $8.42
Macquarie rates AGL as No Rating (-1) -
Macquarie has cut its FY22-23 earnings forecasts for AGL Energy -18% and -5% due to the Loy Yang A outage.
The broker is currently on research restriction.
Current Price is $8.42. Target price not assessed.
Current consensus price target is $8.72, suggesting upside of 4.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Macquarie forecasts a full year FY22 dividend of 21.30 cents and EPS of 40.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 41.7, implying annual growth of N/A. Current consensus DPS estimate is 26.5, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 20.0. |
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 66.00 cents and EPS of 87.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 75.0, implying annual growth of 79.9%. Current consensus DPS estimate is 54.6, implying a prospective dividend yield of 6.6%. Current consensus EPS estimate suggests the PER is 11.1. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates AMP as No Rating (-1) -
AMP's first quarter update included positive growth trends from AMP Bank, but weaker and below expectations growth in Wealth Management, driving Credit Suisse to downgrade earnings per share forecasts -3-4% through to FY24.
The company reported outflows of -$1.33bn in Australian Wealth Management in the first quarter, disappointing the broker's anticipated -$1.25bn but reflecting a year-on-year improvement, while AMP Bank delivered 2.4% growth in its loan book.
The broker is restricted on providing a rating or target.
Current Price is $1.21. Target price not assessed.
Current consensus price target is $1.11, suggesting downside of -6.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY22:
Credit Suisse forecasts a full year FY22 dividend of 1.00 cents and EPS of 4.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.0, implying annual growth of N/A. Current consensus DPS estimate is 0.5, implying a prospective dividend yield of 0.4%. Current consensus EPS estimate suggests the PER is 17.0. |
Forecast for FY23:
Credit Suisse forecasts a full year FY23 dividend of 1.00 cents and EPS of 5.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.6, implying annual growth of 22.9%. Current consensus DPS estimate is 2.4, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 13.8. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates AMP as Hold (3) -
AMP's market update revealed strong growth in bank loan volumes, comments Ord Minnett, plus a gradually improving profile of flows within the Wealth Management business.
No changes have been made to forecasts. Hold. Target $1.25.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $1.25 Current Price is $1.21 Difference: $0.04
If AMP meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $1.11, suggesting downside of -6.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY22:
Ord Minnett forecasts a full year FY22 dividend of 2.00 cents and EPS of 8.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.0, implying annual growth of N/A. Current consensus DPS estimate is 0.5, implying a prospective dividend yield of 0.4%. Current consensus EPS estimate suggests the PER is 17.0. |
Forecast for FY23:
Ord Minnett forecasts a full year FY23 dividend of 5.00 cents and EPS of 8.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.6, implying annual growth of 22.9%. Current consensus DPS estimate is 2.4, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 13.8. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates AMP as Sell (5) -
UBS found AMP's update on funds under management broadly in-line, even though assets under management for the Wealth division proved "soft", as were funds flows for the division.
Bank loans were strong and here the broker sees continuation for at least this year. Sell rating and 90c target price retained.
UBS remains concerned by the structural deterioration in AMP's core wealth franchises. Plus the broker finds the current share price "expensive".
Target price is $0.90 Current Price is $1.21 Difference: minus $0.31 (current price is over target).
If AMP meets the UBS target it will return approximately minus 26% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $1.11, suggesting downside of -6.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY22:
UBS forecasts a full year FY22 dividend of 0.00 cents and EPS of 9.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.0, implying annual growth of N/A. Current consensus DPS estimate is 0.5, implying a prospective dividend yield of 0.4%. Current consensus EPS estimate suggests the PER is 17.0. |
Forecast for FY23:
UBS forecasts a full year FY23 dividend of 0.00 cents and EPS of 10.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.6, implying annual growth of 22.9%. Current consensus DPS estimate is 2.4, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 13.8. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ANZ AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
Banks
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Overnight Price: $26.91
UBS rates ANZ as Buy (1) -
ANZ Bank's interim performance surprised on the upside, but UBS points out it was a low quality "beat" (writing back provisions). The bank needs to address its market share losses in mortgage lending, assures the broker, adding many in the market are "frustrated" because of it.
Sentiment is negative and UBS sees a cheap valuation, with an improving outlook for the Net Interest Margin; all reasons to keep the Buy rating unchanged.
Target $32 (was $30) with higher forecasts.
Target price is $32.00 Current Price is $26.91 Difference: $5.09
If ANZ meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $29.56, suggesting upside of 10.2% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY22:
UBS forecasts a full year FY22 EPS of 200.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 206.4, implying annual growth of -4.9%. Current consensus DPS estimate is 142.2, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 13.0. |
Forecast for FY23:
UBS forecasts a full year FY23 EPS of 211.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 223.3, implying annual growth of 8.2%. Current consensus DPS estimate is 155.5, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 12.0. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
AQZ ALLIANCE AVIATION SERVICES LIMITED
Transportation & Logistics
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Overnight Price: $4.25
Credit Suisse rates AQZ as Outperform (1) -
Qantas Airways ((QAN)) is set to acquire the remaining 80% of Alliance Aviation Services in a takeover bid equivalent to $4.75 per share. With the deal subject to shareholder and ACCC approval, Credit Suisse feels there is high risk of the ACCC blocking or delaying the sale.
Despite being a 12% premium to the current share price, Credit Suisse finds the offer price to be on the low side and considers the offer fails to take into account upside earnings potential from E190 deployment and domestic travel growth.
The Outperform rating is retained and the target price decreases to $4.75.
Target price is $4.75 Current Price is $4.25 Difference: $0.5
If AQZ meets the Credit Suisse target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $4.93, suggesting upside of 20.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Credit Suisse forecasts a full year FY22 dividend of 0.00 cents and EPS of 20.31 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.4, implying annual growth of 1.9%. Current consensus DPS estimate is 3.2, implying a prospective dividend yield of 0.8%. Current consensus EPS estimate suggests the PER is 19.2. |
Forecast for FY23:
Credit Suisse forecasts a full year FY23 dividend of 16.80 cents and EPS of 33.47 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.3, implying annual growth of 55.6%. Current consensus DPS estimate is 17.3, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 12.3. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates AQZ as Buy (1) -
Ord Minnett is not 100% happy with Qantas Airways' ((QAN)) agreement to acquire all outstanding equities for $4.75 a piece, arguing the price doesn't include a control premium.
Qantas already owns 20% and the broker thus thinks it's a done deal. The ACCC is expected to give the green light.
Target $5. Buy, High Risk.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $5.00 Current Price is $4.25 Difference: $0.75
If AQZ meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $4.93, suggesting upside of 20.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Ord Minnett forecasts a full year FY22 dividend of 9.50 cents and EPS of 23.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.4, implying annual growth of 1.9%. Current consensus DPS estimate is 3.2, implying a prospective dividend yield of 0.8%. Current consensus EPS estimate suggests the PER is 19.2. |
Forecast for FY23:
Ord Minnett forecasts a full year FY23 dividend of 18.00 cents and EPS of 32.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.3, implying annual growth of 55.6%. Current consensus DPS estimate is 17.3, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 12.3. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ATL APOLLO TOURISM & LEISURE LIMITED
Automobiles & Components
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Overnight Price: $0.46
Ord Minnett rates ATL as Buy (1) -
Ord Minnett previously stated it can see no reason why the proposed merger between Apollo Tourism and Leisure and NZ-listed Tourism Holdings won't go ahead.
This view has been maintained, assuming any issues raised by the regulators can be addressed. Anyway, the earnings outlook is improving, says the broker.
Buy. Target price rises to $0.70 from $0.63.
Target price is $0.70 Current Price is $0.46 Difference: $0.24
If ATL meets the Ord Minnett target it will return approximately 52% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY22:
Ord Minnett forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 1.80 cents. |
Forecast for FY23:
Ord Minnett forecasts a full year FY23 dividend of 0.00 cents and EPS of 4.40 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.60
Macquarie rates BOE as Outperform (1) -
Following Boss Energy's completed capital raising, Macquarie returns from restriction with an unchanged Outperform rating, and a target increase to $3.20 from $3.00.
The broker's outlook for an 11-year mine life at Honeymoon and production of 2.45mlb per annum is based on the enhanced feasibility study, and sees upside to both life-of-mine and production on exploration success.
The Honeymoon project is fully licensed, in a tier-one jurisdiction and has a near-term path to market buoyed by rallying uranium prices, the broker points out.
Target price is $3.20 Current Price is $2.60 Difference: $0.6
If BOE meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY22:
Macquarie forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 1.60 cents. |
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.80 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $1.48
Citi rates BWX as Buy (1) -
Citi has described BWX's market update as underwhelming, with the company offering a weaker than anticipated full year guidance. At the mid-point, revenue and earnings guidance were a -17% and -24% miss on the broker's forecasts.
Citi noted increasing customer acquisition costs are driving underperformance of digital platforms, with web traffic for Flora & Fauna, Nourished Life and Go-To decreasing -6%, -35% and -24% respectively during the first quarter of the year.
The broker suggests BWX may benefit from divesting digital platforms and focusing on core brands. The Buy rating is retained and the target price decreases to $2.90 from $4.90.
Target price is $2.90 Current Price is $1.48 Difference: $1.42
If BWX meets the Citi target it will return approximately 96% (excluding dividends, fees and charges).
Current consensus price target is $3.53, suggesting upside of 157.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Citi forecasts a full year FY22 dividend of 1.40 cents and EPS of 8.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.6, implying annual growth of -43.8%. Current consensus DPS estimate is 2.7, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 14.3. |
Forecast for FY23:
Citi forecasts a full year FY23 dividend of 4.10 cents and EPS of 13.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.7, implying annual growth of 42.7%. Current consensus DPS estimate is 4.6, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 10.0. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates BWX as Buy (1) -
Let's just say the revised guidance given by BWX yesterday fell well short of forecasts. The good news: Sukin and Mineral Fusion are performing in-line with expectations and they combined represent 56% of forecast FY22 revenues, points out the broker.
Management is gearing up for an investor day on May 19. UBS retains its Buy rating but acknowledges until management can show positive execution, this stock cannot re-rate.
Valuation drops by -46% to $2.70 (new target) on sharply reduced estimates.
Target price is $2.70 Current Price is $1.48 Difference: $1.22
If BWX meets the UBS target it will return approximately 82% (excluding dividends, fees and charges).
Current consensus price target is $3.53, suggesting upside of 157.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
UBS forecasts a full year FY22 EPS of 8.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.6, implying annual growth of -43.8%. Current consensus DPS estimate is 2.7, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 14.3. |
Forecast for FY23:
UBS forecasts a full year FY23 EPS of 14.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.7, implying annual growth of 42.7%. Current consensus DPS estimate is 4.6, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 10.0. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $103.71
Citi rates CBA as Sell (5) -
CommBank is scheduled to report its Q3 update on May 12th. Citi comments it sits 3% above market consensus as it is more optimistic on bad and doubtful debts.
Regardless, the broker is expecting the bank to announce a profit retreat of -10% with higher costs the challenge that cannot be beaten, apparently.
Asset quality is expected to remain benign with 2bps BDD charge whereas consensus is set for 7bps, says the broker. Sell. Target $90.75.
Target price is $90.75 Current Price is $103.71 Difference: minus $12.96 (current price is over target).
If CBA meets the Citi target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $92.45, suggesting downside of -9.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Citi forecasts a full year FY22 dividend of 385.00 cents and EPS of 530.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 523.1, implying annual growth of -9.0%. Current consensus DPS estimate is 372.7, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 19.6. |
Forecast for FY23:
Citi forecasts a full year FY23 dividend of 460.00 cents and EPS of 574.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 545.8, implying annual growth of 4.3%. Current consensus DPS estimate is 414.0, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 18.8. |
Market Sentiment: -0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
DMP DOMINO'S PIZZA ENTERPRISES LIMITED
Food, Beverages & Tobacco
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Overnight Price: $69.04
Citi rates DMP as Buy (1) -
Market trends suggest Domino's Pizza Enterprises may benefit from an acceleration in carryout sales, a positive for some of the company's markets that retained strong carryout business pre-covid according to Citi, while delivery orders appear weak as they cycle lockdown highs.
The broker highlights like-for-like sales grew 3.9% in the quarter, an improvement on the -2.3% decline in the previous quarter, and the company's first national price campaign in several years supported the result.
The Buy rating is retained and the target price increases to $108.42 from $108.30.
Target price is $108.41 Current Price is $69.04 Difference: $39.37
If DMP meets the Citi target it will return approximately 57% (excluding dividends, fees and charges).
Current consensus price target is $99.13, suggesting upside of 49.5% (ex-dividends)
Forecast for FY22:
Current consensus EPS estimate is 211.6, implying annual growth of -0.6%. Current consensus DPS estimate is 169.2, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 31.3. |
Forecast for FY23:
Current consensus EPS estimate is 256.5, implying annual growth of 21.2%. Current consensus DPS estimate is 199.0, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 25.8. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ECX ECLIPX GROUP LIMITED
Vehicle Leasing & Salary Packaging
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Overnight Price: $2.69
Credit Suisse rates ECX as Outperform (1) -
Elevated used car prices have driven Eclipx Group to record half year earnings and strong cash generation, and Credit Suisse notes that while prices will inevitably normalise at some point it appears pricing will be stronger for longer.
Further, the broker highlighted that with Eclipx Group outperforming on new business and organic growth, the company will likely experience a smoother transition when normalisation occurs.
The company reported net profit of $60.4m from the first half, up 58% on the previous comparable period and a sizeable beat on the broker's forecast $47.5m, largely driven by a beat in end of lease income.
The Outperform rating is retained and the target price increases to $3.10 from $2.95.
Target price is $3.10 Current Price is $2.69 Difference: $0.41
If ECX meets the Credit Suisse target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $2.99, suggesting upside of 13.4% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY22:
Credit Suisse forecasts a full year FY22 dividend of 0.00 cents and EPS of 52.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.7, implying annual growth of 52.4%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 7.0. |
Forecast for FY23:
Credit Suisse forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 16.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.1, implying annual growth of -73.2%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 26.1. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates ECX as Outperform (1) -
Eclipx Group's first half result featured net operating income (pre provisions and end-of-lease) up 9% year on year and operating expenses down -2% despite underlying inflationary cost pressure.
End-of-lease was up 60%, more than 50% better than Macquarie's forecast, and cash conversion of 110% accelerated net corporate debt elimination.
While conditions will ultimately normalise, the underlying performance of Eclipx supports the broker's Outperform rating. Target rises to $2.98 from $2.82.
Target price is $2.98 Current Price is $2.69 Difference: $0.29
If ECX meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $2.99, suggesting upside of 13.4% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY22:
Macquarie forecasts a full year FY22 dividend of 0.00 cents and EPS of 35.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.7, implying annual growth of 52.4%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 7.0. |
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 0.00 cents and EPS of 24.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.1, implying annual growth of -73.2%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 26.1. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates ECX as Overweight (1) -
Eclipx Group posted a material beat of Morgan Stanley's half-year forecasts across the board, driven predominately by elevated used vehicle pricing but also pleasingly higher net operating income pre end-of-lease.
A 32% year on year profit increase materially de-risks FY22 expectations, the broker suggests.
The broker believes the company's over-the-life revenue model, order backlog and 95% lower risk customer exposure provides a buffer to volatility amd demand destruction from high prices.
Overweight and $2.90 target retained. Industry View: In-Line.
Target price is $2.90 Current Price is $2.69 Difference: $0.21
If ECX meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $2.99, suggesting upside of 13.4% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY22:
Morgan Stanley forecasts a full year FY22 EPS of 25.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.7, implying annual growth of 52.4%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 7.0. |
Forecast for FY23:
Morgan Stanley forecasts a full year FY23 EPS of 21.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.1, implying annual growth of -73.2%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 26.1. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $3.94
Macquarie rates EVN as Underperform (5) -
Presenting at the Macquarie Conference, Evolution Mining reported it has consolidated the Mungari district incorporating the Kundana
acquisition and a plant upgrade study at Mungari is expected in 2022.
The Ernest Henry pre-feasibility study completion is expected by the end of 2022 which has the potential to extend life of mine beyond FY26.
Red Lake's performance remains important for Macquarie's long-term outlook. Underperform and $4.00 target retained.
Target price is $4.00 Current Price is $3.94 Difference: $0.06
If EVN meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $4.33, suggesting upside of 13.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Macquarie forecasts a full year FY22 dividend of 7.00 cents and EPS of 15.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.3, implying annual growth of -9.5%. Current consensus DPS estimate is 7.2, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 20.8. |
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 1.00 cents and EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.9, implying annual growth of 52.5%. Current consensus DPS estimate is 5.1, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 13.7. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $1.68
Credit Suisse rates HT1 as Outperform (1) -
An encouraging update from HT&E following the first quarter according to Credit Suisse, with radio revenues up 5% year-on-year despite the impact of bookings pushed to subsequent months. Signs point to second quarter improvement, with April up 9% year-on-year.
The company will divest Brisbane's 4KQ, as per the ACCC's requirement to acquire Grant Broadcasters, but with a sale price of $12m the broker does not expect an impact on earnings. The company has reiterated expected acquisition synergies of of $6-8m in FY22.
The Outperform rating and target price of $2.50 are retained.
Target price is $2.50 Current Price is $1.68 Difference: $0.82
If HT1 meets the Credit Suisse target it will return approximately 49% (excluding dividends, fees and charges).
Current consensus price target is $2.50, suggesting upside of 50.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY22:
Credit Suisse forecasts a full year FY22 dividend of 11.00 cents and EPS of 16.95 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.2, implying annual growth of 220.9%. Current consensus DPS estimate is 10.4, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 9.7. |
Forecast for FY23:
Credit Suisse forecasts a full year FY23 dividend of 12.00 cents and EPS of 18.26 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.3, implying annual growth of 12.2%. Current consensus DPS estimate is 13.5, implying a prospective dividend yield of 8.1%. Current consensus EPS estimate suggests the PER is 8.6. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ING INGHAMS GROUP LIMITED
Food, Beverages & Tobacco
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Overnight Price: $2.81
UBS rates ING as Neutral (3) -
Inghams Group's trading update revealed ongoing operational challenges, comments UBS, with earnings further negatively impacted by floods and delayed covid-costs, plus higher feed costs.
Not making matters any easier, UBS thinks any recovery in FY23 is being hindered by commodity feed costs. The broker still believes this company operates inside an attractive industry structure, but near-term the challenges dominate the picture.
UBS has now settled below market consensus for FY23 forecasts. Neutral. Target drops to $3.05 from $3.49.
Target price is $3.05 Current Price is $2.81 Difference: $0.24
If ING meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $3.36, suggesting upside of 21.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
UBS forecasts a full year FY22 EPS of 10.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.6, implying annual growth of -39.4%. Current consensus DPS estimate is 10.4, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 20.4. |
Forecast for FY23:
UBS forecasts a full year FY23 EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.0, implying annual growth of 69.1%. Current consensus DPS estimate is 16.0, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 12.0. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
JHG JANUS HENDERSON GROUP PLC
Wealth Management & Investments
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Overnight Price: $37.76
Credit Suisse rates JHG as Neutral (3) -
Following Janus Henderson's first quarter results, Credit Suisse has downgraded earnings per share expectations -10-15% through to FY24. The broker highlighted the quarter delivered a -15% miss on its earnings per share expectations, largely driven by lower revenue.
Further, despite efforts to reduce expenses, full year cost guidance was reiterated by the company, and given continued investment and falling revenue Credit Suisse expects margins to decline to 36% this financial year from 43% in FY21.
The Neutral rating is retained and the target price decreases to $46.00 from $50.00.
Target price is $46.00 Current Price is $37.76 Difference: $8.24
If JHG meets the Credit Suisse target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $47.75, suggesting upside of 25.9% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY22:
Credit Suisse forecasts a full year FY22 dividend of 211.96 cents and EPS of 406.25 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 485.9, implying annual growth of N/A. Current consensus DPS estimate is 220.3, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 7.8. |
Forecast for FY23:
Credit Suisse forecasts a full year FY23 dividend of 222.83 cents and EPS of 434.78 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 503.7, implying annual growth of 3.7%. Current consensus DPS estimate is 269.9, implying a prospective dividend yield of 7.1%. Current consensus EPS estimate suggests the PER is 7.5. |
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
Overnight Price: $17.88
Citi rates LOV as Buy (1) -
Lovisa Holdings' latest market update has demonstrated continued strong sales growth despite global supply constraints, although Citi anticipates growth to moderate over the coming months and forecasts sales growth of 45% over the second half.
New store rollout has been slower than expected, with 17 stores to date in the second half. Given the company had guided to a second half rollout in line with the first half, the four stores per month in the second half compared to 7 per month in the first half has disappointed.
The Buy rating is retained and the target price decreases to $20.40 from $21.45.
Target price is $20.40 Current Price is $17.88 Difference: $2.52
If LOV meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $22.16, suggesting upside of 33.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Citi forecasts a full year FY22 dividend of 55.00 cents and EPS of 49.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 48.6, implying annual growth of 110.4%. Current consensus DPS estimate is 57.0, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 34.2. |
Forecast for FY23:
Citi forecasts a full year FY23 dividend of 45.50 cents and EPS of 64.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 63.1, implying annual growth of 29.8%. Current consensus DPS estimate is 57.2, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 26.4. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates LOV as Overweight (1) -
Lovisa Holdings had previously reported comparable sales growth of 12% for the first eight weeks of the second half and yesterday noted sales momentum continued through April, Morgan Stanley observes. The company has added 17 new stores in the half, to 603.
Labour shortages and logistics challenges, particularly in the US, are nonetheless increasing store-build costs, but the broker believes store-builds remain on track.
Overweight retains, target rises to $21.50 from $21.00. Industry View: In-Line.
Target price is $21.50 Current Price is $17.88 Difference: $3.62
If LOV meets the Morgan Stanley target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $22.16, suggesting upside of 33.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Morgan Stanley forecasts a full year FY22 EPS of 45.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 48.6, implying annual growth of 110.4%. Current consensus DPS estimate is 57.0, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 34.2. |
Forecast for FY23:
Morgan Stanley forecasts a full year FY23 EPS of 58.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 63.1, implying annual growth of 29.8%. Current consensus DPS estimate is 57.2, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 26.4. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates LOV as Buy (1) -
UBS saw Lovisa Holdings releasing a strong trading update. It was better-than-expected, hence estimates have further moved higher.
The broker highlights in particular in the US the cheap bling retailer is experiencing strong growth. Lovisa can grow quicker in the US because of a greater landlord concentration, points out the analyst.
Store growth remains key to Lovisa's investment thesis, reminds the broker. Buy rating retained while the price target loses -$1 to $20.
Target price is $20.00 Current Price is $17.88 Difference: $2.12
If LOV meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $22.16, suggesting upside of 33.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
UBS forecasts a full year FY22 EPS of 52.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 48.6, implying annual growth of 110.4%. Current consensus DPS estimate is 57.0, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 34.2. |
Forecast for FY23:
UBS forecasts a full year FY23 EPS of 67.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 63.1, implying annual growth of 29.8%. Current consensus DPS estimate is 57.2, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 26.4. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
LYC LYNAS RARE EARTHS LIMITED
Rare Earth Minerals
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Overnight Price: $9.31
Macquarie rates LYC as Outperform (1) -
Presenting at the Macquarie Conference, Lynas Rare Earths reported construction of the cracking and leaching plant in Kalgoorlie is progressing to plan with all long lead-time items in place.
The mining campaign at Mt Weld will support supply for higher production rate at Lynas Malaysia. Macquarie believes the ramp-up in production rates is impressive and has Lynas well positioned to deliver higher volumes in FY23.
Outperform and $12.80 target retained.
Target price is $12.80 Current Price is $9.31 Difference: $3.49
If LYC meets the Macquarie target it will return approximately 37% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY22:
Macquarie forecasts a full year FY22 dividend of 0.00 cents and EPS of 53.70 cents. |
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 0.00 cents and EPS of 80.80 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
MAF MA FINANCIAL GROUP LIMITED
Wealth Management & Investments
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Overnight Price: $6.69
Ord Minnett rates MAF as Buy (1) -
MA Financial Group has reiterated FY22 guidance and achieved 4.3% growth in asset management funds under management over the first four months of 2022, in line with Ord Minnett's forecast.
Ord Minnett retains a positive view, also because of recent share price weakness. Buy rating reiterated. Target $12.50.
Target price is $12.50 Current Price is $6.69 Difference: $5.81
If MAF meets the Ord Minnett target it will return approximately 87% (excluding dividends, fees and charges).
The company's fiscal year ends in December.
Forecast for FY22:
Ord Minnett forecasts a full year FY22 dividend of 19.00 cents and EPS of 35.90 cents. |
Forecast for FY23:
Ord Minnett forecasts a full year FY23 dividend of 21.00 cents and EPS of 40.20 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
MFG MAGELLAN FINANCIAL GROUP LIMITED
Wealth Management & Investments
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Overnight Price: $17.57
Morgan Stanley rates MFG as Underweight (5) -
Based on yesterday's funds under management disclosures, Morgan Stanley estimates Magellan Financial saw -1.5bn of net outflows in April, mostly from Global Equities but also from Global Infrastructure.
This represents an annual run-rate of around 25% of opening FUM for the group and is tracking broadly in line with the broker's forecasts. April saw an improved investment performance but longer term measures remain soft.
Underweight and $11.00 target retained. Industry View: Attractive.
Target price is $11.00 Current Price is $17.57 Difference: minus $6.57 (current price is over target).
If MFG meets the Morgan Stanley target it will return approximately minus 37% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $13.63, suggesting downside of -21.3% (ex-dividends)
Forecast for FY22:
Current consensus EPS estimate is 218.0, implying annual growth of 50.8%. Current consensus DPS estimate is 189.4, implying a prospective dividend yield of 10.9%. Current consensus EPS estimate suggests the PER is 7.9. |
Forecast for FY23:
Current consensus EPS estimate is 142.1, implying annual growth of -34.8%. Current consensus DPS estimate is 125.3, implying a prospective dividend yield of 7.2%. Current consensus EPS estimate suggests the PER is 12.2. |
Market Sentiment: -0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $32.25
Citi rates NAB as Neutral (3) -
Despite National Australia Bank's first half continuing cash earnings of $3,480m missing Citi's forecasts by -2%, the broker has described the result as an exceptionally strong, sector leading performance, which included 10% lending growth.
Citi notes market attention has quickly turned to earnings performance amid cash rate rises, but while lending growth is expected to slow off the back of rate hikes the broker expects net interest margin expansion will more than offset.
The broker warns the inflationary environment coupled with increased investment spend will see cost growth of 2-3% annually.
The Neutral rating is retained and the target price decreases to $32.25 from $33.00.
Target price is $32.25 Current Price is $32.25 Difference: $0
If NAB meets the Citi target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $33.14, suggesting upside of 4.8% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY22:
Citi forecasts a full year FY22 dividend of 150.00 cents and EPS of 208.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 207.4, implying annual growth of 7.4%. Current consensus DPS estimate is 148.0, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 15.2. |
Forecast for FY23:
Citi forecasts a full year FY23 dividend of 175.00 cents and EPS of 237.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 230.1, implying annual growth of 10.9%. Current consensus DPS estimate is 163.1, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 13.7. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates NAB as Neutral (3) -
Strong lending across both housing and business in the first half has driven Credit Suisse to upgrade its earnings forecasts for National Australia Bank 2-4% for FY22 and FY23.
The broker highlights National Australia Bank is leveraged to rate rises, and has brought forward its anticipated benefits given the announced rate hikes this week, driving an increase to net interest margin expectations.
Less positively, the bank did warn of higher cost guidance given the current inflationary environment. The Neutral rating and target price of $32.40 are retained.
Target price is $32.40 Current Price is $32.25 Difference: $0.15
If NAB meets the Credit Suisse target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $33.14, suggesting upside of 4.8% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY22:
Credit Suisse forecasts a full year FY22 dividend of 148.00 cents and EPS of 214.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 207.4, implying annual growth of 7.4%. Current consensus DPS estimate is 148.0, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 15.2. |
Forecast for FY23:
Credit Suisse forecasts a full year FY23 dividend of 167.00 cents and EPS of 238.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 230.1, implying annual growth of 10.9%. Current consensus DPS estimate is 163.1, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 13.7. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates NAB as Outperform (1) -
Macquarie suggests the performance across most of National Australia Bank's key business units was pleasing as the bank grew
volumes and managed margins in the first half.
The broker states a strong balance sheet position, balance sheet momentum, leverage to higher rates and the buy-back continue to provide share-price support.
Macquarie expects a further investment uplift in future periods, which is a key driver behind the broker's higher expense growth assumptions than consensus. Target rises to $34.00 from $32.50, Outperform retained.
Target price is $34.00 Current Price is $32.25 Difference: $1.75
If NAB meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $33.14, suggesting upside of 4.8% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY22:
Macquarie forecasts a full year FY22 dividend of 146.00 cents and EPS of 206.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 207.4, implying annual growth of 7.4%. Current consensus DPS estimate is 148.0, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 15.2. |
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 150.00 cents and EPS of 224.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 230.1, implying annual growth of 10.9%. Current consensus DPS estimate is 163.1, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 13.7. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates NAB as Equal-weight (3) -
Even excluding the rebound in Treasury & Markets income, National Australia Bank's revenue increased 3.5% in the half due to better-than-peer margins and above-system housing and SME loan growth, Morgan Stanley reports.
NAB has good franchise momentum, due to simpler home loan processing, improving digital capability and investment in business banking. Mortgage growth will slow, the broker suggests, but SME loan growth will be more resilient.
NAB should be able to deliver mid-single-digit revenue growth (ex T&M) over the next two years, on the broker's projections. Equal-weight retained, target rises to $31.80 from $31.50. Industry View: Attractive.
Target price is $31.80 Current Price is $32.25 Difference: minus $0.45 (current price is over target).
If NAB meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $33.14, suggesting upside of 4.8% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY22:
Morgan Stanley forecasts a full year FY22 dividend of 149.00 cents and EPS of 190.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 207.4, implying annual growth of 7.4%. Current consensus DPS estimate is 148.0, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 15.2. |
Forecast for FY23:
Morgan Stanley forecasts a full year FY23 dividend of 161.00 cents and EPS of 216.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 230.1, implying annual growth of 10.9%. Current consensus DPS estimate is 163.1, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 13.7. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates NAB as Accumulate (2) -
National Australia Bank's interim results met Ord Minnett's expectations. The 73c in dividend beat the broker's 72c forecast.
The broker finds the franchise is in good shape. Accumulate rating retained, alongside a $34.50 price target, up from $33.50 on increased forecasts.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $34.50 Current Price is $32.25 Difference: $2.25
If NAB meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $33.14, suggesting upside of 4.8% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY22:
Ord Minnett forecasts a full year FY22 dividend of 150.00 cents and EPS of 213.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 207.4, implying annual growth of 7.4%. Current consensus DPS estimate is 148.0, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 15.2. |
Forecast for FY23:
Ord Minnett forecasts a full year FY23 dividend of 166.00 cents and EPS of 234.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 230.1, implying annual growth of 10.9%. Current consensus DPS estimate is 163.1, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 13.7. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $7.23
Macquarie rates NHF as Neutral (3) -
The health insurer has slightly recalibrated its guidance for FY22 and Macquarie has made adjustments to forecasts.
The broker continues to see this company as a major beneficiary from re-opening borders.
Target price falls to $7.55 from $7.65. Neutral rating retained.
Target price is $7.55 Current Price is $7.23 Difference: $0.32
If NHF meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $6.84, suggesting downside of -5.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Macquarie forecasts a full year FY22 dividend of 19.00 cents and EPS of 31.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.3, implying annual growth of -2.7%. Current consensus DPS estimate is 21.0, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 21.0. |
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 22.00 cents and EPS of 35.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.7, implying annual growth of -1.7%. Current consensus DPS estimate is 21.9, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 21.4. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates NHF as Neutral (3) -
Presenting at the Macquarie Conference, nib Holdings updated FY22 Australian residents health insurance net policyholder growth guidance to "about 3%" from “at least 3%", but introduced maiden FY23 guidance of 3-4%.
FY22 New Zealand net policyholder growth expectations have increased to 4-6% from 3-5%.
A “strong recovery”is expected in international inbound health and travel insurance, with FY22 underlying operating losses at the “lower end of expectations”.
Macquarie marks investment income to market in cutting its target to $7.55 from $7.65. Neutral retained.
Target price is $7.55 Current Price is $7.23 Difference: $0.32
If NHF meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $6.84, suggesting downside of -5.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Macquarie forecasts a full year FY22 dividend of 19.00 cents and EPS of 31.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.3, implying annual growth of -2.7%. Current consensus DPS estimate is 21.0, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 21.0. |
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 22.00 cents and EPS of 35.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.7, implying annual growth of -1.7%. Current consensus DPS estimate is 21.9, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 21.4. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
NWL NETWEALTH GROUP LIMITED
Wealth Management & Investments
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Overnight Price: $12.70
Credit Suisse rates NWL as Outperform (1) -
In its market update Netwealth Group has reported its cash admin fee is already benefiting from the cash rate, up to 85 basis points from 60 basis points at the end of April, with the company now targeting a 120 basis points cash admin fee as noted by Credit Suisse.
The broker notes April flows of $790m were slightly below expectations, and it has downgraded full year flow guidance by -$0.5bn as a result, now forecasting flows above $13.0bn. Further, Credit Suisse expects flow recovery as current covid impacts subside.
The Outperform rating is retained and the target price increases to $17.50 from $17.00.
Target price is $17.50 Current Price is $12.70 Difference: $4.8
If NWL meets the Credit Suisse target it will return approximately 38% (excluding dividends, fees and charges).
Current consensus price target is $16.03, suggesting upside of 30.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Credit Suisse forecasts a full year FY22 dividend of 20.00 cents and EPS of 23.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.6, implying annual growth of 4.7%. Current consensus DPS estimate is 20.1, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 52.2. |
Forecast for FY23:
Credit Suisse forecasts a full year FY23 dividend of 26.00 cents and EPS of 33.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.4, implying annual growth of 33.1%. Current consensus DPS estimate is 25.6, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 39.2. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates NWL as Outperform (1) -
Management at Netwealth has pared back expectations for funds inflows (by -$0.5bn) but also reduced the interest rate payable on transaction accounts by -15bps.
Macquarie sees upside risk to consensus forecasts from the positive leverage to rising rates. Small amendments have been made to forecasts.
Target has reduced to $17.40 (from $18.20). Outperform.
Target price is $17.40 Current Price is $12.70 Difference: $4.7
If NWL meets the Macquarie target it will return approximately 37% (excluding dividends, fees and charges).
Current consensus price target is $16.03, suggesting upside of 30.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Macquarie forecasts a full year FY22 dividend of 20.10 cents and EPS of 23.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.6, implying annual growth of 4.7%. Current consensus DPS estimate is 20.1, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 52.2. |
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 26.90 cents and EPS of 33.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.4, implying annual growth of 33.1%. Current consensus DPS estimate is 25.6, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 39.2. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $3.63
Macquarie rates OGC as Outperform (1) -
OceanaGold's Q1 update proved a lot better than what Macquarie had penciled in, with gold production volume surprising to the magnitude of 18%.
The company has retained its 2022 guidance. Macquarie sees upside potential from Haile while Didipio is now fully ramped up, facilitating a smoother performance path in comparison with previous years, suggests the broker.
Outperform. Target has lifted to $4.
Target price is $4.00 Current Price is $3.63 Difference: $0.37
If OGC meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).
The company's fiscal year ends in December.
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 0.00 cents and EPS of 36.96 cents. |
Forecast for FY22:
Macquarie forecasts a full year FY22 dividend of 0.00 cents and EPS of 20.79 cents. |
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
PRN PERENTI GLOBAL LIMITED
Mining Sector Contracting
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Overnight Price: $0.70
Macquarie rates PRN as Outperform (1) -
Perenti Global's ongoing divestments have triggered another update by Macquarie, having lifted forecasts by circa 1%.
The broker's positive view is supported by a significant level of work in hand and a large order book, supporting cash flow and ongoing de-levering.
Macquarie has not changed the $1.10 price target and retains an Outperform rating.
Target price is $1.10 Current Price is $0.70 Difference: $0.4
If PRN meets the Macquarie target it will return approximately 57% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY22:
Macquarie forecasts a full year FY22 dividend of 0.00 cents and EPS of 11.60 cents. |
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 0.00 cents and EPS of 14.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
QAN QANTAS AIRWAYS LIMITED
Transportation & Logistics
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Overnight Price: $5.65
Credit Suisse rates QAN as Underperform (5) -
Qantas Airways and Alliance Aviation ((AQZ)) are in agreement for Qantas Airways to acquire the remaining 80% stake in Alliance Aviation at $4.75 per share, but Credit Suisse notes significant risk of the ACCC blocking or delaying the deal given commentary made when Qantas Airways acquired the initial 20% stake.
The broker finds the proposed deal attractive for Qantas Airways, noting as Alliance Aviation's largest customer the airline was likely in a strong negotiating position.
The Underperform rating and target price of $5.05 are retained.
Target price is $5.05 Current Price is $5.65 Difference: minus $0.6 (current price is over target).
If QAN meets the Credit Suisse target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $6.22, suggesting upside of 13.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Credit Suisse forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 68.75 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -68.2, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY23:
Credit Suisse forecasts a full year FY23 dividend of 0.00 cents and EPS of 36.58 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.7, implying annual growth of N/A. Current consensus DPS estimate is 6.4, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 13.9. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates QAN as Overweight (1) -
While the combination of FIFO specialist Alliance Aviation Services ((AQZ)) and Qantas is likely to present operational synergies, for example in fleet maintenance, while fortifying Qantas' exposure to the growing resources sector, Morgan Stanley is sceptical of completion.
Aside from requiring a vote from Alliance shareholders, who will receive Qantas shares, the ACCC previously highlighted a number of competition concerns when Qantas acquired its 20% stake in Alliance.
Overweight and $7.10 target retained. Industry View: In-Line.
Target price is $7.10 Current Price is $5.65 Difference: $1.45
If QAN meets the Morgan Stanley target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $6.22, suggesting upside of 13.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Morgan Stanley forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 71.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -68.2, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY23:
Morgan Stanley forecasts a full year FY23 dividend of 0.00 cents and EPS of 30.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.7, implying annual growth of N/A. Current consensus DPS estimate is 6.4, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 13.9. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates QAN as Accumulate (2) -
Qantas Airways has an agreement to acquire the 80% it doesn't yet own in Alliance Aviation ((AQZ)) and Ord Minnett sees an improved competitive position in the charter market on the horizon.
The deal will also put Qantas in a stronger position to service the resource markets of Western Australia and Queensland, the broker adds.
Target $6.40. Rating is Accumulate.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $6.40 Current Price is $5.65 Difference: $0.75
If QAN meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $6.22, suggesting upside of 13.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Ord Minnett forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 44.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -68.2, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY23:
Ord Minnett forecasts a full year FY23 dividend of 26.00 cents and EPS of 52.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.7, implying annual growth of N/A. Current consensus DPS estimate is 6.4, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 13.9. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates QAN as Buy (1) -
Qantas Airways has reached an agreement to purchase the 80% it doesn't yet own in Alliance Aviation ((AQZ)) and UBS points out the full process could take 9-12 months to close given shareholders and ACCC need to give their approval.
UBS thinks ACCC approval has a high probability of being granted. The broker refers to a previous investigation upon Qantas acquiring the 20% stake in 2019.
Buy rating retained. Target price $6.65. No changes have been made to forecasts at this stage.
Target price is $6.65 Current Price is $5.65 Difference: $1
If QAN meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $6.22, suggesting upside of 13.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
UBS forecasts a full year FY22 EPS of minus 70.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -68.2, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY23:
UBS forecasts a full year FY23 EPS of 33.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.7, implying annual growth of N/A. Current consensus DPS estimate is 6.4, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 13.9. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $12.68
Citi rates QBE as Buy (1) -
While QBE Insurance's continued focus on reducing volatility looks to dampen near-term earnings, Citi notes the company's outlook remains favourable, supported by ongoing robust top line growth and rate rises.
The broker's full year outlook declines -7%, accounting for additional liability associated with the Russia-Ukraine conflict. While natural catastrophe claims have been in line with allowance, QBE Insurance has outlined an additional -US$75m in war exposure.
The Buy rating is retained and the target price increases to $14.40 from $13.70.
Target price is $14.40 Current Price is $12.68 Difference: $1.72
If QBE meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $15.47, suggesting upside of 22.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY22:
Citi forecasts a full year FY22 dividend of 45.11 cents and EPS of 88.32 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 92.5, implying annual growth of N/A. Current consensus DPS estimate is 55.6, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 13.7. |
Forecast for FY23:
Citi forecasts a full year FY23 dividend of 53.94 cents and EPS of 127.45 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 139.6, implying annual growth of 50.9%. Current consensus DPS estimate is 91.5, implying a prospective dividend yield of 7.2%. Current consensus EPS estimate suggests the PER is 9.1. |
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
Credit Suisse rates QBE as Outperform (1) -
QBE Insurance reported continued strong growth in the first quarter, with 22% Crop insurance growth driving the result. Credit Suisse expects strong earnings momentum to support an earnings per share compound annual growth rate above 30% in the next two years.
While natural catastrophe claims in the quarter stayed within QBE Insurance's allowance despite the impacts of flooding events and Storm Eunice, the insurer has highlighted a -$75m inclusion for Russia-Ukraine conflict exposure will be reported with catastrophe costs.
The Outperform rating is retained and the target price increases to $16.75 from $15.55.
Target price is $16.75 Current Price is $12.68 Difference: $4.07
If QBE meets the Credit Suisse target it will return approximately 32% (excluding dividends, fees and charges).
Current consensus price target is $15.47, suggesting upside of 22.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY22:
Credit Suisse forecasts a full year FY22 dividend of 51.63 cents and EPS of 85.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 92.5, implying annual growth of N/A. Current consensus DPS estimate is 55.6, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 13.7. |
Forecast for FY23:
Credit Suisse forecasts a full year FY23 dividend of 81.52 cents and EPS of 130.44 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 139.6, implying annual growth of 50.9%. Current consensus DPS estimate is 91.5, implying a prospective dividend yield of 7.2%. Current consensus EPS estimate suggests the PER is 9.1. |
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
Macquarie rates QBE as Outperform (1) -
QBE Insurance's trading update must have been a relief to Macquarie with the broker pointing out catastrophe costs to April proved in-line with the insurer's allowance including some -$75m for net losses in Russia and the Ukraine.
The update also revealed premium rate rises remain healthy and volume growth continues to be strong, comments the broker.
Macquarie has increased forecasts. Target price rises to $15 from $13.50. Outperform rating retained.
Target price is $15.00 Current Price is $12.68 Difference: $2.32
If QBE meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $15.47, suggesting upside of 22.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY22:
Macquarie forecasts a full year FY22 dividend of 43.89 cents and EPS of 86.41 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 92.5, implying annual growth of N/A. Current consensus DPS estimate is 55.6, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 13.7. |
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 77.31 cents and EPS of 162.64 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 139.6, implying annual growth of 50.9%. Current consensus DPS estimate is 91.5, implying a prospective dividend yield of 7.2%. Current consensus EPS estimate suggests the PER is 9.1. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates QBE as Overweight (1) -
Following QBE Insurance's AGM, Morgan Stanley notes better first quarter premium growth, pricing and investment yields drive the broker's earnings forecasts higher.
Well-managed catastrophe costs, more clarity on Ukraine exposure and reinsurance on legacy North America reserves should de-risk the stock, suggests the broker.
Valuation is compelling, the broker suggests, at 9x forward earnings estimates. Overweight and $15.70 target retained.
Target price is $15.70 Current Price is $12.68 Difference: $3.02
If QBE meets the Morgan Stanley target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $15.47, suggesting upside of 22.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY22:
Morgan Stanley forecasts a full year FY22 dividend of 55.71 cents and EPS of 88.32 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 92.5, implying annual growth of N/A. Current consensus DPS estimate is 55.6, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 13.7. |
Forecast for FY23:
Morgan Stanley forecasts a full year FY23 dividend of 95.11 cents and EPS of 138.59 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 139.6, implying annual growth of 50.9%. Current consensus DPS estimate is 91.5, implying a prospective dividend yield of 7.2%. Current consensus EPS estimate suggests the PER is 9.1. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates QBE as Add (1) -
QBE Insurance has provided a performance update and Morgans has spotted both pros and cons, with the added observation that the balance is skewed towards the positive.
One of the positive take-aways is that QBE’s investment yield is rising with increasing interest rates. Estimates have been lifted; FY23 by 20%.
Target price rises to $14.45 from $13.50. Add retained as Morgans sees a positive trajectory over the years forthcoming.
Target price is $14.45 Current Price is $12.68 Difference: $1.77
If QBE meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $15.47, suggesting upside of 22.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY22:
Morgans forecasts a full year FY22 dividend of 44.84 cents and EPS of 91.03 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 92.5, implying annual growth of N/A. Current consensus DPS estimate is 55.6, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 13.7. |
Forecast for FY23:
Morgans forecasts a full year FY23 dividend of 25.82 cents and EPS of 122.28 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 139.6, implying annual growth of 50.9%. Current consensus DPS estimate is 91.5, implying a prospective dividend yield of 7.2%. Current consensus EPS estimate suggests the PER is 9.1. |
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
Ord Minnett rates QBE as Buy (1) -
QBE Insurance's trading update provided no nasty surprises for Ord Minnett. The broker points at higher yields on investment assets and strong gross written premium.
The losses from Russia and the Ukraine were not large enough to temper Ord Minnett's enthusiasm, with higher forecasts the result.
The Buy rating now accompanies a target price of $16, up from $15.50.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $16.00 Current Price is $12.68 Difference: $3.32
If QBE meets the Ord Minnett target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $15.47, suggesting upside of 22.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY22:
Ord Minnett forecasts a full year FY22 dividend of 57.07 cents and EPS of 95.11 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 92.5, implying annual growth of N/A. Current consensus DPS estimate is 55.6, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 13.7. |
Forecast for FY23:
Ord Minnett forecasts a full year FY23 dividend of 77.45 cents and EPS of 127.72 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 139.6, implying annual growth of 50.9%. Current consensus DPS estimate is 91.5, implying a prospective dividend yield of 7.2%. Current consensus EPS estimate suggests the PER is 9.1. |
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
UBS rates QBE as Buy (1) -
UBS found the market update provided by QBE Insurance Group "reassuring". The broker notes no changes were made to FY22 guidance despite premium revenue and investment yields tracking ahead of consensus.
Macro, industry and company-specific tailwinds all support the broker's Buy rating, with positive feedback from offshore peers on top.
Target increases by $1 to $16.
Target price is $16.00 Current Price is $12.68 Difference: $3.32
If QBE meets the UBS target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $15.47, suggesting upside of 22.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY22:
UBS forecasts a full year FY22 EPS of 92.39 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 92.5, implying annual growth of N/A. Current consensus DPS estimate is 55.6, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 13.7. |
Forecast for FY23:
UBS forecasts a full year FY23 EPS of 135.87 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 139.6, implying annual growth of 50.9%. Current consensus DPS estimate is 91.5, implying a prospective dividend yield of 7.2%. Current consensus EPS estimate suggests the PER is 9.1. |
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
Overnight Price: $1.72
UBS rates RIC as Initiation of coverage with Buy (1) -
UBS has initiated coverage on Ridley Corp with a Buy rating and $2 valuation/price target. The broker sees potential for capital management given the company's conservative dividend policy with plenty of free cash flow on the horizon.
Since FY19, points out the broker, the new CEO has restructured the business by closing under-utilised mills, lifting utilisation, lowering costs and developing new products.
UBS sees increased efficiencies and growth on the horizon. A new three year strategic plan is expected to be announced in August.
Target price is $2.00 Current Price is $1.72 Difference: $0.28
If RIC meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY22:
UBS forecasts a full year FY22 EPS of 10.00 cents. |
Forecast for FY23:
UBS forecasts a full year FY23 EPS of 12.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
SVW SEVEN GROUP HOLDINGS LIMITED
Diversified Financials
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Overnight Price: $19.94
Ord Minnett rates SVW as Buy (1) -
Ord Minnett retains a Buy rating with a price target of $25 as Seven Group Holdings reiterated FY22 guidance for an 8–10% increase on
FY21 pro-forma earnings before interest and tax from continuing operations, excluding property.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $25.00 Current Price is $19.94 Difference: $5.06
If SVW meets the Ord Minnett target it will return approximately 25% (excluding dividends, fees and charges).
Current consensus price target is $26.60, suggesting upside of 34.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Ord Minnett forecasts a full year FY22 EPS of 160.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 157.2, implying annual growth of -14.5%. Current consensus DPS estimate is 46.3, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 12.6. |
Forecast for FY23:
Ord Minnett forecasts a full year FY23 EPS of 200.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 186.0, implying annual growth of 18.3%. Current consensus DPS estimate is 47.0, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 10.6. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
TCL TRANSURBAN GROUP LIMITED
Infrastructure & Utilities
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Overnight Price: $14.73
Ord Minnett rates TCL as Accumulate (2) -
Ord Minnett observes a strong share price performance but thinks this positive story is not over yet. Hence Transurban Group retains the broker's Accumulate rating, with an increased price target of $15.85, from $15.
Don't get stuck in the bond proxy narrative, suggests the broker. Ord Minnett is forecasting a compound annual growth rate (CAGR)
of 10% per annum over FY21–31.
Forecasts have been increased also incorporating higher inflation.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $15.85 Current Price is $14.73 Difference: $1.12
If TCL meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $14.71, suggesting upside of 2.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Ord Minnett forecasts a full year FY22 EPS of minus 4.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.1, implying annual growth of N/A. Current consensus DPS estimate is 39.6, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 157.1. |
Forecast for FY23:
Ord Minnett forecasts a full year FY23 EPS of 13.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.1, implying annual growth of 186.8%. Current consensus DPS estimate is 60.5, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 54.8. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $1.91
Morgan Stanley rates VCX as Underweight (5) -
Productivity metrics all looked positive to Morgan Stanley in Vicinity Centres' trading update, with FY22 funds from operations guidance retained. Sales in the March quarter were up 11.2% on March FY19.
Rent collection was fine at 89% but the broker would've thought this number would be higher if productivity was so strong. Similarly, leasing spreads were not a bad outcome, but retailers would still seem to be a touch apprehensive about longer-term trading conditions.
Underweight and $1.82 target retained. Industry View: In-Line.
Target price is $1.82 Current Price is $1.91 Difference: minus $0.09 (current price is over target).
If VCX meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $1.93, suggesting upside of 5.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Morgan Stanley forecasts a full year FY22 dividend of 9.50 cents and EPS of 12.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.7, implying annual growth of N/A. Current consensus DPS estimate is 9.3, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 15.7. |
Forecast for FY23:
Morgan Stanley forecasts a full year FY23 dividend of 11.30 cents and EPS of 14.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.3, implying annual growth of 13.7%. Current consensus DPS estimate is 10.7, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 13.8. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates VCX as Hold (3) -
Vicinity Centres' market update revealed improved cash collections, notes Ord Minnett, while FY22 guidance has been maintained.
The broker is positive and sees positive trends continuing into the current quarter. Hold. Target $2.10.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $2.10 Current Price is $1.91 Difference: $0.19
If VCX meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $1.93, suggesting upside of 5.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Ord Minnett forecasts a full year FY22 dividend of 10.00 cents and EPS of 12.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.7, implying annual growth of N/A. Current consensus DPS estimate is 9.3, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 15.7. |
Forecast for FY23:
Ord Minnett forecasts a full year FY23 dividend of 11.00 cents and EPS of 14.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.3, implying annual growth of 13.7%. Current consensus DPS estimate is 10.7, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 13.8. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $3.07
Macquarie rates VUK as Neutral (3) -
Macquarie comments Virgin Money UK's leverage to rising interest rates was the dominant stand-out from the bank's interim report. Alas, aggressive mortgage competition is offsetting the benefits.
Given only small changes made to forecasts, we have to assume the financials were broadly in-line.
Management has indicated margins might be lower in the second half. Macquarie also thinks further investments are needed to support the franchise and systems quality.
Target price $3.80 (decline of -4%), or GBP2.25. Despite valuation appeal, the broker sticks with a Neutral rating.
Target price is $3.80 Current Price is $3.07 Difference: $0.73
If VUK meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).
The company's fiscal year ends in September.
Forecast for FY22:
Macquarie forecasts a full year FY22 dividend of 11.06 cents and EPS of 47.94 cents. |
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 14.75 cents and EPS of 49.78 cents. |
This company reports in GBP. 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
Overnight Price: $43.82
Citi rates WTC as Neutral (3) -
Citi has highlighted a reported slow down in freight volume growth presents a headwind for WiseTech Global's transaction based pricing model, with data suggesting sea freight volumes declined -5-10% year-on-year in the March quarter.
The broker expects global roll outs, customer wins and and development work can offset a volume slowdown, but despite this anticipates full year revenue could be at the lower end of the $600-635m guidance range, with the broker forecasting $612m.
More positively, Citi highlighted near-term demand remains strong and recovery in the freight market is expected in the fourth quarter.
The Neutral rating and target price of $46.35 are retained.
Target price is $46.35 Current Price is $43.82 Difference: $2.53
If WTC meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $48.34, suggesting upside of 16.7% (ex-dividends)
Forecast for FY22:
Current consensus EPS estimate is 51.1, implying annual growth of 53.6%. Current consensus DPS estimate is 9.9, implying a prospective dividend yield of 0.2%. Current consensus EPS estimate suggests the PER is 81.1. |
Forecast for FY23:
Current consensus EPS estimate is 67.7, implying annual growth of 32.5%. Current consensus DPS estimate is 13.2, implying a prospective dividend yield of 0.3%. Current consensus EPS estimate suggests the PER is 61.2. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Today's Price Target Changes
Company | Last Price | Broker | New Target | Prev Target | Change | |
ANZ | ANZ Bank | $26.83 | UBS | 32.00 | 30.00 | 6.67% |
AQZ | Alliance Aviation Services | $4.11 | Credit Suisse | 4.75 | 4.80 | -1.04% |
ATL | Apollo Tourism & Leisure | $0.46 | Ord Minnett | 0.70 | 0.63 | 11.11% |
BOE | Boss Energy | $2.47 | Macquarie | 3.20 | N/A | - |
BWX | BWX | $1.37 | Citi | 2.90 | 4.90 | -40.82% |
UBS | 2.70 | 5.50 | -50.91% | |||
DMP | Domino's Pizza Enterprises | $66.29 | Citi | 108.41 | 108.30 | 0.10% |
ECX | Eclipx Group | $2.64 | Credit Suisse | 3.10 | 2.95 | 5.08% |
Macquarie | 2.98 | 2.82 | 5.67% | |||
ING | Inghams Group | $2.77 | UBS | 3.05 | 3.49 | -12.61% |
JHG | Janus Henderson | $37.92 | Credit Suisse | 46.00 | 50.00 | -8.00% |
LOV | Lovisa Holdings | $16.63 | Citi | 20.40 | 22.31 | -8.56% |
Morgan Stanley | 21.50 | 21.00 | 2.38% | |||
UBS | 20.00 | 21.00 | -4.76% | |||
MFG | Magellan Financial | $17.31 | Morgan Stanley | 11.00 | 12.00 | -8.33% |
NAB | National Australia Bank | $31.62 | Citi | 32.25 | 33.00 | -2.27% |
Macquarie | 34.00 | 32.50 | 4.62% | |||
Morgan Stanley | 31.80 | 31.50 | 0.95% | |||
Ord Minnett | 34.50 | 33.50 | 2.99% | |||
NHF | nib Holdings | $7.20 | Macquarie | 7.55 | 7.65 | -1.31% |
Macquarie | 7.55 | 7.65 | -1.31% | |||
NWL | Netwealth Group | $12.32 | Credit Suisse | 17.50 | 16.75 | 4.48% |
Macquarie | 17.40 | 18.20 | -4.40% | |||
OGC | OceanaGold | $3.50 | Macquarie | 4.00 | 3.40 | 17.65% |
QBE | QBE Insurance | $12.64 | Citi | 14.40 | 13.70 | 5.11% |
Credit Suisse | 16.75 | 15.55 | 7.72% | |||
Macquarie | 15.00 | 13.50 | 11.11% | |||
Morgan Stanley | 15.70 | 15.00 | 4.67% | |||
Morgans | 14.45 | 13.50 | 7.04% | |||
Ord Minnett | 16.00 | 15.50 | 3.23% | |||
UBS | 16.00 | 15.00 | 6.67% | |||
TCL | Transurban Group | $14.30 | Ord Minnett | 15.85 | 15.00 | 5.67% |
VUK | Virgin Money UK | $2.82 | Macquarie | 3.80 | 3.95 | -3.80% |
Summaries
29M | 29metals | Outperform - Macquarie | Overnight Price $2.74 |
ABC | AdBri | Outperform - Macquarie | Overnight Price $3.03 |
Neutral - UBS | Overnight Price $3.03 | ||
AGL | AGL Energy | No Rating - Macquarie | Overnight Price $8.42 |
AMP | AMP | No Rating - Credit Suisse | Overnight Price $1.21 |
Hold - Ord Minnett | Overnight Price $1.21 | ||
Sell - UBS | Overnight Price $1.21 | ||
ANZ | ANZ Bank | Buy - UBS | Overnight Price $26.91 |
AQZ | Alliance Aviation Services | Outperform - Credit Suisse | Overnight Price $4.25 |
Buy - Ord Minnett | Overnight Price $4.25 | ||
ATL | Apollo Tourism & Leisure | Buy - Ord Minnett | Overnight Price $0.46 |
BOE | Boss Energy | Outperform - Macquarie | Overnight Price $2.60 |
BWX | BWX | Buy - Citi | Overnight Price $1.48 |
Buy - UBS | Overnight Price $1.48 | ||
CBA | CommBank | Sell - Citi | Overnight Price $103.71 |
DMP | Domino's Pizza Enterprises | Buy - Citi | Overnight Price $69.04 |
ECX | Eclipx Group | Outperform - Credit Suisse | Overnight Price $2.69 |
Outperform - Macquarie | Overnight Price $2.69 | ||
Overweight - Morgan Stanley | Overnight Price $2.69 | ||
EVN | Evolution Mining | Underperform - Macquarie | Overnight Price $3.94 |
HT1 | HT&E | Outperform - Credit Suisse | Overnight Price $1.68 |
ING | Inghams Group | Neutral - UBS | Overnight Price $2.81 |
JHG | Janus Henderson | Neutral - Credit Suisse | Overnight Price $37.76 |
LOV | Lovisa Holdings | Buy - Citi | Overnight Price $17.88 |
Overweight - Morgan Stanley | Overnight Price $17.88 | ||
Buy - UBS | Overnight Price $17.88 | ||
LYC | Lynas Rare Earths | Outperform - Macquarie | Overnight Price $9.31 |
MAF | MA Financial | Buy - Ord Minnett | Overnight Price $6.69 |
MFG | Magellan Financial | Underweight - Morgan Stanley | Overnight Price $17.57 |
NAB | National Australia Bank | Neutral - Citi | Overnight Price $32.25 |
Neutral - Credit Suisse | Overnight Price $32.25 | ||
Outperform - Macquarie | Overnight Price $32.25 | ||
Equal-weight - Morgan Stanley | Overnight Price $32.25 | ||
Accumulate - Ord Minnett | Overnight Price $32.25 | ||
NHF | nib Holdings | Neutral - Macquarie | Overnight Price $7.23 |
Neutral - Macquarie | Overnight Price $7.23 | ||
NWL | Netwealth Group | Outperform - Credit Suisse | Overnight Price $12.70 |
Outperform - Macquarie | Overnight Price $12.70 | ||
OGC | OceanaGold | Outperform - Macquarie | Overnight Price $3.63 |
PRN | Perenti Global | Outperform - Macquarie | Overnight Price $0.70 |
QAN | Qantas Airways | Underperform - Credit Suisse | Overnight Price $5.65 |
Overweight - Morgan Stanley | Overnight Price $5.65 | ||
Accumulate - Ord Minnett | Overnight Price $5.65 | ||
Buy - UBS | Overnight Price $5.65 | ||
QBE | QBE Insurance | Buy - Citi | Overnight Price $12.68 |
Outperform - Credit Suisse | Overnight Price $12.68 | ||
Outperform - Macquarie | Overnight Price $12.68 | ||
Overweight - Morgan Stanley | Overnight Price $12.68 | ||
Add - Morgans | Overnight Price $12.68 | ||
Buy - Ord Minnett | Overnight Price $12.68 | ||
Buy - UBS | Overnight Price $12.68 | ||
RIC | Ridley Corp | Initiation of coverage with Buy - UBS | Overnight Price $1.72 |
SVW | Seven Group | Buy - Ord Minnett | Overnight Price $19.94 |
TCL | Transurban Group | Accumulate - Ord Minnett | Overnight Price $14.73 |
VCX | Vicinity Centres | Underweight - Morgan Stanley | Overnight Price $1.91 |
Hold - Ord Minnett | Overnight Price $1.91 | ||
VUK | Virgin Money UK | Neutral - Macquarie | Overnight Price $3.07 |
WTC | WiseTech Global | Neutral - Citi | Overnight Price $43.82 |
RATING SUMMARY
Rating | No. Of Recommendations |
1. Buy | 35 |
2. Accumulate | 3 |
3. Hold | 12 |
5. Sell | 6 |
Friday 06 May 2022
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This document is provided for informational purposes only. It does not
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