Australian Broker Call

Ord Minnett rates 29M as Hold (3) -

First half results were slightly better than expected and 29Metals has raised $151m which addresses Ord Minnett's immediate concerns surrounding the balance sheet. The funds will enable the continued recovery efforts at Capricorn Copper.

The broker continues to balance the uncertainty in the outlook and future debt restructuring in 2024 against the value proposition. Earnings estimates for 2023 are raised slightly while 2024 estimates are affected by water treatment plant costs.

Hold maintained. Target is lowered to $0.77 from $0.85.

Target price is $0.77 Current Price is $0.88 Difference: minus $0.11 (current price is over target).
If 29M meets the Ord Minnett target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.77, suggesting downside of -7.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Macquarie rates AGI as Outperform (1) -

Ainsworth Game Technology posted profit in the first half that was consistent with recent guidance. Macquarie notes around 30% of revenue was from gaming operations and digital.

Investment in product development continues with -$22m spent in the first half, or 15% of revenue, supporting the expansion of game studios.

The broker observes, at this stage, the investment is yet to materialise in earnings, but this could start to be seen with improved volumes. The broker retains an Outperform rating, assessing the stock is cheap. Target rises to $1.35 from $1.25.

Target price is $1.35 Current Price is $0.96 Difference: $0.39
If AGI meets the Macquarie target it will return approximately 41% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Bell Potter rates AIM as Buy (1) -

Ai-Media Technologies delivered a solid FY23, Bell Potter suggests with revenue up 3% largely due to the scaling of LEXI solutions, with the continued transition towards higher margin SaaS revenue driving gross margins to 60% from 55% in FY22.

Earnings were broadly in line with forecast, demonstrating improved operating leverage.

Management provided no formal earnings guidance but noted a strengthening technology sales pipeline, expected low single-digit revenue growth, continuing investment in sales and marketing, further improvement in operating leverage and an expected uplift in earnings.

Buy and 55c target retained.

Target price is $0.55 Current Price is $0.29 Difference: $0.26
If AIM meets the Bell Potter target it will return approximately 90% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Ord Minnett rates AIS as Hold (3) -

FY23 results from Aeris Resources were softer than expected. Additional expenses were also incurred for costs relating to the Round Oak acquisition which, combined with a much higher D&A figure, caused a miss against estimates at the net loss line.

Operating cash flows are constrained by lower commodity prices, Ord Minnett asserts, and therefore another debt drawdown is envisaged in the third quarter of FY24.

The broker finds it difficult to become more positive until there is consistent delivery to plan and a refinanced balance sheet, retaining a Hold rating and lowering the target to $0.25 from $0.27.

Target price is $0.25 Current Price is $0.24 Difference: $0.01
If AIS meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $0.28, suggesting upside of 16.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

Macquarie rates ALX as Neutral (3) -

First half results were in line with expectations as was asset performance. Macquarie observes the focus is on the French 2024 budget amid speculation the government will impose a new broader concession tax.

If this occurs, Macquarie expects APRR will withdraw from making voluntary contributions to l'AFITF although will still be affected by the tax changes.

The broker would also expect Atlas Arteria's 2024 dividend to drop by -4-5c and anticipates some clarity on the issue will be provided around September 20. Neutral retained. Target is reduced to $6.55 from $6.58.

Target price is $6.55 Current Price is $6.08 Difference: $0.47
If ALX meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $6.47, suggesting upside of 4.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

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

Morgan Stanley anticipates a modestly positive reaction to 1H results by Atlas Arteria though doesn't explain why. New information pertained to non-toll revenue and costs, given the pre-release of 2Q traffic and toll revenue.

Earnings (EBITDA) for the APPR tollway in France, which accounts for around 60% of the broker's valuation, rose by 8% on the previous corresponding period and were around -1% shy of the consensus forecast.

There was no update on potential changes to French motorway taxation. Management reaffirmed guidance from February 23.

The $6.88 target and Equal-weight rating are unchanged. Industry View: Cautious.

Target price is $6.88 Current Price is $6.08 Difference: $0.8
If ALX meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $6.47, suggesting upside of 4.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

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

Atlas Arteria's 1H earnings growth was broadly in line with Morgans' forecast. Traffic and toll revenue numbers had been pre-released.

The broker highlights around 64% of its valuation for Atlas Arteria is derived from the APRR motorway network in France.

While there is a political risk of an additional toll road tax for APPR, it's felt the current overall company valuation represents value and the broker's rating is upgraded to Add from Hold.

The target edges up to $6.44 from $6.43.

Target price is $6.44 Current Price is $6.08 Difference: $0.36
If ALX meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $6.47, suggesting upside of 4.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

Ord Minnett rates ALX as Hold (3) -

Ord Minnett observes earnings for Atlas Arteria grew strongly in the first half through a combination of traffic volume recovery and/or higher tolls, now eclipsing pre-pandemic levels at most roads.

The core asset, APRR, is tracking a little ahead of expectations amid strong traffic volumes and a weaker Australian dollar, leading the broker to marginally upgrade 2023 EBITDA forecasts.

Ord Minnett flags the heightened uncertainty around whether the French government, which argues toll roads are making excessive profits, will implement a new tax. The fair value estimate is reduced by -3% to $5.85 and a Hold rating is maintained.

Target price is $5.85 Current Price is $6.08 Difference: minus $0.23 (current price is over target).
If ALX meets the Ord Minnett target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.47, suggesting upside of 4.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

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

A new -$120m cost-out program, revealed at recent H1 results should help AMP return to earnings growth, in Morgan Stanley's view.

Management is targeting controllable costs of $620-640m in FY24 by comparison to the forecast for $745-755m in FY23.

While AMP is becoming a more focused wealth and bank operator with reduced downside risks, the broker notes the company's valuation is not cheap when compared to peers.

The Equal-weight rating is retained, while the target rises to $1.23 from $1.07. Industry view: In-Line.

Target price is $1.23 Current Price is $1.26 Difference: minus $0.035 (current price is over target).
If AMP meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.23, suggesting downside of -2.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.1

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

Citi rates APX as Sell (5) -

First half results from Appen signalled revenue trends were weakening further in May and June. Citi expects second half revenue will be down -33% with a key risk being a worse decline in the core Deep Learning project.

On further analysis, the broker notes the EBITDA margins have moved into loss-making territory from the peak of 21% in FY20, reflecting not only revenue weakness but a step up in investment in product development and geographical expansion.

The broker envisages margins will have troughed during the coming year as the company reduces costs and forecasts EBITDA margins to increase to 7% in FY25. Sell rating retained. Target is reduced to $1.35 from $2.40.

Target price is $1.35 Current Price is $1.59 Difference: minus $0.235 (current price is over target).
If APX meets the Citi target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.50, suggesting downside of -3.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.8

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

Bell Potter rates ASB as Buy (1) -

Austal released FY23 results which would have been quite strong if not for the significant impact of the onerous T-ATS contract provision flagged earlier in the year, Bell Potter notes. Revenue and earnings (loss) nevertheless beat the broker and the balance sheet is healthy.

The company reiterated that FY24-25 should be viewed as transition years as it initiates new vessel programs, with legacy programs near conclusion. Bell Potter has reduced earnings margin forecasts in line with guidance.

But the broker makes significant upgrades to long-term revenue forecasts based on guidance and increased confidence in the long-term outlook.

Buy and $2.75 target retained.

Target price is $2.75 Current Price is $1.95 Difference: $0.8
If ASB meets the Bell Potter target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $2.48, suggesting upside of 32.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

Citi rates ASB as Buy (1) -

Citi's initial response had already pointed out Austal's net loss of -$14m for FY23 was broadly in line, also because management had pre-updated, but with FY24 revenue guidance well above market forecasts and with margin guidance open for debate.

Upon further follow-through, the broker has reduced forecasts and lowered its price target by -5% to $2.75. A big increase in profit forecast for FY25 has been implemented on anticipation of stronger sales and margins.

The broker notes the shares are presently trading at a -23% discount to net asset value and profits long term should be materially higher than today. Translation: wink, wink to value investors with patience and a longer term horizon.

There are still risks, the broker acknowledges. Buy retained.

Target price is $2.75 Current Price is $1.95 Difference: $0.8
If ASB meets the Citi target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $2.48, suggesting upside of 32.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

Macquarie rates ASB as Downgrade to Neutral from Outperform (3) -

The FY23 loss of -$4.8m at the EBIT line was disappointing and Macquarie notes it excluded losses on the T-ATS program, where an onerous contract provision had been previously flagged. Austal is continuing to seek recovery of some of the additional costs incurred in the project.

A record order book of $11.6bn should be supported by the company actively applying what it has learned from T-ATS, the broker asserts.

While the company has made solid progress in diversifying its business, the T-ATS issues plus margin guidance lowers visibility for the short term and Macquarie downgrades to Neutral from Outperform. Target is lowered -25% to $1.95.

Target price is $1.95 Current Price is $1.95 Difference: $0
If ASB meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $2.48, suggesting upside of 32.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

Morgans rates ATA as Hold (3) -

Atturra's FY23 underlying earnings (EBITDA) of $21m were at the upper end of the guidance range and Morgans notes solid cash flow conversion and a healthy $39m cash balance.

Organic revenue growth was 14.5% year-on-year, with the balance coming from acquisitions, explain the analysts.

Management's FY24 guidance is for around 20% year-on-year revenue growth and around 8% growth in underlying earnings.

The Hold rating and 95c target are unchanged.

Target price is $0.95 Current Price is $0.87 Difference: $0.08
If ATA meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Morgans rates AUA as Speculative Buy (1) -

Morgans asseses strong sales growth for Audeara in key wholesale channels during FY23, and notes initial revenues through its newly established engineering services business, called AUA Technology.

While AUA Technology will likely be a lower margin business, the analyst sees material sales order potential.

The FY23 net loss of -$3.7m was slightly greater than the broker's forecast for -$3.2m due to a slower-than-expected expansion in the US.

Morgans suggests the company is well placed heading into FY24 with an expected EU launch in the coming months.

The Speculative Buy rating is unchanged and the target slips to 14c from 15c.

Target price is $0.14 Current Price is $0.04 Difference: $0.097
If AUA meets the Morgans target it will return approximately 226% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Bell Potter rates BUB as Speculative Hold (3) -

Bubs Australia reported a greater FY23 earnings loss than Bell Potter forecast. Revenue fell -33% year on year.

Bubs has articulated a strategy to improve profitability and move to positive operating cashflows by FY25. Given the current balance sheet position the room for error in achieving this is narrow, the broker warns, and hinges largely on success in the US market, with Daigou activity sector-wide at muted levels.

Speculative Hold retained, target falls to 21c from 22c.

Target price is $0.21 Current Price is $0.18 Difference: $0.035
If BUB meets the Bell Potter target it will return approximately 20% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

UBS rates BXB as Buy (1) -

Underlying earnings were slightly ahead of UBS estimates. FY24 guidance is for sales growth of 6-8% and EBIT of 9-12%. The broker highlights guidance could be conservative at this stage and raises US dollar EBIT forecasts by 3% for FY24 and by 4% for FY25.

UBS notes the positive reaction to the Brambles result following a strong 12 months but assesses the strength has mostly been driven by earnings, and the stock is yet to fully re-rate.

Continued progress on asset control and improving cash conversion, combined with resilience in the face of softening demand, should further build confidence. Buy rating retained. Target rises to $16.95 from $15.90.

Target price is $16.95 Current Price is $14.97 Difference: $1.98
If BXB meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $15.52, suggesting upside of 3.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.2

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

Morgans rates CBL as Hold (3) -

While the -$5.6m loss in FY23 for Control Bionics was in line with forecasts, Morgans notes the potential for an upcoming capital raise depends on performance over the next few quarters.

For FY24, management remains focused on sustainable revenue growth through existing markets and greater penetration in Japan.

The Drove autonomous wheelchair was launched during the year and commercial sales are expected in FY24.

The Hold rating and 9c target are unchanged.

Target price is $0.09 Current Price is $0.08 Difference: $0.014
If CBL meets the Morgans target it will return approximately 18% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Bell Potter rates CCX as Buy (1) -

City Chic Collective’s FY23 result saw an underlying earnings loss in line with Bell Potter. FY24 trading has commenced on a weaker note with sales to date down -33% year on year.

Management noted some green shoots in the US as a response to refreshed product showcased to the market and the broker believes the revenue run-rate could improve from the second quarter. An expectation for a return to profitability remains unchanged for the second half.

While underlying conditions remain challenging for the existing business (US & A&NZ), Bell Potter is in line with the company’s guidance for reaching profitability given the clearer path post the EU exit and sees potential catalysts to earnings if trading improves.

Target falls to 65c from 70c, Buy retained.

Target price is $0.65 Current Price is $0.45 Difference: $0.2
If CCX meets the Bell Potter target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $0.49, suggesting upside of 10.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.2

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

Bell Potter rates CGC as Hold (3) -

Costa Group reported first half underlying earnings consistent with Bell Potter's expectations.

2023 earnings are expected to be ahead of 2022, with the main outlook comments being citrus quality issues expected to impact earnings, strong second half berry earnings are expected with positive pricing, and softening demand in the tomato market is expected into the second half.

The key near term driver of share price direction is whether PSP moves to a formal takeover in September. While the broker sees a formal offer as likely, the recent downgrade poses a risk to whether any formal offer remains consistent with the indicative proposal of $3.54.

Hold and $3.10 target retained.

Target price is $3.10 Current Price is $2.85 Difference: $0.25
If CGC meets the Bell Potter target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $3.08, suggesting upside of 4.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

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

First half operating earnings (EBITDA-S) were largely in line with expectations. The outlook for citrus in 2023 has deteriorated, largely weather-related. The problems are not considered structural and the productive capacity of the trees unaffected.

Macquarie assesses the commentary from Costa Group was not ideal in the context of the Paine Schwartz Partners bid, but the suitor is likely to have a "through the cycle view" on the business.

The latter has been advised of the latest trading conditions as part of due diligence and, while it remains uncertain if a transaction will eventuate and at what price, discussions are continuing.

Macquarie upgrades to Outperform from Neutral. Target is reduced to $3.19 from $3.43.

Target price is $3.19 Current Price is $2.85 Difference: $0.34
If CGC meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $3.08, suggesting upside of 4.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

Morgans rates CGC as Hold (3) -

While Morgans was impressed by the FY23 performance of the International division, the overall result is considered as weak based on the amount of capital spent on growth projects in recent years. In addition, management's outlook comments were weaker-than-expected.

Gearing at 2.31x is above the board’s target range of 1.5-2.0x. By year's end, the analysts note net debt is forecast to rise further after the company funds a land acquisition and Citrus earnings will be lower than originally expected in the 2H.

Thankfully a distraction is provided by the non binding indicative proposal by Paine Schwartz Partners. The broker believes there is potential for a lower price than the indicative $3.50 offer due to the weaker company outlook.

The Hold rating is unchanged. Target falls to $2.95 from $3.00.

Target price is $2.95 Current Price is $2.85 Difference: $0.1
If CGC meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $3.08, suggesting upside of 4.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

Ord Minnett rates CGC as Hold (3) -

Amid greater segment detail following the full release of Costa Group's interim results, Ord Minnett lowers 2023 EBITDA forecasts slightly, to $244m and representing 14% growth. An exceptional international result more than offset the continued weakness in domestic produce.

On balance the broker continues to believe the indicative proposal from Payne Schwartz Partners will more than likely proceed. The unchanged $3.40 target represents a 75% probability of a deal progressing. Hold maintained.

Target price is $3.40 Current Price is $2.85 Difference: $0.55
If CGC meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $3.08, suggesting upside of 4.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

Bell Potter rates CHN as Speculative Buy (1) -

Chalice Mining has released the Scoping Study for its Gonneville nickel-copper-PGE project in WA. This is a major milestone for the project, Bell Potter notes, and a key step in the strategic partnering process currently underway.

The broker argues that Gonneville is competitive as a long-life, low-cost asset which also carries value as a globally significant, strategically valuable, palladium-dominant critical minerals project.

Bell Potter posits Gonneville's position on the cost curve is more important to assessing long-term profit margins than current spot prices.

The Scoping Study will feed into the strategic partnering process currently underway and an outcome from this is the next major catalyst for Chalice, Bell Potter declares. But higher capex and lower production rates lead to a target cut to $7.10 from $10.00.

Speculative Buy retained. The broker does not provide earnings forecasts.

Target price is $7.10 Current Price is $3.57 Difference: $3.53
If CHN meets the Bell Potter target it will return approximately 99% (excluding dividends, fees and charges).

Current consensus price target is $7.63, suggesting upside of 131.1% (ex-dividends)

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Shaw and Partners rates CY5 as Buy (1) -

Cygnus Metals has reported the discovery of a large spodumene-bearing pegmatite outcrop and Shaw and Partners comments the discovery demonstrates the potential scale of mineralisation ahead of recently commenced drilling.

In addition, the broker points out, Cygnus recently became just the fourth ASX company with a lithium resource in Quebec.

The broker lauds the highly experienced board and management team at the company, and retains its Buy rating with a 50c price target.

Target price is $0.50 Current Price is $0.20 Difference: $0.3
If CY5 meets the Shaw and Partners target it will return approximately 150% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

UBS rates ELD as Neutral (3) -

Elders has indicated FY23 EBIT is now likely to be between $165-175m, a downgrade to prior guidance and driven by weaker trading throughout July and August. This specifically relates to greater pressure on rural product gross margins and accelerated declines in cattle prices.

UBS observes the past year has been challenging and, looking through the potential one-off impacts of investment in operating costs and working capital, calculates EBIT being between $150-160m. Target is reduced to $7.20 from $9.20 and a Neutral rating is retained.

Target price is $7.20 Current Price is $6.44 Difference: $0.76
If ELD meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $7.25, suggesting upside of 12.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

Morgans rates FDV as Add (1) -

While 1H revenue and earnings were pre-released, profit came in below Morgans forecast mainly due to a -$6m currency loss tied to associates.

Overall, it's felt the half demonstrated improved underlying profitabilty, with the analyst highlighting a difficult revenue environment for the Zameen business and the capital raising required to handle contingent payments.

The broker's EPS forecasts rise on reduced D&A charges and the target increases to 76c from 71c.

Morgans admires the company's long-term growth profile and expects operating leverage will increase significantly over time.  The Add rating is unchanged.

Target price is $0.76 Current Price is $0.38 Difference: $0.385
If FDV meets the Morgans target it will return approximately 103% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Morgans rates GNX as Speculative Buy (1) -

Morgans had forecast an -$11m FY23 loss, yet Genex Power delivered a -$1m loss due to reduced operating costs and capitalised interest. In Q4, revenue was stronger-than-expected due to stronger pricing and a stronger solar portfolio revenue performance.

The broker forecasts an inaugural year of profit in FY24, with the Bouldercombe Battery Project (BBP) adding an additional $3.5m to net profit.

The broker retains its Speculative Buy rating and the target rises by 8% to 27.5c.

Morgans has Genex Power as its pick of micro-cap renewables companies though cautions construction risks are considerable as the key K2H hydro project moves towards completion.

Target price is $0.28 Current Price is $0.14 Difference: $0.13
If GNX meets the Morgans target it will return approximately 90% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Morgan Stanley rates HLS as Underweight (5) -

Following a further look at FY23 results for Healius, Morgan Stanley lowers its target to $2.50 from $2.60.

The Underweight rating is unchanged given costs in the main Pathology division remain greater-than-anticipated. The broker suggests it will be difficult to offset those costs via management's Sustainable Improvement Plan. Industry View: In-Line.

Yesterday, Morgan Stanley noted revenue missed expectations while underlying EBIT in FY23 was in line with guidance.

Healius has written down the value of the pathology business by -$350m primarily because of Agilex, lower cash flow forecasts post the pandemic and an increase in the cost of capital.

No numerical guidance was provided for FY24. Gearing is expected to remain within covenants and the company is "intent on resuming dividends".

Target price is $2.50 Current Price is $2.80 Difference: minus $0.3 (current price is over target).
If HLS meets the Morgan Stanley target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.07, suggesting upside of 10.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.1

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

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

Harvey Norman's FY23 EBIT was ahead of Citi's estimates. The broker observes comparables for Australia will become significantly easier from November.

On further analysis, numerous tailwinds are seen supporting a house price recovery while a warmer summer should enable sell-through of excess seasonal inventory.

The broker recognises the stock has rallied hard from its lows but significantly underperformed peers such as JB Hi-Fi ((JBH)) and Super Retail ((SUL)). Further upside is envisaged given the improved outlook and a "very reasonable" valuation.

Rating is upgraded to Buy from Neutral and the target lifted to $4.60 from $3.70.

Target price is $4.60 Current Price is $4.04 Difference: $0.56
If HVN meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $3.95, suggesting downside of -4.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Macquarie rates HVN as Neutral (3) -

FY23 results were in line with the prior update, with system sales down -3.8% and EBIT down -23%.

Macquarie notes July trading softened globally but Australian comparable sales were down -12.6% and broadly similar to The Good Guys ((JBH)), suggesting Harvey Norman has held share.

The broker reduces earnings estimates but a sharp increase in peer multiples more than offsets this. Neutral maintained. Target is reduced by -11% to $4.00.

Target price is $4.00 Current Price is $4.04 Difference: minus $0.04 (current price is over target).
If HVN meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.95, suggesting downside of -4.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

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

Harvey Norman's reported profit (PBT) was in line with guidance while sales and margins were respectively, below and above consensus forecasts. An interest expense of -$92m far exceeded the consensus forecast for -$69m.

Sales growth decelerated by -12.4% in the 2H from 1.9% in the 1H, and the broker notes this pattern extended into July-August, with Australian franchisee same store sales (SSS) growth of -12.6%.

Morgan Stanley makes only minor forecast changes and retains its Equal-weight rating due to a cautious stance on discretionary goods retailers. The $3.50 target and In-Line industry view are retained.

Target price is $3.50 Current Price is $4.04 Difference: minus $0.54 (current price is over target).
If HVN meets the Morgan Stanley target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.95, suggesting downside of -4.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Ord Minnett rates HVN as Hold (3) -

Harvey Norman's FY23 underlying profit was slightly better than the mid point of the guidance range and sales and operating profits largely met Ord Minnett's expectations.

In July, Australian franchisees experienced weak demand for electronics and home appliances and the broker reduces FY24 estimates by -6%. A strong rebound from cyclically depressed demand levels is anticipated in FY25 so longer-term sales estimates are unchanged.

While the store roll-out is slowing down, given the challenging conditions, management's Malaysian ambitions for the medium to longer term are intact although Ord Minnett remains cautious about the opportunity. Hold retained. Target is $3.90.

Target price is $3.90 Current Price is $4.04 Difference: minus $0.14 (current price is over target).
If HVN meets the Ord Minnett target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.95, suggesting downside of -4.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

UBS rates HVN as Sell (5) -

While Harvey Norman's FY23 results were ahead of expectations, on further analysis UBS highlights Australian franchisee like-for-like sales, which fell -12.4% in the second half.

The company has acknowledged the challenges that contributed to some market share loss, which has been a consistent theme of the broker's feedback.

UBS remains cautious and expects ongoing market share losses because of the company's less nimble operating model and underperformance during key sales events. Sell rating retained. Target is raised to $3.75 from $3.25.

Target price is $3.75 Current Price is $4.04 Difference: minus $0.29 (current price is over target).
If HVN meets the UBS target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.95, suggesting downside of -4.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Citi rates IGO as Neutral (3) -

FY23 results were in line with expectations although the special dividend was a welcome surprise.

On further analysis Citi updates its modelling to take into account the results and updated reserves/resources. Neutral rating and $15.50 target are maintained.

Target price is $15.50 Current Price is $13.92 Difference: $1.58
If IGO meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $15.14, suggesting upside of 9.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.2

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

Macquarie rates IGO as Outperform (1) -

FY23 results were in line with Macquarie's estimates and most key metrics were pre-released. FY24 guidance is unchanged. Dividends beat expectations, with IGO announcing a final dividend of $0.44 and a special dividend of $0.16 under its updated capital management program.

The lithium priorities include the construction of CGP3 and a final investment decision on CGP4, which the broker assesses would unlock further organic growth. The nickel division remains intent on improving production and cost performance.

Outperform maintained. Target is steady at $18.

Target price is $18.00 Current Price is $13.92 Difference: $4.08
If IGO meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $15.14, suggesting upside of 9.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.2

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

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

FY23 underlying earnings (EBITDA) were in line with forecasts by both Morgan Stanley and consensus. Higher D&A and income tax expenses resulted in a -4% miss for underlying profit.

A 44cps 2H dividend was declared, a significant beat versus the broker's 31cps forecast. A special dividend of 16cps was also declared taking the FY23 dividend to 74cps, 81% in advance of the consensus estimate.

The Equal-Weight rating and $13.40 target retained. Industry view: Attractive.

Target price is $13.40 Current Price is $13.92 Difference: minus $0.52 (current price is over target).
If IGO meets the Morgan Stanley target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.14, suggesting upside of 9.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.2

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

UBS rates IGO as Buy (1) -

The main positive surprise from IGO's FY23 result was the final $0.60 dividend payment, which included a $0.16 special, and UBS continues to like the quality lithium leverage the stock offers.

Nickel production guidance of 29-32,500t for Nova and Forrestania are in line with expectations although the broker trims copper and cobalt grades.

The main catalysts going forward are the review of the Cosmos project in the December quarter and the ramp up of Kwinana. Buy rating retained. Target edges down to $14.90 from $15.60.

Target price is $14.90 Current Price is $13.92 Difference: $0.98
If IGO meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $15.14, suggesting upside of 9.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.2

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

Morgans rates IME as Speculative Buy (1) -

First half results for ImExHS were in line with forecasts and Morgans notes positive guidance and outlook commentary.

The broker believes the 30-June closing balances of $2m in cash and debt of -0.9m will be sufficient given a reduced cost base and management's focus on profitable growth from here. It is felt the market is closely watching free cash flow given the stable but meagre cash buffer.

Upgrades are coming for the company's enterprise software product and even small success on contract wins will provide strong positive cash flow momentum, suggests the analyst.

Speculative Buy. The target falls to $1.80 from $1.82.

Target price is $1.80 Current Price is $0.64 Difference: $1.165
If IME meets the Morgans target it will return approximately 183% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Morgans rates IPD as Speculative Buy (1) -

FY23 results for ImpediMed were broadly in line with Morgans forecasts.

A general meeting is due on September 28 for shareholders to voice concerns over the recent capital raising and call for the heads of four incumbent directors. The broker suggests uncertainty will prevail until that time.

The analysts believe meaningful sales are in prospect for the SOZO device across the US hospital network. The installed base is expected to grow to 750 from 500 units within two years and achieve a break-even point.

Speculative Buy rating. Target falls to 24c from 25c.

Target price is $0.24 Current Price is $0.18 Difference: $0.06
If IPD meets the Morgans target it will return approximately 33% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Morgans rates M7T as Add (1) -

FY23 results for Mach7 Technologies were broadly in line with Morgans expectations and included a record sales order book (up 21%), along with FY24 guidance for 20% sales growth. Management expects the business will be cashflow positive in FY24.

Guidance for FY24 also included 15- 25% revenue growth and lower operating growth. The broker expects guidance is very beatable but decides to be similarly conservative in its forecast numbers.

The analysts assume a higher cost base and higher weighting to recurring contracts which defers revenue recognition. The target falls to $1.54 from $1.65. Add.

Target price is $1.54 Current Price is $0.78 Difference: $0.76
If M7T meets the Morgans target it will return approximately 97% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Macquarie rates MEI as Outperform (1) -

The latest round of drilling results from Meteoric Resources has highlighted intercepts of high-grade rare earths. Mineralisation has been extended below the current resource, presenting upside to mineable inventory.

Macquarie was impressed with drilling results that demonstrate the high grade nature of the deposits and provide material upside potential through exploration success. Outperform rating and $0.45 target.

Target price is $0.45 Current Price is $0.22 Difference: $0.235
If MEI meets the Macquarie target it will return approximately 109% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Morgans rates MME as Speculative Buy (1) -

FY23 results held few surprises for Morgans given pre-released metrics at the recent quarterly result.

The key highlights, in the broker's view, were the $24m cash profit achieved on gross revenue of $239m and a closing loan book of around $1.15bn.

The Speculative Buy rating is unchanged as the stock is currently trading at a healthy discount to Morgans valuation. The target slips to 26c from 28c on minor forecast changes.

Target price is $0.26 Current Price is $0.08 Difference: $0.183
If MME meets the Morgans target it will return approximately 238% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Bell Potter rates MVP as Speculative Buy (1) -

Medical Developments International reported FY23 results broadly in line with Bell Potter's forecasts. Revenue rose 45% year on year with Penthrox sales up 54% and a 43% gain in Respiratory revenues.

The increase in Penthrox revenue was due to a combination of favourable pricing movements and volume growth across key geographical segments (Australia, Europe, Canada), the broker notes.

Respiratory revenue growth has been driven by volume growth across all regions.

Bell Potter expects FY24 to be a transitionary year as the company generates momentum targeting Emergency Departments across Australia. The lure of the US market persists with management targeting a partnership to commence its clinical program in FY25.

Target falls to $1.60 from $2.20. Speculative Buy retained.

Target price is $1.60 Current Price is $0.88 Difference: $0.725
If MVP meets the Bell Potter target it will return approximately 83% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Bell Potter rates NEU as Buy (1) -

Neuren has reported its first profitable half-year result, Bell Potter notes. This follows the milestone payment for DAYBUE commercialisation and royalty income from sales by Acadia.

There are currently four Phase 2 trials underway for NNZ-2591 and Neuren has retained worldwide rights across these indications, the broker notes. Safety and tolerability has been demonstrated in Phase 1 studies.

The broker suggests the favourable deal structure with Acadia positions Neuren well for significant earnings growth. Target rises to $17.50 from $17.00, Buy retained.

Target price is $17.50 Current Price is $12.58 Difference: $4.92
If NEU meets the Bell Potter target it will return approximately 39% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates NIC as Outperform (1) -

Nickel Industries' earnings (EBITDA) in the first half were lower than Macquarie expected. Profitability was affected by higher costs and lower realised contract prices.

The company expects its feasibility study for ENC will be produced in the third quarter of 2023, with FID shortly after. First construction could occur as early as the December quarter. Macquarie retains an Outperform rating and $1.10 target.

Target price is $1.10 Current Price is $0.80 Difference: $0.305
If NIC meets the Macquarie target it will return approximately 38% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.7

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

Shaw and Partners rates NOL as Buy (1) -

While most financial metrics in the FY23 report proved better-than-forecast, NobleOak Life's net profit disappointed due to an increase in claims provisions, Shaw and Partners explains.

In direct response, the broker has shaved off -2% from its underlying net profit projections for FY24-FY26. The Buy rating is maintained because of the large gap between it and the share price (suggesting 60% total return on offer).

The broker highlights NobleOak Life is increasing market share, to 2.7% as at June 2023 from 2.5% last year. The number of active policies was up 16% to over 120,000.

Shaw and Partners highlights NobleOak Life continues to outperform with 13% market share of sales, 3% above target. Management's guidance for FY24 is labelled as "mixed". Price target remains unchanged at $2.85.

Target price is $2.85 Current Price is $1.80 Difference: $1.05
If NOL meets the Shaw and Partners target it will return approximately 58% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Citi rates NUF as Buy (1) -

Citi transfers coverage of Nufarm to William Park and maintains its forecasts. Buy rating and $6.90 target.

Target price is $6.90 Current Price is $5.19 Difference: $1.71
If NUF meets the Citi target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $7.07, suggesting upside of 35.7% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

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

Bell Potter rates PBH as Buy (1) -

PointsBet Holdings reported an FY23 result as flagged with revenue in line with Bell Potter's forecast and an earnings loss within the guidance range. No dividend as expected.

The one piece of new news was that the “initial completion” of the sale of the US business will happen [by the time you read this] and the first capital return of $1 per share will be paid in mid to late September consistent with what had been previously flagged.

PointsBet had already said positive earnings from the Australian business are expected to “significantly offset” negative earnings from the Canadian business in FY24 and this was reiterated.

Target falls to $2.10 from $2.20. Due to the sale of the US business Bell Potter lifts the "Speculative" tag from its Buy rating.

Target price is $2.10 Current Price is $1.63 Difference: $0.475
If PBH meets the Bell Potter target it will return approximately 29% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Shaw and Partners rates PEN as Buy (1) -

Peninsula Energy released more details about the revamped Lance Uranium Project in Wyoming, USA and Shaw and Partners has spotted no major differences with its own forecasts, albeit there were still some disappointments.

Peak production guidance of 1.8mlb is below the broker's forecast of 2mlb, but the big disappointment hid in the increase to estimated peak funding requirement, now put at -US$95m.

The broker believes it was the latter that triggered a sell-off for the shares on the day of the announcement. The share price is now trading at an excessive discount to peers inside the uranium industry, the broker argues.

Buy. High Risk. Target 27c (down from 31c in July).

Target price is $0.27 Current Price is $0.09 Difference: $0.179
If PEN meets the Shaw and Partners target it will return approximately 197% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Bell Potter rates PPT as Buy (1) -

Overall it was a disappointing set of results from Perpetual, Bell Potter suggests, with revenue falling -4% short of expectations particularly in asset management. Earnings were -10% below expectation.

The Wealth Management and Corporate Trust business continues to perform well and results were ahead of the broker. Guidance to FY24 expenses was higher than expected.

The outlook statement remained positive on the outlook for Wealth Management and Corporate Trust but sounded a cautious note on Asset Management, due to higher interest rates and investor caution towards equities.

Bell Potter retains Buy but acknowledges that with limited short-term news flow the shares are likely to mark time. Target falls to $27.34 from $31.10.

Target price is $27.34 Current Price is $21.07 Difference: $6.27
If PPT meets the Bell Potter target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $28.31, suggesting upside of 33.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.8

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

Citi rates PRU as Neutral (3) -

Citi updates its modelling to account for the FY23 results and updated resources/reserves. Reported EBITDA was ahead of expectations and underlying net profit of $477m had lifted 70%.

An updated Yaoure mine life is expected in the September quarter and Perseus Mining is comfortable there will be no risk of impairment at Meyas Sand. Neutral rating and $1.90 target maintained.

Target price is $1.90 Current Price is $1.89 Difference: $0.015
If PRU meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Macquarie rates PRU as Outperform (1) -

FY23 results revealed net profit that was better than Macquarie expected as costs were lower than forecast. The final unfranked dividend of $2.48 was slightly softer than anticipated, the FY23 payout representing a yield of 2%.

No changes have been made to production and cost guidance for the first half, with Macquarie expecting the middle of the respective ranges of 242,500-272,500 ounces and AISC of US$1080-1190/oz.

Perseus Mining will release the updated mine plan for Yaoure later in the current quarter. Outperform rating and $2.60 target retained.

Target price is $2.60 Current Price is $1.89 Difference: $0.715
If PRU meets the Macquarie target it will return approximately 38% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Citi rates SFR as Neutral/High Risk (3) -

FY23 results were slightly better than Citi expected because of lower interest expense and hedging gains. On further analysis the broker observes the outlook has become better for Sandfire Resources as its strategy is now clear, with a focus on delivering value from existing operations.

The broker points out shareholders should be pleased M&A is considered unlikely for now. There is growth potential at both Motheo and Matsa although it will take time for value accretion to emerge. As a result Citi maintains a Neutral/High Risk rating. Target is raised to $6.90 from $6.60.

Target price is $6.90 Current Price is $6.69 Difference: $0.21
If SFR meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $6.80, suggesting downside of -0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.4

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

Macquarie rates SFR as Outperform (1) -

FY23 operating earnings (EBITDA) were ahead of Macquarie's forecasts. Sandfire Resources provided FY24 cost guidance for the first time, with Motheo C1 cash costs of US$1.81/lb and Matsa C1 cash costs of US$1.93/lb.

Capital expenditure guidance of -US$255m was just -$57m worse than expected, signaling low inflation at the company's assets. The broker retains an Outperform rating and increases the target to $7.20 from $7.10.

Target price is $7.20 Current Price is $6.69 Difference: $0.51
If SFR meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $6.80, suggesting downside of -0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.4

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

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

FY23 underlying earnings (EBITDA) for Sandfire Resources were ahead of forecasts by Morgan Stanley and consensus, largely driven by higher-than-expected revenue.

While FY24 production guidance was unchanged costs were higher on balance, point out the analysts. C1 costs at Matsa were near the mark but -6% below expectations at Motheo.

The Equal-weight rating and $6.10 target are unchanged. Industry view: Attractive.

Target price is $6.10 Current Price is $6.69 Difference: minus $0.59 (current price is over target).
If SFR meets the Morgan Stanley target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.80, suggesting downside of -0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.4

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

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

While key FY23 financials were largely in line due to quarterly reporting, Morgans downgrades its rating for Sandfire Resources to Hold from Add due to short-term macro headwinds for metals.

The analysts believes the market might be slightly disapponted by the lack of news on Motheo's life-of-mine (LOM) costs and the FY24-28 capex schedule.

Strong execution at Motheo has reduced earnings risk/uncertainty, in Morgans opinion, and new management has reduced balance sheet risk and simplified the overall strategy.

The broker's target falls to $6.35 from $6.50. It is thought internal growth options are more appealing/digestible than potentially expensive copper M&A activity.

Target price is $6.35 Current Price is $6.69 Difference: minus $0.34 (current price is over target).
If SFR meets the Morgans target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.80, suggesting downside of -0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.4

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

Ord Minnett rates SFR as Accumulate (2) -

FY23 results were ahead of Ord Minnett's forecasts while additional FY24 details such as costs and capital expenditure are a little softer than anticipated.

The broker does not envisage this as an impediment and share price momentum is expected to continue with the ramp up at Motheo and as the exploration potential of Matsa becomes more apparent.

Incorporating the results and outlook reduces the target to $7.25 from $7.65 and Ord Minnett retains an Accumulate rating.

Target price is $7.25 Current Price is $6.69 Difference: $0.56
If SFR meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $6.80, suggesting downside of -0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.4

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

UBS rates SKC as Buy (1) -

UBS analyses the tax policy, released yesterday by the National Party ahead of the New Zealand general election in October. The policy estimates new tax revenue from online casino gambling of around NZ$180m, starting in FY25.

This would be achieved through establishing a regulatory regime. There is no suggestion in the policy of any increase in existing gambling tax or GST rates.

The broker points out its current forecast for SkyCity Entertainment online casino revenue of NZ$24m in FY25 is based on an unregulated market and implies market share of just 4%. Buy rating and NZ$3.30 target.

Current Price is $2.18. Target price not assessed.

Current consensus price target is $3.20, suggesting upside of 47.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 1.0

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

Citi rates STO as Buy (1) -

Citi has now greater conviction on Santos and reiterates a Buy rating. While the share price has declined -5% since the first half results the broker has better understanding of the key catalysts.

Citi expects an announcement on the PNG LNG sell-down is imminent and if Kumul has finance the offer should be accepted.

The broker also continues to expect Barossa approval in October while the site trip in September to Alaska should address project delivery and help investors justify upside for exploration/expansion. Target is $9.

Target price is $9.00 Current Price is $7.67 Difference: $1.33
If STO meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $9.48, suggesting upside of 21.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.8

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

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

Webjet, which recently changed reporting to a March year end, provided a trading update to August 27 at its AGM. Morgan Stanley highlights a deceleration across divisions since the FY23 result, but with a big currency tailwind in the B2B segment.

Webbeds is trading in line with Morgan Stanley's expectations, aided by currency, while the Business-to-Consumer (B2C) segment was a bit weaker-than-anticipated.

No FY24 guidance was provided. The broker feels consensus revisions will most probably be to the downside.

The Equal-weight rating and $7.45 target are unchanged. Industry View: In-line.

Target price is $7.45 Current Price is $6.98 Difference: $0.47
If WEB meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $8.65, suggesting upside of 20.6% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.8

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

UBS rates WEB as Buy (1) -

Webjet provided what appears to be a softer update on the outlook for B2B/B2C in FY24 at its AGM and UBS asserts the share price reaction was overdone.

The broker points to consensus FY24 EBITDA growth expectations of 34% while it anticipates 39%, both considered "impressive" numbers, and the key to upside is around the company reaching its $10bn B2B sales aspirations.

In FY24 UBS expects minimal improvement from domestic flights, with the majority of bookings coming from international. Buy rating and $9 target retained.

Target price is $9.00 Current Price is $6.98 Difference: $2.02
If WEB meets the UBS target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $8.65, suggesting upside of 20.6% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.8

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