Australian Broker Call

Shaw and Partners rates ABB as Buy (1) -

Shaw and Partners remains bullish on Aussie Broadband's growth prospects and believes the softness in the share price is a buying opportunity.

The stock has underperformed its peers, likely  because of NBN changes and a potential AVC change not providing the same level of material savings for the company, the analyst suggests.

Yet, the broker's points out this ignores the core margin result in the first half while Aussie Broadband has guided to strong margins in the second half amid synergies from OTW. Taking out the OTW contribution in the first half, operating earnings were up 86%.

The Buy rating is maintained. Target is $5.50.

Target price is $5.50 Current Price is $2.74 Difference: $2.76
If ABB meets the Shaw and Partners target it will return approximately 101% (excluding dividends, fees and charges).

Current consensus price target is $3.82, suggesting upside of 36.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Morgan Stanley rates AD8 as Overweight (1) -

In discussion with management of Audinate Group at a recent industry gathering, Morgan Stanley determined the company is fortunate that original equipment manufactures (OEM) shoulder the burden of sales and marketing spending.

With the assistance of these OEMs, the company believes it can achieve long-term earnings (EBITDA) margins of 40-50%.

The broker anticipates Audinate could be close to achieving breakeven, or reach that point in the second half of FY23. The broker is comfortable with around 23-25% revenue growth (US dollars) in the medium-term.

The Overweight rating and $10 target are unchanged. Industry view is In-Line.

Target price is $10.00 Current Price is $9.21 Difference: $0.79
If AD8 meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $10.53, suggesting upside of 15.8% (ex-dividends)

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

Macquarie rates AGL as Outperform (1) -

Ahead of the investor briefing on June 16, Macquarie assesses AGL Energy is in a strong position relative to the past three years amid elevated power prices and a generation fleet that is returning to normal.

This will bode well for the outlook for FY24 and beyond. Macquarie also expects further momentum through FY27-28 amid capacity additions.

The broker envisages the payout may be less than many expect, forecasting 40% as opposed to consensus at 60%, suspecting the company may err on the side of conservatism given working capital requirements for the energy transition.

Outperform retained. Target is steady at $9.61.

Target price is $9.61 Current Price is $9.90 Difference: minus $0.29 (current price is over target).
If AGL meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.56, suggesting downside of -3.0% (ex-dividends)

The company's fiscal year ends in June.

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

Citi rates AIA as Upgrade to Neutral from Sell (3) -

As a result of the PSE4 regulatory pricing outcome, Auckland International Airport's revenue forecasts are significantly ahead of Citi's expectations.

While the airport expects substantial capital expenditure over the next decade, a commitment to the current credit rating should mean gearing remains "comfortable", the broker adds.

Rating is upgraded to Neutral from Sell and the target increases to NZ$8.78 from NZ$7.82.

Current Price is $7.71. Target price not assessed.

Current consensus price target is $7.05, suggesting downside of -10.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: -0.2

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

Macquarie rates AIA as Outperform (1) -

Auckland International Airport has released PSE4 pricing, targeting an internal rate of return of 8.73% over the five-year period. Passenger volume forecasts are broadly consistent with Macquarie's estimates with a recovery to pre-pandemic levels in FY26.

The pricing will be reviewed by the NZ Commerce Commission, with the broker noting the market is concerned about any significant variance in the cost of capital and how this may translate to PSE4 pricing adjustments.

Outperform maintained. Target rises to NZ$9.56 from NZ$9.23.

Current Price is $7.71. Target price not assessed.

Current consensus price target is $7.05, suggesting downside of -10.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: -0.2

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

Macquarie rates AIZ as Outperform (1) -

Air New Zealand has lifted its pre-tax profit guidance for FY23 to no less than NZ$580m, which Macquarie notes will be the second best result on record if it eventuates. Demand has been strong through the off-peak season and into the first half of FY24.

Airfares are expected to moderate from current peaks while the net impact to pre-tax profit may be offset by potentially lower fuel prices.

The main risk, Macquarie assesses, is economic conditions, although current multiples appear to reflect this to a "reasonable degree". Outperform and NZ90c target retained.

Current Price is $0.71. Target price not assessed.

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.8

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

Citi rates AMP as Neutral (3) -

Citi observes AMP no longer has the appetite for the investment SuperConcepts requires. Hence, despite the small loss on sale to Pemba Capital Partners, the broker believes this is a small positive for both strategy and underlying earnings.

Citi allows for a small amount of stranded costs but still lifts FY23-25 estimates for EPS by 1%. Attention will be now on cost reduction plans to be announced at the first half results. Neutral rating and $1.15 target.

Target price is $1.15 Current Price is $1.12 Difference: $0.035
If AMP meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $1.20, suggesting upside of 8.1% (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

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

Morgan Stanley maintains its negative stance on the major Australian banks and sees potential for a further PE multiple de-rating due to an increased chance of the RBA cash rate exceeding 4.5%.

The broker holds this view despite some incremental support for banks' net interest margins if the cash rate increases from the current 4.10% level.

The Equal-weight rating and $25.20 target are unchanged for ANZ Bank. Industry View: In-Line.

Target price is $25.20 Current Price is $22.68 Difference: $2.52
If ANZ meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $26.41, suggesting upside of 15.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

Morgans rates AVH as Add (1) -

In a major positive, according to Morgans, Avita Medical will expand into the soft tissue repair market, five times the current opportunity in burns, following premarket approval (PMA) from the FDA for use of its Recell system.

The announcement was largely expected by the broker as Avita has more than doubled its sales force in anticipation of a positive outcome, hence, the $5.53 target and Add rating are maintained.

Further catalysts include FDA approvals for the Recell System for vitiligo indications, expected on June 17, and submission of PMA application for the automated device, Recell Go, outlines the analyst.

Target price is $5.53 Current Price is $4.75 Difference: $0.78
If AVH meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $5.78, suggesting upside of 19.8% (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

Ord Minnett rates AVH as Accumulate (2) -

The US Food and Drug Administration has approved the use of Recell for the treatment of soft tissue repair. Ord Minnett credits sales for the product from the second half of 2023.

The broker considers the shares of Avita Medical remain undervalued while the market under appreciates the strength of the product pipeline and high gross margins.

Still, a short-term transition to profitability is unlikely and the broker does not expect positive cash flow before 2026. Accumulate rating and $5.60 target maintained.

Target price is $5.60 Current Price is $4.75 Difference: $0.85
If AVH meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $5.78, suggesting upside of 19.8% (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 AX1 as Buy (1) -

Store traffic trends in Australia and the US have seen a sharper decline more recently, and Bell Potter expects ongoing weaker trends for the rest of year.

While the broker remains constructive on the investment thesis for Buy-rated Accent Group, the recently announced wage review decision on the industry award rates in Australia will also weigh on the outlook.

The analysts's FY23 earnings forecast remains unchanged though downgrades occur for FY24/25 estimates. The target falls to $2.50 from $2.80.

Target price is $2.50 Current Price is $1.65 Difference: $0.855
If AX1 meets the Bell Potter target it will return approximately 52% (excluding dividends, fees and charges).

Current consensus price target is $2.23, suggesting upside of 31.8% (ex-dividends)

The company's fiscal year ends in June.

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 BLD as Upgrade to Outperform from Neutral (1) -

Boral has upgraded second half guidance, expecting EBIT will exceed the first half. Macquarie finds the rate of change in the business tangible, with management intent on delivering double-digit EBIT margins.

While market conditions could hamper the speed at which this occurs, the broker assesses the potential to unlock profitability is meaningful. Operating improvements appear to be gaining pace with a focus on commercial outcomes.

The completion of the chlorine bypass upgrade at Berrima will enable 60% alternative fuel use in time. Macquarie upgrades to Outperform from Neutral and raises the target to $4.50 from $4.05.

Target price is $4.50 Current Price is $3.94 Difference: $0.56
If BLD meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $3.58, suggesting downside of -10.3% (ex-dividends)

The company's fiscal year ends in June.

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 BLD as Hold (3) -

Boral has provided details of several initiatives to improve the profitability of its operations, targeting double-digit EBIT margins in construction materials, although Ord Minnett points out the timing is open.

Initiatives include optimising logistics and ensuring concrete, cement, quarry and assets are repriced for profitability. The broker considers the initiatives a positive step towards raising the long-term profitability of the business.

Guidance has also been upgraded, with second half EBIT now expected to be ahead of the first half. The broker retains a Hold rating with a $3.60 target.

Target price is $3.60 Current Price is $3.94 Difference: minus $0.34 (current price is over target).
If BLD meets the Ord Minnett target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.58, suggesting downside of -10.3% (ex-dividends)

The company's fiscal year ends in June.

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

Shaw and Partners rates BMT as Buy (1) -

Beamtree Holdings has its first major contract in North America, valued at $500,000 and to be realised in FY24. Canada's hospital system is roughly the same size as Australia's and management has described the opportunity in the country, and the US in future, as significant.

The broker also updates forecasts to allow for the recent capital raising, with additional funds increasing management's confidence in delivering and potentially exceeding its target of $60m in annual recurring revenue by 2026.

Shaw and Partners reiterates a Buy rating and $0.70 target.

Target price is $0.70 Current Price is $0.28 Difference: $0.42
If BMT 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

Morgan Stanley rates CBA as Underweight (5) -

Morgan Stanley maintains its negative stance on the major Australian banks and sees potential for a further PE multiple de-rating due to an increased chance of the RBA cash rate exceeding 4.5%.

The broker holds this view despite some incremental support for banks' net interest margins if the cash rate increases from the current 4.10% level.

The Underweight rating and $82 target are maintained for CommBank. Industry View: In-Line.

Target price is $82.00 Current Price is $96.56 Difference: minus $14.56 (current price is over target).
If CBA meets the Morgan Stanley target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $89.18, suggesting downside of -7.0% (ex-dividends)

The company's fiscal year ends in June.

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

Citi rates DXS as Neutral (3) -

Media reports suggest Dexus and its main wholesale entity will put the NBN headquarters in North Sydney up for sale, with an expected sale price of more than $800m.

Citi has been following deal activity across asset classes in order to assess the market, and is still awaiting confirmatory evidence of those deals that are specific to the premium grade office market.

There remains a risk that some deals may be delayed if the underlying buyer demand is lower than seller expectations.

There are several office transactions in the market at the moment and the share price discounts to NTA of the stocks are historically high because of cautious investor sentiment.

Neutral and $8.00 target retained.

Target price is $8.00 Current Price is $8.27 Difference: minus $0.27 (current price is over target).
If DXS meets the Citi target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.11, suggesting upside of 11.9% (ex-dividends)

The company's fiscal year ends in June.

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

Bell Potter rates EGL as Buy (1) -

Bell Potter has no trouble justifying the current share price for Environmental Group on its core business alone, which the broker believes provides investors with a cheap option over the substantial polyfluoroalkyl substances (PFAS) opportunity.

Providing validation for recent trial data, according to the broker, the company has announced the sale of its first commercial PFAS separation unit to its commercial trial partner. Commercial terms are also being reached for a second plant with the same buyer.

The target rises to 32c form 31c and the Buy rating is maintained.

As is the case in the US, the analyst sees longer-term potential for Australian State EPAs and/or Water Authorities to begin regulating treatment of certain types of PFAS discharge, prior to its release into waterways.

Target price is $0.32 Current Price is $0.20 Difference: $0.12
If EGL meets the Bell Potter target it will return approximately 60% (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

Macquarie rates EHE as Outperform (1) -

Bain Capital has increased its offer for Estia Health to $3.20 a share cash, less future dividends. The board has now allowed due diligence to enable a binding proposal and, if this eventuates, intends to unanimously recommended the transaction.

Macquarie assesses completion of the transaction is highly likely, retaining an Outperform rating and raising the target to $3.20 from $2.75.

Target price is $3.20 Current Price is $2.94 Difference: $0.26
If EHE meets the Macquarie target it will return approximately 9% (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

Morgan Stanley rates EVN as Overweight (1) -

Following site visits, Morgan Stanley notes the underground ramp-up at the gold operation of Cowal remains on track, as is the restart at Ernest Henry's copper mine.

Large stockpiles at Cowal alleviate any concerns for the Open Pit Continuation (OPC) Environmental Impact Statement (EIS) approval time lines, explains the analyst.

Target price is $3.95. Overweight rating is unchanged. Industry view: Attractive. 

Target price is $3.95 Current Price is $3.39 Difference: $0.56
If EVN meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $3.27, suggesting downside of -5.3% (ex-dividends)

The company's fiscal year ends in June.

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 HLO as Buy (1) -

Shaw and Partners notes positive data points for the travel industry from IATA and Air New Zealand ((AIZ)). The latter has upgraded EBIT earnings guidance while IATA has announced a strengthening of airline industry profitability in an upgrade of its outlook for 2023.

This ties in with the recent upgrades to guidance by Helloworld Travel and the broker suspects there is potential for another upgrade, with the key catalyst being the removal of travel restrictions to most destinations and a shift towards longer trips and longer lead times to overcome supply constraints.

The Buy rating and $3.40 target are unchanged.

Target price is $3.40 Current Price is $2.76 Difference: $0.64
If HLO meets the Shaw and Partners target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $3.16, suggesting upside of 10.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Bell Potter rates LOV as Buy (1) -

Store traffic trends in Australia and the US have seen a sharper decline more recently, and Bell Potter expects ongoing weaker trends for the rest of year.

While the broker remains constructive on the investment thesis for Buy-rated Lovisa Holdings, the recently announced wage review decision on the industry award rates in Australia will also weigh on the outlook.

The analysts's FY23 earnings forecast remains unchanged though downgrades occur for FY24/25 estimates. The target falls to $30.50 from $32.50.

Target price is $30.50 Current Price is $18.77 Difference: $11.73
If LOV meets the Bell Potter target it will return approximately 62% (excluding dividends, fees and charges).

Current consensus price target is $27.92, suggesting upside of 53.6% (ex-dividends)

The company's fiscal year ends in June.

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

Morgan Stanley rates NAB as Underweight (5) -

Morgan Stanley maintains its negative stance on the major Australian banks and sees potential for a further PE multiple de-rating due to an increased chance of the RBA cash rate exceeding 4.5%.

The broker holds this view despite some incremental support for banks' net interest margins if the cash rate increases from the current 4.10% level.

The Underweight rating and $25.30 target are maintained for National Australia Bank. Industry View: In-Line.

Target price is $25.30 Current Price is $25.16 Difference: $0.14
If NAB meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $27.30, suggesting upside of 8.2% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.3

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

Bell Potter rates PTM as Hold (3) -

Bell Potter lowers its FY23-25 EPS forecasts for Platinum Asset Management and reduces its target to $1.56 from $1.66. Full-year results are expected to show ongoing downward pressure for revenues, along with inflationary pressure on the cost base.

This view comes as the fund manager reported a -2.6% fall in funds under management (FUM) over May. Outflows were -1.8% of the opening balance while the investment performance was -0.8% of opening FUM.

While FY23 has been better than FY22, the analyst points out Platinum is yet to turnaround the pattern of outflows. With no improvement in sight a Hold rating is kept.

Target price is $1.56 Current Price is $1.68 Difference: minus $0.12 (current price is over target).
If PTM meets the Bell Potter target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.77, suggesting upside of 6.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.4

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

Ord Minnett rates SSM as Buy (1) -

Service Stream has obtained a $50.2m tax refund  from the Australian Taxation Office, which provides a liquidity buffer in a rising interest-rate environment, Ord Minnett observes. The proceeds can be immediately applied to reducing net debt.

Future interest cost savings translate to a 3% upgrade to estimates for earnings per share in FY24. The company has guided to underlying EBITDA in FY23 of above $110m.

The broker also expects upside in utilities margins as project mix improves, with positive momentum in the telco sector likely to carry to FY24. Buy rating maintained. Target rises to 91c from 88c.

Target price is $0.91 Current Price is $0.75 Difference: $0.16
If SSM meets the Ord Minnett target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $0.80, suggesting upside of 6.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Citi rates STO as Neutral (3) -

Citi has downgraded its oil and gas price forecasts. The broker expects oil to range between US$72-90/bbl and forecasts -50% downside to spot LNG by the third quarter.

This view stems from European storage forecasts reaching capacity by the late summer and soft industrial demand in Europe and China.

The broker updates models and reduces Santos' 2023 and 2024 forecasts by -9% and -10%, respectively, on lower JKM (spot price for LNG delivered ex-ship to Japan and Korea).

The Neutral rating is maintained. Target is steady at $7.75.

Target price is $7.75 Current Price is $7.44 Difference: $0.31
If STO meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $9.35, suggesting upside of 26.5% (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 WBC as Equal-weight (3) -

Morgan Stanley maintains its negative stance on the major Australian banks and sees potential for a further PE multiple de-rating due to an increased chance of the RBA cash rate exceeding 4.5%.

The broker holds this view despite some incremental support for banks' net interest margins if the cash rate increases from the current 4.10% level.

The Equal-weight rating and $21 target are unchanged. Industry View: In-Line.

Target price is $21.00 Current Price is $20.19 Difference: $0.81
If WBC meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $23.45, suggesting upside of 15.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Citi rates WDS as Neutral (3) -

Citi has downgraded its oil and gas price forecasts. The broker expects oil to range between US$72-90/bbl and forecasts -50% downside to spot LNG by the third quarter.

This view stems from European storage forecasts reaching capacity by the late summer and soft industrial demand in Europe and China.

The broker updates models and reduces Woodside Energy's 2023 and 2024 forecasts by -13% and -17%, respectively, as, despite hedging, it is most exposed to the lower JKM (spot price for LNG delivered ex-ship to Japan and Korea).

The Neutral rating is maintained. Target is raised to $33.50 from $32.00.

Target price is $33.50 Current Price is $34.79 Difference: minus $1.29 (current price is over target).
If WDS meets the Citi target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $36.93, suggesting upside of 6.5% (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: 0.3

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