Australian Broker Call

Citi rates ABC as Sell (5) -

Adbri's H1 financials, released this morning, are largely in line, comments Citi upon initial glance, but they show soft operational performance nevertheless.

EBIT missed by -2%, offset by lower interest. Given how firm the share price has performed in the lead-in, the broker suspects expectations had been building for something better.

Citi's concern about the balance sheet has not diminished. Sell. Target $1.50.

Target price is $1.50 Current Price is $2.74 Difference: minus $1.24 (current price is over target).
If ABC meets the Citi target it will return approximately minus 45% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.02, suggesting downside of -13.7% (ex-dividends)

The company's fiscal year ends in December.

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

Shaw and Partners rates ANG as Buy (1) -

Austin Engineering's FY23 results were in line with guidance. Shaw and Partners notes the order book was up 35% to $143.7m. Long-term customers drove recurring revenue of 89% and revenue diversity has increased.

The broker was impressed with the results under the revised strategy as EBITDA margins materially improved in only 12 months. The near-term outlook for mining production volumes appears firm. Buy rating retained. Target is steady at $0.43.

Target price is $0.43 Current Price is $0.27 Difference: $0.165
If ANG meets the Shaw and Partners target it will return approximately 62% (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 ANP as Speculative Buy (1) -

There were no surprises for Morgans contained within FY23 results for Antisense Therapeutics due to the recent quarterly update.

The analysts note the cash balance has recently been supported by the successful institutional placement and share purchase plan.

The FY24 focus now turns to near-term catalysts such as recruitment milestones, the toxicology study and the Ph2b top-line results.

The Speculative Buy and 23c target are maintained.

Target price is $0.23 Current Price is $0.05 Difference: $0.178
If ANP meets the Morgans target it will return approximately 342% (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 APM as Overweight (1) -

There were no surprises for Morgan Stanley in FY23 results for APM Human Services International. Profit (NPATA) of $178.2m was within $175-180m guidance and very close to the analyst's $177.7m forecast.

The broker factors into its forecasts market concerns over earnings visibility and timing, as well as the regulatory overhang, with WFA and NDIS reviews underway. Regulatory clarity is expected in the late 1H of FY24. The target falls to $2.60 from $3.00.

No quantitative FY24 guidance was provided. Overweight. Industry view: In-Line.

Target price is $2.60 Current Price is $1.81 Difference: $0.795
If APM meets the Morgan Stanley target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $2.80, suggesting upside of 55.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.6

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

Bell Potter rates APX as Hold (3) -

Appen's first half revenue was below Bell Potter's forecasts and the underlying EBITDA loss was greater than expected. No specific 2023 guidance was provided although the company is intent on exiting 2023 with a return to profitability.

The broker downgrades estimates for 2023 and 2024 by -10% and -6%, respectively. Hold retained. Target is reduced to $1.70 from $2.20.

Target price is $1.70 Current Price is $1.52 Difference: $0.18
If APX meets the Bell Potter target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $1.83, suggesting upside of 20.6% (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

Morgan Stanley rates APX as Underweight (5) -

Management at Appen expects 2H FY23 revenue will be in line with 1H revenue of US$138.8m, implying to Morgan Stanley around US$280m for the full year, below consensus expectations for US$315m.

While guidance is for positive earnings (EBITDA) in FY24, the broker suggests consensus expectations of US$16m are now looking
optimistic.

The analyst believes management commentary around customers facing headwinds as they evaluate AI strategies is inconsistent with NVIDA's results, which demonstrated a record AI spend.

The Underweight rating and $1.94 target are retained. Industry view: Attractive.

Target price is $1.94 Current Price is $1.52 Difference: $0.42
If APX meets the Morgan Stanley target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $1.83, suggesting upside of 20.6% (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

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

While FY23 results were weak, as expected by Morgans, there were 2H signs of an easing in inflationary cost pressures which materially impacted FY23 margins. It's now felt FY23 will be as worse as it gets for Australian Vintage.

These easing inflation pressures along with management's -$9m cost-out program, should result in a material earnings recovery in FY24, suggest the analysts. Consequently, the target is increased to 58c from 46c and the rating upgraded to Add from Hold.

The broker points out shares are trading at a material discount to pre-covid multiples despite being a higher quality, branded business.

Target price is $0.58 Current Price is $0.40 Difference: $0.178
If AVG meets the Morgans target it will return approximately 44% (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

Bell Potter rates AX1 as Buy (1) -

FY23 results were ahead of Bell Potter's estimates in terms of net profit and dividends while gross margins missed forecasts.

The broker finds the first seven weeks of Accent Group's trading in the new financial year encouraging and the new store target for FY24 of at least 50 is also ahead of estimates. This is considered a strong outcome in a tough retail year.

The stock is the broker's key pick in its retail sector coverage given exposure to a diversified customer base and the core brands. Buy rating retained. Target is steady at $2.50.

Target price is $2.50 Current Price is $2.12 Difference: $0.38
If AX1 meets the Bell Potter target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $2.16, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

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

Codan reported in line with its pre-release which featured a 2% beat on profit to Macquarie's forecast, with metal detection a strong beat thanks to the rest-of-world recreational market, and communications in line.

Nebt debt has reduced and should continue to deline in FY24, the broker suggests, driven by a stronger financial performance and inventory unwind.

There was no new information provided on recent Eagle acquisition, nor any FY24 guidance, with updates expected at the AGM in October.

Target rises to $8.20 from $8.10. Following the pullback in the share price the broker upgrades to Outperform from Neutral.

Target price is $8.20 Current Price is $7.20 Difference: $1
If CDA meets the Macquarie target it will return approximately 14% (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 DBI as Buy (1) -

Dalrymple Bay Infrastructure's FY23 result edged out Citi's forecasts. Revenue met the broker, costs proved a beat, dividend outpaced and the Terminal Infrastructure Charge beat the broker by 2%.

Citi observes an uptrend in funding costs and expects this could offset strength going forward. But the broker appreciates the company's 8% yield and, given 90% of debt is hedged to FY26, the relative transparency of its business.

Buy rating retained. Target price rises to $3 from $2.80.

Target price is $3.00 Current Price is $2.75 Difference: $0.25
If DBI meets the Citi target it will return approximately 9% (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 DBI as Add (1) -

Dalrymple Bay Infrastructure delivered in-line strong growth in the 1H of FY23, observes Morgans, as a result of finalisation of the light-handed Terminal Infrastructure Charge (TIC) negotiations in the 2H of FY22.

A 34% increase in earnings (EBITDA) for the half was driven by the 31% increase in the TIC, explains the analyst. Net interest paid was considered a drag on funds from operations (FFO), even with a decline in net debt and higher interest revenue.

The attractive cash yield on offer should be alluring to income-oriented investors, suggests the broker. The Add rating is retained, while the target rises to $2.84 from $2.76.

Target price is $2.84 Current Price is $2.75 Difference: $0.09
If DBI meets the Morgans target it will return approximately 3% (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 DGL as Buy (1) -

DGL Group posted FY23 underlying EBITDA at the lower end of guidance albeit ahead of Bell Potter's estimates. Revenue was up 26%. Cash conversion was strong at 116%, exceeding the target of 90-95%.

While no formal guidance was provided the company asserts unprecedented demand means the business is off to a "solid" start. Bell Potter anticipates a challenging first half as the implied exit rates in E-solutions and manufacturing were clearly soft.

Key manufacturing commodity prices have started to firm and if sustained could emerge as a catalyst, the broker adds. Buy rating retained. Target is reduced to $1.00 from $1.25.

Target price is $1.00 Current Price is $0.75 Difference: $0.25
If DGL meets the Bell Potter target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $1.05, suggesting upside of 32.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Citi rates EVT as Neutral (3) -

On second take of EVT Ltd's FY23 statutory double-digit profit miss (which included surprise impairment charges), Citi is speculating a repeat performance could be on the cards for 2024.

The broker expects the writer's and actor's strikes, competition from the Euro Football tournament for attendees, damaging cost cutting in hotels, and poor snow at Thredbo, all pose risks for the company's $2.3bn (up 20%) property portfolio.

The final dividend of 20c proved a beat on consensus. Operating expenses proved a miss. FY24 guidance includes higher capex. The broker is left with questions about why impairments were taken against the cinema operations.

The broker expects the rise in the company's property portfolio should provide earnings support but cuts earnings forecasts nonetheless.

Neutral rating retained. Target price falls to $13 from $13.30.

Target price is $13.00 Current Price is $12.35 Difference: $0.65
If EVT meets the Citi target it will return approximately 5% (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

Ord Minnett rates EVT as Buy (1) -

On further analysis, despite missing forecasts, EVT Ltd's FY23 result surprised Ord Minnett with a 20% increase in the fair value assessment of the property portfolio, pointing to the unique nature of the assets.

The stock has underperformed over the past 12 months, with the broker noting the price moves, rightly or wrongly, in line with interest rates, given the size of the portfolio.

The short-term outlook is not without challenges but Ord Minnett believes now is the time for patient investors.

Buy retained. Target is reduced to $17.33 from $18.70.

Target price is $17.33 Current Price is $12.35 Difference: $4.98
If EVT meets the Ord Minnett target it will return approximately 40% (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

Bell Potter rates FMG as Sell (5) -

FY23 results from Fortescue Metals were largely in line with Bell Potter's estimates. While the payout ratio of 65% is in the middle of the 50-80% range, the broker observes the latest continues a declining trend as margins tighten and capital is increasingly allocated to the energy division.

The broker asserts the results were overshadowed by the "unsatisfactorily explained departure" of the metals division CEO, Fiona Hick. There is also the -US$1bn impairment of Iron Bridge just as it commenced production.

The issues raise questions regarding corporate governance and capital allocation which, in Bell Potter's view, have historically been the company's strengths. Sell rating retained. Target is reduced to $15.53 from $15.97.

Target price is $15.53 Current Price is $19.87 Difference: minus $4.34 (current price is over target).
If FMG meets the Bell Potter target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.27, suggesting downside of -20.2% (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: -1.0

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

Citi rates FMG as Sell (5) -

On closer examination of Fortescue Metals' FY23 result (a 3% miss on consensus but in line with Citi and a strong operational result) the broker spies a big step up in operational expenditure for Fortescue Energy in FY24.

Management guided to opex of -$800m, compared with -$400m-$500m in FY23, and another -$100m in capital expenditure was added to Iron Bridge. (The broker observes the company was one of the lowest cost miners in FY23).

The company will no longer limit spending on Forest Future Industries (FFI) to -10% of profit, but from now on, Fortescue Energy (Which includes FFI, WAE and Hydrogen systems) will compete with its parent for capital. Despite this, the company retains its dividend payout ratio to between 50% and 80%, observes Citi.

Despite a forecast rise in emissions as Iron Bridge gets underway, management also confirmed it would not purchase carbon offsets and remains on track to hit its 2030 real zero emissions target. 

Back to FY23, the company logged its first magnetite shipment to Formosa at a premium price and announced a fully franked dividend of $1 a share, taking the total FY23 dividend to $1.75 a share - a payout ratio of 65%.

CEO Fiona Hick resigned and will be replaced by Dino Otranto (former chief operating officer of Metals).

Citi sharply downgrades FY24 EPS forecast in line with the increase in forecast opex but observes earnings could still surprise or disappoint given lack of visibility around FFI.

Sell rating retained. Target price falls to $18.20 from $19.40.

Target price is $18.20 Current Price is $19.87 Difference: minus $1.67 (current price is over target).
If FMG meets the Citi target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.27, suggesting downside of -20.2% (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: -1.0

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

Macquarie rates FMG as Underperform (5) -

Fortescue Metals’ FY23 result was broadly in line with Macquarie's estimates. The final dividend of $1.00 was above forecast, but the broker sees headwinds for dividends ahead given Future Industries is no longer constrained by a 10% of profit cap.

The broker expects a 65% FY24 payout ratio. The ratio has been on a steady decline since the FY20 final which exceeded 95%.

Target falls to $16.40 from $16.70 due to the softer earnings outlook in the near term. Updates on the ramp-up of the Iron Bridge project and final investment decisions on Fortescue Energy projects are key near-term catalysts and risks, Macquarie notes.

Underperform retained.

Target price is $16.40 Current Price is $19.87 Difference: minus $3.47 (current price is over target).
If FMG meets the Macquarie target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.27, suggesting downside of -20.2% (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: -1.0

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

Morgan Stanley rates FMG as Underweight (5) -

Morgan Stanley prefers to stay Underweight-rated on Fortescue Metals, following FY23 results, on risks around increases in capex and opex which are starting to impact free cash flow (FCF) generation.

Underlying earnings (EBITDA) for FY23 of US$10bn were in line with the consensus forecast and 1% higher than the broker's estimate.

Guidance for FMG energy opex is for -US$800m compared to -US$400-500m previously, and capex guidance is increased to -US$400m from -US$300m. There was also a -US$726m non-cash impairment related to Iron Bridge.

The company reported that Fiona Hick has made a joint decision with the board to leave the company. The $16.45 target is unchanged. Industry View: Attractive.

Target price is $16.45 Current Price is $19.87 Difference: minus $3.42 (current price is over target).
If FMG meets the Morgan Stanley target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.27, suggesting downside of -20.2% (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: -1.0

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

Morgans rates FMG as Reduce (5) -

Fortescue Metals delivered a largely in-line and healthy FY23 result, in Morgans view, and FY24 production guidance was unchanged. As shares are trading at a premium to the broker's $16.20 target the Reduce rating remains.

FY23 underlying earnings (EBITDA) of US$10bn corresponded exactly with the consensus estimate, while the US100cps dividend was well in advance of the US68cps expected.

The broker highlights an ongoing lack of transparency regarding the sudden unexplained departure of CEO Fiona Hicks; a -US$1bn pre-tax impairment for the new Iron Bridge operation; and the removal of Fortescue Futures Industries (FFI) spend at 10% of group NPAT.

Target price is $16.20 Current Price is $19.87 Difference: minus $3.67 (current price is over target).
If FMG meets the Morgans target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.27, suggesting downside of -20.2% (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: -1.0

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

UBS rates FPH as Sell (5) -

Fisher & Paykel Healthcare's trading update, released earlier today, seems to yet again have missed forecasts by UBS and market consensus.

The broker, in a quick reaction to the release, points out the "miss" can be blamed on a slower recovery in the gross margin. 1H24 net profit margin guidance range of 12-13% sits below UBS at 14% and market consensus at 15%.

Sell. Target NZ$20.

Current Price is $20.55. Target price not assessed.

Current consensus price target is $21.47, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in March.

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: 0.0

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

Macquarie rates GMD as Initiation of coverage with Outperform (1) -

Macquarie describes Genesis Minerals as a key player in the Leonora region of WA, controlling the Gwalia and Mt Morgans processing plants and boasting over 15moz in gold resources.

The broker sees a pathway to over 300kozpa of gold production at a cost of less than $1,900/oz from existing assets, funded from operating cash flows.

The company has a well-credentialed management team, Macquarie suggests, with a track record of delivery, and may have a strong appetite for regional consolidation. Initiation of coverage with Outperform and a $1.80 target.

Target price is $1.80 Current Price is $1.54 Difference: $0.26
If GMD meets the Macquarie target it will return approximately 17% (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 GOR as Buy (1) -

Gold Road Resources posted a record half-year profit following gold sales of 80,100 ounces. Guidance has been maintained for 160-175,000 ounces at AISC of $1540-1660/oz.

Bell Potter increases its expected dividend yield, forecasting 1.8% in 2024 and 3.1% in 2025.

Beyond the expansion of Gruyere the corporate strategy includes establishing a second fully owned gold mine which the broker believes is enabled by the strong cash generation from Gruyere.

Buy rating and $2.05 target unchanged.

Target price is $2.05 Current Price is $1.65 Difference: $0.405
If GOR meets the Bell Potter target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $2.06, suggesting upside of 19.9% (ex-dividends)

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 GOR as Outperform (1) -

Gold Road Resources' first half result was mixed, Macquarie notes, with profit 7% stronger than expected but a dividend was -33% below estimate, despite ending the half with $153m in cash and no bank debt.

A higher than expected lease balance saw net cash -$3m lower than anticipated.

Gold Road Resources has retained 2023 production guidance of 320-350koz at a cost of $1,540-1,660/oz. The broker currently forecasts production of 336koz at $1,650/oz.

Outperform and $1.90 target retained.

Target price is $1.90 Current Price is $1.65 Difference: $0.255
If GOR meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $2.06, suggesting upside of 19.9% (ex-dividends)

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

Ord Minnett rates GOR as Buy (1) -

Gold Road Resources posted $126m in EBITDA in the first half, in line with expectations. Ord Minnett's fundamental outlook is unchanged and second half production and EBITDA margins are expected to improve, reflecting better grades at Gruyere and elevated gold price.

The broker expects free cash flow of $160m in 2023 and an EBITDA margin reaching 60% in 2024. Buy retained. Target is raised to $2.10 from $2.05.

Target price is $2.10 Current Price is $1.65 Difference: $0.455
If GOR meets the Ord Minnett target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $2.06, suggesting upside of 19.9% (ex-dividends)

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

UBS rates GOR as Buy (1) -

First half results were in line with estimates while production guidance is unchanged. UBS assesses, with only minor growth expenditure, Gold Road Resources' cost profile remains one of the lowest in its coverage, ensuring strong free cash generation.

The broker continues to be attracted to the Mallina gold project given the scale and scarcity of the discovery in such an attractive location.

The September quarter DFS is expected to include higher expenditure and also outline the prospects of higher production rates and longer life. Buy rating and $2.20 target maintained.

Target price is $2.20 Current Price is $1.65 Difference: $0.555
If GOR meets the UBS target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $2.06, suggesting upside of 19.9% (ex-dividends)

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 HLO as Add (1) -

Helloworld Travel's FY23 result came in at the top end of guidance, FY24 earnings (EBITDA) guidance was a 7.2% beat against the consensus forecast and the final dividend exceeded expectations, notes Morgans. Cashflow was also better than expected.

The broker suggests guidance could again prove to be conservative, noting three profit upgrades over FY23.

The analysts were impressed by the 26.6% earnings margin which exceeded the 25% target by management and the 20.6% achieved pre-covid.

The target rises to $4.26 from $4.22. Add.

Target price is $4.26 Current Price is $3.18 Difference: $1.08
If HLO meets the Morgans target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $3.68, suggesting upside of 14.9% (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

Ord Minnett rates HLO as Accumulate (2) -

Helloworld Travel produced normalised net profit in FY23 of $22.3m, ahead of expectations. This signals to Ord Minnett that the company is benefiting from a surge in demand for premium international leisure travel and its core customer demographic, over 55's, is precisely the area where demand is likely to remain stronger for longer.

The broker updates assumptions to allow for FY24 guidance for EBITDA, including international income, of $64-72m.

The acquisition of ETG is considered a significant positive as it adds scale in a market where airlines are expected to continue pushing for lower travel agent distribution costs. Accumulate retained. Target is raised to $3.37 from $3.08.

Target price is $3.37 Current Price is $3.18 Difference: $0.19
If HLO meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $3.68, suggesting upside of 14.9% (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

Ord Minnett rates HUM as Hold (3) -

Humm Group's FY23 net profit of $24m was well short of Ord Minnett's expectations largely because of higher interest costs. The consumer unit slightly underperformed forecasts amid weaker revenue yields in point-of-sale payment plans.

The broker expects cost reductions and a gradual moderation in funding costs will improve profitability from the current lows and operating margins should recover to 9% by FY28.

Ord Minnett is cautious about the intention to grow point-of-sales payment plans in Ireland and Canada and retains a Hold rating. Target is $0.50.

Target price is $0.50 Current Price is $0.44 Difference: $0.06
If HUM meets the Ord Minnett target it will return approximately 14% (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

Citi rates IDX as Neutral (3) -

Integral Diagnostics' FY23 result met Citi's forecasts thanks to a recovery in volume, but the broker observes cost inflation, while easing, persists, and earnings (EBITDA) margins fell -140 basis points to 19.3% (although an upswing to 20.2% was observed in the second half).

Management reaffirmed expectations that margins would fully recover by FY26. No formal guidance was given but the company advised Citi that it is considering acquisitions for this half though leverage remains a challege, with bank debt interest expected to exceed 6.5%.

Neutral rating retained, the broker suggesting there is a way to go yet. Target price eases to $3.40 from $3.45.

Target price is $3.40 Current Price is $3.11 Difference: $0.29
If IDX meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $3.21, 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

Macquarie rates IDX as Outperform (1) -

Integral Diagnostics recorded improved trends over FY23, Macquarie reports, featuring increased revenue growth and margin expansion in the second half from the first. The broker has cut earnings forecasts due to higher interest and D&A cost assumptions.

Forecasts are otherwise supported by improved earnings in corporate management capex guidance.

FY24 revenue growth will be supported by volume growth, indexation, price increases and positive mix-shift, the broker suggests.

Target falls to $3.35 from $3.50, Outperform retained.

Target price is $3.35 Current Price is $3.11 Difference: $0.24
If IDX meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.21, 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

Morgan Stanley rates IDX as Underweight (5) -

FY23 revenue for Integral Diagnostics was in line with the consensus estimate supported by a stronger 2H in Australia. It's felt FY24 Medicare indexation will allow a recovery in margins though an Underweight rating is maintained on valuation.

Organic revenue growth in the 2H in Australia and New Zealand was 10% and 5%, respectively, but significant cost pressures were
driven by higher labour and interest costs, explain the analysts.

Earnings (EBITDA) margins declined by -140bps to 19.3% compared to the previous corresponding period.

The target rises to $2.75 from $2.70. Industry view In-Line.

Target price is $2.75 Current Price is $3.11 Difference: minus $0.36 (current price is over target).
If IDX meets the Morgan Stanley target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.21, 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

Ord Minnett rates IDX as Accumulate (2) -

Integral Diagnostics' FY23 earnings were mixed with EBITDA beating and net profit missing estimates.

Ord Minnett observes it was a "tale of two halves" and a stronger second half run rate and ongoing market share gains, along with moderating expenditure growth, mean the business is well-positioned going into FY24.

The broker remains positive on the risk/reward skew at current levels, maintaining an Accumulate rating. Target is reduced to $3.35 from $3.50.

Target price is $3.35 Current Price is $3.11 Difference: $0.24
If IDX meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.21, 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

Bell Potter rates IFM as Hold (3) -

Infomedia's FY23 revenue was in line while underlying cash EBITDA was 12% ahead of forecasts. The latter stemming from lower capitalised development costs.

FY24 revenue guidance is $135-142m, in line with expectations. Bell Potter observes the revenue guidance appears easily achievable, if not conservative.

The broker maintains a Hold rating with an unchanged $1.75 target.

Target price is $1.75 Current Price is $1.71 Difference: $0.04
If IFM meets the Bell Potter target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $1.83, suggesting upside of 9.8% (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

Shaw and Partners rates IFM as Buy (1) -

FY23 EBITDA from Infomedia was ahead of expectations while the final dividend was also slightly better. Shaw and Partners raises cash EBITDA forecast for FY24-26 by 9-10%.

FY24 guidance for revenue between $135-142m appears achievable, and the broker observes success over the medium term is not yet reflected in the trading multiple.

Shaw and Partners reiterates a Buy rating and raises the target to $1.90 from $1.60.

Target price is $1.90 Current Price is $1.71 Difference: $0.19
If IFM meets the Shaw and Partners target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $1.83, suggesting upside of 9.8% (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

Bell Potter rates IMD as Downgrade to Hold from Buy (3) -

Imdex reported FY23 results that were in line with expectations although weaker exploration activity in the second half affected sensors on hire.

An unfavourable move in product mix, away from higher margin tool rentals, along with increased R&D drove lower second half EBITDA compared with the first.

Demand is expected to remain steady in FY24 and Bell Potter adopts a more cautious stance, while remaining positive on the longer term outlook. Rating is downgraded to Hold from Buy and the target lowered to $1.70 from $2.50.

Target price is $1.70 Current Price is $1.52 Difference: $0.185
If IMD meets the Bell Potter target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $1.96, suggesting upside of 21.1% (ex-dividends)

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 IMD as Outperform (1) -

Imdex beat Macquarie on revenue but missed on earnings and profit. Tools on hire have seen a softer start to FY24 versus prior forecasts combined with higher cost base as the company continues to invest in long term growth, dragging on earnings.

Mid and major resource companies remain well funded, the broker notes, capital raisings have somewhat improved for juniors, but exploration activity has been tempered as resource companies respond to the high-cost environment.

Expectations are for a -20% reduction in global exploration spend in 2023 before returning to growth in 2024.

Target falls to $2.05 from $2.67, Outperform retained.

Target price is $2.05 Current Price is $1.52 Difference: $0.535
If IMD meets the Macquarie target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $1.96, suggesting upside of 21.1% (ex-dividends)

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 IVC as Neutral (3) -

InvoCare's first half earnings were -8% below Macquarie, as cost control was hampered by inflationary impacts (mainly wages), rent, utilities, and technology spend.

Revenue was up 4% year on year supported by price increases offsetting a -3% fall in case volumes, but persistent wage inflation impacted profitability. Mortality rates are expected to revert to long-term averages with the impact of the 2023 flu season comparatively benign year to date.

The private equity scheme of arrangement is expected to complete in November, the broker notes. Neutral and $12.65 target retained, (bid price $12.70).

Target price is $12.65 Current Price is $12.60 Difference: $0.05
If IVC meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $11.95, suggesting downside of -5.1% (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

Citi rates JLG as Buy (1) -

Upon initial assessment, Johns Lyn's FY23 financials, released this morning, are in line with guidance and expectations, comments Citi. The broker does highlight there has been margin pressure in H2 on higher-than-expected revenues.

Management is typically conservative when guiding for the new financial year, but Citi points out today's guidance implies 2.4ppt margin improvement in an environment of elevated inflation.

Guidance is likely to be seen as a positive by the market, the broker suggests. Buy. Target $6.50.

Target price is $6.50 Current Price is $5.55 Difference: $0.95
If JLG meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $7.00, suggesting upside of 16.1% (ex-dividends)

The company's fiscal year ends in June.

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

Macquarie rates KED as Neutral (3) -

Keypath Education International reported in line with Macquarie. Revenue from mature vintages declined -20% year on year due to the shift in market conditions, investment reallocation, and a ramp-down of terminated programs, the broker notes.

Revenue for non-healthcare related verticals declined -26%. These verticals include Business, STEM, Education, and Other. Investment reallocation will continue from mature vintages to newer vintages and Healthcare.

Keypath's strategy transition continues, Macquarie reports, targetting earnings profitability from the second half FY24. The company holds sufficient cash to support the business, the broker assures.

Target falls to 45c from 57, which includes the FX impact. Neutral retained.

Target price is $0.45 Current Price is $0.45 Difference: $0
If KED meets the Macquarie target it will return approximately 0% (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

Shaw and Partners rates KED as Buy (1) -

Having pre-announced revenue and EBITDA, Keypath Education International delivered a FY23 cost performance that was better than expected. The company has guided to an adjusted EBITDA loss between -$1m and -$3m in FY24.

Excluding the $4m benefit from restructuring this implies 4% year-on-year growth, better than Shaw and Partners anticipated.

The company reiterated it is fully funded to break even, and Shaw and Partners forecasts a cash flow point of $25m in the first half of FY25. Buy rating reiterated. Target is $1.80.

Target price is $1.80 Current Price is $0.45 Difference: $1.35
If KED meets the Shaw and Partners target it will return approximately 300% (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 LAU as Add (1) -

In the wake of in-line FY23 results, Morgans suggests the outlook is positive as Lindsay Australia drives opearating efficiencies from capacity added during FY23. A final fully franked 3cps dividend was declared.

Demand remains solid and a change in business mix will drive a more consistent earnings run-rate into FY24, suggests management. M&A also remains on the agenda.

The broker's forecasts are largely unchanged apart from a modest increase to FY24 capex which drags the target down to $1.50 from $1.55. The Add rating is maintained.

Target price is $1.50 Current Price is $1.14 Difference: $0.365
If LAU meets the Morgans target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $1.55, suggesting upside of 24.0% (ex-dividends)

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 LAU as Buy (1) -

Lindsay Australia's FY23 profit was ahead of expectations. Ord Minnett highlights the increase in EPS, up 91%, which finished off a bumper year for the company and provided a positive outlook into FY24.

The broker notes the company has absorbed a large stake in the $500m market previously held by Scott Refrigerated Logistics and has further expanded its position by investing in fleet and national capabilities.

The WB Hunter acquisition has also settled earlier than expected, diversifying revenue into new horticultural regions. Buy rating retained. Target is raised to $1.55 from $1.51.

Target price is $1.55 Current Price is $1.14 Difference: $0.415
If LAU meets the Ord Minnett target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $1.55, suggesting upside of 24.0% (ex-dividends)

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 LFG as Downgrade to Neutral from Buy (3) -

Liberty Financial's FY23 result largely met consensus and Citi's forecasts. Net interest margins fell shy but bad and doubtfuls proved a small beat.

Common to the industry, exit net interest margins weakened due to funding costs and the company forecast a lower distribution in FY24.

The broker believes the latter reflects growing capital intensity and that higher funding costs, a weak mortgage context and intensifying competition will continue to suppress earnings.

Rating downgraded to Neutral from Buy. Target price eases to $4.10 from $4.15.

Target price is $4.10 Current Price is $3.84 Difference: $0.26
If LFG meets the Citi target it will return approximately 7% (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

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

Liberty Financial reported an "adequate" result in line with Macquarie at the underlying profit level. Despite the challenging operating environment, Liberty recorded stronger lending volumes than peers, albeit with considerable margin pressures, the broker notes.

While margin pressures are likely to persist in the near term as funding spread benefits normalise, Macquarie continues to prefer Liberty to non-bank peers given superior lending trends, which leave less franchise risk over the longer term than peers.

But the broker sees valuation as appropriate in the current environment. Downgrade to Neutral from Outperform. Target falls to $3.65 from $4.05 in line with longer term earnings forecast changes.

Target price is $3.65 Current Price is $3.84 Difference: minus $0.19 (current price is over target).
If LFG meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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 LNK as Neutral (3) -

On closer examination of Link Administration's slight miss on a preguided result, Citi observes rising costs and FY24 guidance suggesting a miss on Citi's FY24 forecast as well.

Given the Woodford issue has yet to be resolved, and given continuing uncertainty about the Australian Super and CBUS contract renewals, the broker finds the company's risk profile unpalatable.

Net debt is also forecast to worsen, along with the balance sheet, likely pressuring near-term dividends, says the broker.

For those prepared to look through the short-term thicket, management guided to a three-year earnings (EBIT) compound annual growth rate of between 5% and 7%, a decent beat on Citi's forecasts, but the broker is sceptical.

EPS forecast falls -9.3% in FY24, -3% for FY25 and is steady in FY26. Neutral rating retained. Target price falls to $1.40 from $1.50.

Target price is $1.40 Current Price is $1.34 Difference: $0.06
If LNK meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $1.43, suggesting upside of 14.0% (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 LNK as No Rating (-1) -

Link Administration's result featured Retirement & Superannuation Solutions underlying 12-month member growth up 7.5%, Corporate margins on operating earnings up 60%, and Fund Solutions operating earnings down -36.8%.

FY24 guidance suggests a refocus on being a growth business. Due to research restrictions, Macquarie cannot provide a recommendation or target.

Current Price is $1.34. Target price not assessed.

Current consensus price target is $1.43, suggesting upside of 14.0% (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 LYC as Neutral (3) -

Lynas Rare Earths released FY23 financials this morning and Citi, upon initial assessment, comments earnings (EBITDA) have beaten its forecast by some 9%, though it was only 1% better than market consensus.

Lower costs made up the difference with the net profit beating by 6% on lower depreciation and a higher net interest income. Capex guidance has been lifted to -$730m versus original budget of -$575m, the broker highlights.

It is the broker's view the increased capex guidance neutralises the better-than-forecast performance. Target $7.60. Neutral.

Target price is $7.60 Current Price is $6.95 Difference: $0.65
If LYC meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $7.62, suggesting upside of 6.6% (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

Citi rates MIN as Neutral (3) -

Mineral Resources FY23 result nosed out consensus by 1% and met the broker's forecast. The full-year dividend of $1.90 proved a solid beat, outpacing consensus forecasts of $1.63 but net debt and cash proved a miss.

FY24 guidance was mostly as expected, save for a sharp increase in group capital expenditure to -$2.75bn from -$1.75bn, and compared with Citit's forecast of -$0.6bn.

For now, Neutral rating and $75.50 target price retained.

Target price is $75.50 Current Price is $64.35 Difference: $11.15
If MIN meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $78.29, suggesting upside of 12.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

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

While FY23 results for Mineral Resources were broadly in line with Morgan Stanley's estimates, FY24 guidance was weak overall, with capex higher than consensus was expecting.

FY24 guidance also points to lower lithium tons and higher costs, while mining services guidance was moderately better, observe the analysts.

The 190cps FY23 dividend was a beat against estimates by the broker and consensus for 155cps and 165cps, respectively.

Target $70.50. Equal-weight rating. Industry view: Attractive.

Target price is $70.50 Current Price is $64.35 Difference: $6.15
If MIN meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $78.29, suggesting upside of 12.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Bell Potter rates NXD as Buy (1) -

FY23 results were in line with forecasts and guidance and NextEd Group has reiterated first half revenue guidance of $59-63m while expecting second half revenue to be higher.

The company has emphasised its conservative stance, expecting the temporary covid-related 408 visa remains in place for FY24.

Bell Potter observes leading indicators have confirmed international student enrolments were softer in July and August and the September quarter is likely to be flat. Buy rating retained. Target is reduced to $1.10 from $1.15.

Target price is $1.10 Current Price is $0.77 Difference: $0.33
If NXD meets the Bell Potter target it will return approximately 43% (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 NXD as Buy (1) -

NextEd Group's FY23 result was largely in line with guidance provided in July, although exceeded expectations as a result of an income tax benefit that led to a higher net profit.

The Australian government will no longer allow international students to hold concurrent confirmations of enrolment, welcome news for the company in the broker's opinion as the industry continues to advocate for the removal of the 408 visa.

The company has flagged $12.5m in capital expenditure in FY24, predominantly for new campus roll-outs.

Ord Minnettt retains a Buy rating and $1.15 target.

Target price is $1.15 Current Price is $0.77 Difference: $0.38
If NXD meets the Ord Minnett target it will return approximately 49% (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 NXT as Outperform (1) -

NextDC's FY23 result was in line with provided guidance in May. FY24 guidance is in line with Macquarie's forecast at the upper end. The key negative surprise for consensus was increased facility costs and operating costs.

While the group had flagged this in May, it appears the market had not fully factored it in.

NextDC has announced two major hyperscale customers in the last 6 months. The negative surprise in this result for the broker was a slower ramp-up of these customers than anticipated. Capex is also higher than expected.

Contracted utilisation from hyperscale customers provides visibility for revenues and earnings, the broker suggests. Target rises to $17.00 from $15.40 due to near term capex increasing later year earnings assumptions. Outperform retained.

Target price is $17.00 Current Price is $13.26 Difference: $3.74
If NXT meets the Macquarie target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $14.33, suggesting upside of 9.5% (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

Morgans rates NXT as Add (1) -

While FY23 results were in line with Morgans expectations, FY24 guidance was a slight miss due to the material costs required to bring significant new capacity on line. 

The broker highlights 60MW of capacity has been contracted in the last six months, more than cumulatively sold in the first ten years of the company. Large orders take time to install, so a material revenue uplift is not expected until FY25.

The analyst suggests the orders will underpin growth for the next five years, and once fully ramped-up, offer earnings stability for the next ten-plus years. In FY24, this investment when combined with power movements will result in muted earnings (EBITDA) growth.

The target rises to $14.50 from $13.99. Add.

Target price is $14.50 Current Price is $13.26 Difference: $1.24
If NXT meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $14.33, suggesting upside of 9.5% (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

UBS rates NXT as Buy (1) -

NextDC reported a mixed FY23, albeit there were more positives than negatives, UBS asserts. The broker incorporates higher reinvestment costs and slightly lower MW activation for FY24.

Higher capital expenditure in FY24 should be a sign of an expected pipeline of work and the broker highlights potential upside to its forecasts beyond FY27 once it incorporates recently-announced data centres.

UBS likes the defensive infrastructure attributes and retains a Buy rating. Target is raised to $15.40 from $14.15.

Target price is $15.40 Current Price is $13.26 Difference: $2.14
If NXT meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $14.33, suggesting upside of 9.5% (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

Macquarie rates PDN as Outperform (1) -

Paladin Energy's FY23 result featured larger expenses than Macquarie expected, however the key focus in the year was restart works at Langer Heinrich and securing a leading contract book. Paladin is on track to execute its restart with first production in the March quarter next year.

Otherwise, the company reported a net loss which was greater than the broker's estimates due to higher non-production and admin costs and higher finance costs.

The broker sees uranium price tailwinds driven by forecast demand exceeding mine supply over the longer-term. Outperform and $1.10 target retained.

Target price is $1.10 Current Price is $0.85 Difference: $0.255
If PDN meets the Macquarie target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $1.08, suggesting upside of 28.6% (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: 1.0

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

UBS rates PPT as Neutral (3) -

The second half underlying net profit from Perpetual was in line with UBS estimates while the final dividend fell short of expectations.

The broker notes negative operating leverage in asset management, coupled with elevated gearing, present a risk to the dividend, which is expected to be cut to the lower end of the pay-out range.

While acknowledging it is difficult to unpack Pendal's profitability amid new aggregated asset management disclosures, UBS estimates it was down -53% in the second half.

The broker retains a Neutral rating and reduces its price target to $23.50 from $26.00.

Target price is $23.50 Current Price is $21.32 Difference: $2.18
If PPT meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $28.94, suggesting upside of 38.0% (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

Bell Potter rates PTM as Hold (3) -

The CEO Andrew Clifford will stand aside, although retain the co-CIO role, and Bell Potter believes this is the right thing to do.

The broker asserts Platinum Asset Management needs a new strategy, with successful asset management now more about keeping hold of client money and offering a range of strategies.

The announcement that an institution will remove a further -$650m from funds this month is a further blow.

Despite being cautious on the stock, Bell Potter believes there is a way forward for shareholders, although there is little prospect for a stand-alone business that will suddenly improve.

Forecasts are adjusted and the target is reduced to $1.45 from $1.62. Hold maintained.

Target price is $1.45 Current Price is $1.51 Difference: minus $0.06 (current price is over target).
If PTM meets the Bell Potter target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.58, suggesting upside of 4.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.4

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

Citi rates QRI as Buy (1) -

Qualitas Real Estate Income Fund appears to have delivered an in-line result. The broker notes the NTA as at August 21st remains at $1.6088 placing the current share price on a small discount.

Full year distribution of 12.2982c/unit is in line.

Citi observes the company could well make its way into the ASX300 - the new rankings are to be announced on Friday, September 1.

Buy rating and $1.60 target price retained.

Target price is $1.60 Current Price is $1.57 Difference: $0.03
If QRI meets the Citi target it will return approximately 2% (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 QUB as Buy (1) -

Qube Holdings has disclosed a $2.4bn internal valuation for its Patrick stake, which compares to Patrick's $1bn tag in 2016.

Citi observes this represents an internal rate of return of 19%. While suspecting the premium multiple may be justified, Citi values the stake at a -30% discount - $1.7bn - exploring the prospect that Patrick may be being prepared for sale (by no means certain).

The broker upgrades earnings (EBIT) forecasts accordingly but expects higher interest costs will offset these at the net profit after tax level.

Buy rating retained. Target price rises to $3.80 from $3.75. 

Citi had earlier concluded Qube's FY23 was an in-line result complemented with a resilient outlook. The analysts had pointed out management at the company is looking for modest growth despite deteriorating economic conditions.

Target price is $3.80 Current Price is $3.02 Difference: $0.78
If QUB meets the Citi target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $3.41, suggesting upside of 12.5% (ex-dividends)

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

Ord Minnett rates RDX as Initiation of coverage with Accumulate (2) -

Ord Minnett initiates coverage of Redox with an Accumulate rating and $2.80 target. The business is an Australian-based chemical distributor having been established in 1965 and now a leader in the Australasian market, achieving a 30-year revenue growth rate of 11.9%.

The broker's short-term forecasts are tempered by the macro economic weakness yet there are several long-term growth opportunities identified. These centre on increasing domestic market share, offshore expansion and industry consolidation via M&A.

Target price is $2.80 Current Price is $2.52 Difference: $0.28
If RDX meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

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

Ord Minnett rates REP as Buy (1) -

The RAM Essential Services Property Fund result was in line with Ord Minnett's estimates. Comparable net operating income growth was 4.5% in FY23.

The business is also progressing with its capital management initiatives, entering an unconditional contract to sell Westlake with a further two assets under due diligence. The broker notes proceeds will be used to fund a $15m buyback and reduce debt.

Ord Minnett retains a Buy rating, believing the stock offers attractive value, and the target edges down to $0.83 from $0.85.

Target price is $0.83 Current Price is $0.72 Difference: $0.115
If REP meets the Ord Minnett target it will return approximately 16% (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

UBS rates REP as Buy (1) -

RAM Essential Services Property Fund delivered FY23 results that were in line with forecasts. UBS observes gearing of 36% is likely to trend lower with three additional assets for sale. New hedging disclosures were provided, explaining the lower-than-expected FY24 distribution guidance of 5.6-5.7c.

There was less detail around planned healthcare developments, which are still subject to negotiation/finalisation. The broker finds the stock appealing because of a longer WALE in stable/attractive subsectors. Buy rating retained. Target is reduced to $0.88 from $0.92.

Target price is $0.88 Current Price is $0.72 Difference: $0.165
If REP meets the UBS target it will return approximately 23% (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 RMS as Outperform (1) -

Ramelius Resources reported FY23 underlying earnings 7% ahead of Macquarie following an inventory movement. The 2c dividend was -1c below the broker's assumption.

The miner ended FY23 with $251m in cash and no bank debt. Operating cash flow and free cash flow were both ahead of Macquarie's estimates. FY24 guidance is unchanged.

Study work and development plans for the Rebecca Gold Project, which the broker does not yet ascribe a value to, could change the long-term outlook. Outperform and $1.60 target retained.

Target price is $1.60 Current Price is $1.25 Difference: $0.35
If RMS meets the Macquarie target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $1.70, suggesting upside of 30.5% (ex-dividends)

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 RMS as Buy (1) -

The FY23 results from Ramelius Resources largely beat Ord Minnett's estimates although higher depreciation drove a miss at the net profit line.

The broker believes the stock is undervalued and the recent range-bound trading presents an opportunity as it should move higher on the delivery of production along with free cash flow improvement.

Ord Minnett highlights, despite cost and labour issues, the business still managed to generate a strong EBITDA margin of 43% and this should improve by around 2% in FY24. Buy rating retained. Target is raised to $1.80 from $1.70.

Target price is $1.80 Current Price is $1.25 Difference: $0.55
If RMS meets the Ord Minnett target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $1.70, suggesting upside of 30.5% (ex-dividends)

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 RMS as Buy (1) -

The FY23 result from Ramelius Resources was generally in line with expectations as revenue costs had already been reported. The final dividend of 2c was double FY22's.

Shaw and Partners observes the business is now well set for record earnings in FY24 as the high-grade and low-cost Penny operation ramps up. The business is also intent on growth opportunities, continuing to target a third 100,000oz/pa processing hub.

Buy rating and $1.69 target maintained.

Target price is $1.69 Current Price is $1.25 Difference: $0.44
If RMS meets the Shaw and Partners target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $1.70, suggesting upside of 30.5% (ex-dividends)

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 RRL as Overweight (1) -

FY23 earnings (EBITDA) for Regis Resources were a -9% miss versus Morgan Stanley's forecast while a higher depreciation charge drove a -$71m profit miss.

FY24 guidance was unchanged though management updated on mine plans for FY24 and set a target of 500koz in FY27.

The broker's target falls to $1.70 from $2.10 on the FY23 result, updated spot prices and updated mine plans. Overweight. Industry view is Attractive.

Target price is $1.70 Current Price is $1.55 Difference: $0.15
If RRL meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $1.85, suggesting upside of 17.1% (ex-dividends)

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

Ord Minnett rates SNL as Buy (1) -

Ord Minnett observes Supply Network continued an impressive track record in FY23 with a 37% increase in underlying net profit to $27.4m. Sales increased 27%.

The broker notes strong demand from commercial vehicle customers, underpinned by industry trends such as an ageing vehicle fleet, increasing freight pressures and complexity of vehicles.

Following strong growth, the company has brought forward capacity-related investments and will double its new Victorian distribution centre while opening a new site in Yatala, Queensland. Buy rating maintained. Target is raised to $15.80 from $15.40.

Target price is $15.80 Current Price is $14.60 Difference: $1.2
If SNL meets the Ord Minnett target it will return approximately 8% (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

UBS rates TYR as Buy (1) -

Tyro Payments has released FTY23 financials this morning and UBS, in an initial response, highlights FY24 guidance of EBITDA between $52-58m sits well above consensus on $48m.

FY23 financial metrics seem above forecasts on most items, with exception of EBIT. Total merchant numbers disappoint due to lower originations from Bendigo and Adelaide Bank ((BEN)).

Early start into FY24 is on the weak side due to weaker discretionary spending, highlights the broker. Buy. Target $1.80.

Target price is $1.80 Current Price is $1.13 Difference: $0.675
If TYR meets the UBS target it will return approximately 60% (excluding dividends, fees and charges).

Current consensus price target is $1.91, suggesting upside of 48.1% (ex-dividends)

The company's fiscal year ends in June.

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

UBS rates VSL as Buy (1) -

Vulcan Steel's FY23 performance seems to be in line or slightly better than forecasts, if UBS' early assessment is anything to go by. It appears margins are the positive surprise.

The broker suggests controlling costs and synergies from Ullrich should soften the impact from subdued demand in FY24, though no quantified guidance has been provided.

Management intends to provide an update at the AGM. Inflationary pressures continue to impact and in NZ political uncertainty remains around the election, suggests the broker.

UBS does sense management is setting the business up for growth from FY24. Buy. Target $8.85.

Target price is $8.85 Current Price is $7.56 Difference: $1.29
If VSL meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

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: 1.0

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

Macquarie rates WDS as Neutral (3) -

Some 450 union members have voted in favour of industrial action at the Chevron-operated Wheatstone (Woodside Energy 13%) and Gorgon projects. Unions have until around 14th September to call industrial action, which must start by around 24th September.

Macquarie suggests the North West Shelf agreement provides a blueprint for a deal, and assumes a resolution can be reached prior to strike action.

Woodside's 29% spot gas exposure in the second half 2023 would likely see it benefit from any near-term price spikes during negotiations, the broker suggests. Neutral and $34 target retained.

Target price is $34.00 Current Price is $38.00 Difference: minus $4 (current price is over target).
If WDS meets the Macquarie target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $36.75, suggesting downside of -3.6% (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

Morgan Stanley rates WPR as Underweight (5) -

Waypoint REIT revealed 1H EPS of 8.28cpu and maintained 2023 EPS guidance for 16.48cpu. Morgan Stanley notes debt is 93% hedged, so expects a negligible impact from changing interest rates.

Management's growth strategy will focus on redevelopments across the portfolio, subject to reaching agreements with major tenant Viva Energy ((VEA)).

The REIT noted "Market conditions not currently conducive to non-core asset sales".

Underweight rating and $2.60 target price retained. Industry View: In-line.

Target price is $2.60 Current Price is $2.52 Difference: $0.08
If WPR meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $2.72, suggesting upside of 9.8% (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 WPR as Add (1) -

Waypoint REIT delivered a 1H result in line with full year guidance and left that same guidance unchanged. Revaluations were pre-announced, notes Morgans.

Rental income fell by -2.9% on the previous corresponding period due to impacts from asset sales with interest costs also around 20% higher, explains the analyst.

While circa 5% of the portfolio remains non-core, management does not expect any material disposals over the remainder of 2023. An interim dividend of 4.16cpu was declared.

Morgans' target falls to $2.78 from $2.82. Add.

Target price is $2.78 Current Price is $2.52 Difference: $0.26
If WPR meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $2.72, suggesting upside of 9.8% (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 WPR as Accumulate (2) -

Waypoint REIT's first half result was in line with expectations and 2023 guidance has been reaffirmed.The company's strategy going forward is heavily dependent on the ACCC findings on the Viva Energy ((VEA)) acquisition of On The Run.

Guidance assumes a floating rate of 4.3% for the second half and no further transactions or capital management initiatives. The company has indicated it is receptive to opportunities for further non-core asset sales, still targeting a 5% sale of its portfolio over the medium term.

Ord Minnett maintains an Accumulate rating, assessing there is significant re-development upside. Target is $2.79.

Target price is $2.79 Current Price is $2.52 Difference: $0.27
If WPR meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $2.72, suggesting upside of 9.8% (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

Citi rates ZIP as Neutral (3) -

It is Citi's early assessment Zip Co's FY23 core cash EBITDA loss of -$48m is worse than forecast (-$45m) even though the loss of -$15m for H2 was better than company guidance of up to 50% improvement from the -$33m loss in H1.

Plenty of positives and negatives to address, apparently, but the broker highlights management expects Zip Co to be cash EBITDA positive in H2 of FY24.

One area of investors' focus will be on available cash which is currently $57m and FY24 will be a further drag when including capex, the broker highlights.

Management guiding to higher opex is seen as a negative, as is the fact net bad debts in Australia are still high. Target 46c. Neutral/High Risk.

Target price is $0.46 Current Price is $0.33 Difference: $0.13
If ZIP meets the Citi target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $0.79, suggesting upside of 124.6% (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