Australian Broker Call

UBS rates ALD as Buy (1) -

UBS expects Ampol will report in July that the Lytton refining margin has again lagged key Asian indicators and the discount is likely to be exaggerated by the five-week outage at the refinery.

The company has guided to a -$30-50m impact to EBIT, although the broker suspects the impact will exceed this as the outage also coincided with softer product pricing.

Partly offsetting weaker refining margins will be stronger retail fuel margins and the broker upgrades FY23 convenience retail EBITDA by 7%. Buy rating retained. Target is reduced to $33.90 from $36.10.

Target price is $33.90 Current Price is $29.62 Difference: $4.28
If ALD meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $34.50, suggesting upside of 16.6% (ex-dividends)

The company's fiscal year ends in December.

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

Ord Minnett rates CHC as Buy (1) -

Noting recent portfolio valuations, Ord Minnett believes the Charter Hall platform has been well managed over the last decade. The company has sought longer leases, strong tenants and premium locations. Where possible it has incorporated favourable terms into its leases.

While long leases could be viewed as a negative, as these are more sensitive to interest rates, the broker believes they have mitigated vacancy risk, given the tough conditions in office and retail over recent years.

Inflation linkages also mitigate interest-rate sensitivity to some degree. Ord Minnett retains a Buy rating and $16.20 target.

Target price is $16.20 Current Price is $10.52 Difference: $5.68
If CHC meets the Ord Minnett target it will return approximately 54% (excluding dividends, fees and charges).

Current consensus price target is $14.45, suggesting upside of 34.8% (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

UBS rates CKF as Neutral (3) -

Upon initial assessment, it is UBS's observation Collins Foods FY23 revealed strong top line growth and a better-than-anticipated profit.

The final dividend of 15c compares with the broker's 9.9c forecast.

The surprise performance has been achieved despite cost inflation continuing to impact on operations, points out the broker.

Stronger growth in Europe has been key to today's positive outcome, the broker highlights.

Neutral. Target $8.10.

Target price is $8.10 Current Price is $7.86 Difference: $0.24
If CKF meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $8.60, suggesting downside of -7.1% (ex-dividends)

The company's fiscal year ends in May.

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 COF as Equal-weight (3) -

Morgan Stanley's proxy for a floating base interest rate, BBSW, is now at 4.3% and may remain elevated given the potential for additional interest rate rises by the RBA.

As a result, the economics team at the broker has moved its terminal RBA rate forecast up to 4.6% from 4.1%.

As the cost of debt has now risen above prior expectations, Morgan Stanley reviews earnings forecasts across the passive REITs under coverage. Earnings for the majority of stocks were lowered by -1-2%. Fund managers were excluded as interest rates have less impact due to lighter leverage.

There is a greater impact for REITs with a lower amount of hedging such as Centuria Office REIT, which received around -6% downgrades from the broker.

The Equal-weight rating and $1.70 target for Centuria Office REIT are unchanged. Industry View: In-Line.

Target price is $1.70 Current Price is $1.38 Difference: $0.325
If COF meets the Morgan Stanley target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $1.83, suggesting upside of 30.7% (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 CQR as Buy (1) -

Citi reviews earnings assumptions for Charter Hall Retail REIT and adjusts interest costs higher.

The business is considered relatively better positioned compared with supermarket peers in FY23 and FY24 as its long WALE portfolio has an ability to pass through higher underlying operating cost inflation.

Still, higher variable interest costs continue to put pressure on earnings across the sector. Citi retains a Buy rating and reduces the target to $4.30 from $4.50.

Target price is $4.30 Current Price is $3.59 Difference: $0.71
If CQR meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $4.19, suggesting upside of 14.4% (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 CTD as Overweight (1) -

Recently, Morgan Stanley assigned a 70% probability Corporate Travel Management would retain its around $800m Whole of Australian Government (WOAG) contract.

The company did win the contract for an initial term of four years, with a further three years of extension options.

Now, the broker believes a greater level of certainty will help support its FY25 earnings (EBITDA) estimate, which is around 10% ahead of the consensus forecast.

The Overweight rating and $28.60 target are maintained. Industry view: In-line.

Target price is $28.60 Current Price is $17.92 Difference: $10.68
If CTD meets the Morgan Stanley target it will return approximately 60% (excluding dividends, fees and charges).

Current consensus price target is $23.02, suggesting upside of 29.6% (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

UBS rates CTD as Buy (1) -

Corporate Travel Management has retained the whole of Australia government contract which UBS lauds as a positive for several reasons.

The win reinforces the company's strong market position and the broker estimates the contract generates around $10m in EBITDA, or around 4% of FY24 forecasts.

The absence of any negative trading update this late in the financial year, in the broker's opinion, should de-risk the FY23 result. UBS asserts investors should take note of the company's high exposure to government/essential services, which reduces earnings volatility.

The broker is also keen to know how the recent acquisition of a UK government contract is performing. Buy rating and $25.95 target maintained.

Target price is $25.95 Current Price is $17.92 Difference: $8.03
If CTD meets the UBS target it will return approximately 45% (excluding dividends, fees and charges).

Current consensus price target is $23.02, suggesting upside of 29.6% (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

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

Perenti ((PRN)) and DDH1 have entered into a binding scheme of arrangement, whereby Perenti will acquire 100% of DDH1's ordinary shares. Bell Potter sets its target at 94c, the current implied acquisition price, and downgrades its rating to Hold from Buy.

Shareholders can elect maximum scrip or cash alternatives, with the formal consideration being $0.1238 cash and 0.7111 Perenti
shares per DDH1 share held.

Following deal completion, Perenti and DDH1 shareholders will hold 71% and 29%, respectively, of the diluted share capital of the combined entity.

The DDH1 board has unanimously recommended the scheme. There is also currently major shareholder support from around 38% of DDH1's equity base.

Target price is $0.94 Current Price is $0.92 Difference: $0.025
If DDH meets the Bell Potter target it will return approximately 3% (excluding dividends, fees and charges).

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

Ord Minnett rates DXC as Hold (3) -

Dexus Convenience Retail REIT has made further progress with asset sales, divesting three for a combined $15m. Ord Minnett commends management for taking a prudent approach to strengthening its balance sheet.

Although assessing the stock trades at a very attractive discount, the broker anticipates the current interest-rate cycle will detract from its performance and, as a result, maintains a Hold rating. Target is reduced to $3.18 from $3.23.

Target price is $3.18 Current Price is $2.49 Difference: $0.69
If DXC meets the Ord Minnett target it will return approximately 28% (excluding dividends, fees and charges).

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 GL1 as Buy (1) -

Global Lithium Resources will take a 10% stake in Kairos Minerals for a consideration of up to -$4.6m.

Shaw and Partners observes that Kairos owns 240km (18 tenements) of contiguous exploration licences (Roe Hills Lithium Project) next to Global Lithium's Manna.

The $4.6m will be used to explore Kairos's Roe Hills tenements.

Meanwhile, Global Lithium's sorting trials at Manna suggest a 90% increase in lithium headgrade, and the broker expects the lithium price to rise in the December half. 

Shaw and Partners estimates the payback on Manna's capital expenditure of $437m will be 15 months, out of a 10-year life. Buy recommendation and $3.50 target price retained.

Target price is $3.50 Current Price is $1.51 Difference: $1.995
If GL1 meets the Shaw and Partners target it will return approximately 133% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

UBS rates HMC as Neutral (3) -

HMC Capital has announced the successful first close of its $800m Last Mile Logistics Fund 1, comprising $400m in equity commitments and $400m in debt.

This is the first time the company has raised wholesale capital, which UBS believes is a positive, particularly given the broader environment.

The business is also on track to receive first close for its $1bn unlisted Healthcare & Life Sciences fund. Neutral rating maintained. Target is raised to $4.90 from $4.76.

Target price is $4.90 Current Price is $4.80 Difference: $0.1
If HMC meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $4.91, suggesting upside of 1.6% (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

Ord Minnett rates ING as Accumulate (2) -

Ord Minnett believes the market's concerns about Inghams Group are overdone. Margin pressure has been exacerbated by an unfavourable product mix as consumption moved to supermarkets from restaurants since the pandemic.

Yet the broker expects the headwinds will prove temporary and profitability should improve from FY24 as more price increases are passed through and the mix shift normalises.

Shoppers are substituting cheaper alternatives which underpin cyclically stronger demand for poultry products, given chicken is cheaper than competing proteins.

At current share prices the stock screens attractive compared with an unchanged $3.50 target. Accumulate maintained.

Target price is $3.50 Current Price is $2.64 Difference: $0.86
If ING meets the Ord Minnett target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $3.08, suggesting upside of 15.5% (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

Morgans rates KAR as Add (1) -

Morgans believes recent share price weakness for Karoon Energy presents an attractive buying opportunity with Bauna operating back near its nameplate.

Following a restart at Bauna on May 9, there has been a smooth ramp-up, observes the analyst. Management has narrowed production guidance at Bauna/Patola to 7-7.1mmbl from 7-7.7mmbbl.

As a result of the lower guidance, the company has also lowered guidance for the temporary crude oil tax. 

The Add rating is unchanged and the target falls to $3.55 from $3.65.

Target price is $3.55 Current Price is $1.95 Difference: $1.605
If KAR meets the Morgans target it will return approximately 83% (excluding dividends, fees and charges).

Current consensus price target is $2.91, suggesting upside of 53.0% (ex-dividends)

The company's fiscal year ends in June.

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

UBS rates LLC as Buy (1) -

UBS notes media reports indicating Lendlease Group has completed a pre-sold apartments transaction. The broker estimates $550m would be received based on $600m of pre-sales during 13-15 months and at an all-in coupon of 8%.

The broker suspects the market may be questioning the timing of the transaction, occurring as it did around balance date, but argues the shorter-dated deal preserves project profit and reduces balance sheet pressures.

Other reported transactions include the potential full or partial sale of the communities business and the final 25% of retirement. UBS reiterates a Buy rating with a $10.30 target.

Target price is $10.30 Current Price is $7.00 Difference: $3.3
If LLC meets the UBS target it will return approximately 47% (excluding dividends, fees and charges).

Current consensus price target is $10.54, suggesting upside of 48.0% (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

UBS rates MIN as Downgrade to Sell from Neutral (5) -

Mineral Resources has downgraded growth several times over recent months because of delays. UBS notes earnings are further under pressure from lower commodity prices and higher costs.

Moreover, a large capital expenditure program puts pressure on free cash flow yields and the stock is considered expensive relative to lithium peers.

The broker reduces estimates for earnings per share by -5-18% across FY23-25 and downgrades the rating to Sell from Neutral. Target is lowered to $66 from $80.

Target price is $66.00 Current Price is $69.42 Difference: minus $3.42 (current price is over target).
If MIN meets the UBS target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $83.43, suggesting upside of 17.9% (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

Citi rates MTS as Neutral (3) -

Metcash posted a "solid" result, Citi assesses, slightly below forecasts. Going forward, the broker envisages continued market share loss in food, and liquor top-line while a slowdown in hardware growth is also likely.

Citi reduces earnings estimates by -1% throughout the forecast period. Total food sales fell -1% in the second half and are up 2% in the trading update, which implies that volumes are down materially, given the high single-digit food inflation.

Moreover, IGA appears to be losing share as shopping behaviour normalises. Hardware demand is expected to soften and the broker notes this sector is becoming more crowded. Neutral maintained. Target is reduced to $4.00 from $4.30.

Target price is $4.00 Current Price is $3.76 Difference: $0.24
If MTS meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $4.05, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in April.

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

Macquarie rates MTS as Neutral (3) -

Metcash's trading update for the first seven weeks of first-half trading showed food sales outpaced Macquarie's forecasts. Food rose 6.8% (with 8% food price inflation).

But hardware sales slowed as the DIY market came off the boil, and with $95.8m of Total Tools put options expiring in FY24 now likely to be exercised, the broker expects this to weigh on cash flow.

Corporate and interest costs also rose in response to inflation, mostly offsetting gains from the food trade.

The broker shaves EPS and dividend forecasts for FY24 and FY25. Neutral rating and $3.90 target price retained.

Target price is $3.90 Current Price is $3.76 Difference: $0.14
If MTS meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $4.05, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in April.

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

UBS rates MTS as Buy (1) -

Metcash reported a FY23 result that was in line with UBS estimates. The broker observes food sales and EBIT were more resilient than previously feared as it appears that not all of Aldi's market share gains came from independents.

Still, share loss for the independents is expected after significant gains in recent years. Underlying demand in hardware is recovering after a softer second and third quarters because of adverse weather.

The broker lowers estimates for FY24 and FY25 EPS by -5.6% and -7.9%, respectively. Buy rating retained. Target is reduced to $4.50 from $4.75.

Target price is $4.50 Current Price is $3.76 Difference: $0.74
If MTS meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $4.05, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in April.

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

UBS rates NHF as Buy (1) -

Upon initial assessment of today's market update, UBS observes the private health insurer continues to gain market share and enjoy above-average profit margins in Australian residents business.

UBS holds a positive view of the sector, preferring nib Holdings over Medibank Private ((MPL)) in the near term due to upside risk in international and travel segments, as well as residual fallout from the cyber incident for the latter.

It is the broker's view that margins will remain stronger for longer. The additional deferral of repricing demonstrates further permanent claims savings, according to UBS.

Buy. $9.20.

Target price is $9.20 Current Price is $8.50 Difference: $0.7
If NHF meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $7.70, suggesting downside of -8.0% (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

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

UBS notes lithium prices continue to recover from the trough while spodumene is stabilising and following with a lag. The broker believes there is evidence the recent destocking cycle has passed and adjusts 2023/24 prices 5-17% higher.

This means FY24/25 earnings are up to 30% higher across lithium names. Pilbara Minerals is downgraded to Neutral from Buy following its recent run, and despite moving the target to $5.20 from $4.50 because of improved market conditions and a more favourable view on downstream options.

Target price is $5.20 Current Price is $4.83 Difference: $0.37
If PLS meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $5.25, suggesting upside of 9.1% (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

Citi rates PRN as Buy (1) -

Citi assesses the acquisition of DDH1 ((DDH)) to expand the Ausdrill footprint and scale in Australia has been received favourably by the market.

The complementary offering accelerates not only Perenti's journey to achieve its FY25 targets, but the broker believes it also accelerates the transition to tier-1 jurisdictions by increasing exposure in Australia.

The broker points to a string of upgrades in FY23 as demonstrating the company's solid position across its core services.

The $1.60 target and Buy rating are retained.

Target price is $1.60 Current Price is $1.15 Difference: $0.45
If PRN meets the Citi target it will return approximately 39% (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 RFG as Initiation of coverage with Buy (1) -

Bell Potter initiates coverage of Australia's largest multi-brand retail food franchise owner in Quick Service Restaurants (QSR) and coffee, Retail Food, with a Buy rating and 13c target.

The analysts believe net growth in overall store count will resume in FY24, along with add-on revenues from QSR stores and a ramp-
up in organic growth, which is planned for the US market.

These opportunities are capital light and should improve free cash flow conversion, explains the broker. Retail Food is expected to remain resilient in the current consumer slowdown phase due to a low average transaction value (below $9.00 ex pizza).

Target price is $0.13 Current Price is $0.05 Difference: $0.083
If RFG meets the Bell Potter target it will return approximately 177% (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

Citi rates RGN as Buy (1) -

Ahead of the results, Citi reviews earnings assumptions for Region Group, adjusting interest costs higher. The stock remains a defensive non-discretionary exposure, predominantly underpinned by supermarket anchors.

Nevertheless, the broker believes current operating cost inflation is not fully captured by the fixed lease escalation profile and this places pressure on underlying real rental growth rates. Buy rating maintained. Target is reduced to $2.80 from $3.00.

Target price is $2.80 Current Price is $2.24 Difference: $0.56
If RGN meets the Citi target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $2.47, suggesting upside of 7.9% (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 SHL as Upgrade to Hold from Lighten (3) -

As a result of a weakening of the Australian dollar relative to Sonic Healthcare's offshore currencies, particularly in Europe, Ord Minnett increases its target to $34 from $32. Rating is upgraded to Hold from Lighten.

The broker still expects margins will contract further in the second half because of lower coronavirus testing. The long-term group EBITDA margin forecast of 23% is unchanged, as increased operating leverage from higher volumes in the base business will offset the lower coronavirus testing.

Ord Minnett forecasts the base Australian pathology and imaging revenue will grow at 5% per annum over a 10-year forecast period.

Target price is $34.00 Current Price is $34.71 Difference: minus $0.71 (current price is over target).
If SHL meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $35.54, suggesting downside of -0.1% (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

Morgans rates STP as Add (1) -

Morgans  is impressed by the improvement in Step One Clothing's operating margins. As inventories have started to fall, it's thought losses have been all but eliminated in the US.

The analyst highlights a better management of expenditure (particularly on advertising) which hasn't compromised sales, despite the decision in October last year to prioritise profitability over growth.

The company is heading towards its best ever profit result, according to the broker, with FY23 guidance for earnings (EBITDA) in the range of $11-11.5m, a 27% jump on the prior financial year.

Morgans raises its target to 65c from 60c and retains its Add rating.

Target price is $0.65 Current Price is $0.39 Difference: $0.26
If STP meets the Morgans target it will return approximately 67% (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

Shaw and Partners rates SYR as Buy (1) -

Shaw and Partners downgrades Syrah Resources's September-quarter earnings forecast to reflect the continuing delays in production at Balama, the broker expecting the June-quarter update to reveal "minimal" sales from inventory. FY23 EPS forecasts fall as a result.

The broker expects the state of play to contiue until market conditions improve. The broker takes a wild guess at the December quarter.

Looking on the bright side, the broker considers the company's downstream developments to be transformational, and the Vidalia expansion is on schedule for commissioning in the September quarter (although capital expenditure has risen to -US$190m from the initial final investment decisions estimate of -US$176m - which the broker considers to be immaterial).

Shareholders are set to vote on the issuance of Series 5 and Series 6 convertible notes ($50m each) to AustralianSuper.

Buy rating retained. Target price falls to $1.30 from $1.40. 

Target price is $1.30 Current Price is $0.79 Difference: $0.51
If SYR meets the Shaw and Partners target it will return approximately 65% (excluding dividends, fees and charges).

Current consensus price target is $1.43, suggesting upside of 77.0% (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: 0.7

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

UBS rates VEA as Buy (1) -

UBS expects Viva Energy will sustain a larger discount at its Geelong refining margin in the second quarter versus key Asian indices because of the impact of the 60-day turnaround and unplanned equipment failure at the refinery.

While expecting the company will recover around 50% of the monthly EBITDA impact via insurance in the second half, the majority of the impact will be lower realised margins that result from selling intermediates rather than diesel.

FY23 production as a result is now tracking below guidance, on the broker's calculations. Estimated EPS is reduced by -8% for 2023 while a Buy rating and $3.55 target are maintained.

Target price is $3.55 Current Price is $2.93 Difference: $0.62
If VEA meets the UBS target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $3.32, suggesting upside of 13.0% (ex-dividends)

The company's fiscal year ends in December.

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

Macquarie rates VNT as Outperform (1) -

Ventia has won a Department of Defence maintenance services contract valued at $393m over five years, with a possible five year extension option.

Macquarie observes the win is a renewal with expanded scope and should contribute $79m a year, or 1.4% of total group revenue in 2023.

Management reiterates growth guidance of 7% to 10%, and Macquarie is expecting 9%.

Outperform rating and $3.10 target price retained.

Target price is $3.10 Current Price is $2.92 Difference: $0.18
If VNT meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $3.30, suggesting upside of 11.9% (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