Australian Broker Call

Citi rates AKE as Buy (1) -

Allkem has this morning released its June quarter production report and Citi, upon initial assessment, observes Olaroz volumes seem an upside surprise, suggesting sales in the September quarter might be higher.

Realised pricing for spodumene is labeled a positive surprise, while the intended merger remains on schedule for late in the calendar year.

All in all, Citi anticipates slight downgrades to sales forecasts to follow with a rather neutral impact for the share price today. Target $19. Buy.

Target price is $19.00 Current Price is $15.79 Difference: $3.21
If AKE meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $17.93, suggesting upside of 17.0% (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 ALQ as Outperform (1) -

At the AGM, ALS Ltd has guided to net profit of $150-155m for the first half, lower than Macquarie had anticipated and largely reflecting the underperformance of Nuvisan.

Meanwhile, the broader business is resilient with strong revenue growth in environmental and margin expansion across all regions.

The broker observes there are some short-term headwinds for FY24 before earnings growth resumes in FY25 with the company maintaining attractive long-term growth prospects. Outperform maintained. Target is reduced to $12.80 from $13.20.

Target price is $12.80 Current Price is $11.30 Difference: $1.5
If ALQ meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $11.76, suggesting upside of 0.5% (ex-dividends)

The company's fiscal year ends in March.

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

Morgans rates AND as Add (1) -

Despite some catch-up from Q3, Morgans notes a significant 4,000 increase in customer numbers during Q4 for Ansarada, while the number of Freemium numbers indicates latent demand.

The quarterly result was in line with the broker’s forecast. It’s felt 6% year-on-year revenue growth was a great outcome considering FY23 will probably mark the low point for capital market activity.

The analysts point out the ASX experienced a year-on-year decline of -80% in issuances in FY23 compared to FY22, which includes IPOs, secondary capital raising and scrip-for-scrip mergers.

The Add rating and $1.90 target price are unchanged.

Target price is $1.90 Current Price is $1.28 Difference: $0.62
If AND meets the Morgans target it will return approximately 48% (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 ASB as Buy (1) -

Austal has updated on its T-ATS program and provided a downgrade in earnings guidance for FY23. EBIT is now expected to be from breakeven to a loss of up to -$10m.

The main reason is the lower-than-expected efficiencies on new steel manufacturing while the award of the fifth vessel in the program increases the onerous contract provision.

Bell Potter notes this is the second such downgrade relating to T-ATS. On the positive side, cash in hand is ahead of expectations, likely because of the completion of major expenditure programs earlier than anticipated. Buy rating maintained. Target is reduced to $2.75 from $3.10.

Target price is $2.75 Current Price is $2.30 Difference: $0.45
If ASB meets the Bell Potter target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $2.55, suggesting upside of 12.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Morgan Stanley rates ASX as Downgrade to Underweight from Equal-weight (5) -

Morgan Stanley downgrades its rating for ASX to Underweight from Equal-weight on valuation compared to global peers, an ongoing slump in market activity and increasing competition from CBOE Australia. EPS growth is not anticipated until FY25.

The analyst highlights the company's earnings (EBITDA) margin has eroded to a forecast 67% in FY23 from more than 76% prior to FY19.

The broker's target falls to $55.55 from $62.40 due to weaker forecast markets revenues and slightly higher expense growth. Industry view: In-Line.

Target price is $55.55 Current Price is $61.25 Difference: minus $5.7 (current price is over target).
If ASX meets the Morgan Stanley target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $63.88, suggesting upside of 3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.1

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

Macquarie rates BGL as Outperform (1) -

Bellevue Gold has indicated construction of the processing facility is on schedule and on budget for commissioning in the second quarter of FY24.

An agreement has been signed with Genesis Minerals ((GMD)) under which the latter will process all from the Bellevue mine, the majority of which will come from the Vanguard open pit.

Treatment of this ore will allow the company to generate early cash flow. Macquarie considers this agreement a positive step to bring forward cash flow and further bolster the balance sheet ahead of the commissioning of the plant. Outperform maintained. Target is $1.80.

Target price is $1.80 Current Price is $1.45 Difference: $0.35
If BGL meets the Macquarie target it will return approximately 24% (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

Bell Potter rates BPT as Buy (1) -

Beach Energy's June quarter production was in line with expectations and brought FY23 production to 19.5mmboe. Bell Potter hails the strong and fully funded growth outlook, across five energy basins and four separate gas markets.

Amid a positive view on the Australian east coast and LNG markets, the broker retains a Buy rating with a $2.05 target.

Target price is $2.05 Current Price is $1.63 Difference: $0.42
If BPT meets the Bell Potter target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $1.92, suggesting upside of 17.7% (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 BPT as Downgrade to Neutral from Buy (3) -

Citi doubts Beach Energy's Waitsia guidance will reinstated in August and the broker also expects guidance to reveal schedule uncertainty.

While Citi forecasts a recovery in the oil price in September quarter, the recent rally in the share price has consumed the upside.

Rating downgraded to Neutral from Buy. Target price steady at $1.65.

Target price is $1.65 Current Price is $1.63 Difference: $0.02
If BPT meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $1.92, suggesting upside of 17.7% (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

Macquarie rates BPT as Neutral (3) -

Macquarie found the fourth quarter from Beach Energy "solid" after what it considered a tough year amid significant delays at Waitsia and Otway.

Otway will be crucial in FY24, with native title negotiations around Enterprise important in giving the company more flexibility to run the Otway gas plant.

The broker hopes the Perth Basin will offer scope for upside, including $230m in its assessment of net risked value for the exploration campaign. Neutral maintained. Target is raised to $1.50 from $1.35.

Target price is $1.50 Current Price is $1.63 Difference: minus $0.13 (current price is over target).
If BPT meets the Macquarie target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.92, suggesting upside of 17.7% (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

Morgans rates BPT as Add (1) -

Beach Energy’s 4Q production was a 21% beat against Morgans forecast driven by Otway gas volumes and Western Flank oil in the Cooper Basin.

A FY23 average for realised gas pricing of $8.80/GJ compared to the broker’s forecast of $8.62/GJ, 

Updated guidance for Waitsia in the Perth Basin and FY24 production and earnings guidance is expected at the FY23 result on August 14.

The Add rating is maintained while the target rises to $1.75 from $1.72.

Target price is $1.75 Current Price is $1.63 Difference: $0.12
If BPT meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $1.92, suggesting upside of 17.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.4

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

Ord Minnett rates BPT as Buy (1) -

Beach Energy achieved fourth quarter pricing on average that was ahead of Ord Minnett's estimates, resulting in higher-than-expected FY23 revenue.

In addition to a strong fourth quarter the broker observes the market seems to have appreciated some tentative good news on the development front.

Otway Basin gas and liquids production was up 51% from Thylacine North well connections in mid May and Western Flank oil production increased 21% from new well connections. Buy rating maintained. Target rises to $3.10 from $3.00.

Target price is $3.10 Current Price is $1.63 Difference: $1.47
If BPT meets the Ord Minnett target it will return approximately 90% (excluding dividends, fees and charges).

Current consensus price target is $1.92, suggesting upside of 17.7% (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

UBS rates BPT as Buy (1) -

Beach Energy reported a strong June quarter, with sales revenue 9% ahead of expectation, supported by stronger realised domestic gas pricing.

UBS is incrementally positive on Beach’s leverage to rising east coast gas prices and has lifted its long-term uncontracted east coast gas price for the company, given an expectation Beach will be exempt from the government's gas price cap.

With big growth projects in the Otway and Perth Basin set to deliver a 50% step-change in production from FY23-25, and a
free cash flow yield above 20% in twelve months or so, UBS retains Beach Energy as its current most preferred Australian
energy exposure.

Buy retained. Target rises to $1.90 from $1.75.

Target price is $1.90 Current Price is $1.63 Difference: $0.27
If BPT meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $1.92, suggesting upside of 17.7% (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

Macquarie rates BSL as Neutral (3) -

Ahead of the FY23 results on August 21, Macquarie reviews its outlook for BlueScope Steel, noting a series of acquisitions have set it up to pursue a value-added product strategy, which will be enabled by stronger integration in the US value chain.

The broker believes this will be a long-term opportunity to reduce spread-based dependence, similar to what has been achieved in Australia. Target is raised to $21.85 from $20.40 and a Neutral rating is maintained.

Target price is $21.85 Current Price is $21.18 Difference: $0.67
If BSL meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $21.43, suggesting upside of 1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Bell Potter rates CAT as Buy (1) -

Bell Potter makes no changes to top-line forecasts after the first quarter update from Catapult International although makes changes in the assumed SPG share-based purchase consideration, reducing underlying EBITDA estimates by -9% for FY24 and -2% for FY25.

The company reiterated expectations for positive free cash flow in FY24. The broker increases the target to $1.35 from $1.20 and maintains a Buy rating.

Target price is $1.35 Current Price is $1.11 Difference: $0.24
If CAT meets the Bell Potter target it will return approximately 22% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

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 CHN as Outperform (1) -

Macquarie notes Chalice Mining ended the June quarter with $145m in cash and is now funded for study and exploration works over the next two years.

The company continues to advance Gonneville, which has a world-class deposit that remains open at depth and along strike. A scoping study as well as confirmation of capital costs and recovery rates present the next catalysts, in the broker's opinion.

The $9.20 target and Outperform rating are unchanged.

Target price is $9.20 Current Price is $5.94 Difference: $3.26
If CHN meets the Macquarie target it will return approximately 55% (excluding dividends, fees and charges).

Current consensus price target is $9.07, suggesting upside of 50.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Bell Potter rates CLU as Speculative Buy (1) -

Cluey's update on the fourth quarter was slightly softer than Bell Potter expected. It suggests FY23 revenue was up 15%. The main driver of the weaker result was flat growth in new students and a -6% decline in student sessions compared with the prior corresponding period.

The broker revises forecasts for FY23-25 revenue down by -3% although notes weaker EBITDA is somewhat offset by a slight reduction in operating expenditure assumptions. Speculative Buy rating maintained. Target is reduced to $0.30 from $0.35.

Target price is $0.30 Current Price is $0.10 Difference: $0.2
If CLU meets the Bell Potter target it will return approximately 200% (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 CTD as Buy (1) -

At first glance, Corporate Travel Management's FY23 earnings (EBITDA) guidance met consensus forecasts.

Citi believes, given exit rates and limited commentary, that guidance suggests FY24 earnings could outpace consensus.

Buy rating and $23.80 target price retained. This compares with FNArena's last entry in April of a Neutral rating and $17.80 target price.

Target price is $23.80 Current Price is $19.92 Difference: $3.88
If CTD meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $24.79, suggesting upside of 18.4% (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

Morgan Stanley rates CTD as Overweight (1) -

In a significant positive, according to Morgan Stanley, management at Corporate Travel Management noted average earnings (EBITDA) were currently running at more than $20m/month along with profit of $16.5m/month.

The analyst expects these monthly rates will be sustained in FY24, further assisted by client wins, and forecasts earnings of $274m for FY24 versus the consensus estimate of $266m.

New FY23 guidance is for earnings in the tightened range of $165-170m compared to forecasts by consensus and the broker of $165m and $171m, respectively. Guidance incorporated ramp-up costs on the UK government contract which saw delays in commencement.

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

Target price is $28.60 Current Price is $19.92 Difference: $8.68
If CTD meets the Morgan Stanley target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $24.79, suggesting upside of 18.4% (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

Ord Minnett rates CTD as Hold (3) -

Ord Minnett was unimpressed with the updated guidance for FY23 from Corporate Travel Management, noting it was just a tightening of the prior guidance range.

The broker's assessment of the business hinges on it maintaining current momentum stemming from the pandemic recovery, amid an increasingly uncertain global economy.

Hence, Ord Minnett awaits the outlook beyond FY23 and the likely contribution from new accounts when the results are delivered in August. Hold rating and $24.50 target maintained.

Target price is $24.50 Current Price is $19.92 Difference: $4.58
If CTD meets the Ord Minnett target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $24.79, suggesting upside of 18.4% (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

UBS rates CTD as Buy (1) -

UBS saw Corporate Travel Management's update as a net positive. The UK operations were a key standout, while momentum accelerated in the June quarter, especially in Asia. The strength of new business wins in FY23, combined with solid customer retention, further strengthens the FY24 earnings outlook.

The potential negative is that the A&NZ business recovery was materially softer than anticipated. The broker awaits more detail at the earnings result to understand the impact costs and true underlying Australian earnings.

Buy retained, target rises to $26.50 from $25.95.

Target price is $26.50 Current Price is $19.92 Difference: $6.58
If CTD meets the UBS target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $24.79, suggesting upside of 18.4% (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

Macquarie rates DEG as Outperform (1) -

De Grey Mining should release the Mallina definitive feasibility study in the first quarter of FY24 and continues to advance its funding options. Macquarie notes the company ended the fourth quarter of FY23 with $113m in cash and no debt.

An investment of $10m was also made in Canadian-listed Novo Resources and now has a 11.6% interest. Macquarie increases EPS estimates for FY23 by 8%. Outperform rating and $1.90 target retained.

Target price is $1.90 Current Price is $1.35 Difference: $0.55
If DEG meets the Macquarie target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $1.86, suggesting upside of 31.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Bell Potter rates DRO as Buy (1) -

DroneShield flagged a record quarter in June with $8.2m in customer cash receipts, a 200% increase on the prior corresponding quarter. Bell Potter observes the cash balance is likely to reduce as the company completes its inventory build during the second half.

The broker is pleased the company has also indicated the roll-out of counter-drone technology across US military bases will commence this year. Bell Potter is bullish on the outlook and retains a Buy rating with a $0.45 target.

Target price is $0.45 Current Price is $0.32 Difference: $0.135
If DRO meets the Bell Potter target it will return approximately 43% (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 DVP as Buy (1) -

Develop Global's quarterly revenue was slightly ahead of Bell Potter's estimates and resulted in FY23 revenue of $65.9m. The Woodlawn update is now expected in the September quarter and drilling activities will be extended to improve the confidence in the mineral resource.

The mining services division will no longer participate in the Kathleen Valley underground contract tender process, because of the expanded scope of the contract and higher volume of work required.

This comes as a surprise, although the broker notes discussions are progressing with several potential clients for projects that are scheduled to begin in late 2023 or early 2024. Buy rating retained. Target is reduced to $3.80 from $3.90.

Target price is $3.80 Current Price is $3.22 Difference: $0.58
If DVP meets the Bell Potter target it will return approximately 18% (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 EVS as Buy (1) -

EnviroSuite produced record sales in the June quarter, up 13%. Annual recurring revenue was up 12% to $59.4m and the company has reaffirmed its target of moving to "adjusted EBITDA profitability in FY23".

Bell Potter  has modestly downgraded revenue forecasts in FY23, FY24 and FY25, driven by reductions in recurring income forecasts. Buy rating maintained. Target is steady at $0.20.

Target price is $0.20 Current Price is $0.09 Difference: $0.107
If EVS meets the Bell Potter target it will return approximately 115% (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 FMG as Sell (5) -

Citi, upon initial assessment, observes Fortescue Metals continues to perform well operationally and FY23 will simply be another excellent year for the iron ore miner.

Among the observations made is Fortescue digs up iron ore at the lowest cost of all miners in the Pilbara. The analysts would like to receive more insights/details about FFI and the Phoenix Hydrogen hub in the US.

Net debt has been reduced to US$1bn, the broker notes. Sell. Target $19.40.

Target price is $19.40 Current Price is $23.20 Difference: minus $3.8 (current price is over target).
If FMG meets the Citi target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.99, suggesting downside of -25.9% (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: -1.0

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

Macquarie rates GL1 as Outperform (1) -

Global Lithium Resources has upgraded the resource at Manna by 10% in terms of tonnage and 13% in average grade. This enhances Macquarie's development scenario and the spodumene production rate forecast is lifted by 14% to 250,000tpa.

With higher grades improving the project economics, the broker now upgrades its earnings outlook for the company. Target is raised to $3.00 from $2.50. Outperform maintained.

Target price is $3.00 Current Price is $1.72 Difference: $1.285
If GL1 meets the Macquarie target it will return approximately 75% (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 GL1 as Buy (1) -

Global Lithium Resources has made a substantial resource upgrade at Manna, to 36mt at 1.13% lithium oxide, a 24% increase in tonnage and 13% increase in grade.

Around 50,000m of additional drilling will be done to further expand the resource and another update is expected in the first half of 2024. A DFS is progressing in parallel with exploration.

Shaw and Partners retains a Buy recommendation and $3.50 target.

Target price is $3.50 Current Price is $1.72 Difference: $1.785
If GL1 meets the Shaw and Partners target it will return approximately 104% (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 IKE as Speculative Buy (1) -

The first quarter update from ikeGPS Group revealed a significant decline in transaction revenue, previously flagged.

The weakness resulted from the non-digital engineering practices of an underlying utility in a territory where two of the company's customers are building up fibre networks.

The issue has now been resolved and Bell Potter notes the company expects transaction volumes will now build throughout FY24. Speculative Buy rating maintained. Target is $1.18.

Target price is $1.18 Current Price is $0.66 Difference: $0.525
If IKE meets the Bell Potter target it will return approximately 80% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

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 ILU as Neutral (3) -

Iluka Resources's total (zircon, rutile and synthetic rutile) improved quarter-on-quarter sales missed Citi's forecasts by -18% but the broker observes quarterly production was strong, outpacing Citi by 31%.

Management remains cautious on pricing heading into the September quarter, although Citi expects a partial catch-up. All up, the broker expects a -4% retreat in FY23 underlying profit, but forecasts a -6% rise in FY24, and a 10% rise in FY25.

The company finished the June quarter with net cash of $343m, down -$88m from $431m.

Neutral rating retained. Target price rises to $11.80 from $11.70.

Target price is $11.80 Current Price is $10.99 Difference: $0.81
If ILU meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $11.29, suggesting upside of 7.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Macquarie rates ILU as Outperform (1) -

Iluka Resources delivered a strong June quarter result and production beat Macquarie's estimates for all three product groups. The broker highlights the fact the Narngulu mineral separation plant, SR1 and SR2 all operated at full capacity during the quarter.

The company expects third quarter zircon prices will be flat and titanium dioxide pricing should also stay at current levels over the next six months. Outperform retained. Target is steady at $12.50.

Target price is $12.50 Current Price is $10.99 Difference: $1.51
If ILU meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $11.29, suggesting upside of 7.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

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

June quarter production of zircon, rutile and synthetic rutile for Iluka Resources exceeded Morgan Stanley's forecasts by 25%, while all production guidances are showing beats on a run-rate basis. Sales were in line, suggestive of an inventory build.

Pricing expectations remain flat across Zircon and rutile, notes the broker with the latter benefiting from welding sales.

There was no change to FY23 production guidance.

While the broker's earnings estimates increase for FY23 and FY24, the FY25 estimate falls significantly on a delay to the Eneabba ramp-up and lower rare earth price forecasts. 

The target falls to $10.25 from $10.70. Equal-weight. Industry view: Attractive.

Target price is $10.25 Current Price is $10.99 Difference: minus $0.74 (current price is over target).
If ILU meets the Morgan Stanley target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.29, suggesting upside of 7.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Bell Potter rates IPG as Buy (1) -

Bell Potter highlights Australia's electric vehicle uptake has reached a tipping point in 2023, with deliveries in the year to date up 200% and on current run rates appearing set to double again by year end.

Nevertheless, the ability to service public electricity demand through charging infrastructure is lagging comparable markets.

Home and public amenity charging is a secondary opportunity for IPD Group yet, in the broker's view, it represents a multi-billion-dollar market out to 2027.

With this buoyant installation outlook the broker is optimistic for the business and retains a Buy rating, raising the target to $5.50 from $4.00.

Target price is $5.50 Current Price is $4.58 Difference: $0.92
If IPG meets the Bell Potter target it will return approximately 20% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for 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 KGN as Buy (1) -

Ord Minnett notes Kogan.com shares have doubled over the last 12 months while still screening significantly undervalued. This could imply the market is more cautious than the broker about the growth potential, which is expected to be underpinned by a structural shift to e-commerce.

While downgrading short-term earnings estimates, Ord Minnett retains a positive outlook on the stock and expects top-line growth will resume in FY24 albeit at a lower level than during the pandemic restrictions. Buy rating retained. Target is $10.70.

Target price is $10.70 Current Price is $6.40 Difference: $4.3
If KGN meets the Ord Minnett 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: 0.5

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

Bell Potter rates MIN as Buy (1) -

Mineral Resources has indicated that lithium supply will likely lag demand for the next 5-7 years while supply of Australian spodumene concentrate to China is likely to become tighter as Australian lithium hydroxide plants are commissioned.

Management has also indicated in a briefing that the Australian government recognises it has a once-in-a-generation opportunity to secure a significant share of the future economic benefits of an emerging industry.

Bell Potter expects announcements on the expansion of the Wodgina and integrated downstream conversion facilities from the end of 2023. Buy rating maintained. Target is steady at $90.

Target price is $90.00 Current Price is $73.82 Difference: $16.18
If MIN meets the Bell Potter target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $80.50, suggesting upside of 10.4% (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 MIN as Neutral (3) -

Citi left the June-quarter call with Mineral Resources management with mixed feelings. 

Management advised that it is shifting its downstream strategy to focus on tolling over a build of its own hydroxide plant, given it is cheaper to toll first then build given permitting has become more difficult, meaning delayed supply. 

Add to that strength in spot spodumene prices, and the company spies value in mid-stream channels over a refinery for now.

Citi understands the company's rationale, but still sees benefits from vertical integration.

Management says it can fund Onslow's growth internally and advises the budget is on track.

Elsewhere, management advises it wouldn't part with Wodjina for $15bn and considers Mt Marion to be a 50-100 year business. Ganfeng is also happy to exit its lithium deal so long as it can secure product.

The company has struck more gas at LD3 and management expects gas will constitute a decent size of the business about 18 months down the track. 

Neutral rating retained. Target price eases to $75.50 from $76, the broker expecting a more conservative ramp up of lithium assets in FY24.

Target price is $75.50 Current Price is $73.82 Difference: $1.68
If MIN meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $80.50, suggesting upside of 10.4% (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

Macquarie rates MIN as Outperform (1) -

Mineral Resources produced a mixed fourth quarter, in Macquarie's view. Higher iron ore volumes were offset by weak realised prices for spodumene and hydroxide.

The company expects cash costs for FY23 to be at the upper end of the $73-83/wmt guidance range for iron ore while spodumene FOB costs for Mount Marion and Wodgina should be within respective ranges.

Macquarie reduces the target to $97 from $100 because of a weaker near-term earnings outlook while maintaining an Outperform rating.

Target price is $97.00 Current Price is $73.82 Difference: $23.18
If MIN meets the Macquarie target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $80.50, suggesting upside of 10.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

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

Shipments for iron ore missed the expectations of Morgan Stanley and consensus in the 4Q for Mineral Resources though was partly offset by better prices. Overall, the result was described as soft.

On the lithium front, shipments were in line with the analysts' forecast, but pricing was a miss, while at Wodgina both production and shipments were a miss and pricing was in line.

Regarding mining services, FY23 production came in bang on with Morgan Stanley's forecast.

The Equal-weight rating and $70 target are maintained. Industry view: Attractive.

Target price is $70.00 Current Price is $73.82 Difference: minus $3.82 (current price is over target).
If MIN meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $80.50, suggesting upside of 10.4% (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 MQG as Neutral (3) -

At today's AGM, Macquarie Group has flagged to shareholders quarterly earnings were "substantially" down on the year earlier. Citi analysts have taken this as a signal their forecast for a -25% decline to $1bn might be too optimistic.

After a softer Q1, the broker equally observes it does seem like management is anticipating further weakness beyond simply the opening quarter.

There's a tougher environment for deal flow and commodities income is no longer predicted to be higher than in FY22. Citi thinks this might be a result of the collapse in volatility in gas prices.

Target $175. Neutral.

Target price is $175.00 Current Price is $183.02 Difference: minus $8.02 (current price is over target).
If MQG meets the Citi target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $193.36, suggesting upside of 10.5% (ex-dividends)

The company's fiscal year ends in March.

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

UBS rates MQG as Buy (1) -

At first glance, UBS finds the trading update on the first quarter of FY24 by Macquarie Group weak, assessing it to be -15% "light" relative to expectations for the first half.

The broker expects consensus earnings downgrades will also be reflected in the share price. Division commentary outside of BFS also "reads poorly", in the broker's view, with commodity market earnings significantly down on the first quarter of FY23.

UBS has a Buy rating and $200 target.

Target price is $200.00 Current Price is $183.02 Difference: $16.98
If MQG meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $193.36, suggesting upside of 10.5% (ex-dividends)

The company's fiscal year ends in March.

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

Macquarie rates MVF as Outperform (1) -

Medicare statistics for June showed total cycles were down -0.4%. Total cycles for the second half grew 3% with fresh growth of 4.4%, the latter being ahead of forecasts.

Macquarie believes the completion of the Pivet acquisition will drive further share gains in the second half of FY23 and into FY24 for Monash IVF amid long-term structural tailwinds for the industry.

Outperform rating maintained. Target is $1.35.

Target price is $1.35 Current Price is $1.21 Difference: $0.145
If MVF meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $1.37, suggesting upside of 12.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Bell Potter rates NXD as Upgrade to Buy from Hold (1) -

NextEd Group has provided new guidance below Bell Potter's prior forecasts. Reported EBITDA is now expected to be $16.5-17.0m with operating cash flow of $25m.

The broker observes there was no detail as to where the weakness came from and assumes the strong English language student numbers provided in May lead indicators are largely unaffected. Hence, the weakness is suspected to have come from the domestic vocational segment as well as technology and design.

Rating is upgraded to Buy from Hold as a recent weakness in the share price is considered an opportunity. Target is reduced to $1.70 from $1.90.

Target price is $1.70 Current Price is $1.26 Difference: $0.44
If NXD meets the Bell Potter target it will return approximately 35% (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

Ord Minnett rates PAC as Buy (1) -

Pacific Current Group has received an indicative proposal from Regal Partners ((RPL)) for an implied consideration of $11.12 a share.

While the consideration appears to be below the company's estimated fair value and close to Ord Minnett's valuation, it does represent a 43% premium to the last closing price.

The broker, given the last closing price of $7.80, remains comfortable buying up to a price of between $10-10.25 a share. A Buy rating is maintained. Target is steady at $11.20.

Target price is $11.20 Current Price is $7.80 Difference: $3.4
If PAC meets the Ord Minnett target it will return approximately 44% (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 PLY as Buy (1) -

Playside Studios has announced a licensing and publishing agreement with Meta platforms. Specifically, it would develop a new title that brings its "Dumb Ways to Die" original IP to the Meta Quest devices.

This results in a 20% revenue upgrade for FY24 and pulls forward the breakeven potential. Shaw and Partners continues to observe a disconnect between the value investors ascribe to the company's original IP business and the "validation markers" it is delivering to the market.

Buy rating reiterated. Target rises to 80c from 70c.

Target price is $0.80 Current Price is $0.52 Difference: $0.28
If PLY meets the Shaw and Partners target it will return approximately 54% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates PRU as Outperform (1) -

Perseus Mining's June quarter production was ahead of Macquarie's estimates and its own second half guidance on both production and costs. The broker highlights the particular strong grade at Yaoure.

The company has guided to first half production of 242,500-272,500 ounces at an cost of US$1080-1190/oz. Both metrics are softer than Macquarie anticipated.

An updated reserves and resources inventory will be released in August followed by a renewed mine plan for Yaoure. Outperform maintained, with the target lowered to $2.60 from $2.80.

Target price is $2.60 Current Price is $1.79 Difference: $0.815
If PRU meets the Macquarie target it will return approximately 46% (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 RED as Upgrade to Speculative Buy from Hold (1) -

Despite better-than-expected production in the second half Ord Minnett observes Red 5 is underperforming peers, finding there is nothing fundamental over the last two quarters to justify this.

The broker assesses the risk is weighted to the upside as key balance sheet concerns have been alleviated, and there is value appeal.

Rating is upgraded to Speculative Buy from Hold as a result, with the Speculative qualifier added given ramp-up and reconciliation risk remains. Target rises to $0.23 from $0.18.

Target price is $0.23 Current Price is $0.19 Difference: $0.045
If RED meets the Ord Minnett target it will return approximately 24% (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 RIO as Buy (1) -

Rio Tinto's June-half earnings (EBITDA) fell a touch shy of Citi and consensus forecasts but, overall, Citi considered the result to be in line.

The big item was a -US$828m post-tax asset impairment at the company's Gladstone alumina refineries, due to the introduction of the Safeguard mechanism and decarbonisation investment. Meanwhile, Rio Tinto advises it won't meet its 15% emissions reduction target by 2025 without purchasing emissions credits.

Pilbara Iron Ore's free cash flow fell -US$1.4bn year on year to US$5.6bn. The broker observes a weaker Australian dollar offset inflation, while higher volumes offset a rise in maintenance cost and an increase in the mine work index.

Rio Tinto closed the half with net debt of US$4.4bn, up from US$4.2bn at December 31. Citi's dividend estimates fall.

Simandou is expected to prove the biggest capex spend (representing 70% of growth capex) and management estimates decarbonisation spending over the three years to 2025 will total US$1.5bn, but notes this will be balanced by the strong decarbonisation driven demand for steel, aluminium, copper and lithium.

Buy rating and $123 target price retained.

Target price is $123.00 Current Price is $120.81 Difference: $2.19
If RIO meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $114.17, suggesting downside of -2.9% (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: 0.2

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

Macquarie rates RIO as Neutral (3) -

First half results from Rio Tinto were mixed, Macquarie notes, with cash flow broadly in line and a lower interim dividend. The diversified portfolio has advanced projects in copper and green aluminium although near-term earnings remain dominated by iron ore.

The broker makes modest changes to forecasts, reducing 2023 EPS estimates by -2%. Neutral rating and $114 target retained.

Target price is $114.00 Current Price is $120.81 Difference: minus $6.81 (current price is over target).
If RIO meets the Macquarie target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $114.17, suggesting downside of -2.9% (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: 0.2

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

Morgan Stanley rates RIO as Overweight (1) -

First half earnings (EBITDA) and underlying profit were in line with consensus forecasts, though misses of -4% and -9%, respectively against Morgan Stanley's estimates.

The broker's earnings overestimation was due to higher costs in the copper division (largely Kenecott) and lower shipments at the Iron Ore Company of Canada (58.7% joint venture), as well as higher exploration expenses.

The US$1.77/share interim dividend was a miss of -8% against the broker.

The analysts believe management has retained balance sheet flexibility by achieving net-debt in line with Morgan Stanley's forecast.

The Overweight rating and $124 target are unchanged. Sector view is Attractive.

Target price is $124.00 Current Price is $120.81 Difference: $3.19
If RIO meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $114.17, suggesting downside of -2.9% (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: 0.2

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

Morgans rates RIO as Hold (3) -

Rio Tinto's iron ore business outperformed Morgans expectation in the 1H, while volatile metal prices and rising opex combined to keep pressure on the remaining businesses, which missed forecasts. Iron ore accounted for 84% of total earnings.

Group underlying earnings (EBITDA) of US$11.7bn missed consensus of US$12bn.

An interim dividend of US177cents was declared versus the forecasts by the broker and consensus of US176c and US180c, respectively.

Morgans raises its target to $122 from $116 after making several adjustments including lowering estimates for iron ore opex and raising overall earnings from the business.

The alumina impairment of -US1.2bn (the size of which surprised the analyst) for the Australian alumina refineries was also incorporated into the new target price. Hold retained.

Target price is $122.00 Current Price is $120.81 Difference: $1.19
If RIO meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $114.17, suggesting downside of -2.9% (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: 0.2

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

UBS rates RIO as Sell (5) -

UBS is cautious on Rio Tinto, expecting iron ore prices to moderate and cash returns to shareholders to fall as the company pivots more to growth. First half results, which were broadly in line, reinforce this view with cash returns down and capex up. Spend at Simandou is increasing.

Rio could still walk away from the project if returns are not attractive. UBS estimates 2024 spot free cash flow of 9% falls to 5% at US$90/t iron ore. With iron ore the key driver, the broker's forecast of lower prices keeps it on Sell. Target unchanged at $95.

Target price is $95.00 Current Price is $120.81 Difference: minus $25.81 (current price is over target).
If RIO meets the UBS target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $114.17, suggesting downside of -2.9% (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: 0.2

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

Macquarie rates S32 as Outperform (1) -

Production from South32 in the June quarter was higher than Macquarie expected over three commodities, with five lower and one in line.  Price realisations were generally lower than expected with the exception of alumina and aluminium.

The broker was disappointed with the -US$1.3bn non-cash impairment at Hermosa but not surprised. Estimates for EPS are downgraded which drives a reduction in the target to $4.40 from $5.00. Outperform maintained.

Target price is $4.40 Current Price is $3.93 Difference: $0.47
If S32 meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $4.48, suggesting upside of 15.0% (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: 0.7

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

Macquarie rates SGM as Underperform (5) -

Macquarie expects a weaker macro environment will weigh on scrap prices and volumes over the short term and is therefore cautious about Sims.

The broker's estimates are markedly below consensus as global economic conditions are expected to remain unfavourable. Ferrous and nonferrous prices have been decline in recent months and offshore feedback from peers also points to contracting scrap metal margins.

Underperform maintained. Target is reduced to $12.95 from $13.50.

Target price is $12.95 Current Price is $15.44 Difference: minus $2.49 (current price is over target).
If SGM meets the Macquarie target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.76, suggesting downside of -2.6% (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

Macquarie rates TAH as Neutral (3) -

Macquarie takes a more cautious view on wagering amid heightened regulatory risks and possible restrictions to "marketing & generosities".

Australian wagering has grown substantially over the past decade, supported by a shift to digital, product innovation and increased marketing.

The broker considers Tabcorp Holdings the likely winner of the exclusive Victorian wagering licence that should lift EBITDA by around $145m albeit cost $850m and, thereby, be somewhat value neutral.

Alternatively, the broker adds, the company could shift to a corporate bookmaker model in Victoria and, while there is variable margin benefit, it would need to retain 70% of digital volumes to stand still at the EBITDA line.

Neutral maintained. Target is raised to $1.15 from $1.10. 

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

Current consensus price target is $1.18, suggesting upside of 9.1% (ex-dividends)

The company's fiscal year ends in August.

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

Macquarie rates TBN as Outperform (1) -

Macquarie observes Tamboran Resources has been making progress on its LNG strategy at Middle Arm, with sales to existing LNG plants at Darwin an option over the longer term, although improved flow rates must be delivered before any of this progresses to a binding status.

The Amungee 2H results were disappointing, with skin issues persisting and the root cause yet to be fully understood. Still, the broker believes the shares offer sizeable leverage to improved Beetaloo well results and maintains an Outperform rating with a $0.30 target.

Target price is $0.30 Current Price is $0.16 Difference: $0.145
If TBN meets the Macquarie target it will return approximately 94% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates WGX as Outperform (1) -

Westgold Resources had a firm end to FY23 and comfortably met guidance, Macquarie observes. FY24 guidance is expected to be provided in the first week of August.

The company has also announced that the Fender mine will restart in the first quarter with the ore to be trucked to Meekatharra. The near-term catalyst is the outcome of the Big Bell expansion study, the broker adds, and retains an Outperform rating and $2 target.

Target price is $2.00 Current Price is $1.71 Difference: $0.29
If WGX 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