Australian Broker Call

Citi rates 29M as Neutral (3) -

29Metals June first-half result met Citi's forecasts and the company closed the half with a book value of $172m.

The announcement of a $151m (1 for 2.20) entitlement offer at 69c (219.1m shares) was the big news, although Citi posits it had been on the cards. The broker suspects there may be some resentment from shareholders that it wasn't announced earlier in the year when the share price was higher. The raising is underwritten.

The company also received debt covenant relief to June 2024 and the company says it is full funded.

2023 guidance is steady save for an easing in depreciation and amortisation. EPS forecast fall to reflect the dilution.

Neutral rating retained. Target price falls to 75c from 85c.

Target price is $0.75 Current Price is $0.75 Difference: $0
If 29M meets the Citi target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $0.79, suggesting downside of -11.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Morgan Stanley rates 29M as Equal-weight (3) -

The underlying EBITDA in the first half from 29Metals missed Morgan Stanley's estimates. The company is undertaking an underwritten $151m 1-for-2.2 pro rata accelerated non-renounceable entitlement offer.

Funds will be used for working capital, Golden Grove projects and repair of the balance sheet. The broker believes this is necessary given the rectification work required and to remove an ongoing overhang for the stock.

Equal-weight rating and 75c target are retained. Industry view: Attractive.

Target price is $0.75 Current Price is $0.75 Difference: $0
If 29M meets the Morgan Stanley target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $0.79, suggesting downside of -11.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Bell Potter rates 5GG as Speculative Buy (1) -

Pentanet reported FY23 numbers in line with its recent quarterly update. It was a difficult year, Bell Potter asserts, with the company needing a reset following high expectations for its high-margin on-net network due to hardware-related rollout issues and capacity constraints.

Pentanet now has four towers with operational 5G equipment and is targeting eight towers in total for a 5G service launch in the first half FY24. Cloud Gaming integration with Optus’ Subhub platform is also expected to go live in the period.

The company remains in a roll-out and commercialisation phase of multiple new technologies. The broker's rating is based on a successfully scaled rollout of Pentanet's high-margin on-net networks.

Speculative Buy and 14c target retained.

Target price is $0.14 Current Price is $0.08 Difference: $0.062
If 5GG meets the Bell Potter target it will return approximately 79% (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 ABC as Lighten (4) -

Adbri's June first-half result outpaced Ord Minnett's forecasts across all products and the broker increases its 2023 earnings (EBITDA) forecast by 9% to reflect a beat on revenue.

On the flipside, the broker spies rising costs so raises its 2023 capital expenditure forecast at Kwinana and reduces property sale estimates, expecting only Badgery's Creek will be sold. Hence, Ord Minnett doubts a 2023 dividend will be declared.

The broker expects demand from residential markets (one third of the company's business) to decline over 2023 and 2024 as higher interest rates take their toll.

2023 EPS forecasts rise but 2024 EPS forecasts fall.

Lighten rating and $1.90 target price retained.

Target price is $1.90 Current Price is $2.20 Difference: minus $0.3 (current price is over target).
If ABC meets the Ord Minnett target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.17, suggesting downside of -1.8% (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

Morgans rates AIM as Add (1) -

The FY23 result for Ai-Media Technologies was in line with Morgans expectations. Expanding gross profit margins year-on-year demonstrated a changing business mix, with Technology around 40% of revenue yet 55% of gross profit in the 2H.

The broker suggests Technology is now material enough and fast enough growing to lift profitability across the business in FY23, and do it again in FY24.

Free cash flow (FCF) lifted by 381% year-on-year to $1.9m, in an impressive outcome, according to the analysts.

Morgans forecasts are broadly in line with management's outlook commentary, The Add rating and 70c target are unchanged.

Target price is $0.70 Current Price is $0.30 Difference: $0.4
If AIM meets the Morgans target it will return approximately 133% (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 AMI as Speculative Buy (1) -

Aurelia Metals's FY23 result missed Ord Minnett's forecasts due to a bigger than expected depreciation and amortisation charge, followed by non-cash impairments at Hera and Dargues. Otherwise, the broker considers the result to be in line.

FY24 guidance proved a big beat on both production and costs, which Ord Minnett says will prove a welcome boost to cash flow in an investment-heavy year given development costs for Federation. But the broker expects a reversal in FY25.

Speculative Buy rating retained. Target price rises to 20c from 18c.

Target price is $0.20 Current Price is $0.08 Difference: $0.118
If AMI meets the Ord Minnett target it will return approximately 144% (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 ASB as Buy (1) -

Judging from Citi's initial response, Austal's net loss of -$14m in today's released FY23 report is broadly in line, also because management had pre-updated.

Suggested revenues for FY24 are well above current market forecasts, the broker observes.

Among negatives are a final dividend of 3c, below the 4c forecast. Net cash disappointed too. The market for ferry orders remains weak. Austal’s US president Rusty Murdaugh has resigned, not creating much in terms of in-house stability.

The analysts suggest margin guidance might also disappoint some. Buy. Target $2.90.

Target price is $2.90 Current Price is $1.91 Difference: $0.995
If ASB meets the Citi target it will return approximately 52% (excluding dividends, fees and charges).

Current consensus price target is $2.75, suggesting upside of 41.0% (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

Citi rates BXB as Downgrade to Neutral from Buy (3) -

Citi, upon initial response to yesterday's FY23 release by Brambles, was foremost surprised by the FY24 outlook provided. This early into the fresh financial year, the broker had expected management to be a lot more cautious.

The broker labels it a solid result, with operating profit at the top-end of 17%-19% guidance range while, compositionally, the operating performance was strong.

Upon further reflection, the broker has come to the conclusion that Brambles has been operating inside a sweet spot of macro conditions, but things will get less accommodative from here onwards.

Hence the downgrade to Neutral from Buy.  Target lifts to $16 from $15.65. Only small amendments have been made to forecasts.

Target price is $16.00 Current Price is $15.15 Difference: $0.85
If BXB meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $15.34, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.2

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

Macquarie rates BXB as Neutral (3) -

The FY23 results from Brambles were broadly in line with Macquarie's estimates. On further analysis, the broker finds improving cash generation and an under-leveraged balance sheet can provide options for capital management.

The company has experienced high sales growth over the last couple of years, supported by an ability to pass through inflation and appropriately price contracts.

This benefit may be starting to normalise yet Macquarie assesses increased pallet availability should mean a return to volume growth. Neutral maintained. Target rises to $15.05 from $13.70.

Target price is $15.05 Current Price is $15.15 Difference: minus $0.1 (current price is over target).
If BXB meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.34, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.2

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

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

Morgan Stanley found the FY23 result from Brambles in line with forecasts and commentary has flagged improved pallet availability amid better volume trends in North America.

The outlook for FY24 is for constant currency EBIT growth of 9-12%, broadly in line with expectations. Morgan Stanley assesses Brambles is in a "Goldilocks" position, navigating softer conditions well and consistently delivering growth despite evidence of some slowing in the broader economy.

Earnings growth is expected to be coupled with an improved cash flow profile, although the current share price appears full.

Equal-weight rating reiterated. Target rises to $15.40 from $14.40. Industry view: In-Line.

Target price is $15.40 Current Price is $15.15 Difference: $0.25
If BXB meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $15.34, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.2

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

Morgans rates BXB as Hold (3) -

FY23 results for Brambles were broadly in line with consensus forecasts and a slight beat against Morgans. A 15% jump in earnings (EBIT) were largely driven by price increases to recover cost inflation despite an overall -2% drop in volumes.

All divisions performed better than the broker expected, with the group underlying earnings margin increasing by 70bps to 17.6%, while the return on invested capital (ROIC) rose by 40bps to 18.5%.

Guidance is for constant currency revenue growth of 6-8% and underlying earnings growth of 9-12%.  Reacting to guidance and after adjusting currency assumptions, Morgans raises its FY24-26 underlying earnings forecast by between 5-6%.

The target rises to $15.70 from $14.17. The broker's Hold rating is retained due to both valuation and the uncertain macroeconomic outlook.

Target price is $15.70 Current Price is $15.15 Difference: $0.55
If BXB meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $15.34, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.2

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

Ord Minnett rates BXB as Hold (3) -

Brambles's FY23 result appears to have met Ord Minnett's forecasts.

The broker forecasts a FY24-FY28 revenue compound annual growth rate of 6%, thanks to improvements in digitisation, pricing and efficiencies in pallet recovery. But the broker expects pallet demand to remain flat as customers ease-up on stockpiling inventory given economic uncertainty.

Ord Minnett welcomes a likely cut in capital expenditure and appreciates the company's balance sheet, observing 90% of the company's debt is hedged, with only 20% maturing by the end of FY24.

Hold rating and $14 target price retained.

Target price is $14.00 Current Price is $15.15 Difference: minus $1.15 (current price is over target).
If BXB meets the Ord Minnett target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.34, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.2

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

Shaw and Partners rates C79 as Buy (1) -

In assessing the past year, Shaw and Partners finds Chrysos has become more confident in both the demand for PhotonAssay technology and its ability to deliver successfully. The broker now expects 230 units are deployed by FY33 and asserts there is plenty of upside not included in estimates.

The forecast now assumes the company successfully penetrates 38% of an addressable 610 unit opportunity. Given the technology is the company's own, the broker finds this is consistent with the market share of category winners in other technology verticals.

Shaw and Partners reiterates a Buy rating. Target is $6.90, up from $5.70.

Target price is $6.90 Current Price is $6.07 Difference: $0.83
If C79 meets the Shaw and Partners 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

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

City Chic Collective missed Morgan Stanley's estimates in FY23 and the trading update suggests it is travelling well below expectations.

The broker points out the long-term impact on the company's brands of aggressive discounting is an unknown and there is a risk that gross margins are permanently impaired. Sales for the first eight weeks of the first half of FY24 were down -33%.

Equal-weight. Target is $0.40. Industry view: In line.

Target price is $0.40 Current Price is $0.50 Difference: minus $0.1 (current price is over target).
If CCX meets the Morgan Stanley target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.50, suggesting upside of 10.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.2

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

Ord Minnett rates CCX as Hold (3) -

City Chic Collective's FY23 result disappointed Ord Minnett as markets continued to deteriorate, sales down 33%.

On the upside, inventories fell sharply to $54m and the company continues to "aggressively clear" end of season stock. The company closed the year with net cash of $10.9m, in line.

Management guides to a December-half loss before returning to profitability in the June half. It also says it is seeing strong sales in new season products and forecasts an uptick in demand in the December quarter and a gross margin of 60%.

The broker appreciates the inventory improvement but believes the company has a way to go. FY24 EPS forecast move into the red.

Hold rating retained. Target price falls to 50c from 60c.

Target price is $0.50 Current Price is $0.50 Difference: $0
If CCX meets the Ord Minnett target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $0.50, suggesting upside of 10.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.2

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

Morgans rates COE as Add (1) -

Cooper Energy delivered an in-line FY23 result at the earnings (EBITDAX) level and FY24 guidance for production, costs and capex were also in line with Morgans forecasts.

Maiden FY24 production guidance is for 3.5-3.9mmboe, cost guidance is $60-68m, while capex guidance is -$190-210m.

Management is aiming to accelerate work to lift Orbost output after officially taking control in May, explain the analysts.

The broker's Add rating is unchanged and the target rises to 24c from 23c.

Target price is $0.24 Current Price is $0.12 Difference: $0.125
If COE meets the Morgans target it will return approximately 109% (excluding dividends, fees and charges).

Current consensus price target is $0.18, suggesting upside of 52.8% (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 CYG as Buy (1) -

Coventry Group announced a robust FY23 result, Bell Potter suggests, in line with a July update, showing earnings rose 10% year on year driven by total sales growth of 11% of which the broker estimates was 7% organic.

There was no formal guidance offered, but July sales were up 12%. Management noted demand remains robust in primary end markets and cost base inflation is slowing. Coventry has identified several initiatives to improve Nubco and NZ margins and is continuing to focus on reducing inventory.

In Bell Potter's view the single greatest driver of value centres on the turnaround of Konnect Australia, but the broker also believes the market undervalues the quality of the Fluids segment considering historic transaction and trading multiples for similar businesses.

Target rises to $1.35 from $1.25, Buy retained.

Target price is $1.35 Current Price is $1.16 Difference: $0.19
If CYG meets the Bell Potter 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

Morgan Stanley rates DDR as Overweight (1) -

Dicker Data posted first half results that were in line with Morgan Stanley's estimates. The broker acknowledges being too early calling an inflection point back in February but believes this is now starting to play out, albeit at a slower pace.

The broker found two incremental takeaways from the report: the business is on track to meet or beat estimates in 2023 despite subdued PC growth as software momentum has been strong, and it is clear that supply chains are easing.

Overweight rating and $10.00 target. Industry View: In-Line.

Target price is $10.00 Current Price is $8.88 Difference: $1.12
If DDR meets the Morgan Stanley target it will return approximately 13% (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

UBS rates DDR as Upgrade to Buy from Neutral (1) -

Dicker Data's June first-half result appears to have pleased UBS, despite a miss on operating expenditure, the broker observing momentum in most businesses, excluding PC sales (which were lower but in line).

The broker expects growth to rally to 11% in FY24, driven by a rebound in PCs, and ongoing strength in security and software.

UBS forecasts an FY23-FY26 EPS annual compound growth rate of 12% and a 5% yield (although the broker thinks a reduction in the payout ratio would be preferable in order to service debt and cut interest expense).

Rating is increased to Buy from Neutral, UBS perceiving the earnings profile to be derisked. Target price rises to $9.60 from $8.40.

Target price is $9.60 Current Price is $8.88 Difference: $0.72
If DDR meets the UBS target it will return approximately 8% (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

Ord Minnett rates EML as Hold (3) -

EML Payments's FY23 result outpaced Ord Minnett's forecasts but the broker says this included adjustments that deemed restructuring and remediation costs as non-recurring, which the broker doubts.

Ex these adjustments, the result was a miss at the earnings (EBITDA) level and a 3% beat at the profit level (thanks to stronger volumes). FY24 EPS forecasts rise.

The broker suggests the company should ditch PFS, which is impacting overheads and profits and says growth in compliance costs are expected to outpace revenue growth. 

Ord Minnett adds cost-cutting and remediation will distract from growth investments, leaving the company vulnerable to competition and the closure of PFS would reduce the company's risk profile.

The broker expects the company's strategic review to be finalised by the end of FY24. Hold rating and 80c target price retained.

Target price is $0.80 Current Price is $1.08 Difference: minus $0.275 (current price is over target).
If EML meets the Ord Minnett target it will return approximately minus 26% (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

Bell Potter rates FDV as Buy (1) -

Frontier Digital Ventures’ first half operating result was largely pre-reported following its June quarter update. Bell Potter notes revenue increased 7% year on year and earnings rose to $3.4m from $0.9m.

Frontier Digital is deploying intellectual property generated by InfoCasas into other LatAm markets sequentially between the September and March quarters to accelerate transaction revenue in the region.

The broker retains Buy based on diversified exposure to market-leading platforms in multiple regions, countries and verticals, and the ability to grow the underlying portfolio while managing costs as evidenced by generating positive earnings for all regions during difficult operating conditions in the first half.

Target falls to 74c from 83c.

Target price is $0.74 Current Price is $0.38 Difference: $0.365
If FDV meets the Bell Potter target it will return approximately 97% (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

Citi rates FLT as Buy (1) -

Flight Centre Travel's underlying earnings (EBITDA) met consensus forecasts and profit before tax outpaced by 4%.

Citi observes that restricted cash is still half that of the pre-pandemic yields and expects this will start to rebuild once Leisure kicks in.

The broker expects it is Flight Centre's turn to enjoy a macro boost as commissions normalise, international capacity hits 100%, and as airline competition increases, now that airlines, hotels and travel businesses are normalising.

Buy rating retained. Target price rises to $25.85 from $25.50.

Target price is $25.85 Current Price is $21.46 Difference: $4.39
If FLT meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $25.25, suggesting upside of 19.6% (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 FLT as Upgrade to Outperform from Neutral (1) -

Flight Centre Travel delivered a "solid" result, Macquarie observes, slightly above guidance at the EBITDA level and with leisure profitability surprising to the upside. On further analysis the broker assesses the business has good momentum into FY24, as solid profit margin improvement is expected in corporate after heavy investment.

While some are focused on the pre-tax profit margin target of 2% for FY25, Macquarie prefers that attractive growth opportunities are prioritised, including lower-margin business.

The capital management plan has been reinstated with 50-60% net profit to be returned to shareholders via various means. Rating is upgraded to Outperform from Neutral. Target is lifted 8% to $24.85.

Target price is $24.85 Current Price is $21.46 Difference: $3.39
If FLT meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $25.25, suggesting upside of 19.6% (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 FLT as Add (1) -

FY23 results were in line with Flight Centre Travel's recent update. A net cash balance of $516m at 30 June resulted from a material improvement in operating cashflow and the final 18cps dividend surprised Morgans and reflected the ongoing recovery.

FY23 underlying earnings (EBITDA) were $301.6m, assisted by a big 2H of $206.6m. A material improvement in the 2H profit (NPBT) margin demonstrates the company's more efficient and profitable new business model, suggests the broker.

While the analysts await earnings guidance at the AGM in November, outlook commentary was considered positive. It is felt the travel recovery has much further to go. Add. The target falls to $26 from $26.40.

Target price is $26.00 Current Price is $21.46 Difference: $4.54
If FLT meets the Morgans target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $25.25, suggesting upside of 19.6% (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 FLT as Buy (1) -

Flight Centre Travel's FY23 result outpaced Ord Minnett's forecasts and the broker waxes lyrical, expecting demand to continue to rise albeit at lower margins.

The broker observes the corporate division has become a serious contender in the big end of the travel management, or TMC, market, winning several tenders, and says it underestimated the company's ability to adapt.

Flight Centre closed June 30 with net cash of $520m and set the payout ratio at between 40% and 60%, heralding a return to dividends and an 18c DPS was declared. Management also announced its desire to buy back stock or convertibles.

EPS forecasts are steady in FY24 but fall -7% in FY25 EPS to reflect the inclusion of share rights.

The broker believes the company's targets are achievable. Buy rating retained. Target price eases to $26.12 from $26.75.

Target price is $26.12 Current Price is $21.46 Difference: $4.66
If FLT meets the Ord Minnett target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $25.25, suggesting upside of 19.6% (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 FLT as Neutral (3) -

Flight Centre Travel's FY23 result met consensus but missed UBS's forecast, but the broker appears to be satisfied, observing a strong recovery and continued improvement in productivity (although cash conversion was a miss).

Management observes early FY24 strength in corporate and leisure (following on from strong second-half momentum) but operating cash flow remains weak. Looking out to FY25, UBS says the company's aspirational profit before tax margin implied a 29% beat on consensus.

EPS forecasts fall -12% in FY24, -5% in FY25, and -7% in FY26 to reflect a higher tax rate and staff shares.

Overall the broker believes the positives outweighed the negatives. Neutral rating retained. Target price rises to $23.45 from $22.50.

Target price is $23.45 Current Price is $21.46 Difference: $1.99
If FLT meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $25.25, suggesting upside of 19.6% (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 FPH as Hold (3) -

Fisher & Paykel Healthcare appears to have outpaced Ord Minnett's forecasts and management reiterated FY24 revenue guidance, implying at least 14% growth, says the broker.

Ord Minnett continues to expect strong EPS growth over the long term as double-digit sales growth combines with efficiencies to drive margin expansion, although margins still have some way to go, says the broker.

Hold rating and $20.50 target price retained.

Target price is $20.50 Current Price is $20.68 Difference: minus $0.18 (current price is over target).
If FPH meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $20.50, suggesting downside of -1.8% (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

Morgans rates GDG as Add (1) -

Generation Development's Investment Bond (IB) business beat Morgans FY23 expectations due to improving costs, which offset slightly softer-than-forecast numbers for Lonsec and the Annuity business.

Underlying profit beat forecasts by consensus and the broker by 10% and 6%, respectively, while the 2cps FY23 dividend was in line with expectations.

Management notes solid sales momentum heading into FY24 and is “very positive” on growing its overall sales result, provided the market environment remains relatively stable.

While Morgans lowers its profit forecasts due to higher forecast near-term Annuity business losses, a valuation roll-forward still lifts the target price to $1.52 from $1.42. Add.

Target price is $1.52 Current Price is $1.39 Difference: $0.13
If GDG meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Citi rates HLS as Neutral (3) -

Healius's FY23 underlying net profit after tax missed consensus by -14% due to higher interest expense; underlying earnings (EBIT) met Citi's forecasts but did not include a -$45m one-off cost. 

Citi observes a positive skew to the second half, due to a resetting of the cost base.

Management expects a continued recovery in pathology in FY24, with strengthening momentum in the second half, and expects to remain within its covenants.

EPS forecasts fall -40% in FY24; and -16% in FY25 to reflect higher corporate costs, interest expense and depreciation and amortisation. No dividend is expected in FY24.

Neutral rating retained. Target price falls to $3 from $3.20.

Target price is $3.00 Current Price is $2.92 Difference: $0.08
If HLS meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $3.09, suggesting upside of 10.4% (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 HLS as Outperform (1) -

On further analysis of the FY23 results Macquarie observes margin expansion occurred in the second half despite total revenue being lower, which reflects the benefits associated with the cost re-set.

Going forward, the broker expects an improvement in earnings over FY24, without an interim dividend and by using tax losses.

Forecasts capture better base pathology/imaging revenue for Healius and the broker considers the stock positively leveraged to improved activity. Outperform retained. Target edges down to $3.40 from $3.45.

Target price is $3.40 Current Price is $2.92 Difference: $0.48
If HLS meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $3.09, suggesting upside of 10.4% (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 HLS as Underweight (5) -

Morgan Stanley notes revenue missed expectations while underlying EBIT in FY23 was in line with guidance.

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

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

Underweight. Target is $2.60. Industry View: In-Line.

Target price is $2.60 Current Price is $2.92 Difference: minus $0.32 (current price is over target).
If HLS meets the Morgan Stanley target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.09, suggesting upside of 10.4% (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

Morgans rates HLS as Hold (3) -

Morgans assesses a mixed FY23 result for Healius with in-line underlying profit yet underlying net income of $26m fell short of consensus forecasts and the broker for $31m and $36m, respectively, due to a higher interest expense.

While industry volumes should continue to improve, the broker expects ongoing volatilty for Healius' earnings given a half-completed extensive digitisation agenda along with AI initiatives.

Management expects volumes will “trend higher”, gearing will “remain within bank covenant” and dividends will be resumed upon a “return to normal market volumes”.

Morgans lowers its target to $2.90 and retains its Hold rating.

Target price is $2.90 Current Price is $2.92 Difference: minus $0.02 (current price is over target).
If HLS meets the Morgans target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.09, suggesting upside of 10.4% (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 HLS as Accumulate (2) -

FY23 revenue was in line with forecasts although underlying EBIT was softer than Ord Minnett expected. The broker reduces EBIT forecast by -15% on average for the next two years because of inflation, although leaves longer-term estimates largely unchanged.

While expecting inflation will weigh on near-term margins, Ord Minnett suspects increased operating leverage from higher volumes in the base business will offset this over the longer term. Accumulate maintained. Target is $3.55.

Target price is $3.55 Current Price is $2.92 Difference: $0.63
If HLS meets the Ord Minnett target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $3.09, suggesting upside of 10.4% (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

Morgans rates HMC as Add (1) -

HMC Capital's FY23 earnings and dividend were ahead of Morgans forecasts largely due to a non-cash contribution from HMC Capital Partners.

The broker notes significant growth for assets under management (AUM), which now stand at $8.1bn, due to the launch of several unlisted funds over the past 12-18 months. Committed AUM is thought to be on track to hit around $10bn in the short term.

Management expects to deliver strong underlying earnings growth in FY24 but provided no specific earnings guidance. FY24 dividend guidance is for 12cpu.

Morgans raises its target to $5.62 from $5.18 and assumes dividends remains at 12cpu over the forecast period. Add.

Target price is $5.62 Current Price is $5.40 Difference: $0.22
If HMC meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $5.45, suggesting upside of 1.2% (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 HVN as Neutral (3) -

At a glance, Harvey Norman's FY23 result met Citi on sales and outpaced on earnings (EBIT) by 13% thanks to a beat on margins.

The final dividend also outpaced at 12c, compared with the broker's 8c estimate.

The broker observes Franchise System sales fell -12.6% in July and expects consumers will shift their focus from household goods to travel spending in FY24.

Cash conversion was 108%. Neutral rating and $3.70 target price steady awaiting closer examination of the result.

Target price is $3.70 Current Price is $3.84 Difference: minus $0.14 (current price is over target).
If HVN 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 $3.59, suggesting downside of -11.1% (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

UBS rates HVN as Sell (5) -

At first glance, Harvey Norman's FY23 result landed at the upper end of guidance and outpaced consensus and UBS forecasts on profit- before tax by a decent clip, thanks to a strong beat on margins.

Operating cash flow also outpaced, the company logging conversion of 97%.

New Zealand's retreat was not as bad as feared, although Ireland disappointed.

For now, Sell rating and $3.25 target price retained.

Target price is $3.25 Current Price is $3.84 Difference: minus $0.59 (current price is over target).
If HVN meets the UBS target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.59, suggesting downside of -11.1% (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

Citi rates IGO as Neutral (3) -

In an initial response, Citi analysts have been wowed by IGO's 44c special dividend on top of a final dividend of 16c, taking total payout for FY23 to 74c.

The broker highlights this compares with market consensus positioned for 38c in total.

Otherwise, FY23 financials seem to have come out mostly in line with expectations, though there is a higher impairment of -$968.5m for the acquired Western Areas.

Neutral. Target $15.50.

Target price is $15.50 Current Price is $13.20 Difference: $2.3
If IGO meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $15.54, suggesting upside of 11.6% (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

Macquarie rates KLS as Outperform (1) -

While Kelsian Group missed Macquarie's forecasts for FY23 because of higher overheads and one-off operating costs in Singapore/UK, on further analysis the results reinforce the defensive nature of earnings and the growth options globally.

Earnings grew 4% with a partial contribution from M&A, along with a tourism recovery and a return to charter work for buses in Australia. Marine and tourism are expected to experience a full recovery from international in FY25.

Outperform retained. Target is reduced to $7.70 from $8.80 as a result of higher gearing and increased capital expenditure.

Target price is $7.70 Current Price is $6.50 Difference: $1.2
If KLS meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $7.29, suggesting upside of 16.3% (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

Ord Minnett rates KLS as Downgrade to Hold from Buy (3) -

The Kelsian Group net profit was ahead of forecasts for FY23, the results reflecting a business that is looking offshore for growth and "betting big" on the AAAHI acquisition, Ord Minnett observes.

The main driver of earnings was tourism & marine, benefiting from a surge in domestic travel post the pandemic.

Australian bus division earnings declined -5% with the company citing labour shortages as the primary reason. While acknowledging new contracts and improved labour availability, Ord Minnett remains cautious about the outlook.

Given a modest outlook, the broker downgrades to Hold from Buy pending further industry work on the US bus segment and AAAHI. Target is reduced to $6.27 from $6.88.

Target price is $6.27 Current Price is $6.50 Difference: minus $0.23 (current price is over target).
If KLS meets the Ord Minnett target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.29, suggesting upside of 16.3% (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

UBS rates KLS as Buy (1) -

Kelsian Group's FY23 performance proved a modest "miss" on higher costs, but UBS appreciates the company's strong organic performance from its recent US acquisition and its exit run-rate (which implies double-digit revenue and earnings growth in FY24).

The 17c dividend is below the forecast 19.5c while capex guidance seems to have surprised negatively (higher than anticipated).

The broker expects costs and labour issues will continue to dog the company in FY24 but expects these to normalise during the June half, yielding an improvement in margins.

The company closed the year with net debt of -$648m and gearing rose to 40% from 31%.

Buy rating retained. Target price falls to $7.90 from $8.10. EPS forecasts fall -6% in FY24 and -1% in FY25.

Target price is $7.90 Current Price is $6.50 Difference: $1.4
If KLS meets the UBS target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $7.29, suggesting upside of 16.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

Morgans rates KSL as Add (1) -

Following in-line 1H results for Kina Securities, Morgans assesses good cost controll in a difficult revenue environment and notes the result was impacted by a lift in the Papua New Guinean tax rate for banks to 45% from 30%.

Despite solid 1H loan growth, revenue was well below the broker's forecast due to lower yields on treasury bills and government securities, and a decline in currency income on the previous corresponding period.

General structural challenges are impacting the supply of foreign currency, and the analyst is unsure how long this headwind will persist.

Morgans considers the stock too cheap and retains its Add rating. The target edges up to $1.09 from $1.08.

Target price is $1.09 Current Price is $0.80 Difference: $0.29
If KSL meets the Morgans target it will return approximately 36% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

This company reports in PGK. 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 LGI as Hold (3) -

While LGI's FY23 underlying profit came in at the top end of guidance and beat Morgans forecast by 2%, FY24 earnings (EBITDA) guidance for $15.3-16.4m compared to the broker's $18.8m forecast.

As a result of this guidance, Morgans' target falls to $1.91 from $2.28.

Forecast average electricity price assumptions are lowered to around $140/MWh and the average Australian Carbon Credit Units (ACCU) price estimate to $32.5/tCO2.

The broker's Hold rating is unchanged. The medium and long term earnings growth potential is still believed to remain intact.

Target price is $1.91 Current Price is $2.06 Difference: minus $0.15 (current price is over target).
If LGI meets the Morgans target it will return approximately minus 7% (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

Bell Potter rates MAP as Speculative Buy (1) -

Microba Life Sciences, an emerging leader in the microbiome industry with a network of leading distribution partners, posted FY23 results largely as Bell Potter expected.

FY23 revenue was up 16% with total operating expenses up 26%, resulting in an earnings loss of -$11.9m. Microba has $32.0m cash at hand with minimal debt.

Revenue growth in FY24 is expected due to the continued roll out of MetaXplore in Australia and international markets, as well as the Australian launch of MetaPanel via Sonic Healthcare ((SHL)).

Speculative Buy and 55c target retained.

Target price is $0.55 Current Price is $0.36 Difference: $0.19
If MAP meets the Bell Potter target it will return approximately 53% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Bell Potter rates MDR as Buy (1) -

MedAdvisor released FY23 results broadly in line with guidance and Bell Potter's forecasts. Revenue grew 44% year on year with
improvement in gross margin by 9.0% to 61%.

Management emphasised FY24 targets of delivering sustainable revenue growth, positive earnings and improving operating cashflow. The key drivers for this strategy include increasing the patient network, expansion of adherence solutions and integration towards a global ‘One MedAdvisor’ platform.

The shift towards digital engagement is critical in sustaining gross margins in the US, the broker notes, and effectively leveraging the 90m patient reach which will allow MedAdvisor to deliver ongoing growth.

Buy and 42c target retained.

Target price is $0.42 Current Price is $0.23 Difference: $0.19
If MDR meets the Bell Potter target it will return approximately 83% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Bell Potter rates MIN as Buy (1) -

Mineral Resources' underlying earnings were a 71% increase on FY22 and in line with Bell Potter's forecast. Profit was impacted by impairment expenses against the operating iron ore mines and was down -30%.

Production and cost guidance are broadly in line with Bell Potter 's estimates. The broker makes minor adjustments to Mount Marion forecasts and increases forecast FY24 capital expenditure to align with guidance.

Mineral Resources' business is undergoing considerable growth, Bell Potter notes. Resulting production growth is forecast to increase earnings over the next two years and provide leverage to lithium and iron ore prices.

Buy and $90 target retained.

Target price is $90.00 Current Price is $70.72 Difference: $19.28
If MIN meets the Bell Potter target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $78.00, suggesting upside of 10.0% (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

Ord Minnett rates MIN as Hold (3) -

Mineral Resources posted a 92% increase in underlying FY23 net profit to $767m yet still below forecasts. Ord Minnett finds limited implications in the numbers in terms of long-term projections as earnings swing "violently" on iron ore and lithium price realisations.

Despite a lower-than-expected second half payout of just 35%, the broker observes the market appreciated the results, with the shares up 7% intraday. The stock is currently seen trading around fair value estimates and Ord Minnett retains a Hold rating and $67 target.

Target price is $67.00 Current Price is $70.72 Difference: minus $3.72 (current price is over target).
If MIN meets the Ord Minnett target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $78.00, suggesting upside of 10.0% (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

Morgans rates MTO as Add (1) -

Apart from beating FY23 profit forecasts by consensus and Morgans by 6% and 15%, respectively, Motorcycle Holdings guided to improving trade in the 1H of FY24 as a continuation of a stronger Q4 in FY23.

Acquisitions in FY23 spurred growth and covered for a softer core business, note the analysts, and management contained costs well. The result included a $6.1m profit contribution from the Mojo Group acquisition.

Morgans upgrades its FY24 and FY25 EPS forecasts by 24% and 23%, respectively, and its target rises to $2.60 from $2.10. Add.

Target price is $2.60 Current Price is $2.12 Difference: $0.48
If MTO meets the Morgans 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

Morgans rates MX1 as Speculative Buy (1) -

Micro-X's FY23 results were just slightly in advance of Morgans forecasts with a net loss of -$10.7m compared to the expected -$11.9m.

At June 30, the company had $5.2m cash and management expects to improve its near-term cash position after receiving its FY23 R&D tax incentive refund this quarter, and after converting around $6m of inventory to cash.

The analysts highlight the key upcoming near-term catalyst is the commercial launch of Argus.

The target eases to 27c from 28c and the Speculative Buy rating is unchanged.

Target price is $0.27 Current Price is $0.13 Difference: $0.145
If MX1 meets the Morgans target it will return approximately 116% (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 NXT as Buy (1) -

Citi's initial assessment was that NextDC's FY23 report missed on EBITDA margin, billing ramp, contracted utilisation in Melbourne and the number of interconnections.

On the positive side there is strong bookings momentum, with management guiding towards a record year of new contract wins in FY24.

On further follow-up, EBITDA forecasts have been reduced by -5%-13% to account for slower billing, lower gross margins and higher opex, including through overheads from new sites.

In the background of all of the above, the broker has upgraded its long term growth forecasts, which pushes up the price target by 4% to $15.45. Buy.

Target price is $15.45 Current Price is $13.33 Difference: $2.12
If NXT meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $14.81, suggesting upside of 9.4% (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 PGC as Hold (3) -

Paragon Care's FY23 revenues were a small miss against Bell Potter's forecast due mainly to the closure of Lovell Surgical during the year. Revenues grew by 24% year on year with the main driver being the full year impact of acquisitions.

The final dividend was maintained at 0.6cps and the company has re-introduced a DRP. Following year-end the company completed acquisitions for Carestream Japan in addition to acquiring the minority interest in Quantum Health Thailand.

Paragon expects further organic growth in FY24, accelerating in FY25, which is consistent with the broker's expectation. Bell Potter anticipates another strong year of growth across key markets in Asia.

Buy and 26c target retained.

Target price is $0.26 Current Price is $0.21 Difference: $0.05
If PGC meets the Bell Potter target it will return approximately 24% (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 PLL as Outperform (1) -

Piedmont Lithium has received a US$31.6m partial pre-payment for the sale of 15,000dmt spodumene concentrate.

Macquarie notes this is the first of two shipments from North American Lithium allocated to the company and the second should be announced in September/October.

Outperform rating and $1.80 target maintained.

Target price is $1.80 Current Price is $0.69 Difference: $1.11
If PLL meets the Macquarie target it will return approximately 161% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates RMC as Neutral (3) -

FY23 results reflected pressures across the Resimac Group business and were below Macquarie's forecasts, reflecting lower margins, a decline in the home loan book and de-leveraging.

The broker considers the earnings outlook challenged until competition and funding conditions normalise. Home loan settlements were down -41%, reflecting lower system activity and market refinancing competition.

Macquarie retains a Neutral rating and the target edges down to $1.01 from $1.05.

Target price is $1.01 Current Price is $1.06 Difference: minus $0.05 (current price is over target).
If RMC meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.08, suggesting upside of 1.6% (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 RMY as Speculative Buy (1) -

RMA Global’s FY23 operating result was somewhat pre-reported following its June quarter update.

The key driver for shareholder value remains the US market, Bell Potter suggests, where sales volumes are currently suffering strong headwinds due to the propensity of 30-year fixed rate loans leading to a mortgage lock-in effect, given the recent historically low interest rate period and relatively elevated interest rates at present.

The broker's valuation is based on early-stage success in penetrating the large US market which remains in a monetisation phase and represents a significant opportunity to convert into paid subscriptions.

Target falls to 15c from 18c, Speculative Buy retained.

Target price is $0.15 Current Price is $0.06 Difference: $0.09
If RMY meets the Bell Potter target it will return approximately 150% (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 S32 as Neutral (3) -

At a briefing, South32 has stated its intention to focus on base metals, currently around 70% of revenue including aluminium, yet in FY23 Macquarie notes around 50% of underlying EBITDA came from metallurgical coal and manganese.

The current growth pipeline includes a final investment decision for Taylor and the Sierra Gorda fourth grinding line expansion. The broker highlights projects in study phases are also heavily weighted to base metals.

The company has indicated there is no divestments of assets underway, although the broker points out recent media speculation has indicated it is in talks with Coronado Global Resources ((CRN)) in regard to Illawarra metallurgical coal.

Neutral rating and $3.60 target maintained.

Target price is $3.60 Current Price is $3.41 Difference: $0.19
If S32 meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $4.19, suggesting upside of 22.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.5

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

UBS rates S32 as Buy (1) -

Citi's round table with South32 yielded the following observations:

-Management confirms assets may be sold but that offers this year have been unattractive;
-The company's strategy is long-term and green steel is expected to take time;
-Progress on projects was on schedule save for Alumar;
-Operational problems hit the balance sheet, reducing free cash flow by almost -US$1bn but the bulk of this is expected to reverse in FY24;
-FY24 capital expenditure is forecast to rise.

Buy rating and $4.30 target price retained.

Target price is $4.30 Current Price is $3.41 Difference: $0.89
If S32 meets the UBS target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $4.19, suggesting upside of 22.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.5

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

Citi rates SFR as Neutral (3) -

In an initial response to today's release, Citi finds Sandfire Resources's performance broadly in line, if not slightly better-than-forecast. There's no final dividend, but none was expected.

Higher capex at Motheo seems to have been the key negative. Neutral/High Risk rating. Target $6.60.

Target price is $6.60 Current Price is $6.51 Difference: $0.09
If SFR meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $6.83, suggesting upside of 2.3% (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: 0.6

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

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

FY23 results for Star Entertainment were broadly in line with Morgans forecasts. Earnings (EBITDA) of $317m landed slightly above $310m, the top end of the guidance range.

Higher earnings forecasts combined with a favourable NSW duty rate outcome lifts the broker's rating to Add from Hold. Following the duty result and a reduction in debt following a capital raise, it's thought the upcoming refinancing of debt has been de-risked.

The $1.20 target price is unchanged.

Target price is $1.20 Current Price is $1.01 Difference: $0.19
If SGR meets the Morgans target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $1.43, suggesting upside of 42.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.9

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

Ord Minnett rates SGR as Accumulate (2) -

Star Entertainment's underlying FY23 EBITDA was ahead of forecasts. Ord Minnett observes reduced restrictions allowed significant revenue and earnings growth across all properties, although earnings are still materially below pre-pandemic levels.

The broker lowers FY24 estimates by around -8% largely because of lingering remediation costs and lower VIP gaming forecasts.

Ord Minnett suggests investors are "too focused on near-term headwinds" and overlook the earnings potential once conditions normalise. Accumulate retained. Target is $1.80.

Target price is $1.80 Current Price is $1.01 Difference: $0.79
If SGR meets the Ord Minnett target it will return approximately 78% (excluding dividends, fees and charges).

Current consensus price target is $1.43, suggesting upside of 42.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.9

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

Morgans rates SHJ as Add (1) -

Morgans materially lowers its EPS forecasts for Shine Justice following FY23 results where profits were hit by provisioning of disbursement funding interest on the Ethicon case.

The broker is disappointed by the execution to-date on the operational expansion, which resulted in a meaningful cash drag over FY23.

There was no dividend as cash flow was weak, explains the broker, and net debt increased to around $43m. Management expects gross operating cash flow (GOCF) conversion of 65-70% in FY24.

Management is aiming for a cost base reset in FY24, with a full review commenced of the business and programs, with benefits expected in FY24.

Morgans target falls to 80c from $1.06. The Add rating is maintained though the broker highlights investors should be aware of higher risks surrounding liquidity and execution.

Target price is $0.80 Current Price is $0.60 Difference: $0.2
If SHJ meets the Morgans target it will return approximately 33% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Shaw and Partners rates SND as Buy (1) -

Shaw and Partners observes a strong order book has underpinned results for Saunders International in FY23 with revenue growth of 55% and EBIT growth of 52%. EBITDA was ahead of the broker's estimates.

Work in hand has increased to $201m as of July 31, and the company is intent on pursuing initiatives including increasing its support of the defence, oil & gas, and infrastructure sectors.

The broker is impressed with the results and, given the amount of expenditure planned for fuel storage and bridge infrastructure, believes the business is well-placed to win more contracts. Buy rating retained. Target is $1.35.

Target price is $1.35 Current Price is $1.10 Difference: $0.25
If SND meets the Shaw and Partners 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

Shaw and Partners rates TBN as Buy (1) -

Tamboran Resources has results from Shenandoah South 1H well in the Beetaloo Basin which encountered 90m of high-quality shale and strong dry gas shows. Drilling will now proceed for a 1,000m horizontal section and flow testing.

Shaw and Partners observes the company is bringing extensive US experience in shale gas drilling and development to the basin, aiming to sanction a pilot development at Amungee by the end of 2025.

The broker retains a Buy rating, reducing the target to $0.42 from $0.50 after the dilution from the recent capital raising.

Target price is $0.42 Current Price is $0.14 Difference: $0.28
If TBN meets the Shaw and Partners 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

Ord Minnett rates TYR as Buy (1) -

FY23 results from Tyro Payments were broadly in line with Ord Minnett's expectations. The broker was slightly disappointed by the gross profit margin on payments.

The company does envisage a stronger FY24 compared with the broker's forecast, with guidance substantially beating projections.

Ord Minnett acknowledges business fundamentals appear to be improving at a faster pace compared with initial expectations while the expected downturn in expenditure is yet to eventuate. Forecasts are raised to the low end of guidance.

The stock is considered undervalued and a Buy rating is maintained. Target is $2.60.

Target price is $2.60 Current Price is $1.40 Difference: $1.2
If TYR meets the Ord Minnett target it will return approximately 86% (excluding dividends, fees and charges).

Current consensus price target is $1.94, suggesting upside of 38.6% (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