August Result Season 2023: The Wrap

Feature Stories | Sep 13 2023

The August result season was not among the better ones, but it could have been worse.

-Beats/misses even
-Guidance of importance
-Dividends a factor
-Uncertain outlook

By Greg Peel

With the August result season now complete in 2023, the FNArena Corporate Result Monitor, which has been building throughout the month, is now complete and published in its final form here.


The table contains ratings and consensus target price changes along with brief summaries of the collective responses from FNArena database brokers for each individual corporate result, and an assessment of “beats” and “misses”. Australian corporate results tend to focus on the profit line, with all its inherent potential for accounting vagaries, tax changes, asset write-downs and other “one-off” impacts. FNArena has focused mostly on underlying earnings results (more in line with Wall Street practice) as a more valuable indicator of whether or not a company has outperformed or underperformed broker expectations. There is also a level of “quality” assessment here rather than simple blind “quantity”.

The Monitor summarises results from 390 listed companies. By FNArena’s assessment, 112 companies beat expectations and 109 missed expectations, for a percentage ratio of 29/28% or 1.0 beats to misses. The aggregate of all resultant target price changes came in at a net 1.6% increase but on a simple average, targets fell -0.5%. In response to results, brokers made 50 ratings upgrades and 45 ratings downgrades.

The first FNArena Corporate Result Monitor was published in the August season of 2013. See table:

It’s a Small World

The first number that stands out on the above table is 390 – the number of companies covered by brokers monitored daily by FNArena and reporting in August.

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