Australian Broker Call

Citi rates 29M as Neutral (3) -

2022 results were in line with Citi's estimates and the broker retains a Neutral rating, with 29Metals expected to be burning cash in the coming year.

The broker welcomes the focus on production costs but awaits confirmation the company can deliver on its plan going forward. Target is reduced to $2.00 from $2.10.

Target price is $2.00 Current Price is $1.83 Difference: $0.17
If 29M meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $1.57, suggesting downside of -7.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.6

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

Credit Suisse rates 29M as Underperform (5) -

Higher than expected depreciation and amortisation of -$189m from 29Metals in its second half did drive a net profit miss to Credit Suisse's expectations.

The broker notes it appears this was not expected by the company, but does warn depreciation and amortisation costs will likely remain elevated through the year.

Guidance for the coming year was reiterated, and remains reliant on permit approvals at both assets.

The Underperform rating and target price of $1.00 are retained.

Target price is $1.00 Current Price is $1.83 Difference: minus $0.83 (current price is over target).
If 29M meets the Credit Suisse target it will return approximately minus 45% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.57, suggesting downside of -7.6% (ex-dividends)

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

Macquarie rates 29M as Underperform (5) -

29Metals surprised to the upside with better than expected profits after tax, due to the depreciation charges, while revenues and EBITDA met Macquarie's forecasts.

Management retained FY23 production guidance, however the analyst has lowered FY23 forecasts by -15% due to a higher depreciation estimate and highlights earnings remain vulnerable to changes in copper and zinc prices.

Net debt also blew out 33% over the period, compared to the broker's forecast.

Macquarie retains a cautious outlook on the stock, as the market awaits approval for the Capricorn tailings dam expansion.

Underperform rating and $1.40 target are unchanged.

Target price is $1.40 Current Price is $1.83 Difference: minus $0.43 (current price is over target).
If 29M meets the Macquarie target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.57, suggesting downside of -7.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.6

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

Morgan Stanley rates 29M as Underweight (5) -

Revenue in 2022 was in line while EBITDA beat Morgan Stanley's estimates. No final dividend was announced, which was in line with the broker's expectations although noted as a negative surprise versus consensus.

Reserves have increased on conversion, now 18% higher for copper and 14% for zinc, despite depletion.

The Underweight rating is maintained for 29Metals. Target is lowered to $1.50 from $1.55. Industry view: Attractive.

Target price is $1.50 Current Price is $1.83 Difference: minus $0.33 (current price is over target).
If 29M meets the Morgan Stanley target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.57, suggesting downside of -7.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.6

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

Ord Minnett rates A1M as Buy (1) -

AIC Mines released a "slightly softer" interim result, but Ord Minnett doesn't think investors will pay a lot of attention (if any) given the low base on display.

The broker suggests more attention will be given to whatever the Q3 has in store. Ord Minnett is banking on a 20%-plus lift in production for the quarter.

Buy rating retained with an unchanged 70c price target. The EPS estimate for FY23 has been reduced.

Target price is $0.70 Current Price is $0.43 Difference: $0.27
If A1M meets the Ord Minnett target it will return approximately 63% (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

Morgans rates ACF as Add (1) -

While 1H results for Acrow Formwork and Construction Services were in line with Morgans forecasts, management upgraded FY23 guidance on a strong outlook.

The 1H earnings (EBITDA) margin rose by 500bps to 29.1% due to an improved revenue mix towards equipment hire, explains the analyst. Pleasingly, growth is largely organic and most states and segments contributed.

Guidance for earnings (EBITDA), profit and underlying EPS was increased by 5%, 11% and 9%, respectively.

The broker raises its earnings and profit forecasts for FY23-25 and increases its target to 95c from 84c. Add.

Target price is $0.95 Current Price is $0.76 Difference: $0.195
If ACF meets the Morgans target it will return approximately 26% (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 ACF as Buy (1) -

Ord Minnett saw a "solid" H1 result released by Acrow Formwork and Construction Services with both sales and gross profit exceeding the broker's estimates.

As management has lifted guidance for FY23, Ord Minnett lauds the positive momentum carrying the business. The analysts thinks outperformance is carried by the Formwork division.

Target lifts to 88c from 83c on higher forecasts. Buy rating retained with the shares believed to be trading at a -40% discount versus peers.

Target price is $0.88 Current Price is $0.76 Difference: $0.125
If ACF meets the Ord Minnett 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

Citi rates AIA as Sell (5) -

Citi observes a recovery in traffic is well underway, with international seat capacity signalling some upside to passenger throughput for FY23. The main positive in the first half results was the better-than-expected aeronautical capital expenditure for the medium term.

Operating expenditure remains under pressure and the broker envisages potential downside in the near term.

A Sell rating is retained, given the earnings headwinds and the stock trading at around 50% ahead of its long-term average. Target increases to NZ$7.82 from NZ$7.69.

Current Price is $8.04. Target price not assessed.

Current consensus price target is $7.25, suggesting downside of -9.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: -0.2

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

Macquarie rates AIA as Outperform (1) -

Macquarie has raised FY23 earnings by 19% for Auckland International Airport following the robust 1H23 earnings report.

The company achieved stronger than anticipated earnings from non-aeronautical revenues, although management guided to higher aeronautical capital expenditure of $600m in the next 10 years and higher operating expenditure in the next 3-years.

Macquarie considers there is potential downside risks to FY24 earnings and lowers the EPS estimate by -5%.

An Overweight rating is unchanged and the price target is NZ$9.23.

Current Price is $8.04. Target price not assessed.

Current consensus price target is $7.25, suggesting downside of -9.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: -0.2

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

Morgan Stanley rates AIA as Downgrade to Equal-weight from Overweight (3) -

First half results were ahead of estimates. Morgan Stanley notes the market reacted positively to the upgrade to guidance. Auckland Innternational Airport envisages a recovery in passengers to 2019 levels by December 2024.

The broker lauds the quallity of the infrastructure business, which has been underscored by resilience during covid as well as a quick return to activity post the recent flooding.

Rating is downngraded to Equal-weight from Overweight on valuation while the target is raised to NZ$8.88 from NZ$7.67. Industry view: Cautious.

Current Price is $8.04. Target price not assessed.

Current consensus price target is $7.25, suggesting downside of -9.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: -0.2

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

Macquarie rates AIZ as Outperform (1) -

Air New Zealand continued to report a recovery in both domestic and international bookings in the 1H23 earnings report. which reached 95% and 75% of pre-covid levels according to Macquarie.

The half-year result was broadly in line with the broker's forecasts and higher costs are generally being compensated for via higher pricing.

The balance sheet was strengthened with a fall in net gearing and the broker expects dividend payments to be resumed in the 2H23.

Post management guidance, Macquarie's earnings forecasts are moved by -1.9% for FY23 and 0.6% for FY24.

Outperform rating and lift in the target to NZ$0.90 from NZ$0.85.

Current Price is $0.73. Target price not assessed.

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.8

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

Ord Minnett rates AIZ as Accumulate (2) -

Interim results were largely in line with Ord Minnett's forecasts. Air New Zealand did not declare a dividend, yet with the rapid resumption of profitability, the board will now consider distribution in August.

Ord Minnett observes, while air travel capacity remains constrained, demand is strong which is leading to more expensive tickets, full capacity planes and exceptional profitability. The company has guided to pre-tax profit in FY23 of NZ$450-530m.

The broker retains an Accumulate rating and $0.88 target.

Target price is $0.88 Current Price is $0.73 Difference: $0.155
If AIZ meets the Ord Minnett target it will return approximately 21% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.8

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

Macquarie rates ALX as Neutral (3) -

According to Macquarie, Atlas Arteria benefited from a recovery in traffic conditions which underpinned a 7.2% lift in EBITDA for FY22.

Recently acquired Skyways provided a one month addition to the result and is expected to ramp up cashflow contribution in the 2H23.

Macquarie adjusts earnings by -2.4% and -2.8% for FY23 and FY24 and the dividend is guided to 40c for FY23.

A Neutral rating is maintained; the target is lowered to $6.44 from $7.03.

Target price is $6.44 Current Price is $6.74 Difference: minus $0.3 (current price is over target).
If ALX meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.50, suggesting downside of -3.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.2

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

Macquarie rates AMI as Outperform (1) -

Aurelia Metals reported an in-line result for the 1H23 notes Macquarie.

The broker likes the improvement in the company's net debt level and makes a minor 2% increase to FY23 earnings forecasts.

Changes to commodity prices are highlighted as having the potential to change Aurelia Metals' outlook.

Outperform rating and 20c target price retained.

Target price is $0.20 Current Price is $0.11 Difference: $0.095
If AMI meets the Macquarie target it will return approximately 90% (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

Credit Suisse rates APA as Neutral (3) -

APA Group's first half result revealed better energy infrastructure earnings were offset by higher corporate and lower asset management and energy investment, driving an in line result according to Credit Suisse. 

The broker has issued a $30m increase to its expected energy infrastructure earnings. 

The Neutral rating is retained and the target price decreases to $10.60 from $11.10.

Target price is $10.60 Current Price is $10.80 Difference: minus $0.2 (current price is over target).
If APA meets the Credit Suisse target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.56, suggesting downside of -2.9% (ex-dividends)

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 APA as Neutral (3) -

Post accounting for changes in the asset portfolio, Macquarie estimates that APA Group reported 1H23 underlying earnings growth of 1% which is viewed as being a bit weak.

The group continues to invest in the transition to transmission, renewables and alternative energy as well as internal IT systems.

Macquarie points to the strength in the company's balance sheet with scope to add $2bn in debt.

Post the update, there are minor changes to the broker's EPS forecasts of -0.8% and 1.2% for FY23 and FY24, respectively.

Neutral rating unchanged and the target is raised to $10.52 from $10.13.

Target price is $10.52 Current Price is $10.80 Difference: minus $0.28 (current price is over target).
If APA meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.56, suggesting downside of -2.9% (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

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

First half results were slightly ahead of expectations and distribution guidance for the full year has been affirmed at $0.55 per security. Free cash flow was down -6% and would have been ahead but for a collection that occurred post the balance date, which Morgan Stanley asserts is not unusual.

Stay-in-business expenditure is stable at -$88m. The broker expects the market to take a neutral stance on the results and retains an Equal-weight rating. Target is $10.81 and a Cautious industry view is maintained.

Target price is $10.81 Current Price is $10.80 Difference: $0.01
If APA meets the Morgan Stanley target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $10.56, suggesting downside of -2.9% (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

Morgans rates APA as Hold (3) -

APA Group's underlying earnings (EBITDA) for the 1H were in line with Morgans expectation and slightly ahead of consensus, with a strong Energy Infrastructure result partly offset by higher corporate costs.

Management left FY23 DPS guidance unchanged.

The broker maintains its Hold rating and lowers its target to $10.14 from $10.56 largely due to cost increases across the business.

Target price is $10.14 Current Price is $10.80 Difference: minus $0.66 (current price is over target).
If APA meets the Morgans target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.56, suggesting downside of -2.9% (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

Ord Minnett rates APA as Hold (3) -

First half results were largely in line with expectations. Ord Minnett continues to anticipate a robust outlook for APA Group as it benefits from CPI-linked tariffs and generates attractive returns from upgrades and expansion of its gas transmission networks.

The main negative in the result was the 30% increase in corporate costs, and the broker expects further upward pressure in this regard amid increasing regulatory requirements and expansion into new fields.

Hold rating maintained. Target is lifted 2% to $10.20.

Target price is $10.20 Current Price is $10.80 Difference: minus $0.6 (current price is over target).
If APA meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.56, suggesting downside of -2.9% (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

Credit Suisse rates APE as Outperform (1) -

While Eagers Automotive did deliver a modest profit beat to Credit Suisse's forecasts, the broker expects the strong share price reaction had more to do with the company's full year revenue guidance of $9.5-10.0bn and active short selling. 

Credit Suisse feels Eagers Automotive did not over earn on revenue during the covid pandemic, and while margins during that time likely represented a peak, the broker expects they can be sustained while an industry backlog is worked through, which it expects will persist to at least July 2024. 

The Outperform rating is retained and the target price increases to $15.10 from $14.60.

Target price is $15.10 Current Price is $13.00 Difference: $2.1
If APE meets the Credit Suisse target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $14.49, suggesting upside of 6.6% (ex-dividends)

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 APE as Outperform (1) -

Macquarie considers that Eagers Automotive FY23 revenue guidance of 11% is at the lower end of expectations, as reported in the FY22 results.

The analyst assesses that margins should be retained in the current 2023 year and there is upside potential to the BYD contribution with fairly conservative guidance offered.

Macquarie adjusts EPS forecasts by 14.3% for FY23 and -6% for FY24, while noting a robust 1H23 order book, up 74% on the previous year and 29% on the previous half.

An Overweight rating is maintained and the target is revised to $15.50 from $17, but the analyst flags macro headwinds could impact on future demand.

Target price is $15.50 Current Price is $13.00 Difference: $2.5
If APE meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $14.49, suggesting upside of 6.6% (ex-dividends)

The company's fiscal year ends in December.

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 APE as Overweight (1) -

2022 results were ahead of expectations. Eagers Automotive has guided to $9.5-10bn in revenue in 2023. Morgan Stanley is impressed and remains confident the business can deliver, as there is no shortage of opportunities to enhance earnings power.

The broker projects pre-tax profit margins of 4.6-4.7% can be maintained into 2023. Some conservatism is factored into forecasts. While acknowledging there is some risk from the macro environment, Morgan Stanley emphasises the company's ability to execute.

Current multiples are considered undemanding and an Overweight rating is maintained. Target is raised to $15.00 from $13.70. Industry view: In-Line.

Target price is $15.00 Current Price is $13.00 Difference: $2
If APE meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $14.49, suggesting upside of 6.6% (ex-dividends)

The company's fiscal year ends in December.

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

Morgans rates APE as Add (1) -

FY22 profit (PBT) slightly beat Morgans forecast and management noted margins strengthened across all business units, excluding Easyauto123 (used cars).

The order book run off period is over two years, and the analyst notes order growth continues at 30% growth per half, which supports the FY23 revenue and margin outlook.

The broker suggests a sustainably higher earnings base is being built via acquisitions, increased efficiency, new sales channels and new OEM strategies.

The target rises to $15.85 from $14.58. Add.

Target price is $15.85 Current Price is $13.00 Difference: $2.85
If APE meets the Morgans target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $14.49, suggesting upside of 6.6% (ex-dividends)

The company's fiscal year ends in December.

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 APE as Neutral (3) -

Eagers Automotive's H1 report met expectations, with UBS pointing at a much larger than expected vehicle order book, which should underpin growth in 2023.

The bottom line, points out UBS, is revenue is now underpinned for longer while the gross margin on new vehicles will remain strong in the near term with minimal signs of cancellations yet.

Ofsetting the above, the used car market remains a potential headwind and UBS is not expecting anything more than a 'flat' profit outcome for the group in FY23.

Neutral. Target $13 (unchanged).

Target price is $13.00 Current Price is $13.00 Difference: $0
If APE meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $14.49, suggesting upside of 6.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Citi rates AX1 as Buy (1) -

First half net profit beat estimates and the interim dividend was way ahead of forecasts. Citi is impressed by the trading update and believes the success of Nude Lucy will be important to underpin confidence in Accent Group's new strategy.

There are 15 trial stores already open and these are generating positive earnings and the roll-out will now be accelerated. Citi maintains a Buy rating with a $2.30 target.

Target price is $2.30 Current Price is $2.14 Difference: $0.16
If AX1 meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $2.14, suggesting downside of -2.8% (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 AX1 as Equal-weight (3) -

First half EBIT was in line with previous guidance. Strong comparable growth has continued into the second half and store roll-out targets have been upgraded.

Morgan Stanley expects the market will be cautious about the outlook for Accent Group amid a challenging macro backdrop. No earnings guidance was provided, as per usual.

The Equal-weight rating and target price of $1.95 are retained. Industry view: In-Line. 

Target price is $1.95 Current Price is $2.14 Difference: minus $0.19 (current price is over target).
If AX1 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 $2.14, suggesting downside of -2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

UBS rates BGA as Neutral (3) -

Bega Cheese's interim performance fell short of expectations (EBITDA) but UBS sees a solid revenue performance carried by the Branded business.

Operationally, the disappointment stems from margin pressure with the report signalling a decline by some -300bps to 4.5%, the analyst explains.

A 30% increase in farmgate prices has been the key culprit during the period. Other financial metrics have all been negatively affected as a result.

UBS remains concerned about "an already highly competitive milk procurement market". Target drops to $3.50 from $3.75. Neutral.

Target price is $3.50 Current Price is $3.32 Difference: $0.18
If BGA meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $3.65, suggesting upside of 2.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.3

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

Macquarie rates BHP as Outperform (1) -

Post a "round table " with BHP Group's CFO and President Australia, Macquarie retains an upbeat outlook for the company with potential increases to FY23-FY25 earnings forecasts of 11% - 41% from higher iron ore, coking coal and copper spot prices.

BHP Group would prefer a smooth divestment of Blackwater and Daunia, on a 18-24 month timeline; while copper remains a top priority for the group and Jansen Stage 1 is moving forward with initial production due in 2026.

The Outperform rating and target price of $52.00 are retained. 

Target price is $52.00 Current Price is $46.69 Difference: $5.31
If BHP meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $43.90, suggesting downside of -4.5% (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: 0.0

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

Credit Suisse rates BKL as Downgrade to Neutral from Outperform (3) -

A return to trend sales for Blackmores in Indonesia, following covid-related demand in 2021, was sharper than it had anticipated, and one driver of a missed first half result according to Credit Suisse. 

Coupled with an expected sales burst from China, Blackmores had accumulated $15m in inventory that did not convert to sales in the period. 

Further, price increases of 5-6% failed to materialise into gross margins. The broker expects the sharp contraction in the high-margin Indonesian market dragged on group margins. 

The rating is downgraded to Neutral from Outperform and the target price decreases to $81.00 from $90.00.

Target price is $81.00 Current Price is $79.08 Difference: $1.92
If BKL meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $78.90, suggesting downside of -0.2% (ex-dividends)

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 BKL as Neutral (3) -

Blackmores reported an in-line 1H23 earnings result and continues to make headway in cost savings of some -$55m in FY23, highlights Macquarie.

Management continues to pursue its strategic objectives, lowering costs by a targeted -$34m to -$44m over FY24 to FY26.

The 87c dividend was as expected, while cash on hand of $75.1m is targeted for investment in digital technology and international expansion.

Macquarie lifts the price target to $82 from $78 and leaves the Neutral rating post a 2% lift in the FY23 earnings forecast.

Target price is $82.00 Current Price is $79.08 Difference: $2.92
If BKL meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $78.90, suggesting downside of -0.2% (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

Credit Suisse rates CAJ as Downgrade to Neutral from Outperform (3) -

Credit Suisse is warning Capitol Health's recovery is likely not going to emerge as quickly as initially thought. 

The broker expects limited free cash flow and margin improvements pose a significant hurdle to the stock demanding a much higher valuation, despite an aging population providing a fairly sound backdrop. 

In the first half the company reported revenue of $98.1m, equating to 49% of the broker's full year revenue forecast, and earnings of $19.7m, equating to 45% of forecast.

The rating is downgraded to Neutral from Outperform and the target price decreases to $0.28 from $0.42.

Target price is $0.28 Current Price is $0.27 Difference: $0.015
If CAJ meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).

Market Sentiment: 0.0

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

Morgans rates CBL as Speculative Buy (1) -

Despite in-line 1H results for Control Bionics and minimal changes to Morgans forecasts, the broker's target falls to 58c from 85c.

The broker suspects a capital raise will be required and incorporates dilutionary impacts into its estimates.

While we are talking small numbers, the analyst highlights around 75% of around $3m in sales came from the US in the 1H, with the balance from Australia.

The Add rating is unchanged.

Target price is $0.58 Current Price is $0.16 Difference: $0.42
If CBL meets the Morgans target it will return approximately 262% (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

Credit Suisse rates CWY as Underperform (5) -

Cleanaway Waste Management reported a first half result in line with Credit Suisse's expectations, and narrowed full year guidance to the midpoint of $670m. Operating cashflow did disappoint at $203m, a result of underlying adjustments, higher interest payments and increased working capital. 

The broker expects contract wins in the second half, alongside price increases, to benefit in coming years, adjusting its revenue forecast for the coming fiscal year 4% accordingly. 

The Underperform rating and target price of $2.50 are retained.

Target price is $2.50 Current Price is $2.65 Difference: minus $0.15 (current price is over target).
If CWY meets the Credit Suisse target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.74, suggesting upside of 2.5% (ex-dividends)

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 CWY as Outperform (1) -

Despite lower cost increases, the Cleanaway Waste Management 1H23 result disappointed Macquarie and came in below expectations.

Labour problems weighed on Solid Waste Services and the issues are proving to be stickier than anticipated to resolve.

On the positive side, Industrial and Liquid and Health services were better than expected.

Management retained guidance for FY23 and the analyst adjusts EPS forecasts by -14% and -11% for FY23 and FY24 due higher non cash costs from the reversal of provisions for landfill remediation.

Overweight rating and $3.05 unchanged.

Target price is $3.05 Current Price is $2.65 Difference: $0.4
If CWY meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $2.74, suggesting upside of 2.5% (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

Morgan Stanley rates CWY as Overweight (1) -

Operating earnings in the first half were slightly ahead of Morgan Stanley's estimates. Underlying net profit was below forecasts because of slightly higher non-cash finance costs.

Cleanaway Waste Management does not expect to resume franking dividends until December 2024 owing to the take-up of instant write-offs.

The Overweight rating and target price of $3.18 are retained. Industry view: Cautious.

Target price is $3.18 Current Price is $2.65 Difference: $0.53
If CWY meets the Morgan Stanley target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $2.74, suggesting upside of 2.5% (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

Morgans rates CWY as Hold (3) -

Cleanaway Waste Management's 1H earnings (EBITDA) were a slight miss versus Morgans expectation, while cash flow was weaker than forecast. The cost of capital has increased following recent interest rate rises.

The broker notes the Solid Waste Services segment underperformed market expectations due to higher corporate costs and there was a lower contribution from the Liquid Waste & Health Services division.

Implied 2H guidance (from FY23 guidance) indicates solid momentum into FY24, so the analyst upgrades forecasts for FY24 and FY25 earnings. This improvement is partly offset by higher net interest and D&A forecasts.

The target rises to $2.74 from $2.69 and the Hold rating is unchanged on valuation.

Target price is $2.74 Current Price is $2.65 Difference: $0.09
If CWY meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $2.74, suggesting upside of 2.5% (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

Ord Minnett rates CWY as Lighten (4) -

First half results were in line with expectations. Ord Minnett maintains an EBITDA forecast for 2023 of $672m, slightly above guidance. The result disappointed in two areas - depreciation and finance costs.

Meanwhile, the Blueprint 2030 strategy appears to be delivering incremental value. The long-term outlook for solid waste services is unchanged.

Ord Minnett continues to assess Cleanaway Waste Management shares are expensive and retains a Lighten rating. Target is steady at $2.20.

Target price is $2.20 Current Price is $2.65 Difference: minus $0.45 (current price is over target).
If CWY meets the Ord Minnett target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.74, suggesting upside of 2.5% (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

UBS rates CWY as Neutral (3) -

UBS saw Cleanaway Waste Management releasing a broadly in-line interim result, though key operational metrics seem to be slightly below forecasts.

FY23 guidance seems okay at first glance, but then -$95m in higher finance costs need to be taken on board as well, and this means guidance is practically below forecast, the broker concludes.

UBS sees labour efficiency issues continuing to present a challenge for management. Neutral. Target loses -10c to $2.65. Estimates have been reduced.

Target price is $2.65 Current Price is $2.65 Difference: $0
If CWY meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $2.74, suggesting upside of 2.5% (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

Macquarie rates DCN as Neutral (3) -

Lower depreciation and amortisation charges resulted in a smaller than expected loss for Dacian Gold's 1H23 earnings report, notes Macquarie. 

On balance the results were, however, mixed with lower EBITDA from higher costs.

Post the recent close of the Genesis Minerals ((GMD)) offer for Dacian Gold, the former now hold's 80% of the company's shares.

A Neutral rating is retained and the target is 9c.

Target price is $0.09 Current Price is $0.09 Difference: $0
If DCN meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

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

Ord Minnett rates EQT as Buy (1) -

EQT Holdings produced a "solid" interim result that was generally ahead of Ord Minnett's forecast. Investment in operating expenditure over the second half and FY24 may mean margins contract initially, the company points out.

Regardless, opportunities across the business underpin the broker's two-year growth forecast for EPS of 13.1%. The underlying customer contracts are quality and the valuation remains attractive so Ord Minnett retains a Buy rating. Target is reduced to $33.40 from $35.00.

Target price is $33.40 Current Price is $25.10 Difference: $8.3
If EQT meets the Ord Minnett target it will return approximately 33% (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 GNC as Downgrade to Lighten from Hold (4) -

As the share price for GrainCorp has moved through the trigger point, Ord Minnett downgrades to Lighten from Hold. Target is $6.70.

Target price is $6.70 Current Price is $7.96 Difference: minus $1.26 (current price is over target).
If GNC meets the Ord Minnett target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.80, suggesting upside of 10.1% (ex-dividends)

The company's fiscal year ends in September.

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 GOR as Neutral (3) -

Macquarie assesses the FY22 results from Gold Road Resources as meeting forecasts, although the company announced a smaller than expected 2H22 dividend of 5c.

Earnings forecasts are adjusted for changes in lease liabilities for the solar farm and battery at Gruyere which resulted in higher net debt of $48m, versus the broker's forecast of $18m.

Going forward earnings estimates are contingent on Gruyere expanding production to 9Mtpa.

Neutral rating is unchanged and the target is lowered to $1.60 from $1.70.

Target price is $1.60 Current Price is $1.45 Difference: $0.15
If GOR meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $1.83, suggesting upside of 26.4% (ex-dividends)

The company's fiscal year ends in December.

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 GOR as Upgrade to Buy from Accumulate (1) -

Ord Minnett found little to be concerned about in the 2022 results, with net profit and EBITDA in line with estimates. 2023 guidance is unchanged and the broker expects earnings and cash flow will improve.

Unlike its peers, Gold Road Resources has generated positive earnings and cash flow in 2022 which the broker attributes to greater consistency at Gruyere as well as the scale and maturity of a tier 1 asset protecting it from inflationary pressures.

Rating is upgraded to Buy from Accumulate and the target edges up to $1.85 from $1.80.

Target price is $1.85 Current Price is $1.45 Difference: $0.4
If GOR meets the Ord Minnett target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $1.83, suggesting upside of 26.4% (ex-dividends)

The company's fiscal year ends in December.

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

Credit Suisse rates HMC as Upgrade to Outperform from Neutral (1) -

Despite a first half result from HMC Capital that disappointed on Credit Suisse's expectations, made without the backdrop of company guidance, the broker remains confident in HMC Capital's ability to deliver on its funds under management growth strategy. 

The broker expects HMC Capital to be more reliant on acquisitions and investment opportunities to grow funds under management than some peers, although the company does also retain a modest development pipeline.

The rating is upgraded to Outperform from Neutral and the target price decreases to $4.90 from $5.82.

Target price is $4.90 Current Price is $4.30 Difference: $0.6
If HMC meets the Credit Suisse target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $5.26, suggesting upside of 21.0% (ex-dividends)

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 HMC as Upgrade to Outperform from Neutral (1) -

HMC Capital reported a 12% beat on Macquarie's forecast earnings in the 1H23 and 16% above consensus with the boost provided by recognising unrealised gains in the value of the private equity fund.

Adjusting for tax changes. margin expansion and gains in the Capital Partners Fund, Macquarie lifts EPS forecasts by 16% for FY23 and 30% for FY24.

In the medium term, management offered strategies to achieving FUM of at least $10bn (versus $6bn currently) by 2024 with potential 20% ROE (versus 7% currently). 

Upside potential to FY25 EPS would be 46c compared to the broker's 29.9c forecast. The rating is upgraded to Outperform from Neutral and the target raised to $5.20 from $5.

Target price is $5.20 Current Price is $4.30 Difference: $0.9
If HMC meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $5.26, suggesting upside of 21.0% (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

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

Morgan Stanley is now more confident in the ability of HMC Capital to grow its assets under management although an institutional partner is required soon to improve investor trust.

The company has reiterated FY23 distribution guidance of $0.12 per security and confirmed the FY22 EPS of 31c is "repeatable".

HMC Capital acknowledged it has slowed deal flows deliberately in the first half to protect capital. Morgan Stanley interprets the commentary as either a large deal being planned for the second half or the 31c being a sign of where profit could be at some point in the future.

The Equal-weight rating and target price of $5.60 are retained. Industry view: In-Line.

Target price is $5.60 Current Price is $4.30 Difference: $1.3
If HMC meets the Morgan Stanley target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $5.26, suggesting upside of 21.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Morgans rates HMC as Add (1) -

First half results for HMC Capital revealed a rise of 129% versus the corresponding period for assets under management (AUM) to $6.2bn, while management reassures the $10bn target by the end of 2024 is on-track.

Morgans explains growth will emenate from the trust's listed vehicles [HomeCo Daily Needs REIT ((HDN)) and HealthCo Healthcare & Wellness REIT ((HCW))], as well as several new and existing unlisted funds.

Management provided no EPS guidance, but DPS guidance is unchanged for FY23.

The Add rating is retained, while the target eases to $5.51 from $5.85.

Target price is $5.51 Current Price is $4.30 Difference: $1.21
If HMC meets the Morgans target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $5.26, suggesting upside of 21.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

UBS rates HMC as Neutral (3) -

Driven by lower fee revenue, lower trading profits and higher costs, HMC Capital's interim performance fell well short of expectations. UBS finds a positive in that management continues to invest in the platform to scale up the assets under management.

Dividend guidance of 12c was reconfirmed, but no other guidance was provided. While execution risk remains high, the broker does suggest the risk/reward balance remains skewed to the upside.

Estimates have been culled. Target price sinks to $4.76 (was $5.80). Neutral.

Target price is $4.76 Current Price is $4.30 Difference: $0.46
If HMC meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $5.26, suggesting upside of 21.0% (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 IEL as Outperform (1) -

IDP Education reported a return to 2019 Australian volumes in the 1H23 earnings result with EBIT coming in some 2% ahead of Macquarie's forecast when adjusted for forex losses and M&A costs.

Ex these factors the result was a miss for the broker and consensus.

Weaker India volumes were attributed to the higher comparable benchmark in the previous period and resulted in a lower than forecast IELTS result of 5% growth.

Macquarie tweaks EPS forecasts by -2% for FY23 and -4% for FY24, due to weaker than expected student placements.

An Overweight rating is retained and the target is raised to $36 from $33 following reductions to forecast earnings and lower capex costs.

Target price is $36.00 Current Price is $29.29 Difference: $6.71
If IEL meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $33.74, suggesting upside of 15.8% (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 IEL as Overweight (1) -

First half results were marginally lower than consensus expectations, Morgan Stanley notes. IELTS volume weakness was partially offset by price, which increased 4% in constant currency terms. Outside of India, volumes were growing at 15%.

EBIT margins expanded to 24.6%, supported by operating leverage and digital investment. The reopening of China will support second half SP volumes.

Morgan Stanley reduces its IELTS volume growth assumptions for FY23 to 6.25% and assumes growth returns to 10% thereafter.

The Overweight rating is reiterated and the $36.80 target maintained. Industry View: In-Line.

Target price is $36.80 Current Price is $29.29 Difference: $7.51
If IEL meets the Morgan Stanley target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $33.74, suggesting upside of 15.8% (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 IEL as Buy (1) -

There were a lot of moving parts in IDP Education's H1 result, comments UBS. Headline IELTS numbers were weak, but underlying the average fee increased and margins were stronger too.

When adjusted fo an -$5.4m unrealised FX loss, the performance actually beat forecasts, both by UBS and market consensus, the analyst points out.

Some accounting kicks in, with UBS highlighting D&A and interest were materially higher and will likely drag down consensus forecasts, but D&A is non-cash. The broker is comfortable that operational cash flows were impacted by "timing".

Buy. Target $33.45 (down from $34.85). Earnings estimates have been reduced.

Target price is $33.45 Current Price is $29.29 Difference: $4.16
If IEL meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $33.74, suggesting upside of 15.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Citi rates IFL as Buy (1) -

Insignia Financial has achieved its target on integration synergies yet Citi notes margin guidance is reduced and this causes a further reduction in its forecasts for earnings per share.

From an EBITDA margin target that was to be "broadly in line" the company is now signalling a potential decline up to -0.5 basis points compared with FY22, given the drop in funds under management in the first half.

The broker notes there is also work to be done on the sustainability of the self-employed adviser model. Improvement in the advice segment is expected to come mostly from cost reductions as opposed to revenue.

Citi maintains a Buy rating and lowers the target to $3.75 and $3.85.

Target price is $3.75 Current Price is $3.37 Difference: $0.38
If IFL meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $3.94, suggesting upside of 18.3% (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

Credit Suisse rates IFL as Outperform (1) -

Credit Suisse has described a solid first half result from Insignia Financial as "encouraging", with the company reporting a 5% underlying net profit beat and an 8% earnings beat to the broker. 

According to the broker, the result demonstrated the benefit of synergies in declining costs and a stable platform revenue margin despite price cuts. Earnings per share forecasts are lifted 2-4% through to FY25, and earnings are lifted 5-7%.

The Outperform rating is retained and the target price increases to $4.50 from $4.20.

Target price is $4.50 Current Price is $3.37 Difference: $1.13
If IFL meets the Credit Suisse target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $3.94, suggesting upside of 18.3% (ex-dividends)

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 IFL as Overweight (1) -

Net profit in the first half missed Morgan Stanley's estimates mostly because of higher interest costs. Excluding this, results were largely ahead of estimates.

The broker likes Insignia Financial's ability to drive cost efficiencies but remains concerned over elevated cash burn and some customer remediation payments. Still, these concerns are considered more than reflected in the price and the risk/reward remains attractive.

Target is reduced to $3.85 from $4.00. Overweight. Industry view: In-Line.

Target price is $3.85 Current Price is $3.37 Difference: $0.48
If IFL meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $3.94, suggesting upside of 18.3% (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 IFL as Accumulate (2) -

Insignia Financial reported a drop in net profit in the first half largely because of adverse markets and margin compression. Ord Minnett assesses an earnings recovery is underway and EPS should grow from FY25 and reach $0.38 by FY27.

The broker finds more room to lower costs by reducing the number of platforms and products and leveraging common infrastructure. Losses from the advice business are also narrowing. Ord Minnett retains an Accumulate rating and reduces the target to $4.20 from $4.50.

Target price is $4.20 Current Price is $3.37 Difference: $0.83
If IFL meets the Ord Minnett target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $3.94, suggesting upside of 18.3% (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 IFL as Neutral (3) -

Underlying H1 earnings missed UBS's forecast by -17% leading the broker to comment there remains substantial work ahead for management at Insignia Financial.

Management has thus far delivered on its cost reduction ambitions, the broker notes, but it has not been enough to offset flagging volumes and headwinds from fee margins.

The broker sees signs things are improving for funds flows and current forecasts allow for gradual improvement in quarterly flows and a return to positive net flows (excl. pensions) during FY24.

Neutral. Target $3.40 (unchanged).

Target price is $3.40 Current Price is $3.37 Difference: $0.03
If IFL meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.94, suggesting upside of 18.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Citi rates ILU as Upgrade to Neutral from Sell (3) -

2022 results were in line with expectations and on further analysis Citi upgrades to Neutral from Sell.

The broker finds the stock somewhat of a conundrum as a new mining approach could make mineral sands deposits viable that were previously uneconomic, while the Eneabba refinery earnings are still some time away from being realised.

Hence, earnings multiples appear high. Still, the broker considers Iluka Resources is a "good news" rare earths story and the risk will come with refinery commissioning. Target is raised to $11.50 from $10.40.

Target price is $11.50 Current Price is $10.62 Difference: $0.88
If ILU meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $11.23, suggesting upside of 7.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

Ord Minnett rates ILU as Hold (3) -

Ord Minnett was impressed with the 2022 results, that were underpinned by higher mineral sands prices and a weaker AUD rate.

Iluka Resources has strong cash flow, the broker points out, adding the balance sheet is underpinned by significant financial support from the government for the Eneabba refinery through non-recourse debt funding.

Under current arrangements, the broker assesses the downside for shareholders is minimal should the refinery prove unviable (considered unlikely) while retaining exposure to any upside.

Ord Minnett retains a Hold rating and reduces the target to $10.50 from $11.00.

Target price is $10.50 Current Price is $10.62 Difference: minus $0.12 (current price is over target).
If ILU 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 $11.23, suggesting upside of 7.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.2

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

Morgan Stanley rates KAR as Overweight (1) -

First half net profit was well below Morgan Stanley's estimates stemming from ramp-up and development costs. The broker believes the inflection in Karoon Energy's exploration and production profile is under appreciated.

The Neon oilfield is signalling a favourable reserve expansion is likely and this will become a significant catalyst. Patola is also coming on stream.

Rating is upgraded to Overweight from Equal-weight and the target raised to $2.88 from $2.32. Industry view: Attractive.

Target price is $2.88 Current Price is $2.19 Difference: $0.69
If KAR meets the Morgan Stanley target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $3.18, suggesting upside of 38.7% (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 KLS as Outperform (1) -

With stronger than anticipated results for Marine and Tourism, alongside lower depreciation and amortisation costs, Kelsian Group's 1H23 result beat Macquarie's forecast by 5%.

Management noted an improvement in labour problems, international business returned to previous levels by the end of December, although Australian operations are still below pre-covid levels.

Macquarie makes some minor EPS forecast changes of -0.9% for FY23 and -0.5% for FY24.

An Outperform rating is retained and the target tweaked to $8 from $8.10.

Target price is $8.00 Current Price is $6.60 Difference: $1.4
If KLS meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $7.76, suggesting upside of 18.5% (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

Ord Minnett rates KLS as Buy (1) -

Kelsian Group has indicated it could not escape the global labour shortage caused by the pandemic with both domestic and international bus divisions delivering first half results that were lower than expected.

Despite the challenges, Ord Minnett believes the sector presents an exciting opportunity going forward as cities replace environmentally unfriendly diesel buses with electric. Global operators which have a proven track record should be sought after, the broker adds.

Earnings assumptions are upgraded as labour shortages are expected to ease in FY24 and FY25 while strong demand from the tourism and marine sectors should underpin the business. Buy rating maintained. Target is reduced to $7.19 from $7.52.

Target price is $7.19 Current Price is $6.60 Difference: $0.59
If KLS meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $7.76, suggesting upside of 18.5% (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

UBS rates KLS as Buy (1) -

Reading between the lines, Kelsian Group's interim performance didn't quite match UBS's projections, with the broker citing labour capacity difficulties and contract completions as key inputs that held back the Australian operations in the period.

UBS does have better momentum penciled in for the second half while highlighting Marine & Tourism as the stand-out throughout the period. Singapore did not excel during the period while Captain Cook is yet to fire up.

Banking on better numbers going forward, UBS's price target has gained 10c to $8.10. Buy. Estimates have risen.

Target price is $8.10 Current Price is $6.60 Difference: $1.5
If KLS meets the UBS target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $7.76, suggesting upside of 18.5% (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

Macquarie rates MGH as Outperform (1) -

Maas Group posted earnings at the top end of the guidance range and FY guidance is reaffirmed.

Strong trading conditions in Nov-Dec have continued into the second half across most business units, the broker notes, as severe
weather headwinds abated. Civil Construction & Hire’s FY23 pipeline is full.

Residential Real Estate is the outlier where the rising rate environment has impacted buyer confidence, slowing sales velocity.

Target rises to $3.80 from $3.75, Outperform retained.

Target price is $3.80 Current Price is $2.77 Difference: $1.03
If MGH meets the Macquarie target it will return approximately 37% (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

Morgans rates MGH as Add (1) -

Maas Group's largely pre-announced, in a trading update on February 9, its results for the 1H, a period of high rainfall and a deteriorating real estate market, notes Morgans.

Earnings came in at the top end of the guidance range and management reaffirmed FY23 guidance, noting lower lot sales would be offset by strength in other divisions.

The broker revises down its FY23 lot settlement forecast, which has the largest impact on the new $3.80 target, down from $4.10. The Add rating is unchanged.

Target price is $3.80 Current Price is $2.77 Difference: $1.03
If MGH meets the Morgans target it will return approximately 37% (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 MIN as Outperform (1) -

Mineral Resources and Albemarle have restructured the MARBL JV which will see Mineral Resources increase its interest in Wodgina to 50% and reduce Kemerton to 15%, Macquarie reports.

The agreement will also see the company acquire a 50% interest in 100ktpa of lithium hydroxide capacity in China for US$660m. The broker believes the Wodgina/Kemerton changes are $1.3bn value accretive for Mineral Resources while the Chinese capacity is 50% cheaper than in Australia.

Target rises to $128 from $126, Outperform retained.

Target price is $128.00 Current Price is $85.03 Difference: $42.97
If MIN meets the Macquarie target it will return approximately 51% (excluding dividends, fees and charges).

Current consensus price target is $98.10, suggesting upside of 15.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

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

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

In an initial response to today's H1 release, Morgan Stanley finds Mineral Resources significantly missed expectations on earnings and cash flow, with net debt and capex guidance also disappointing.

The broker now believes balance sheet concerns are set to emerge with commodity price risk "pronounced" for FY24.

In an earlier research update, Morgan Stanley observes Mineral Resources is paying a 40% higher price for buying back a 10% stake in Wodgina from Albemarle. All lithium marketing is reverting back to Mineral Resources.

A downstream joint venture has been signed with Albemarle for conversion assets, with the intention to acquire 50% ownership of the Qinzhou, Meishan plants in China. Cash outlay around US$660m for the acquisition, if fully spent in FY24, would take gearing to 38% from 23%.

The broker also points out the earnings uplift mitigated by tolling is already captured in its modelling. Equal-weight. Target is $82.30. Industry view: Attractive. 

Target price is $82.30 Current Price is $85.03 Difference: minus $2.73 (current price is over target).
If MIN meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $98.10, suggesting upside of 15.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.6

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

Citi rates MPL as Neutral (3) -

A return to policyholder growth in February and Medibank Private's view that the initial impact of the cybercrime has begun to subside suggest to Citi its forecasts may be too conservative.

Still, potential class actions et cetera from the cybercrime restrain the broker from becoming too confident.

Moreover, the company has maintained guidance for underlying claims per policy unit growth unchanged at 2.3%, implying a bias to the downside in that it only builds in some prosthesis benefits and making no allowance for any of the favourable rehabilitation trends.

Neutral maintained. Target rises to $3.45 from $3.00.

Target price is $3.45 Current Price is $3.28 Difference: $0.17
If MPL meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $3.45, suggesting upside of 3.6% (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

Credit Suisse rates MPL as Outperform (1) -

Medibank Private demonstrated a level of renewed confidence alongside its first half result according to Credit Suisse, with the company reintroducing full year guidance. 

Underlying insurance gross margins lifted 50 basis points year-on-year, with 40 basis points attributed to 34% non-resident policyholder growth recovery, while muted claims growth of 2.3% further supported the result.

Expecting further earnings growth is ahead for Medibank Private, the broker finds the stock inexpensive at current valuation. 

The Outperform rating is retained and the target price increases to $3.55 from $3.29.

Target price is $3.55 Current Price is $3.28 Difference: $0.27
If MPL meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.45, suggesting upside of 3.6% (ex-dividends)

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 MPL as Neutral (3) -

Macquarie does not qualify Medibank Private's result but has increased forecast earnings and raised its target to $3.40 from $3.35 in response.

Despite the cyber incident, Medibank stabilised residents margins and managed positive policyholder growth in first half, the broker notes.

Management expects policyholder growth has stabilised and has provided +0.5% to +0.75% policyholder growth guidance for FY23. Cyber-related costs were also lower than Macquarie's expectations, providing more confidence that initial reactions to the cyber incident were overdone.

But the APRA review is as yet ongoing. Neutral retained.

Target price is $3.40 Current Price is $3.28 Difference: $0.12
If MPL meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $3.45, suggesting upside of 3.6% (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 MPL as Equal-weight (3) -

Key points for Morgan Stanley from 1H results released by Medibank Private were the confidence displayed in policyholder growth guidance and the ongoing benign claims environment.

Management reinstated FY23 policyholder growth guidance of 0.5%-0.75%, in line with the analyst's forecast for 0.6% growth. 

Guidance for FY23 cyber crime costs increased to -$40-50m from -$26.2m. The broker raises its target to $3.43 from $3.05. Equal-weight. Industry View: In-line.

Target price is $3.43 Current Price is $3.28 Difference: $0.15
If MPL meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $3.45, suggesting upside of 3.6% (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

Morgans rates MPL as Hold (3) -

Medibank Private's 1H underlying profit beat the consensus forecast by 7% due to a continuation of the subdued claims environment for the Health Insurance division, explains Morgans. It's also felt costs from the cyber incident are looking increasingly contained.

The broker raises its EPS forecasts slightly on an improved operating margin assumption for Health Insurance, and after a valuation roll-forward the target rises to $3.32 from $2.95.

Management guided to non-recurring cyber incident costs of -$40m-$45m, up from -$25m-$35m previously. The Hold rating is kept on valuation.

Target price is $3.32 Current Price is $3.28 Difference: $0.04
If MPL meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.45, suggesting upside of 3.6% (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

Ord Minnett rates MPL as Hold (3) -

Medibank Private's operating income from the key private health insurance division was up 9% in the first half on the back of policyholder growth and average claims per policyholder rising by less than price increases.

Ord Minnett suspects more of the claim cost savings that began during the pandemic will be maintained. The broker considers the shares fairly valued, maintaining the target at $3.30.

Average claims are likely to modestly outpace premium growth with price increases unable to completely offset the impact of an aging population. This is expected to bring margins down to 7.5% from the current 8.6%. Hold maintained.

Target price is $3.30 Current Price is $3.28 Difference: $0.02
If MPL meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.45, suggesting upside of 3.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

UBS rates MPL as Buy (1) -

Post well-publicised cyber attack, UBS has been positively surprised with a bottoming in policy numbers and less costs for Medibank Private. The loss of some -14-15K policy holders has surprised the broker in a negative sense (flat forecast).

Core profitability trends are currently beating UBS's projections for both private health and the health division. UBS's Buy rating and $3.70 price target are based on the assumption Medibank Private will recover fully from the H1 cyber disaster.

UBS estimates the insurer has lost some -0.4pts in market share. Management is now working on gaining back 025-0.75pts by 2026.

Minor amendments have been applied to future forecasts.

Target price is $3.70 Current Price is $3.28 Difference: $0.42
If MPL meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $3.45, suggesting upside of 3.6% (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

Morgans rates MSV as Speculative Buy (1) -

A delay to promised increased dividends for the 1H was caused by wet weather, delays and rig re-deployment by Mitchell Services in the 2Q, explains Morgans. Overall, 1H results were in line with the company's quarterly reporting.

The analyst forecasts a 1cps dividend at the FY23 result, increasing in FY24 as a net cash position should be achieved in FY25.

The broker expects wet weather impacts will now ease and unplanned rig re-deployment was due to the changing needs of one customer, rather than a slackening in overall demand.

The target falls to 55c from 60c. Speculative Buy.

Target price is $0.55 Current Price is $0.34 Difference: $0.21
If MSV meets the Morgans target it will return approximately 62% (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 MYS as Accumulate (2) -

Accumulate-rated Mystate delivered a "solid" H1 result, in the view of Morningstar/Ord Minnett who believe the bank remains en route to meeting its FY23 net profits forecast of $42m.

The net interest margin proved a disappointment, but offset came via larger average loan balances.

Lower NIM forecasts weigh on forward estimates. Fair value falls to $5.20 (-5.50%). On current forecasts EPS in FY24 will be 5.50% higher than in FY21, which will be a crucial achievement, in the view of the analyst.

Not pursuing that growth will result in a shrinking loan book, and shareholders will end up worse off, also taking into account margin pressure and cost inflation, the analyst suggests.

Target price is $5.20 Current Price is $4.17 Difference: $1.03
If MYS meets the Ord Minnett target it will return approximately 25% (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

Morgans rates NAN as Add (1) -

The transition to a direct sales model is complete, according to Morgans, and operating leverage is evident when the analyst reviews in-line 1H results by Nanosonics.

The gross margins improved to 78.9% from 76.6% in the previous corresponding period on favourable pricing for capital and consumables, explains the broker.

The global installed base is increasing and the upgrade cycle continues with 800 units replaced in the 1H. Going on a 2Q improvement, the analyst expects momentum will improve further into the 2H.

Management confirmed FY23 guidance and the broker slightly raises its forecasts and lifts its target to $5.24 from $5.19. Add.

Target price is $5.24 Current Price is $4.75 Difference: $0.49
If NAN meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $4.61, suggesting downside of -0.6% (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

Ord Minnett rates NAN as Lighten (4) -

Interim results were pre-announced. Management has reiterated a revenue growth guidance range for FY23 of 36-41% and expects gross margins will expand by around 100 basis points to 77-79% with operating expenditure growing by 22-27%.

Ord Minnett observes, despite a presence in EMEA since FY15, Nanosonics is yet to make a significant breakthrough because of existing competition and the difficulties in revising cleaning protocols in each country.

The next major product, Coris, will be launched in Australia and Europe towards the end of 2023. Ord Minnett considers the shares overvalued and retains a Lighten rating. Target is $4.

Target price is $4.00 Current Price is $4.75 Difference: minus $0.75 (current price is over target).
If NAN meets the Ord Minnett target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.61, suggesting downside of -0.6% (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

Credit Suisse rates NEC as Outperform (1) -

While Nine Entertainment's first half earnings were in line, Credit Suisse warns a softening ad market is likely to drag on earnings moving forward.

The broker highlighted third quarter activity already suggests some softening over the second half, and notes the challenge of cycling Federal election spend primarily in the fourth quarter. 

Updated forecasts from the broker reflect challenges ahead, with forecast earnings down -3-4% through to FY24. 

The Outperform rating is retained and the target price decreases to $2.90 from $3.05.

Target price is $2.90 Current Price is $2.00 Difference: $0.9
If NEC meets the Credit Suisse target it will return approximately 45% (excluding dividends, fees and charges).

Current consensus price target is $2.67, suggesting upside of 31.4% (ex-dividends)

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 NEC as Neutral (3) -

Nine Entertainment reported earnings in line with guidance. A March quarter trading update was soft but unsurprisng, Macquarie notes, given ad spending was cycling last year's election.

Nine indicated total TV cost growth is now slightly less prior guidance, in response to increasing macro headwinds. Additional cost-out opportunities exist in the Digital & Publishing business as well, where the broker believes macro headwinds are an issue.

TV market share was 40% FTA in the half and 47% streaming, and more than 50% overall in January. Nine's startegy is allowing it to achieve revenue share above market share, Macquarie notes.

Target falls to $1.84 from $1.96 on the back of reduced forecasts. Neutral retained.

Target price is $1.84 Current Price is $2.00 Difference: minus $0.16 (current price is over target).
If NEC 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 $2.67, suggesting upside of 31.4% (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 NEC as Accumulate (2) -

While Nine Entertainment's first half was pre-announced, Ord Minnett is encouraged by the composition of the results which indicates no degrading of the group's earning ability.

Part of the decline in earnings stemmed from the cyclical headwinds at Domain Holdings Australia ((DHG)) while most of it was caused by extra content costs for TV.

The broker is aware the current advertising market will slow from prior highs and reduces forecasts for FY23. The downside for FY24 is considered more modest. Accumulate maintained. Target is $2.80.

Target price is $2.80 Current Price is $2.00 Difference: $0.8
If NEC meets the Ord Minnett target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $2.67, suggesting upside of 31.4% (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 NEC as Buy (1) -

Reading between the lines, Nine Entertainment's interim report has not disappointed UBS, with only minor amendments made post H1 release which leads to a slightly lower price target; $2.40 instead of $2.50.

The broker lauds the strong performance in times of challenging conditions overall. TV revenue share in particular proved a positive stand-out.

UBS projects revenue share will be sustainably growing above 40% in metro FTA in FY23 and beyond from a 39% average over the last five years, based on strong programming.

Macro uncertainty remains the key headwind, the analysts acknowledge. Buy rating retained.

Target price is $2.40 Current Price is $2.00 Difference: $0.4
If NEC meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $2.67, suggesting upside of 31.4% (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 NGI as Outperform (1) -

Navigator Global Investments posted earnings 6.5% ahead of Macquarie. Management has cut the top end of the FY guidance range to reflect cost increases and a delayed capital raising.

Distributions in the first half to date are aleady double that of the whole first half. Although the broker does not expect this run rate from the first two months to continue, it provides certainty for earnings growth half on half.

$110m of consideration remains outstanding in relation to the acquisition of Marble and Invictus. Navigator is proposing to fund this through retained earnings and debt, but Macquarie does not expect the group to require too much debt, as performance fees and preferred distributions are excluded.

Cost increases, the delayed capital raising, forex moves and risk from the deferred consideration lead to a target cut to $1.47 from $2.19. Outperform retained.

Target price is $1.47 Current Price is $1.17 Difference: $0.3
If NGI meets the Macquarie target it will return approximately 26% (excluding dividends, fees and charges).

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

Ord Minnett rates NGI as Buy (1) -

With performance fees coming in slightly ahead of expectations, Navigator Global Investments' H1 EBITDA performance beat Ord Minnett's forecast by some 5%.

The broker lauds the strong performance from Dyal funds, which tends to outperform expectations. Looking forward, the broker says Navigator will be able to acquire the balance of Dyal’s interests on a cheap multiple in FY26.

Buy rating and $1.95 price target remain intact.

Target price is $1.95 Current Price is $1.17 Difference: $0.78
If NGI 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:

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 PLS as Outperform (1) -

Pilbara Minerals' first half result was solid, Macquarie declares, featuring strong earnings. The company has announced a maiden dividend of 11c -- six months ahead of expectation -- which the broker suggests is a key positive.

Macquarie comments Pilbara has reported impressive year on year growth in earnings, underpinned by buoyant lithium prices and volumes growth. A change in marketing and production strategy has also enabled an upgrade in FY23 production and cost performance.

The broker's forecasts imply a free cash flow yield of 22% for FY23. Target rises to $7.70 from $7.50, Outperform retained.

Target price is $7.70 Current Price is $4.48 Difference: $3.22
If PLS meets the Macquarie target it will return approximately 72% (excluding dividends, fees and charges).

Current consensus price target is $5.13, suggesting upside of 12.1% (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 PNV as Outperform (1) -

Sales momentum continues to be strong for PolyNovo, Macquarie reports, with first half sales up 68% year on year, albeit pre-released. The first sales in Hong Kong and Canada were recorded.

New customers were up 43% and the employee count up 42%. The broker sees strong growth in new customer accounts and employee headcount supporting growth over the near-medium term.

Macquarie expects the recent approval of PolyNovo’s MTX product to help diversify sales mix, with ongoing clinical developments to support growth over the long term.

Target falls to $2.80 from $2.85, Outperform retained.

Target price is $2.80 Current Price is $2.28 Difference: $0.52
If PNV meets the Macquarie target it will return approximately 23% (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 PPM as Neutral (3) -

Citi observes liquidity rates have tightened over the past 12 months which manifested in -40 basis points of net interest margin attrition over 2022 for Pepper Money.

The broker suspects the next 12 months will be difficult as, while the company is experiencing higher growth in traditional asset finance and specialist lending products these are also subject to economic pressures as the case with mortgages.

Earnings forecasts are reduced materially and the target reduced to $1.50 from $1.60. While the valuation is undemanding Citi believes a re-rating depends on improved competitive dynamics and closing the funding costs differentials. Neutral.

Target price is $1.50 Current Price is $1.54 Difference: minus $0.04 (current price is over target).
If PPM meets the Citi target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.63, suggesting upside of 8.2% (ex-dividends)

The company's fiscal year ends in December.

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

Credit Suisse rates PPM as Outperform (1) -

Pepper Money's full year result, and profitability decline over the second half, were in line with Credit Suisse's expectations. Given what the broker described as a hyper competitive environment and consumer pressure, Credit Suisse sees risk in the trajectory of Pepper Money's mortgage book. 

Despite this, the broker does feel the current valuation is accounting for a greater negative scenario than what is likely to emerge, and expects some stability in interest rates and the operating environment could appease market concern. 

The Outperform rating is retained and the target price decreases to $1.80 from $2.00.

Target price is $1.80 Current Price is $1.54 Difference: $0.26
If PPM meets the Credit Suisse target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $1.63, suggesting upside of 8.2% (ex-dividends)

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 PPM as Neutral (3) -

Pepper Money printed a mixed second half result, Macquarie notes, with pre-provision earnings -2% below estimates. While asset repricing actions resulted in stronger exit margins than expected, volumes declined, prepayment increased and expenses missed,
driven by higher employee expenses.

With rates continuing to rise and inflation remaining a concern, the broker expects the challenging operating environment to persist in 2023. As management reprices the mortgage book to offset funding impacts, there's increasing risk of damage to the franchise as churn rates remain elevated.

Macquarie can't see any positive drivers until the rate cycle reverses. Neutral retained, target falls to $1.60 from $1.70.

Target price is $1.60 Current Price is $1.54 Difference: $0.06
If PPM meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $1.63, suggesting upside of 8.2% (ex-dividends)

The company's fiscal year ends in December.

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 PPT as Buy (1) -

First half results revealed a lower dividend compared to prior guidance, with Perpetual now acknowledging it will be difficult to grow the absolute dividend unless markets rally strongly. Future dividends will also be less franked.

Citi assesses it may take a while for the value in the stock to be realised and the market will have to wait until April for guidance on the combined business.

Positive flows from Barrow could help but the broker warns this is not likely to happen quickly. Perpetual is still targeting $60m in synergies from the Pendal acquisition.

Citi finds the stock relatively inexpensive and the dividend yield attractive and retains a Buy rating with a steady $28.60 target.

Target price is $28.60 Current Price is $25.95 Difference: $2.65
If PPT meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $30.48, suggesting upside of 22.5% (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

Credit Suisse rates PPT as Outperform (1) -

Perpetual reported earnings 2% ahead of Credit Suisse. When Perpetual issued maiden first half guidance last month 10-20% ahead of expectations the broker was unsure how sustainable the upgrade was.

With the delivery of the result Credit Suisse can now see that this was a high-quality upgrade driven by higher management fee margins, recovery in Perpetual Private revenues and ongoing growth in the Corporate Trust.

While the result benefited from abnormally higher investment income, performance fees were also down significantly year on year. But there could be further upside from execution on the global expansion, the broker suggests, and if Perpetual pursues a demerger of the Corporate Trust.

Outperform retained, target rises to $31.40 from $30.00.

Target price is $31.40 Current Price is $25.95 Difference: $5.45
If PPT meets the Credit Suisse target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $30.48, suggesting upside of 22.5% (ex-dividends)

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 PPT as Overweight (1) -

Underlying profit (UPAT) was a miss versus forecasts of Morgan Stanley and consensus of -5% and -1%, respectively, while the interim dividend was ahead of expectations.

While the Investments and Wealth divisions outperformed, Corporate Trust missed on lower-than-expected revenue growth, explains the analyst. Overall, it was considered a solid result.

The target falls to $30.40 from $30.90. Overweight. Industry view: In-Line.

Target price is $30.40 Current Price is $25.95 Difference: $4.45
If PPT meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $30.48, suggesting upside of 22.5% (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 PPT as Accumulate (2) -

The drop in Perpetual's first half underlying net profit was expected as it battled adverse markets while investing in growth. Ord Minnett also anticipates a sizeable fall in FY23 underlying EPS before growth in low single digits out to FY27.

The fall is largely because of the inclusion of Pendal's lower quality earnings and an increase in the share count because of the acquisition.

Profitability is expected to be subdued and Ord Minnett expects average underlying pre-tax profit margins of 20% out to FY27, below the five-year average of 30%.

The broker retains an Accumulate rating and lowers the target to $33.00 from $35.50.

Target price is $33.00 Current Price is $25.95 Difference: $7.05
If PPT meets the Ord Minnett target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $30.48, suggesting upside of 22.5% (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 PPT as Neutral (3) -

UBS found Perpetual's H1 in line with guidance, but also observes the share price did not respond well. Were investors expecting too much in terms of synergies to be had from the incorporation of Pendal?

Cost growth might also have disappointed a few, the broker surmises. UBS makes small changes to forecasts, retaining its Neutral rating and a price target of $29 (unchanged).

The broker remains a self-declared sceptic regarding the medium-term merits of the "merger".

Target price is $29.00 Current Price is $25.95 Difference: $3.05
If PPT meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $30.48, suggesting upside of 22.5% (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

Credit Suisse rates PRU as Outperform (1) -

Perseus Mining's earnings were 18% higher than Credit Suisse's estimate on lower cost of goods sold. No change was issued to FY23 production and cost guidance.

An interim dividend of 110c reflects a 1% yield policy. Perseus will explore a special dividend with its full year result, being ex-growth, flush with cash (no debt) and it can fund its growth pipeline comfortably, the broker notes.

A buyback could provide a sustained accretive capital management program over time, Credit Suisse suggests, whilst allowing Perseus to remain agile if external M&A opportunities arise.

Outperform and $2.30 target retained.

Target price is $2.30 Current Price is $1.96 Difference: $0.34
If PRU meets the Credit Suisse target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $2.33, suggesting upside of 20.3% (ex-dividends)

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 PSQ as Overweight (1) -

Morgan Stanley lowers its target for Pacific Smiles to $2.00 from $2.30 after incorporating 1H results and FY23 guidance into its forecasts.

Yesterday, the broker's commentary was as follows:

First half result was softer than the broker expected and Pacific Smiles restated guidance to the lower end of the prior range of $270-285m in patient fees and $24-27m in EBITDA.

The analyst assesses there is a demanding skew to the second half even so, requiring increased attendance and an improvement in cancellation rates as well as higher fees per appointment. A catalyst for revisiting the stock will be delivery on revised guidance.

Overweight and $2.30 target retained. Industry view: In-Line.

Target price is $2.30 Current Price is $1.29 Difference: $1.01
If PSQ meets the Morgan Stanley target it will return approximately 78% (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 PXA as Outperform (1) -

An encouraging result from Pexa Group's core exchange was overshadowed by disappointment in the UK and for Pexa Digital Growth, Macquarie suggests. Management no longer expects to achieve its aspiration to sign up UK lenders for a total of 20% share of remortgages by the end of FY23.

Increased investment in PDG provided no revenue uplift, despite a material step-up in expenses.

The bright spot of the result, Macquarie notes, was the performance of the core exchange division, with volumes holding up and costs well managed.

Outperform retained, target falls to $17 from $18.

Target price is $17.00 Current Price is $12.36 Difference: $4.64
If PXA meets the Macquarie target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $16.90, suggesting upside of 40.2% (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

Morgans rates PXA as Add (1) -

Pexa Group's 1H NPATA was a -20% miss versus consensus largely due to increased costs for the International and Digital businesses, explains Morgans. It's felt a lack of news on the UK build out was more responsible for the circa -5% post result share price fall.

Despite indicating good progress for the UK expansion, the analyst (arguably) believes management flagged a slower timeline for onboarding UK lenders during FY23.

The broker's Add rating is maintained on the potential of future expansion opportunities, while the target falls to $15.11 from $15.32.

Target price is $15.11 Current Price is $12.36 Difference: $2.75
If PXA meets the Morgans target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $16.90, suggesting upside of 40.2% (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

Credit Suisse rates QAN as Outperform (1) -

Qantas Airways' record profit was in the top half of the guidance range and in line with Credit Suisse' expectations. Qantas expects travel demand to "remain strong throughout FY23 and into FY24".

Fares currently running at 20% up on FY19 are "expected to moderate during 2H23 as capacity increases but will remain significantly above FY19 levels".

Qantas’ comment of a new aircraft arrival every three weeks over the next three years appears to have some investors worried, the broker notes. But the vast majority of these are for replacement of an aging fleet, not capacity expansion.

Outperform retained, target rises to $7.30 from $7.15.

Target price is $7.30 Current Price is $6.03 Difference: $1.27
If QAN meets the Credit Suisse target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $7.73, suggesting upside of 26.2% (ex-dividends)

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.9