Australian Broker Call

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August 27, 2021

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COMPANIES DISCUSSED IN THIS ISSUE

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The number next to the symbol represents the number of brokers covering it for this report -(if more than 1).

Last Updated: 05:00 PM

Your daily news report on the latest recommendation, valuation, forecast and opinion changes.

This report includes concise but limited reviews of research recently published by Stockbrokers, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end.

For more info about the different terms used by stockbrokers, as well as the different methodologies behind similar sounding ratings, download our guide HERE

Today's Upgrades and Downgrades
A2M - a2 Milk Co Upgrade to Buy from Neutral Citi
ALG - Ardent Leisure Upgrade to Buy from Sell Ord Minnett
BKL - Blackmores Upgrade to Outperform from Neutral Credit Suisse
COE - Cooper Energy Downgrade to Underweight from Equal-weight Morgan Stanley
FCL - FINEOS Upgrade to Accumulate from Hold Ord Minnett
FLT - Flight Centre Travel Downgrade to Lighten from Hold Ord Minnett
ILU - Iluka Resources Upgrade to Neutral from Underperform Credit Suisse
LNK - Link Administration Upgrade to Accumulate from Hold Ord Minnett
Downgrade to Neutral from Buy Citi
PLS - Pilbara Minerals Downgrade to Hold from Buy Ord Minnett
QUB - Qube Holdings Upgrade to Outperform from Neutral Credit Suisse
Upgrade to Hold from Reduce Morgans
WGN - Wagners Holding Co Downgrade to Neutral from Outperform Macquarie
360  LIFE360, INC

Software & Services

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Overnight Price: $9.30

Credit Suisse rates 360 as Outperform (1) -

Given Life360's first half FY21 result was predominantly pre-announced, Credit Suisse leaves forecasts for the base business roughly unchanged.

The broker notes the business weathered covid headwinds with its user base intact with minimal customer acquisition spend and at free cash flow breakeven.

Credit Suisse is increasingly upbeat on the share price prospects. Outperform rating and target of $10.00 are both unchanged.

Target price is $10.00 Current Price is $9.30 Difference: $0.7
If 360 meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 26.43 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 35.19.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 22.82 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 40.75.

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


Morgan Stanley rates 360 as Overweight (1) -

Life360's pre-announced 2021 first-half result met the broker. The company increased guidance to US$120-US$125m, just shy of the broker's US$125.7m, from US$110-$120m previously.

Life360 reported stronger second-quarter growth in monthly active users, which has continued into the the third-quarter's back-to-school period.

Conversion rates rose and are forecast to continue to do so. Overweight rating and $9.80 target price retained. Industry view: In-line.

Target price is $9.80 Current Price is $9.30 Difference: $0.5
If 360 meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 21.29 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 43.68.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 25.28 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 36.78.

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

A2M  A2 MILK COMPANY LIMITED

Dairy

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Overnight Price: $6.05

Citi rates A2M as Upgrade to Buy from Neutral (1) -

Cit came away from FY21 results encouraged by the resolution of the excess and dated inventory position, restructured distributor agreements, as well as improved inventory tracking and traceability systems. The rating increases to Buy from Neutral.

Most importantly for the analyst, the China brand health metrics remain positive, a sign that the brand is stronger and more resilient than previously thought.

The target price rises to $7.20 from $6.05 due to higher net cash, lower capex and a roll-forward of valuations to FY23. Citi highlights the company is working on innovations to improve its formulation and reduce reliance on a single product.

Target price is $7.20 Current Price is $6.05 Difference: $1.15
If A2M meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $6.53, suggesting upside of 11.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 0.00 cents and EPS of 14.75 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 41.01.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.7, implying annual growth of N/A.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 27.1.

Forecast for FY23:

Citi forecasts a full year FY23 dividend of 0.00 cents and EPS of 22.78 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.1, implying annual growth of 6.5%.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 25.5.

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

Market Sentiment: 0.0

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


Credit Suisse rates A2M as Underperform (5) -

Credit Suisse believes the main reason investors will be lowering a2 Milk Company's FY22-FY24 earnings estimates is due to China 2020 and 2021 births have been relatively low.

The company acknowledged losing share in Stage 1 English Label infant formula, which means that as these cohorts age, the company could face a drag on sales of Stage 2 and Stage 3 products – which have larger revenue bases.

The broker anticipates a recovery of sales in FY22 to $1.4bn from $1.2bn as a2 Milk ships to meet underlying demand.

The company has provided no quantitative guidance and there is no return of capital, with a2 Milk preferring at this stage to re-invest capital for growth. 

Underperform retained. Target is $5.50.

Target price is $5.50 Current Price is $6.05 Difference: minus $0.55 (current price is over target).
If A2M meets the Credit Suisse target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.53, suggesting upside of 11.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 0.00 cents and EPS of 14.94 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 40.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.7, implying annual growth of N/A.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 27.1.

Forecast for FY23:

Credit Suisse forecasts a full year FY23 dividend of 0.00 cents and EPS of 19.61 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.1, implying annual growth of 6.5%.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 25.5.

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

Market Sentiment: 0.0

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


Macquarie rates A2M as Underperform (5) -

a2 Milk Company's full year results were at the low end of guidance, with revenue down -30% on the previous corresponding period, underlying earnings down -78% and net profit down -79%.

Despite no guidance being provided for FY22, Macquarie notes outlook commentary suggests a weak year. The company is targeting stabilisation in its English label, and expects growth in revenue and market share for its China label.

Macquarie has updated earnings per share forecasts by -37%, -26% and -22% through to FY24 given softer revenue and margin recovery.

The Underperform rating is retained and the target price decreases to $5.40 from $5.60.

Target price is $5.40 Current Price is $6.05 Difference: minus $0.65 (current price is over target).
If A2M meets the Macquarie target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.53, suggesting upside of 11.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 0.00 cents and EPS of 13.91 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 43.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.7, implying annual growth of N/A.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 27.1.

Forecast for FY23:

Macquarie forecasts a full year FY23 dividend of 0.00 cents and EPS of 22.32 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.1, implying annual growth of 6.5%.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 25.5.

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

Market Sentiment: 0.0

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


Morgans rates A2M as Add (1) -

The FY21 result came in at the lower end of guidance. Morgans materially downgrades forecasts after outlook comments by management underwhemed. The target falls to $6.25 from $6.65. While the worst is thought to be over, the Hold rating is unchanged.

FY21 sales fell -30% while underlying earnings (EBITDA) declined -76%. The latter reflected NZ$108.6m of stock provisions, given excess and aging inventory issues as well as one-off costs associated with the new ERP system, notes the broker.

Earnings also suffered from consumer pantry destocking post covid, purposely holding back sales to rebalance channels and weak daigou sales given travel restrictions/structural changes, explains Morgans.

Target price is $6.25 Current Price is $6.05 Difference: $0.2
If A2M meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $6.53, suggesting upside of 11.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 0.00 cents and EPS of 15.87 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.7, implying annual growth of N/A.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 27.1.

Forecast for FY23:

Morgans forecasts a full year FY23 dividend of 0.00 cents and EPS of 21.48 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.1, implying annual growth of 6.5%.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 25.5.

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

Market Sentiment: 0.0

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


UBS rates A2M as Buy (1) -

FY21 EBITDA was -15% below UBS estimates with larger-than-expected stock write-downs, heightened US losses and lower infant formula sales.

Still, the broker anticipates a meaningful recovery in both daigou and CBEC infant formula sales over the next three years. EBITDA forecasts are lowered by -9-11% for FY22-24.

Buy rating unchanged. Target is reduced to NZ$11 from NZ$12.

Current Price is $6.05. Target price not assessed.

Current consensus price target is $6.53, suggesting upside of 11.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 0.00 cents and EPS of 18.67 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.7, implying annual growth of N/A.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 27.1.

Forecast for FY23:

UBS forecasts a full year FY23 dividend of 0.00 cents and EPS of 26.24 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.1, implying annual growth of 6.5%.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 25.5.

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

Market Sentiment: 0.0

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

ACL  AUSTRALIAN CLINICAL LABS LIMITED

Healthcare services

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Overnight Price: $4.50

Citi rates ACL as Neutral (3) -

For Citi's initial response to FY21 results, see yesterday's Report.

The FY21 pro-forma profit was 6% above the mid-point of the June guidance for $82-85m. Citi's Neutral rating is unchanged.

The broker increases FY22 and FY23 EPS forecasts by 171% and 86%, due to increased forecasts for covid testing. No contribution from covid is assumed in FY24 and beyond, which is thought to present risks to the upside. The price target rises to $4.45 from $3.80.

Target price is $4.45 Current Price is $4.50 Difference: minus $0.05 (current price is over target).
If ACL meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 23.60 cents and EPS of 47.10 cents.
At the last closing share price the estimated dividend yield is 5.24%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.55.

Forecast for FY23:

Citi forecasts a full year FY23 dividend of 19.10 cents and EPS of 31.90 cents.
At the last closing share price the estimated dividend yield is 4.24%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.11.

Market Sentiment: 0.0

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

AGI  AINSWORTH GAME TECHNOLOGY LIMITED

Gaming

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Overnight Price: $1.02

Macquarie rates AGI as Outperform (1) -

Ainsworth Game Technology's full year results were in-line with recent guidance, with the company reporting a -$17m loss. Looking ahead, it is Macquarie's view that the company has an attractive outlook.

The broker points to North American casino revenues testing record highs and the monetisation of online content through the GameAccount network agreement as positive drivers for FY22's outlook.

According to Macquarie, second half FY21 performance has demonstrated an improved business and sets the scene for FY22 profitability. 

The Outperform rating is retained and the target price decreases to $1.20 from $1.30.

Target price is $1.20 Current Price is $1.02 Difference: $0.18
If AGI meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 0.00 cents and EPS of 3.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.57.

Forecast for FY23:

Macquarie forecasts a full year FY23 dividend of 0.00 cents and EPS of 7.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.08.

Market Sentiment: 0.0

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


UBS rates AGI as Sell (5) -

FY21 was in line with the pre-announced result. The net loss of -$53m was better than UBS estimated.

North America is performing strongly and UBS expects, while a recovery will take some time because of the pandemic, there is less uncertainty in this market. Sell rating and $0.35 target maintained.

Target price is $0.35 Current Price is $1.02 Difference: minus $0.67 (current price is over target).
If AGI meets the UBS target it will return approximately minus 66% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 1.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 63.75.

Forecast for FY23:

UBS forecasts a full year FY23 EPS of 2.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.43.

Market Sentiment: 0.0

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

AIM  AI-MEDIA TECHNOLOGIES LIMITED

Commercial Services & Supplies

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Overnight Price: $1.00

Morgans rates AIM as Add (1) -

FY21 results were ahead of prospectus and slightly better than Morgans anticipated. Although no specific cost guidance was provided estimates are upgraded by 1-5%.

The broker notes, following the completion of the EEG acquisition, the business model now offers more holistic solutions.

The broker considers Ai-Media Technologies unique in that it now covers the full spectrum for captioning and translation. Add rating maintained. Target is raised to $1.46 from $1.44.

Target price is $1.46 Current Price is $1.00 Difference: $0.46
If AIM meets the Morgans target it will return approximately 46% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 0.00 cents and EPS of 1.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 62.50.

Forecast for FY23:

Morgans forecasts a full year FY23 dividend of 0.00 cents and EPS of 3.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.78.

Market Sentiment: 1.0

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

AIZ  AIR NEW ZEALAND LIMITED

Transportation & Logistics

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Overnight Price: $1.45

Macquarie rates AIZ as Underperform (5) -

While Air New Zealand's FY21 result was in line with guidance, FY22 guidance is now suspended. Macquarie notes losses and cash burn are set to accelerate in FY22 given reduced subsidies, repayments of tax deferrals and higher capital expenditure. 

The company reported a profit before tax loss of -$440m for FY21, and had previously guided to losses not exceeding -$530m for FY22, and the broker expects things to get worse before a recovery. 

Air New Zealand has also announced its intention to use the 787 order to replace the 777-3000 fleet, which will result in a -30% long haul capacity reduction. Macquarie expects a new-look network as travel resumes, with an increased focus on domestic, Australia and Pacific, and on premium customers. 

Macquarie updates earnings per share forecasts by -49% and -34% for FY22 and FY23 respectively. The Underperform rating is retained and the target price increases to NZ$1.20 from NZ$1.10.

Current Price is $1.45. Target price not assessed.

The company's fiscal year ends in June.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 29.97 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 4.84.

Forecast for FY23:

Macquarie forecasts a full year FY23 dividend of 5.60 cents and EPS of 12.42 cents.
At the last closing share price the estimated dividend yield is 3.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.68.

This company reports in NZD. 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

ALG  ARDENT LEISURE GROUP LIMITED

Travel, Leisure & Tourism

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Overnight Price: $1.26

Citi rates ALG as Buy (1) -

After FY21 results, Citi raises its target price to $1.80 from $1.30 after increasing forecast FY22 profit by $15m to account for a
better than expected result and strong momentum in Main Event. For the latter, a faster rollout and higher margins are expected.

The broker arrives at a 35% higher valuation after comparing how much might be received from Red Bird’s option exercise for an additional 27% stake in Main Event, to the remaining 49% stake in Main Event. The Buy rating is maintained.

Target price is $1.80 Current Price is $1.26 Difference: $0.54
If ALG meets the Citi target it will return approximately 43% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 6.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 20.66.

Forecast for FY23:

Citi forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 2.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 45.00.

Market Sentiment: 1.0

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


Ord Minnett rates ALG as Upgrade to Buy from Sell (1) -

Ardent Leisure reported a net loss of -$95.9m in FY21, an improvement on FY20 and better than Ord Minnett estimated. The broker believes the results have eased a number of its key concerns regarding the stock.

Strong trading has continued into early FY22, signalling demand is less led by stimulus than previously thought. Earnings are now returning to record levels, which reduces the concern that the private equity partner will be able to exercise the option over 51% of Main Event and reap the majority of upside from the recovery.

Moreover, a sale of Main Event would mean Ardent Leisure moves to a significant net cash position after some significant financial hurdles. All up, this is enough for Ord Minnett to multiple upgrade to Buy from Sell. Target is raised to $1.75 from $0.75.

Target price is $1.75 Current Price is $1.26 Difference: $0.49
If ALG meets the Ord Minnett target it will return approximately 39% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 0.00 cents and EPS of 0.00 cents.

Forecast for FY23:

Ord Minnett forecasts a full year FY23 EPS of 9.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.00.

Market Sentiment: 1.0

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

ALX  ATLAS ARTERIA

Infrastructure & Utilities

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Overnight Price: $6.30

Credit Suisse rates ALX as Outperform (1) -

Atlas Arteria released a strong interim result, delivering a 'beat' compared to Credit Suisse numbers, driven by a stronger-than-expected contribution from APRR due to higher margin expansion in first half FY21 versus the previous period.

The broker expects APRR traffic to recover in line with SANEF and factor in second half FY21 traffic to reach 95% of the pre-covid levels.

Management highlighted an upbeat traffic outlook as restrictions continue to ease across Europe and the US, and as vaccines are progressively rolled out across these regions.

The target is increased to $7.15 from $7.00. Outperform rating retained.

Target price is $7.15 Current Price is $6.30 Difference: $0.85
If ALX meets the Credit Suisse target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $6.70, suggesting downside of -0.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 25.70 cents and EPS of 19.42 cents.
At the last closing share price the estimated dividend yield is 4.08%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 36.6, implying annual growth of N/A.

Current consensus DPS estimate is 27.3, implying a prospective dividend yield of 4.1%.

Current consensus EPS estimate suggests the PER is 18.4.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 36.40 cents and EPS of 31.43 cents.
At the last closing share price the estimated dividend yield is 5.78%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 51.4, implying annual growth of 40.4%.

Current consensus DPS estimate is 38.1, implying a prospective dividend yield of 5.7%.

Current consensus EPS estimate suggests the PER is 13.1.

Market Sentiment: 0.4

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


Macquarie rates ALX as Neutral (3) -

Atlas Arteria's first half cash earnings have beaten Macquarie's expectations by 9%, to total around $237m. 

Macquarie notes APRR continues to be the company's earnings and dividend driver, with July and August traffic up 5-6% on 2019 levels. Summer traffic strength has driven a lift in 2022 dividends.

Greenaway traffic was down -20-30% on 2019 levels, which the broker notes is to be expected. Earnings per share forecasts are lifted 5.8%, 3.5%m 4.8% and 2.2% through to 2024. 

The Neutral rating is retained and the target price increases to $6.52 from $6.22.

Target price is $6.52 Current Price is $6.30 Difference: $0.22
If ALX meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $6.70, suggesting downside of -0.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 28.50 cents and EPS of 66.00 cents.
At the last closing share price the estimated dividend yield is 4.52%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 36.6, implying annual growth of N/A.

Current consensus DPS estimate is 27.3, implying a prospective dividend yield of 4.1%.

Current consensus EPS estimate suggests the PER is 18.4.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 42.00 cents and EPS of 87.30 cents.
At the last closing share price the estimated dividend yield is 6.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 51.4, implying annual growth of 40.4%.

Current consensus DPS estimate is 38.1, implying a prospective dividend yield of 5.7%.

Current consensus EPS estimate suggests the PER is 13.1.

Market Sentiment: 0.4

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


Morgan Stanley rates ALX as Overweight (1) -

At first glance, Atlas Arteria's 2021 first-half result met Morgan Stanley's estimates.

Toll results were pre-announced but July figures for the French autoroutes outpaced the broker's expectations by about 6% and contributed to a dividend beat on consensus and the broker. 

July-August figures for the Dulles Greenway route have disappointed (-30% below the broker's estimates). Corporate costs rose in the first half and the company guided to higher-than-forecast costs for the full year.

 Overweight rating and $6.55 target price retained. Industry view: Cautious.

Target price is $6.55 Current Price is $6.30 Difference: $0.25
If ALX meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $6.70, suggesting downside of -0.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 27.00 cents and EPS of 32.00 cents.
At the last closing share price the estimated dividend yield is 4.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 36.6, implying annual growth of N/A.

Current consensus DPS estimate is 27.3, implying a prospective dividend yield of 4.1%.

Current consensus EPS estimate suggests the PER is 18.4.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 34.00 cents and EPS of 36.00 cents.
At the last closing share price the estimated dividend yield is 5.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 51.4, implying annual growth of 40.4%.

Current consensus DPS estimate is 38.1, implying a prospective dividend yield of 5.7%.

Current consensus EPS estimate suggests the PER is 13.1.

Market Sentiment: 0.4

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


Morgans rates ALX as Hold (3) -

There were no major surprises for Morgans in the first half result as toll revenues were already known. It's thought there's potential for the total return to be impacted by the decay in the valuation of the APRR toll road, caused by its concession expiry in 2035 drawing closer.

Management guided for a 15.5cps distribution to be paid in 2H21, which was 2.5cps ahead of Morgans expectations. The analyst expects dividends to grow rapidly over coming years. The Hold rating is unchanged and the target price rises to $6.44 from $6.33.

Target price is $6.44 Current Price is $6.30 Difference: $0.14
If ALX meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $6.70, suggesting downside of -0.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 28.00 cents and EPS of 29.00 cents.
At the last closing share price the estimated dividend yield is 4.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 36.6, implying annual growth of N/A.

Current consensus DPS estimate is 27.3, implying a prospective dividend yield of 4.1%.

Current consensus EPS estimate suggests the PER is 18.4.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 40.00 cents and EPS of 51.00 cents.
At the last closing share price the estimated dividend yield is 6.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 51.4, implying annual growth of 40.4%.

Current consensus DPS estimate is 38.1, implying a prospective dividend yield of 5.7%.

Current consensus EPS estimate suggests the PER is 13.1.

Market Sentiment: 0.4

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


UBS rates ALX as Neutral (3) -

Profit in the first half from APRR was better than UBS expected, only -14% below 2019 levels. This outcome has driven a 15.5c distribution to be paid in the second half, taking distributions back to pre-pandemic levels.

UBS raises distribution forecasts and now assumes APRR returns to pre-pandemic profitability in the second half. As a result the target is raised to $6.85 from $5.75. Neutral maintained.

Target price is $6.85 Current Price is $6.30 Difference: $0.55
If ALX meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $6.70, suggesting downside of -0.3% (ex-dividends)

Forecast for FY21:

Current consensus EPS estimate is 36.6, implying annual growth of N/A.

Current consensus DPS estimate is 27.3, implying a prospective dividend yield of 4.1%.

Current consensus EPS estimate suggests the PER is 18.4.

Forecast for FY22:

Current consensus EPS estimate is 51.4, implying annual growth of 40.4%.

Current consensus DPS estimate is 38.1, implying a prospective dividend yield of 5.7%.

Current consensus EPS estimate suggests the PER is 13.1.

Market Sentiment: 0.4

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

ANP  ANTISENSE THERAPEUTICS LIMITED

Pharmaceuticals & Biotech/Lifesciences

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Overnight Price: $0.17

Morgans rates ANP as Add (1) -

FY21 results reflected significant regulatory advancements, Morgans notes, and were in line with forecasts.

Activity is expected to pick up over the next six months as several catalysts approach, such as complete response to the FDA partial clinical hold, expansion of the indication pipeline and potential licensing/funding arrangements.

Speculative Buy rating retained. Target rises to $0.45 from $0.44.

Target price is $0.45 Current Price is $0.17 Difference: $0.28
If ANP meets the Morgans target it will return approximately 165% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 3.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 5.00.

Forecast for FY23:

Morgans forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 1.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 15.45.

Market Sentiment: 1.0

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

APA  APA GROUP

NatGas

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Overnight Price: $9.33

Macquarie rates APA as Neutral (3) -

It is Macquarie's view that it's been a tough year operationally for APA Group, highlighting reduced capacity in contract renewals and low inflation. The broker reports these factors have driven a -1.3% decrease in underlying earnings on the previous year results. 

Despite this, full year underlying earnings of $1.633bn was above consensus and at the lower end of guidance. Macquarie notes the approximate $1.3bn investment pipeline is a FY23 and FY24 growth driver, and continues to improve. 

The broker has reduced net profit and earnings per share forecasts by -10% and -4% for FY22 and FY23 respectively. 

The Neutral rating is retained and the target price decreases to $9.36 from $10.06.

Target price is $9.36 Current Price is $9.33 Difference: $0.03
If APA meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $10.11, suggesting upside of 8.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 53.00 cents and EPS of 25.10 cents.
At the last closing share price the estimated dividend yield is 5.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.2, implying annual growth of N/A.

Current consensus DPS estimate is 53.6, implying a prospective dividend yield of 5.7%.

Current consensus EPS estimate suggests the PER is 33.1.

Forecast for FY23:

Macquarie forecasts a full year FY23 dividend of 55.50 cents and EPS of 30.30 cents.
At the last closing share price the estimated dividend yield is 5.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.1, implying annual growth of 6.7%.

Current consensus DPS estimate is 54.9, implying a prospective dividend yield of 5.9%.

Current consensus EPS estimate suggests the PER is 31.0.

Market Sentiment: 0.4

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

APE  EAGERS AUTOMOTIVE LIMITED

Automobiles & Components

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Overnight Price: $16.39

Credit Suisse rates APE as Neutral (3) -

As per the July update, Eagers Automotive's first-half FY21 profit before tax (PBT) was $218.6m, with a PBT margin of 4.7% compared to an average of 3% from FY13 to FY20.

Management suggests that 150bps of this uplift (versus pre-covid) is attributable to the cost-out program and merger synergies.

Credit Suisse's FY21 forecast calls for mid-single-digit second-half revenue growth in car retailing, which the broker notes appears achievable given management commentary pointing to a strong July-August in terms of orders.

The net outcome sees earnings per share revisions (EPS) of 3-5% across FY21-23.

Neutral maintained. Target is raised to $16.80 from $16.10.

Target price is $16.80 Current Price is $16.39 Difference: $0.41
If APE meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $17.89, suggesting upside of 10.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 52.55 cents and EPS of 103.00 cents.
At the last closing share price the estimated dividend yield is 3.21%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 106.6, implying annual growth of 85.2%.

Current consensus DPS estimate is 59.2, implying a prospective dividend yield of 3.7%.

Current consensus EPS estimate suggests the PER is 15.2.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 56.98 cents and EPS of 95.00 cents.
At the last closing share price the estimated dividend yield is 3.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 88.2, implying annual growth of -17.3%.

Current consensus DPS estimate is 54.8, implying a prospective dividend yield of 3.4%.

Current consensus EPS estimate suggests the PER is 18.3.

Market Sentiment: 0.8

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


Macquarie rates APE as Outperform (1) -

Eagers Automotive's first half results were in line with the company's recent trading update, with underlying net profit of $158.1m a 3% beat on Macquarie's forecast. 

Management expects recent tailwinds to increase in the near-term, despite some impact from lockdowns. Macquarie highlights that demand continues to outstrip supply by as much as 30% and supply is not expected to free up for the next 6 months. 

The broker's earnings per share forecasts are updated by 2.3% and 4.1% for FY21 and FY22 respectively. 

The Outperform rating is retained and the target price increases to 18.50 from $18.25.

Target price is $18.50 Current Price is $16.39 Difference: $2.11
If APE meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $17.89, suggesting upside of 10.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 54.70 cents and EPS of 117.50 cents.
At the last closing share price the estimated dividend yield is 3.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 106.6, implying annual growth of 85.2%.

Current consensus DPS estimate is 59.2, implying a prospective dividend yield of 3.7%.

Current consensus EPS estimate suggests the PER is 15.2.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 43.80 cents and EPS of 91.90 cents.
At the last closing share price the estimated dividend yield is 2.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 88.2, implying annual growth of -17.3%.

Current consensus DPS estimate is 54.8, implying a prospective dividend yield of 3.4%.

Current consensus EPS estimate suggests the PER is 18.3.

Market Sentiment: 0.8

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


Morgan Stanley rates APE as Overweight (1) -

Eagers Automotive's pre-guided 2021 first-half result met the broker.

The broker reports a structural, durable increase in earnings power as margins stretch to 4.7% (historical average 3%) thanks to synergy cost-outs, and favourable industry conditions.

The broker spies plenty of room for organic and inorganic growth.

No guidance was provided but sales rose in July and August and the company reports elevated orders. Given continuing supply constraints, the broker expects demand will outstrip supply by 30%.

Overweight maintained. Target price is $18. Industry view is In-Line.

Target price is $18.00 Current Price is $16.39 Difference: $1.61
If APE meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $17.89, suggesting upside of 10.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 66.90 cents and EPS of 97.00 cents.
At the last closing share price the estimated dividend yield is 4.08%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 106.6, implying annual growth of 85.2%.

Current consensus DPS estimate is 59.2, implying a prospective dividend yield of 3.7%.

Current consensus EPS estimate suggests the PER is 15.2.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 61.20 cents and EPS of 81.00 cents.
At the last closing share price the estimated dividend yield is 3.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 88.2, implying annual growth of -17.3%.

Current consensus DPS estimate is 54.8, implying a prospective dividend yield of 3.4%.

Current consensus EPS estimate suggests the PER is 18.3.

Market Sentiment: 0.8

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


UBS rates APE as Buy (1) -

First half results reflected solid margin expansion and favourable trading conditions, UBS notes, led by a strong rise in new vehicle revenue which was in line with estimates.

Demand is tracking around 30% above supply and the company expects this will continue, while the margin uplift should be sustainable. Eagers Automotive has also continued the Next100 strategy through property consolidation, removing an annual rent expense of $13m.

Buy retained. Target rises to $18.35 from $17.70.

Target price is $18.35 Current Price is $16.39 Difference: $1.96
If APE meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $17.89, suggesting upside of 10.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 56.00 cents and EPS of 119.00 cents.
At the last closing share price the estimated dividend yield is 3.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 106.6, implying annual growth of 85.2%.

Current consensus DPS estimate is 59.2, implying a prospective dividend yield of 3.7%.

Current consensus EPS estimate suggests the PER is 15.2.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 46.00 cents and EPS of 85.00 cents.
At the last closing share price the estimated dividend yield is 2.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 88.2, implying annual growth of -17.3%.

Current consensus DPS estimate is 54.8, implying a prospective dividend yield of 3.4%.

Current consensus EPS estimate suggests the PER is 18.3.

Market Sentiment: 0.8

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

APX  APPEN LIMITED

IT & Support

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Overnight Price: $10.86

Credit Suisse rates APX as Neutral (3) -

Appen's first half FY21 earnings of $28m declined -14% on the previous period and marked a -25% miss to Credit Suisse driven by misses at both sales and margin.

Credit Suisse notes management provided a more credible bridge to the large second-half skew required to achieve full-year guidance than last year, namely the strength of the order book, a high-quality sales pipeline, and closer discussions with customers during the year.

The broker also notes the second half FY21 bridge to profit guidance suggests a half-on-half doubling of profit and estimates $61m of incremental second half FY21 revenue is required to achieve guidance.

Neutral rating is unchanged and the target is lowered to $11 from $15.

Target price is $11.00 Current Price is $10.86 Difference: $0.14
If APX meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $14.92, suggesting upside of 45.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 8.16 cents and EPS of 31.24 cents.
At the last closing share price the estimated dividend yield is 0.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 37.9, implying annual growth of -8.8%.

Current consensus DPS estimate is 11.3, implying a prospective dividend yield of 1.1%.

Current consensus EPS estimate suggests the PER is 27.1.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 6.62 cents and EPS of 38.26 cents.
At the last closing share price the estimated dividend yield is 0.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 48.3, implying annual growth of 27.4%.

Current consensus DPS estimate is 13.7, implying a prospective dividend yield of 1.3%.

Current consensus EPS estimate suggests the PER is 21.2.

Market Sentiment: 0.4

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


Macquarie rates APX as Neutral (3) -

A revenue miss has driven weak first half results for Appen, according to Macquarie, with the company reporting a miss on the broker's forecasts.

Despite this, Appen has largely maintained guidance, with some softening towards the lower end of range. The company is expecting a second half skew based on a stronger order book and pipeline strength. 

It is Macquarie's view that management guidance on revenue growth and underlying earnings margin rebound in the second half is optimistic. The broker has lowered earnings per share forecasts by -17-30% between FY21 and FY23. 

The Neutral rating is retained and the target price decreases to $11.80 from $14.70. 

Target price is $11.80 Current Price is $10.86 Difference: $0.94
If APX meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $14.92, suggesting upside of 45.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 16.50 cents and EPS of 33.10 cents.
At the last closing share price the estimated dividend yield is 1.52%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 37.9, implying annual growth of -8.8%.

Current consensus DPS estimate is 11.3, implying a prospective dividend yield of 1.1%.

Current consensus EPS estimate suggests the PER is 27.1.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 20.00 cents and EPS of 40.80 cents.
At the last closing share price the estimated dividend yield is 1.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 48.3, implying annual growth of 27.4%.

Current consensus DPS estimate is 13.7, implying a prospective dividend yield of 1.3%.

Current consensus EPS estimate suggests the PER is 21.2.

Market Sentiment: 0.4

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


Ord Minnett rates APX as Buy (1) -

Ord Minnett was disappointed with the first half results amid a -29% miss to forecasts at the EBITDA line. Guidance for 2021 has been maintained which the broker points out implies a second-half skew for EBITDA of at least 66%.

A contributing factor, management asserts, will be the investment in the new markets business along with materially improved margins.

Ord Minnett remains wary and reduces the target to $13.50 from $24.75 to reflect a more mature business that is cycling a slowdown in some of its largest contracts. Buy maintained.

Target price is $13.50 Current Price is $10.86 Difference: $2.64
If APX meets the Ord Minnett target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $14.92, suggesting upside of 45.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 8.00 cents and EPS of 38.00 cents.
At the last closing share price the estimated dividend yield is 0.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 37.9, implying annual growth of -8.8%.

Current consensus DPS estimate is 11.3, implying a prospective dividend yield of 1.1%.

Current consensus EPS estimate suggests the PER is 27.1.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 9.00 cents and EPS of 51.00 cents.
At the last closing share price the estimated dividend yield is 0.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 48.3, implying annual growth of 27.4%.

Current consensus DPS estimate is 13.7, implying a prospective dividend yield of 1.3%.

Current consensus EPS estimate suggests the PER is 21.2.

Market Sentiment: 0.4

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

AUB  AUB GROUP LIMITED

Diversified Financials

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Overnight Price: $23.66

Macquarie rates AUB as Outperform (1) -

AUB Group has closed out FY21 in line with Macquarie's expectations, reporting underlying net profit of $65.3m. 

Looking forward, Macquarie highlights that the company's FY22 guidance includes $8-10m in organic growth which implies between 13.2-16.5% organic growth increase on FY21, as well as initial underlying net profit guidance of between $70-73m. 

The broker upgrades earnings per share forecasts by 1.3%, 3.1% and 5.6% through to FY24.

The Outperform rating is retained and the target price increases to $25.52 from $23.13. 

Target price is $25.52 Current Price is $23.66 Difference: $1.86
If AUB meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $22.50, suggesting downside of -6.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 56.00 cents and EPS of 97.40 cents.
At the last closing share price the estimated dividend yield is 2.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 89.5, implying annual growth of N/A.

Current consensus DPS estimate is 56.0, implying a prospective dividend yield of 2.3%.

Current consensus EPS estimate suggests the PER is 27.0.

Forecast for FY23:

Macquarie forecasts a full year FY23 dividend of 61.00 cents and EPS of 105.10 cents.
At the last closing share price the estimated dividend yield is 2.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.51.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 105.1, implying annual growth of 17.4%.

Current consensus DPS estimate is 61.0, implying a prospective dividend yield of 2.5%.

Current consensus EPS estimate suggests the PER is 23.0.

Market Sentiment: 1.0

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

BKL  BLACKMORES LIMITED

Health & Nutrition

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Overnight Price: $92.09

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

Blackmores missed consensus FY21 earnings expectations, with A&NZ earnings down -31% on the previous period due to lower volumes from retail shuts and fewer international students and daigou shoppers.

China achieved significant underlying growth aided by the company building a new e-commerce capability, and international earnings grew 89% in the second half FY21 versus second half FY20, with covid introducing many new consumers to the vitamin/supplement category through immunity aids.

Credit Suisse notes with Blackmores staking out bold 2024 revenue targets in its FY21 result presentation, the broker recognises the company has advanced to the master class of projecting company value.

Credit Suisse notes Blackmores has laid out a stretch, but achievable, 2024 revenue target that was $100m (15%) above the broker's previous modelling.

Credit Suisse upgrades Blackmores to Outperform from Neutral rating and the target price increases to $100 from $77.

Target price is $100.00 Current Price is $92.09 Difference: $7.91
If BKL meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $79.58, suggesting downside of -18.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 135.00 cents and EPS of 238.00 cents.
At the last closing share price the estimated dividend yield is 1.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 242.6, implying annual growth of N/A.

Current consensus DPS estimate is 119.1, implying a prospective dividend yield of 1.2%.

Current consensus EPS estimate suggests the PER is 40.4.

Forecast for FY23:

Credit Suisse forecasts a full year FY23 dividend of 180.00 cents and EPS of 302.00 cents.
At the last closing share price the estimated dividend yield is 1.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 290.0, implying annual growth of 19.5%.

Current consensus DPS estimate is 153.0, implying a prospective dividend yield of 1.6%.

Current consensus EPS estimate suggests the PER is 33.8.

Market Sentiment: 0.0

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


Ord Minnett rates BKL as Hold (3) -

FY21 net profit was below Ord Minnett's forecasts. There were strong top-line growth in China and the international divisions offset by a drop in sales in the Australasian business.

The final dividend of $0.42 was well ahead of the broker's forecast and brings the pay-out ratio to 50% of underlying net profit.

No earnings guidance was provided for FY22 although the company indicated a revenue and margin target for FY24. Over the next three years a sales uplift of $250-300m is targeted. Ord Minnett believes this target is ambitious and retains a Hold rating. Target price is raised to $87.50 from $76.00.

This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.

Target price is $87.50 Current Price is $92.09 Difference: minus $4.59 (current price is over target).
If BKL meets the Ord Minnett target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $79.58, suggesting downside of -18.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 89.00 cents and EPS of 196.00 cents.
At the last closing share price the estimated dividend yield is 0.97%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 46.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 242.6, implying annual growth of N/A.

Current consensus DPS estimate is 119.1, implying a prospective dividend yield of 1.2%.

Current consensus EPS estimate suggests the PER is 40.4.

Forecast for FY23:

Ord Minnett forecasts a full year FY23 dividend of 126.00 cents and EPS of 278.00 cents.
At the last closing share price the estimated dividend yield is 1.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 290.0, implying annual growth of 19.5%.

Current consensus DPS estimate is 153.0, implying a prospective dividend yield of 1.6%.

Current consensus EPS estimate suggests the PER is 33.8.

Market Sentiment: 0.0

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

BTH  BIGTINCAN HOLDINGS LIMITED

Cloud services

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Overnight Price: $1.48

Morgan Stanley rates BTH as Overweight (1) -

Bigtincan Holdings' FY21 result met guidance and the broker.

The company guides to a sharp rise in annual recurring revenue from $43.9m in FY21 to $119m in FY22 ($109m of which is sourced from the Brainshark acquisition struck on August 23).

Morgan Stanley has crunched the numbers on Brainshark and likes what it sees. Overweight rating retained as well as the $2.10 target price. Industry view: In-line.

Target price is $2.10 Current Price is $1.48 Difference: $0.62
If BTH meets the Morgan Stanley target it will return approximately 42% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 3.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 49.33.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 3.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 49.33.

Market Sentiment: 1.0

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


Ord Minnett rates BTH as Buy (1) -

FY21 adjusted EBITDA was ahead of Ord Minnett's forecast. Strong revenue growth was achieved both organically and through acquisitions. Investment is ramping up in FY22 with the company aiming to deliver a 20% increase in annual recurring revenue.

Ord Minnett believes the company has successfully shifted its focus from sales during the pandemic to existing customers.

This was underpinned by an increase in people working remotely and requiring a platform such as Bigtincan to communicate. Buy rating retained. Target rises to $1.75 from $1.48.

Target price is $1.75 Current Price is $1.48 Difference: $0.27
If BTH meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 EPS of minus 2.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 59.20.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 EPS of minus 1.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 77.89.

Market Sentiment: 1.0

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

BVS  BRAVURA SOLUTIONS LIMITED

Wealth Management & Investments

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Overnight Price: $3.10

Ord Minnett rates BVS as Hold (3) -

FY21 results were soft although net profit was ahead of Ord Minnett's estimates. The final dividend of 6c resulted in a full year dividend of 8.6c, below the broker's expectations.

Lockdowns in the UK over FY21 led to implementation delays and deferrals in wealth management income. The broker suspects guidance for FY22 has disappointed the market as it suggests a recovery in the UK will take longer than previously anticipated.

Bravura Solutions is also transitioning clients to more SaaS-like revenue and this should improve the quality of the business model, in the broker's view. Hold rating and $2.80 target maintained.

Target price is $2.80 Current Price is $3.10 Difference: minus $0.3 (current price is over target).
If BVS meets the Ord Minnett target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 12.00 cents and EPS of 15.00 cents.
At the last closing share price the estimated dividend yield is 3.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.67.

Forecast for FY23:

Ord Minnett forecasts a full year FY23 EPS of 16.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.38.

Market Sentiment: 0.5

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

CAJ  CAPITOL HEALTH LIMITED

Healthcare services

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Overnight Price: $0.40

Ord Minnett rates CAJ as Accumulate (2) -

FY21 results revealed continued execution of the three-year strategic plan. Ord Minnett found the results commendable in the context of the five lockdowns that affected Victoria, which is the dominant geography for the company's portfolio.

The broker notes work to be done in FY22 includes three greenfield/brownfield opportunities. The balance sheet is strong and there is $110m in available debt facilities.

Negligible gearing signals to the broker M&A will be hard to ignore. Ord Minnett transfers coverage to another analyst. Accumulate rating maintained. Target rises to $0.43 from $0.36.

Target price is $0.43 Current Price is $0.40 Difference: $0.03
If CAJ meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 1.00 cents and EPS of 1.10 cents.
At the last closing share price the estimated dividend yield is 2.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.36.

Forecast for FY23:

Ord Minnett forecasts a full year FY23 dividend of 1.10 cents and EPS of 1.40 cents.
At the last closing share price the estimated dividend yield is 2.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.57.

Market Sentiment: 0.8

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

CBL  CONTROL BIONICS LIMITED

Medical Equipment & Devices

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Overnight Price: $0.70

Morgans rates CBL as Add (1) -

The FY21 results for Control Bionics exceeded forecasts. Morgans believes the business can drive higher sales in FY22, having two recent distribution arrangements.

One is with DNR Wheels for entry to Singapore and the other Numotion in several US states. The company will continue to invest in future product development and build a sales and marketing team in the US. Speculative Buy retained. Target is $1.42.

Target price is $1.42 Current Price is $0.70 Difference: $0.72
If CBL meets the Morgans target it will return approximately 103% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 4.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 17.07.

Forecast for FY23:

Morgans forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 4.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 14.89.

Market Sentiment: 1.0

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

CCX  CITY CHIC COLLECTIVE LIMITED

Apparel & Footwear

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Overnight Price: $6.04

Morgan Stanley rates CCX as Overweight (1) -

City Chic Collective's pre-guided FY21 result met the broker.

The broker reports continued momentum in early FY22 and expects an acceleration in offshore growth and an opportunity for highly accretive mergers and acquisitions as the company continues to out-compete.

The company plans to offset higher shipping costs with improved supplier terms. Overweight rating and $6.25 target price retained. Industry view: In-line.

Target price is $6.25 Current Price is $6.04 Difference: $0.21
If CCX meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $5.94, suggesting downside of -0.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 0.00 cents and EPS of 17.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.7, implying annual growth of N/A.

Current consensus DPS estimate is 4.3, implying a prospective dividend yield of 0.7%.

Current consensus EPS estimate suggests the PER is 37.8.

Forecast for FY23:

Current consensus EPS estimate is 20.3, implying annual growth of 29.3%.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 29.3.

Market Sentiment: 0.6

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


Ord Minnett rates CCX as Accumulate (2) -

FY21 results were slightly ahead of Ord Minnett's forecast. The broker believes the company has laid the foundations for significant expansion, with the acquisition of Avenue in the US and Evans in the UK likely to be transformational.

The broker believes the business is well-positioned for growth given the additional store openings, and retains an Accumulate rating. Target is raised to $6.70 from $6.25.

Target price is $6.70 Current Price is $6.04 Difference: $0.66
If CCX meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $5.94, suggesting downside of -0.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 0.00 cents and EPS of 15.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.7, implying annual growth of N/A.

Current consensus DPS estimate is 4.3, implying a prospective dividend yield of 0.7%.

Current consensus EPS estimate suggests the PER is 37.8.

Forecast for FY23:

Ord Minnett forecasts a full year FY23 EPS of 20.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.3, implying annual growth of 29.3%.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 29.3.

Market Sentiment: 0.6

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

CGC  COSTA GROUP HOLDINGS LIMITED

Agriculture

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Overnight Price: $3.24

Citi rates CGC as Neutral (3) -

For Citi's initial response to first half results, see yesterday's Report.

The analyst notes earnings (EBITDA-S) and profit (NPAT-S) were in-line with expectations and company guidance. The Neutral rating is unchanged and the target price is lowered to $3.64 from $3.72.

The International segment was the standout, with both China and Morocco benefiting from increased production volumes and improved pricing due to disruptions to competing exports, explains the broker.

Target price is $3.64 Current Price is $3.24 Difference: $0.4
If CGC meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $3.94, suggesting upside of 24.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 8.00 cents and EPS of 15.00 cents.
At the last closing share price the estimated dividend yield is 2.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.3, implying annual growth of 2.5%.

Current consensus DPS estimate is 9.5, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 20.8.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 8.00 cents and EPS of 15.50 cents.
At the last closing share price the estimated dividend yield is 2.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.7, implying annual growth of 22.2%.

Current consensus DPS estimate is 10.8, implying a prospective dividend yield of 3.4%.

Current consensus EPS estimate suggests the PER is 17.0.

Market Sentiment: 0.4

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


Credit Suisse rates CGC as Outperform (1) -

Overall, Costa Group's first-half 2021 earnings were in line, while the produce division was weaker-than-expected and International proved stronger.

Credit Suisse notes International generally presents seasonal losses in the second half which means the produce division must achieve a much stronger result in the second half to achieve company guidance.

The broker thinks this is achievable but is now a more risky situation. If Costa Group delivers, the broker feels the share price will gap up as the stock is trading right at the bottom of its P/E valuation band.

Outperform rating and $4.15 target are unchanged.

Target price is $4.15 Current Price is $3.24 Difference: $0.91
If CGC meets the Credit Suisse target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $3.94, suggesting upside of 24.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 8.50 cents and EPS of 13.15 cents.
At the last closing share price the estimated dividend yield is 2.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.3, implying annual growth of 2.5%.

Current consensus DPS estimate is 9.5, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 20.8.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 10.40 cents and EPS of 17.31 cents.
At the last closing share price the estimated dividend yield is 3.21%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.7, implying annual growth of 22.2%.

Current consensus DPS estimate is 10.8, implying a prospective dividend yield of 3.4%.

Current consensus EPS estimate suggests the PER is 17.0.

Market Sentiment: 0.4

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


Macquarie rates CGC as Outperform (1) -

Costa Group Holdings' reported first half net profit of $44m, a modest beat on Macquarie's expected $42m. The broker notes a mixed outlook for 2021 but expects marginal full-year growth.

Macquarie expects the 2Ph Farms acquisition to contribute $32m to underlying earnings in 2022. and also notes 2022 results are expected to be supported by a non-recurrance of fruit fly impacts which contributed around $15m to costs in 2021.

Earnings per share forecasts are updated by -9%, -4% and -2% through to FY23. Macquarie is Outperform rated with a target price of $3.51.

Target price is $3.51 Current Price is $3.24 Difference: $0.27
If CGC meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.94, suggesting upside of 24.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 10.20 cents and EPS of 15.50 cents.
At the last closing share price the estimated dividend yield is 3.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.3, implying annual growth of 2.5%.

Current consensus DPS estimate is 9.5, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 20.8.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 11.80 cents and EPS of 19.50 cents.
At the last closing share price the estimated dividend yield is 3.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.7, implying annual growth of 22.2%.

Current consensus DPS estimate is 10.8, implying a prospective dividend yield of 3.4%.

Current consensus EPS estimate suggests the PER is 17.0.

Market Sentiment: 0.4

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

CIA  CHAMPION IRON LIMITED

Iron Ore

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Overnight Price: $5.70

Macquarie rates CIA as Outperform (1) -

Champion Iron has announced the repayment of the outstanding $185m for preferred shares held by Caisse de Depot. Macquarie notes the company has redeemed the preferred shares at the earliest opportunity, and that payment  removes the obligation to pay future preferred shares dividends. 

The company has also highlighted Phase 2 development is progressing as expected and completion is expected in mid-2022. This should see production double to around 15m tonnes per annum. 

The Outperform rating and target price of $9.90 are retained. 

Target price is $9.90 Current Price is $5.70 Difference: $4.2
If CIA meets the Macquarie target it will return approximately 74% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 0.00 cents and EPS of 127.54 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.47.

Forecast for FY23:

Macquarie forecasts a full year FY23 dividend of 18.88 cents and EPS of 76.99 cents.
At the last closing share price the estimated dividend yield is 3.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.40.

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

Market Sentiment: 0.5

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

COE  COOPER ENERGY LIMITED

Crude Oil

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Overnight Price: $0.23

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

Cooper Energy's FY21 result and FY22 guidance missed consensus forecasts.

Morgan Stanley downgrades the company to Underweight from Equal-weight to reflect rising risks and uncertainty around Project Sole and the costs associated with the Basker Manta Gummy abandonment.

Low production and Cooper's requirement to purchase gas on market to meet contract obligation, thanks to the underperforming Project Sole, is expected to continue to dog the company.

The broker expects some improvement in the share price, although less than peers. Morgan Stanley prefers Senex Energy ((SXY))

Target price is 23c. Industry view: Attractive.

Target price is $0.23 Current Price is $0.23 Difference: $0
If COE meets the Morgan Stanley target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $0.27, suggesting upside of 18.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 23.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.6, implying annual growth of N/A.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY23:

Morgan Stanley forecasts a full year FY23 dividend of 0.00 cents and EPS of 0.00 cents.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.2, implying annual growth of N/A.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 19.2.

Market Sentiment: 0.2

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

DTC  DAMSTRA HOLDINGS LIMITED

Software & Services

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Overnight Price: $1.08

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

Damstra Holdings' pre-guided FY21 result met the broker. As expected, it was records all around, including cash receipts, and the Vault acquisition is now fully integrated.

A contractual dispute with SurePlan held the company back from break even. FY22 revenue guidance disappointed the broker and margin forecasts were in line.

The broker appreciates the potential contract pipeline across the UK and US post-covid and expects a rebound once restrictions are lifted.

But for now, it's an Equal-weight rating and a target of $1.25. Industry view: In-line.

Target price is $1.25 Current Price is $1.08 Difference: $0.17
If DTC meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 0.00 cents and EPS of 0.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 180.00.

Forecast for FY23:

Morgan Stanley forecasts a full year FY23 dividend of 0.00 cents and EPS of 1.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 56.84.

Market Sentiment: 0.0

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

EDV  ENDEAVOUR GROUP LIMITED

Food, Beverages & Tobacco

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Overnight Price: $7.05

Credit Suisse rates EDV as Underperform (5) -

Endeavour Group's maiden result missed forecasts at a segment level with both Retail liquor and Hotels below forecast.

Cash realisation was strong while return on funds employed was modest.

Credit Suisse downgrades near-term forecasts for Hotels due to ongoing covid lockdowns in Melbourne and Sydney.

Without sale of freehold, the broker expects free cash flow to be negative in FY22.

Underperform rating is unchanged and the target increases to $6.19 from $5.86.

Target price is $6.19 Current Price is $7.05 Difference: minus $0.86 (current price is over target).
If EDV meets the Credit Suisse target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.68, suggesting downside of -4.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 18.41 cents and EPS of 25.44 cents.
At the last closing share price the estimated dividend yield is 2.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.7, implying annual growth of N/A.

Current consensus DPS estimate is 18.8, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 27.1.

Forecast for FY23:

Credit Suisse forecasts a full year FY23 dividend of 21.05 cents and EPS of 29.45 cents.
At the last closing share price the estimated dividend yield is 2.99%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.9, implying annual growth of 16.3%.

Current consensus DPS estimate is 21.4, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 23.3.

Market Sentiment: -0.3

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


Macquarie rates EDV as Neutral (3) -

Endeavour Group has released its first results as an independent entity, reporting Retail Liquor comparative sales up 8.6% in FY21, and Macquarie notes continued strong sales in the first eight weeks of FY22. 

The broker also noted that Hotels performance remained resilient despite closures, with the company achieving 7.3% sales growth. The trading environment for the sector remains volatile, and Macquarie expects a challenging first half for Hotels performance but with meaningful recovery in the second half.

The broker updates earnings per share forecasts by 3.3%, 1.5% and 1.6% through to FY24.

The Neutral rating is retained and the target price increases to $7.20 from $6.40.

Target price is $7.20 Current Price is $7.05 Difference: $0.15
If EDV meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $6.68, suggesting downside of -4.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 20.10 cents and EPS of 27.70 cents.
At the last closing share price the estimated dividend yield is 2.85%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.7, implying annual growth of N/A.

Current consensus DPS estimate is 18.8, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 27.1.

Forecast for FY23:

Macquarie forecasts a full year FY23 dividend of 21.10 cents and EPS of 29.10 cents.
At the last closing share price the estimated dividend yield is 2.99%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.9, implying annual growth of 16.3%.

Current consensus DPS estimate is 21.4, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 23.3.

Market Sentiment: -0.3

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


Morgans rates EDV as Hold (3) -

Overall, FY21 results were above Morgans expectations though underlying profit was below consensus forecasts. The broker decreases FY22 group earnings (EBIT) by -7% on the back of a -27% downgrade to Hotels earnings, partially offset by a 3% upgrade to Retail. 

The broker's $6.65 target price is unchanged. For the first eight weeks of FY22, group sales were -2.3% lower with Retail sales down -1.7% and Hotels sales down -7.3% and management noted considerable uncertainty remains around covid.

While the analyst retains a longer-term positive view the valuation is seen as full and the Hold rating is unchanged.

Target price is $6.65 Current Price is $7.05 Difference: minus $0.4 (current price is over target).
If EDV 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 $6.68, suggesting downside of -4.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 18.00 cents and EPS of 24.00 cents.
At the last closing share price the estimated dividend yield is 2.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.7, implying annual growth of N/A.

Current consensus DPS estimate is 18.8, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 27.1.

Forecast for FY23:

Morgans forecasts a full year FY23 dividend of 22.00 cents and EPS of 31.00 cents.
At the last closing share price the estimated dividend yield is 3.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.9, implying annual growth of 16.3%.

Current consensus DPS estimate is 21.4, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 23.3.

Market Sentiment: -0.3

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

EPY  EARLYPAY LIMITED

Business & Consumer Credit

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Overnight Price: $0.50

Morgans rates EPY as Add (1) -

FY21 net profit was in line with guidance. Morgans found solid momentum re-emerged in the second half after a pandemic-impacted first half. The company expects 40% growth in net profit in FY22 which the broker calculates will be around $12.2m.

Morgans finds the valuation attractive relative to the growth profile, and the potential for an earnings step up exists if management can execute on more technology-led acquisitions. Add maintained. Target is raised to $0.56 from $0.53.

Target price is $0.56 Current Price is $0.50 Difference: $0.06
If EPY meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 3.00 cents and EPS of 5.00 cents.
At the last closing share price the estimated dividend yield is 6.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.00.

Forecast for FY23:

Morgans forecasts a full year FY23 dividend of 3.00 cents and EPS of 5.00 cents.
At the last closing share price the estimated dividend yield is 6.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.00.

Market Sentiment: 1.0

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

EXP  EXPERIENCE CO LIMITED

Travel, Leisure & Tourism

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Overnight Price: $0.28

Ord Minnett rates EXP as Buy (1) -

Experience Co's FY21 result proved a big miss, the company reporting a loss of -$4.3m, compared with Ord Minnett's -$1.3m forecast as covid lockdowns deprived the company of both international and domestic travellers.

On the upside, the company has been free to focus on strategy and investment for growth. It has invested $5m in a new Great Barrier Reef pontoon and has struck a partnership with Sea World designed to channel 10,000 skydivers their way, and its acquisition pipeline is maturing, creating a growth pathway for a post-covid recovery.

Broker downgrades FY22 EPS forecasts to reflect lockdowns but FY23 and FY24 are steady. Buy rating and 33c target price retained.

Target price is $0.33 Current Price is $0.28 Difference: $0.05
If EXP meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 0.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 140.00.

Forecast for FY23:

Ord Minnett forecasts a full year FY23 dividend of 0.00 cents and EPS of 1.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.33.

Market Sentiment: 1.0

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

FCL  FINEOS CORPORATION HOLDINGS PLC

Cloud services

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Overnight Price: $4.25

Macquarie rates FCL as Outperform (1) -

Fineos Corporation's FY21 revenue was a 5% beat on Macquarie's forecast, and initial FY22 revenue guidance is now pointing to around 17.7% growth, supported by a 30% subscription revenue growth target. 

Subscription revenue growth was up 48.6% in FY21, and the company highlighted growth expectations for the next year are supported by a pipeline of cross-sell and up-sell opportunities with existing clients. 

Macquarie updates revenue forecasts by 9.7%, 9.6% and 9.5% through to FY24. The Outperform rating is retained and the target price increases to $4.78 from $4.36.

Target price is $4.78 Current Price is $4.25 Difference: $0.53
If FCL meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $4.66, suggesting upside of 11.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 1.91 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 222.51.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -1.9, implying annual growth of N/A.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY23:

Macquarie forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 0.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 533.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.1, implying annual growth of N/A.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is N/A.

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

Market Sentiment: 0.9

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


Ord Minnett rates FCL as Upgrade to Accumulate from Hold (2) -

Fineos Corportion's FY21 result outpaced Ord Minnett's forecasts by 4% triggering upgrades, thanks to strong organic growth, topped up by acquisitions.

Covid hampered new customer additions but the company compensated with work from existing customers, highlighting the potential of the upgrade business.

The company guides to a stronger FY22, which should include a contribution from the newly acquired Spraoi as well as new customers. The broker notes the strong cross-sell and up-sell pipeline and spies looming growth expenses.

Ord Minnett upgrades to Accumulate from Hold. Target price rises to $4.54 from $4.01.

Target price is $4.54 Current Price is $4.25 Difference: $0.29
If FCL meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $4.66, suggesting upside of 11.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 0.62 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 684.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -1.9, implying annual growth of N/A.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY23:

Ord Minnett forecasts a full year FY23 dividend of 0.00 cents and EPS of 0.64 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 667.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.1, implying annual growth of N/A.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is N/A.

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

Market Sentiment: 0.9

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

FLT  FLIGHT CENTRE TRAVEL GROUP LIMITED

Travel, Leisure & Tourism

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Overnight Price: $17.01

Citi rates FLT as Neutral (3) -

Citi believes management's optimistic outlook around breaking even in FY22 on a monthly basis should help the market look-through FY21 sales and underlying profit (PBT) figures, which were a -6% and -4% miss, respectively.

The broker remains cautious in particular on the A&NZ region and maintains its Neutral rating and $16.55 target. It's thought less economic trips (visiting friends and relatives) will resume first and more complex leisure and corporate trips will be slower to return.

Target price is $16.55 Current Price is $17.01 Difference: minus $0.46 (current price is over target).
If FLT 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 $16.66, suggesting downside of -1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 12.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 136.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -44.0, implying annual growth of N/A.

Current consensus DPS estimate is -0.7, implying a prospective dividend yield of -0.0%.

Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY23:

Citi forecasts a full year FY23 dividend of 0.00 cents and EPS of 71.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 74.3, implying annual growth of N/A.

Current consensus DPS estimate is 17.9, implying a prospective dividend yield of 1.1%.

Current consensus EPS estimate suggests the PER is 22.7.

Market Sentiment: -0.3

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


Credit Suisse rates FLT as Neutral (3) -

Considering the volatility in the trading environment, Flight Centre's FY21 result was relatively close to expectations, with FY21 loss of -$507m, roughly in line with the previous period, and -5% worse than expected.

No FY22 guidance was provided given market uncertainty.

Credit Suisse reduces the FY22 loss by -47% to -$68m due to leisure breakeven expected at 40% of pre-covid which suggests a quicker path to profitability than the broker expected while leaving FY22 sales assumptions unchanged.

Neutral rating is unchanged and the target increases to $18 from $17.

Target price is $18.00 Current Price is $17.01 Difference: $0.99
If FLT meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $16.66, suggesting downside of -1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 24.91 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 68.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -44.0, implying annual growth of N/A.

Current consensus DPS estimate is -0.7, implying a prospective dividend yield of -0.0%.

Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY23:

Credit Suisse forecasts a full year FY23 dividend of 33.61 cents and EPS of 131.41 cents.
At the last closing share price the estimated dividend yield is 1.98%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 74.3, implying annual growth of N/A.

Current consensus DPS estimate is 17.9, implying a prospective dividend yield of 1.1%.

Current consensus EPS estimate suggests the PER is 22.7.

Market Sentiment: -0.3

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


Macquarie rates FLT as Neutral (3) -

Travel restrictions have driven a underlying profit before tax loss of -$507m for Flight Centre Travel Group, but Macquarie notes this is largely in line with guidance. 

Looking ahead, the company's recovery is heavily dependent on vaccination rates to enable the reopening of borders. However, on a positive note Macquarie highlights that precedent suggests a strong and immediate rebound once travel restrictions are lifted. 

Flight Centre Travel Group's cash reserves of around $650m should be sufficient for an 18-20 month runway until Corporate and Leisure travel return to profitability in FY22. Macquarie expects the company to break even in FY23. 

The Neutral rating is retained and the target price increases to $16.50 from $15.50.

Target price is $16.50 Current Price is $17.01 Difference: minus $0.51 (current price is over target).
If FLT 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 $16.66, suggesting downside of -1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 21.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 78.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -44.0, implying annual growth of N/A.

Current consensus DPS estimate is -0.7, implying a prospective dividend yield of -0.0%.

Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY23:

Macquarie forecasts a full year FY23 dividend of 14.60 cents and EPS of 73.00 cents.
At the last closing share price the estimated dividend yield is 0.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 74.3, implying annual growth of N/A.

Current consensus DPS estimate is 17.9, implying a prospective dividend yield of 1.1%.

Current consensus EPS estimate suggests the PER is 22.7.

Market Sentiment: -0.3

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


Morgans rates FLT as Hold (3) -

Following FY21 results, Morgans estimates the group has 20 months of liquidity to survive a low revenue environment. It's noted monthly cash burn has not materially changed given the recovery underway in the Americas and Europe, Middle East & Africa (EMEA).

The broker materially lowers forecasts in-light of Australia’s border and travel restrictions, delayed expectations for international travel to resume and the decision by Qantas Airways ((QAN)) to reduce international commission to 1% from 5%.

The Hold rating is unchanged and the target price falls to $18.60 from $19, as the broker now assumes a FY22 loss (NBPT) of -$220.5m from a prior estimate of -$22.0m.

Target price is $18.60 Current Price is $17.01 Difference: $1.59
If FLT meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $16.66, suggesting downside of -1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 82.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 20.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -44.0, implying annual growth of N/A.

Current consensus DPS estimate is -0.7, implying a prospective dividend yield of -0.0%.

Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY23:

Morgans forecasts a full year FY23 dividend of 27.00 cents and EPS of 53.00 cents.
At the last closing share price the estimated dividend yield is 1.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 74.3, implying annual growth of N/A.

Current consensus DPS estimate is 17.9, implying a prospective dividend yield of 1.1%.

Current consensus EPS estimate suggests the PER is 22.7.

Market Sentiment: -0.3

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


Ord Minnett rates FLT as Downgrade to Lighten from Hold (4) -

Further to the initial response to the FY21 results, Ord Minnett assesses Flight Centre faces its greatest challenge over coming years not just recovery from the pandemic but structural change in the travel agency revenue model in Australasia.

The broker's analysis suggests a combined impact of downward pressure on commissions, overriders and GDS income will have a material impact on margins. The main task is reducing costs at a sufficient rate in order to protect earnings.

Ord Minnett downgrades to Lighten from Hold on valuation grounds and reduces the target to $13.72 from $15.06.

Target price is $13.72 Current Price is $17.01 Difference: minus $3.29 (current price is over target).
If FLT meets the Ord Minnett target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.66, suggesting downside of -1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 84.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 20.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -44.0, implying annual growth of N/A.

Current consensus DPS estimate is -0.7, implying a prospective dividend yield of -0.0%.

Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY23:

Ord Minnett forecasts a full year FY23 dividend of 14.20 cents and EPS of 47.20 cents.
At the last closing share price the estimated dividend yield is 0.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 74.3, implying annual growth of N/A.

Current consensus DPS estimate is 17.9, implying a prospective dividend yield of 1.1%.

Current consensus EPS estimate suggests the PER is 22.7.

Market Sentiment: -0.3

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


UBS rates FLT as Neutral (3) -

The uptake of vaccinations is driving a recovery in the Americas and Europe yet UBS believes momentum needs to be sustained to achieve Flight Centre's expectations of profitability at some point in FY22.

The broker, nevertheless, believes the company is well-positioned and there is potential upside to forecasts if a faster pace of volume recovery can be achieved and the cost reductions are sustained.

The broker incorporates Australian lockdowns in forecasts until the second half of FY22. Neutral retained. Target rises to $17.25 from $16.10.

Target price is $17.25 Current Price is $17.01 Difference: $0.24
If FLT meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $16.66, suggesting downside of -1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 73.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 23.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -44.0, implying annual growth of N/A.

Current consensus DPS estimate is -0.7, implying a prospective dividend yield of -0.0%.

Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY23:

UBS forecasts a full year FY23 EPS of 70.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 74.3, implying annual growth of N/A.

Current consensus DPS estimate is 17.9, implying a prospective dividend yield of 1.1%.

Current consensus EPS estimate suggests the PER is 22.7.

Market Sentiment: -0.3

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

HMC  HOME CONSORTIUM

Real Estate

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Overnight Price: $6.46

Morgans rates HMC as Add (1) -

The FY21 result was in-line with guidance and FY22 guidance is for pre-tax funds from operations (FFO) of at least 18.5c and DPS guidance of 12c. The IPO for HealthCo ((HCW)) is due on September 6, which is estimated to provide an additional $950m in liquidity.

Management expects to reach $5bn in assets under management (AUM) by the end of 2022 and $10bn by the end of 2024 and is considering simplifying its structure via a de-stapling (subject to a vote). Morgans lifts its target to $6.71 from $5.01. Add rating retained.

Target price is $6.71 Current Price is $6.46 Difference: $0.25
If HMC meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $5.60, suggesting downside of -9.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 12.00 cents and EPS of 18.50 cents.
At the last closing share price the estimated dividend yield is 1.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.4, implying annual growth of N/A.

Current consensus DPS estimate is 12.3, implying a prospective dividend yield of 2.0%.

Current consensus EPS estimate suggests the PER is 35.3.

Forecast for FY23:

Morgans forecasts a full year FY23 dividend of 15.30 cents and EPS of 23.60 cents.
At the last closing share price the estimated dividend yield is 2.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.8, implying annual growth of 25.3%.

Current consensus DPS estimate is 14.8, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 28.2.

Market Sentiment: 0.0

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

HUO  HUON AQUACULTURE GROUP LIMITED

Aquaculture

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Overnight Price: $3.84

Credit Suisse rates HUO as Neutral (3) -

There were few surprises in Huon Aquaculture's FY21 result, which fell within previous guidance.

In its outlook, Huon pointed to expectations of maintaining 35kt harvest volumes for FY22-23, and improved pricing entering FY22 costs of $9.50/kg, excluding freight.

These factors remain consistent with Credit Suisse's view FY22-23 should see a strong earnings recovery and the broker expects fundamentals to remain secondary to the outcome of the JBS takeover.

The broker's higher forecast FY22 earnings estimate is driven by higher prices and moderately lower operating cost assumptions, offset by higher D&A and net interest resulting in a modest earning per share (EPS) impact (1.2%).

The broker retains a Neutral rating and raises the target to $3.85 from $3.84.

Target price is $3.85 Current Price is $3.84 Difference: $0.01
If HUO meets the Credit Suisse target it will return approximately 0% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 3.96 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 96.97.

Forecast for FY23:

Credit Suisse forecasts a full year FY23 dividend of 6.00 cents and EPS of 12.59 cents.
At the last closing share price the estimated dividend yield is 1.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.50.

Market Sentiment: 0.0

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

IFL  IOOF HOLDINGS LIMITED

Wealth Management & Investments

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Overnight Price: $4.55

Citi rates IFL as Buy (1) -

For Citi's initial response to FY21 results, see yesterday's Report.

The broker estimates most of the many moving parts of the result are largely in-line with prior expectations. Citi marginally adjusts EPS forecasts and lifts its target price to $5.30 from $4.95.

In the analyst's view, the valuation continues to look compelling and the Buy call is retained.

Target price is $5.30 Current Price is $4.55 Difference: $0.75
If IFL meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $5.28, suggesting upside of 17.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 26.00 cents and EPS of 35.20 cents.
At the last closing share price the estimated dividend yield is 5.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 35.1, implying annual growth of N/A.

Current consensus DPS estimate is 24.8, implying a prospective dividend yield of 5.5%.

Current consensus EPS estimate suggests the PER is 12.8.

Forecast for FY23:

Citi forecasts a full year FY23 dividend of 30.00 cents and EPS of 42.90 cents.
At the last closing share price the estimated dividend yield is 6.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.5, implying annual growth of 18.2%.

Current consensus DPS estimate is 29.4, implying a prospective dividend yield of 6.5%.

Current consensus EPS estimate suggests the PER is 10.9.

Market Sentiment: 1.0

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


Credit Suisse rates IFL as Outperform (1) -

IOOF Holdings FY21 earnings were ahead of expectation with underlying net profit of $148m, up 19% year-on-year which was 7% ahead of consensus and 2% ahead of Credit Suisse.

The broker sees scope for synergies and initiatives in advice to deliver 15% earnings growth in FY23 and 10% growth in FY24/25.

Credit Suisse notes the company is undergoing a significant transformation as it integrates the ANZ and MLC acquisitions, migrates its existing IOOF platforms onto its new Evolve platform, and rationalises its legacy products.

The broker believes this will simplify its business and provide it with scale.

The broker reiterates an Outperform rating and target of $5.20.

Target price is $5.20 Current Price is $4.55 Difference: $0.65
If IFL meets the Credit Suisse target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $5.28, suggesting upside of 17.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 21.00 cents and EPS of 35.00 cents.
At the last closing share price the estimated dividend yield is 4.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 35.1, implying annual growth of N/A.

Current consensus DPS estimate is 24.8, implying a prospective dividend yield of 5.5%.

Current consensus EPS estimate suggests the PER is 12.8.

Forecast for FY23:

Credit Suisse forecasts a full year FY23 dividend of 25.00 cents and EPS of 40.00 cents.
At the last closing share price the estimated dividend yield is 5.49%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.5, implying annual growth of 18.2%.

Current consensus DPS estimate is 29.4, implying a prospective dividend yield of 6.5%.

Current consensus EPS estimate suggests the PER is 10.9.

Market Sentiment: 1.0

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


Morgan Stanley rates IFL as Overweight (1) -

IOOF Holding's FY21 result beat consensus forecasts by 7% and Morgan Stanley by 9%. The dividend proved a 24% beat on consensus and 53% beat on the broker.

Advice returned a 30% miss on the broker's forecast as lockdowns bit, and the ex-ANZ division delivered a 25% beat. The company guided to improved FY22 synergies - another beat. 

The company reports a strong balance sheet with improved cash and senior debt leverage, causing the broker to upgrade FY22 and FY23 dividends by 7%.

The broker expects EPS growth of 39% in FY22 and 23% in FY23 as synergies, platform simplification and manageable revenue margins come to bear.

Target price eases to $5.50 from $5.60. Overweight rating retained. Industry view: In-line.

Target price is $5.50 Current Price is $4.55 Difference: $0.95
If IFL meets the Morgan Stanley target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $5.28, suggesting upside of 17.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 26.00 cents and EPS of 35.00 cents.
At the last closing share price the estimated dividend yield is 5.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 35.1, implying annual growth of N/A.

Current consensus DPS estimate is 24.8, implying a prospective dividend yield of 5.5%.

Current consensus EPS estimate suggests the PER is 12.8.

Forecast for FY23:

Morgan Stanley forecasts a full year FY23 dividend of 32.50 cents and EPS of 43.00 cents.
At the last closing share price the estimated dividend yield is 7.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.5, implying annual growth of 18.2%.

Current consensus DPS estimate is 29.4, implying a prospective dividend yield of 6.5%.

Current consensus EPS estimate suggests the PER is 10.9.

Market Sentiment: 1.0

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


Ord Minnett rates IFL as Buy (1) -

Further to yesterday's response to the FY21 results, Ord Minnett maintains a Buy rating and raises the target to $5.10 from $4.60, reflecting less uncertainty around the achievement of synergies.

Target price is $5.10 Current Price is $4.55 Difference: $0.55
If IFL meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $5.28, suggesting upside of 17.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 26.00 cents and EPS of 35.00 cents.
At the last closing share price the estimated dividend yield is 5.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 35.1, implying annual growth of N/A.

Current consensus DPS estimate is 24.8, implying a prospective dividend yield of 5.5%.

Current consensus EPS estimate suggests the PER is 12.8.

Forecast for FY23:

Ord Minnett forecasts a full year FY23 dividend of 30.00 cents and EPS of 40.00 cents.
At the last closing share price the estimated dividend yield is 6.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.5, implying annual growth of 18.2%.

Current consensus DPS estimate is 29.4, implying a prospective dividend yield of 6.5%.

Current consensus EPS estimate suggests the PER is 10.9.

Market Sentiment: 1.0

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

ILU  ILUKA RESOURCES LIMITED

Mineral Sands

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Overnight Price: $9.27

Credit Suisse rates ILU as Upgrade to Neutral from Underperform (3) -

Principally driven by $17m non-cash inventory, Iluka Resoures first half FY21 underlying net profit ($135m) was -15% lower than consensus ($159m), and a 12cps interim dividend was also softer than consensus expectation (13.8cps).

Iluka announced a restart of the second synthetic rutile kiln.

While Credit Suisse believes the company is rich in catalysts, the broker believes the key catalyst is the feasibility study for a rare earths refinery due early 2022, for which the broker believes the Street has high hopes.

Credit Suisse upgrades Iluka Resources to Neutral from Underperform and the target increases to $8.80 from $7.

Target price is $8.80 Current Price is $9.27 Difference: minus $0.47 (current price is over target).
If ILU meets the Credit Suisse target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.47, suggesting upside of 2.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 27.00 cents and EPS of 66.60 cents.
At the last closing share price the estimated dividend yield is 2.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.4, implying annual growth of -88.5%.

Current consensus DPS estimate is 33.3, implying a prospective dividend yield of 3.6%.

Current consensus EPS estimate suggests the PER is 14.1.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 33.00 cents and EPS of 77.40 cents.
At the last closing share price the estimated dividend yield is 3.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 75.0, implying annual growth of 14.7%.

Current consensus DPS estimate is 29.8, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 12.3.

Market Sentiment: 0.4

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

JIN  JUMBO INTERACTIVE LIMITED

Gaming

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Overnight Price: $16.42

Morgan Stanley rates JIN as Overweight (1) -

Jumbo Interactive's FY21 result proved a top-line miss, although Morgan Stanley found the numbers were broadly in-line.

The broker sheets this back to a resegmentation of WA total transaction value (TTV) and effective take rates. Higher non-cash amortisation of the upfront consideration to Tabcorp ((TAH)) and an accounting change and restatement didn't help.

Cost growth from new hires and market and insurance,  and slower onboarding of SaaS TTV also dragged.

On the upside, the Jumbo Interactive's TTV outpaced the market and rose per customer. Gatherwell reported a double-digit internal rate of return and the well-priced Stride acquisition offers good roll-out prospects.

The broker expects FY22 will be a tougher year as the world reopens but growth prospects may compensate.  Price target rises to $18.50 from $17.40. Overweight rating retained. Industry view: In-line.

Target price is $18.50 Current Price is $16.42 Difference: $2.08
If JIN meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $16.59, suggesting upside of 11.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 42.90 cents and EPS of 57.00 cents.
At the last closing share price the estimated dividend yield is 2.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 51.7, implying annual growth of N/A.

Current consensus DPS estimate is 36.0, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 28.9.

Forecast for FY23:

Morgan Stanley forecasts a full year FY23 dividend of 54.60 cents and EPS of 73.00 cents.
At the last closing share price the estimated dividend yield is 3.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.0, implying annual growth of 25.7%.

Current consensus DPS estimate is 54.6, implying a prospective dividend yield of 3.7%.

Current consensus EPS estimate suggests the PER is 23.0.

Market Sentiment: 0.7

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


UBS rates JIN as Neutral (3) -

Jumbo interactive's underlying EBITDA was in line with forecasts. Strong top-line growth was achieved within the lottery retailing business. Going into FY22 UBS expects a partial benefit from the $60m jackpot in July and an $80m jackpot in August.

Jumbo Interactive has also announced the acquisition of Stride, entering the Canadian charity lottery market. The acquisition will be funded through existing cash balances for consideration of $11.7m.

UBS is yet to incorporate the acquisition into estimates as the transaction is subject to regulatory approval. The board will maintain the pay-out ratio at 85% of net profit. Neutral rating retained. Target is raised to $16.50 from $14.20.

Target price is $16.50 Current Price is $16.42 Difference: $0.08
If JIN meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $16.59, suggesting upside of 11.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 31.00 cents and EPS of 49.00 cents.
At the last closing share price the estimated dividend yield is 1.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.51.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 51.7, implying annual growth of N/A.

Current consensus DPS estimate is 36.0, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 28.9.

Forecast for FY23:

UBS forecasts a full year FY23 EPS of 57.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.0, implying annual growth of 25.7%.

Current consensus DPS estimate is 54.6, implying a prospective dividend yield of 3.7%.

Current consensus EPS estimate suggests the PER is 23.0.

Market Sentiment: 0.7

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

LGL  LYNCH GROUP HOLDING LIMITED

Agriculture

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Overnight Price: $3.74

Citi rates LGL as Buy (1) -

Lynch Group Holdings' FY21 performance beat Citi's forecasts, while meeting company management's guidance at the top of the guided range.

Rather unusual for an Australian-based exporter, higher exports to China were responsible for the 'beat'. The analysts observe the company has kept FY22 guidance unchanged despite the solid second half momentum.

In Australia, FY21 financials were supported by strong pot plant sales and continued penetration in the supermarket channel, points out Citi. The unchanged guidance is seen as an impediment to consensus forecasts moving higher.

Buy. Target $4.30.

Target price is $4.30 Current Price is $3.74 Difference: $0.56
If LGL meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 17.30 cents and EPS of 35.40 cents.
At the last closing share price the estimated dividend yield is 4.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.57.

Forecast for FY23:

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

LNK  LINK ADMINISTRATION HOLDINGS LIMITED

Wealth Management & Investments

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Overnight Price: $4.50

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

For Citi's initial response to FY21 results, see yesterday's Report.

The analyst notes earnings (EBITDA) were a miss, driven by lower revenues, particularly in corporate markets, while guidance for operating earnings (EBIT) to be “broadly in line with FY21“ is thought soft compared to the analyst's forecast for 16% growth.

Citi lowers lower EPS forecasts considerably, despite factoring in the announced $150m buyback. Although the stock looks relatively inexpensive if Pexa Group ((PXA)) is valued at market, it's seen as a likely value trap for now.

The broker lowers its rating to Neutral from Buy and its target price to $4.75 from $5.70.

Target price is $4.75 Current Price is $4.50 Difference: $0.25
If LNK meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $5.21, suggesting upside of 20.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 10.50 cents and EPS of 21.60 cents.
At the last closing share price the estimated dividend yield is 2.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.8, implying annual growth of N/A.

Current consensus DPS estimate is 11.7, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 19.0.

Forecast for FY23:

Citi forecasts a full year FY23 dividend of 12.00 cents and EPS of 25.90 cents.
At the last closing share price the estimated dividend yield is 2.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.7, implying annual growth of 17.1%.

Current consensus DPS estimate is 13.2, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 16.2.

Market Sentiment: 0.7

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


Credit Suisse rates LNK as Outperform (1) -

Link Administration reported FY21 operating net profit of $113m -18% down year-on-year which was -4% below Credit Suisse's estimate; the company also announced a buyback of $150m, equivalent to 6% of market cap.

Having previously guided to a return of growth in FY22, the company announced FY22 guidance for flat earnings, with cost inflation from salary increases, investment in data security, and risk & compliance offsetting the benefit of revenue growth and the benefits of
cost outs.

Credit Suisse lowers earnings per share (EPS) estimates by -13% in FY22/23 which factors in lower earnings and the full buyback. Outperform rating is unchanged and the target is lowered to $5.30 from $5.55.

Target price is $5.30 Current Price is $4.50 Difference: $0.8
If LNK meets the Credit Suisse target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $5.21, suggesting upside of 20.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 10.00 cents and EPS of 21.36 cents.
At the last closing share price the estimated dividend yield is 2.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.8, implying annual growth of N/A.

Current consensus DPS estimate is 11.7, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 19.0.

Forecast for FY23:

Credit Suisse forecasts a full year FY23 dividend of 12.13 cents and EPS of 23.46 cents.
At the last closing share price the estimated dividend yield is 2.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.7, implying annual growth of 17.1%.

Current consensus DPS estimate is 13.2, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 16.2.

Market Sentiment: 0.7

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


Macquarie rates LNK as Resume Coverage with Outperform (1) -

FY21 results were a slight miss to expectations. Macquarie was also disappointed with FY22 guidance for flat operating EBIT. Still, with a $150m buyback the broker resumes coverage with an Outperform rating and $5.80 target.

The company has reaffirmed cost reduction targets and the broker notes all major RSS client renewals have been secured.

Target price is $5.80 Current Price is $4.50 Difference: $1.3
If LNK meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $5.21, suggesting upside of 20.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 10.00 cents and EPS of 19.80 cents.
At the last closing share price the estimated dividend yield is 2.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.8, implying annual growth of N/A.

Current consensus DPS estimate is 11.7, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 19.0.

Forecast for FY23:

Macquarie forecasts a full year FY23 dividend of 12.00 cents and EPS of 24.00 cents.
At the last closing share price the estimated dividend yield is 2.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.7, implying annual growth of 17.1%.

Current consensus DPS estimate is 13.2, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 16.2.

Market Sentiment: 0.7

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


Morgans rates LNK as Add (1) -

While the FY21 profit (NPATA) result was a slight miss on Morgans expectations and consensus forecasts, it's thought softer FY22 earnings growth guidance than expected caused the negative share price reaction on results day.

The weaker guidance was due to required reinvestment into operations and normalisation of costs, explains the analyst. Profit forecasts are lowered by Morgans, reflecting more conservative divisional earnings (EBIT) margin forecasts. The target falls to $5.19 from $5.53.

Management announced a $150m on-market share buyback. A strong performance by the 42.8%-owned PEXA Group ((PXA)) was a  highlight, in the broker' view.

Target price is $5.19 Current Price is $4.50 Difference: $0.69
If LNK meets the Morgans target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $5.21, suggesting upside of 20.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 15.30 cents and EPS of 26.60 cents.
At the last closing share price the estimated dividend yield is 3.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.8, implying annual growth of N/A.

Current consensus DPS estimate is 11.7, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 19.0.

Forecast for FY23:

Morgans forecasts a full year FY23 dividend of 17.10 cents and EPS of 29.60 cents.
At the last closing share price the estimated dividend yield is 3.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.7, implying annual growth of 17.1%.

Current consensus DPS estimate is 13.2, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 16.2.

Market Sentiment: 0.7

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


Ord Minnett rates LNK as Upgrade to Accumulate from Hold (2) -

Further to yesterday's response to the FY21 results, Ord Minnett observes FY22 guidance for a flat EBIT outcome seems difficult to achieve.

There is valuation appeal in the stock, nevertheless, and recent corporate interest and the $150m share buyback could help it recover some ground.

Hence, the broker upgrades to Accumulate from Hold, while reducing the target to $5.00 from $5.75.

This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.

Target price is $5.00 Current Price is $4.50 Difference: $0.5
If LNK meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $5.21, suggesting upside of 20.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 11.00 cents and EPS of 22.00 cents.
At the last closing share price the estimated dividend yield is 2.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.8, implying annual growth of N/A.

Current consensus DPS estimate is 11.7, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 19.0.

Forecast for FY23:

Ord Minnett forecasts a full year FY23 dividend of 13.00 cents and EPS of 25.00 cents.
At the last closing share price the estimated dividend yield is 2.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.7, implying annual growth of 17.1%.

Current consensus DPS estimate is 13.2, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 16.2.

Market Sentiment: 0.7

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


UBS rates LNK as No Rating (-1) -

FY21 net profit was below expectations. The commentary regarding flat operating EBIT in FY22 is also less than what UBS anticipated. The earnings recovery has now been pushed out into FY23.

Capital management is brought forward with the $150m buyback, which the broker points out is material at 5% of market capitalisation. Nevertheless, UBS flags the track record for Link Group completing buybacks is poor.

UBS is currently restricted on providing a rating and target.

Current Price is $4.50. Target price not assessed.

Current consensus price target is $5.21, suggesting upside of 20.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 12.00 cents and EPS of 23.00 cents.
At the last closing share price the estimated dividend yield is 2.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.8, implying annual growth of N/A.

Current consensus DPS estimate is 11.7, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 19.0.

Forecast for FY23:

UBS forecasts a full year FY23 EPS of 32.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.7, implying annual growth of 17.1%.

Current consensus DPS estimate is 13.2, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 16.2.

Market Sentiment: 0.7

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

MGH  MAAS GROUP HOLDINGS LIMITED

Building Products & Services

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Overnight Price: $4.50

Morgans rates MGH as Add (1) -

The FY21 result was in-line with Morgans forecasts and at the upper-end of guidance. Considering a strong growth outlook, M&A optionality, a dominant position in attractive regional markets and leverage to favourable industry tailwinds, the Add rating is maintained. 

A stronger underlying performance and the recent residential property acquisition sees the broker increase earnings forecasts, while profit expectations initially fall in FY22 on higher net interest and then rise in FY23 and FY24. The target price falls to $5.65 from $5.85.

Target price is $5.65 Current Price is $4.50 Difference: $1.15
If MGH meets the Morgans target it will return approximately 26% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 6.00 cents and EPS of 22.00 cents.
At the last closing share price the estimated dividend yield is 1.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.45.

Forecast for FY23:

Morgans forecasts a full year FY23 dividend of 7.40 cents and EPS of 26.00 cents.
At the last closing share price the estimated dividend yield is 1.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.31.

Market Sentiment: 1.0

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

MNF  MNF GROUP LIMITED

Telecommunication

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Overnight Price: $6.16

Ord Minnett rates MNF as Buy (1) -

MNF Group's FY21 result came in at the top end of guidance but missed several of Ord Minnett's forecasts, thanks to declining revenue in international roaming and audio-conferencing.

But the broker is pleased with the result, a 12% improvement in higher-margin recurring revenue keeping earnings in line. The broker forecasts continued revenue growth in FY22, largely offset by growth-related expense.

The company boasts a hefty $100m war chest and has flagged expansion in South Korea, Japan, Malaysia, Vietnam and Taiwan and is targeting a compound annual growth rate of 37%.

End of restrictions reveals a Buy rating. Target price rises to $7.33 from $6.08. Risk: Higher.

Target price is $7.33 Current Price is $6.16 Difference: $1.17
If MNF meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 8.10 cents and EPS of 16.90 cents.
At the last closing share price the estimated dividend yield is 1.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.45.

Forecast for FY23:

Ord Minnett forecasts a full year FY23 dividend of 8.80 cents and EPS of 21.30 cents.
At the last closing share price the estimated dividend yield is 1.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.92.

Market Sentiment: 1.0

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

MWY  MIDWAY LIMITED

Agriculture

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Overnight Price: $1.03

Ord Minnett rates MWY as Buy (1) -

Midway's FY21 result fell shy of Ord Minnett's forecast but generally pleased the broker.

Ord Minnett is calling a turning point in the company's fortunes, with wood-fibre export prices on the rise and volumes recovering in FY21.

The broker expects strength through FY22 and FY23 thanks to favourable trading conditions and the completion of projects.

Asset sales have freed up capital management options. 

Target price rises to $1.23 from $1.18. Buy rating retained.

Target price is $1.23 Current Price is $1.03 Difference: $0.2
If MWY meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 0.00 cents and EPS of 0.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 515.00.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 4.00 cents and EPS of 7.30 cents.
At the last closing share price the estimated dividend yield is 3.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.11.

Market Sentiment: 0.5

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

NIC  NICKEL MINES LIMITED

Nickel

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Overnight Price: $1.02

Credit Suisse rates NIC as Outperform (1) -

Nickel Mines' June half net profit of US$65m was slightly ahead of consensus and the dividend of US2cps doubled from a year ago and is running in line with Credit Suisse expectations of US4cps for 2021.

Credit Suisse expects free cash flow yield (pre-growth capex) to be 10% this and next with few calls on its cash after this year’s Angel nickel acquisition.

The broker notes Nickel Mines should be the tenth largest nickel producer on an equity share when the Angel build is completed next year, so any further acquisitions would see the company vault ahead of BHP and settle in close to the current Western majors Glencore and Vale.

Outperform retained. Target is $1.40.

Target price is $1.40 Current Price is $1.02 Difference: $0.38
If NIC meets the Credit Suisse target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $1.27, suggesting upside of 26.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 5.32 cents and EPS of 8.96 cents.
At the last closing share price the estimated dividend yield is 5.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.3, implying annual growth of N/A.

Current consensus DPS estimate is 4.8, implying a prospective dividend yield of 4.8%.

Current consensus EPS estimate suggests the PER is 12.0.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 5.32 cents and EPS of 5.63 cents.
At the last closing share price the estimated dividend yield is 5.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.8, implying annual growth of -18.1%.

Current consensus DPS estimate is 3.5, implying a prospective dividend yield of 3.5%.

Current consensus EPS estimate suggests the PER is 14.7.

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

Market Sentiment: 0.7

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


Macquarie rates NIC as Neutral (3) -

First half results were broadly in line with Macquarie's estimates. Spot nickel pig iron has outperformed LME prices and the broker upgrades price assumptions for the second half of 2021.

Macquarie notes Nickel Mines is set to move to a blend of nickel pig iron and nickel matte production at the Hengjaya/Ranger facilities and this presents the upside risk to forecasts. Neutral maintained. Target is steady at $1.10.

Target price is $1.10 Current Price is $1.02 Difference: $0.08
If NIC meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $1.27, suggesting upside of 26.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 4.66 cents and EPS of 8.25 cents.
At the last closing share price the estimated dividend yield is 4.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.3, implying annual growth of N/A.

Current consensus DPS estimate is 4.8, implying a prospective dividend yield of 4.8%.

Current consensus EPS estimate suggests the PER is 12.0.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 3.33 cents and EPS of 7.98 cents.
At the last closing share price the estimated dividend yield is 3.26%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.8, implying annual growth of -18.1%.

Current consensus DPS estimate is 3.5, implying a prospective dividend yield of 3.5%.

Current consensus EPS estimate suggests the PER is 14.7.

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

Market Sentiment: 0.7

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

NXT  NEXTDC LIMITED

Cloud services

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Overnight Price: $13.48

Citi rates NXT as Buy (1) -

Upon first glance, it appears NextDC's FY21 report has beaten Citi and consensus forecasts to the tune of 2% and the data centre operator provided a "conservative" (Citi's term) outlook for FY22, a smidgen below market consensus.

But Citi analysts suggest one of the key positives is an apparent pick-up in bookings. Capex is slated for a pick-up in FY22, which again comes as no surprise given capex was below expectations in FY21.

Buy rating with a target of $14.45.

Target price is $14.45 Current Price is $13.48 Difference: $0.97
If NXT meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $14.12, suggesting upside of 10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 3.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 354.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -2.4, implying annual growth of N/A.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 0.00 cents and EPS of 2.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 481.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.8, implying annual growth of N/A.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 455.4.

Market Sentiment: 0.9

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


Macquarie rates NXT as Outperform (1) -

Following an initial assessment, Macquarie finds FY21 is a beat at the earnings (EBITDA) level, but a slight miss in terms of revenues. As far as FY22 guidance goes, again, in-line on earnings but a mild miss in terms of projected data centre revenues.

Macquarie highlights development activity at the company continues to accelerate, with S3 on track for practical completion 2H22, M3 planned capacity increased to 150MW, on top of the recent acquisition of land for S4 with long term expansion capacity of 300MW.

All in all, Macquarie continues to see strong industry tailwinds from which NextDC, starting from a strong position in the Australian market, should continue to benefit.

Outperform rating. Target $13.95.

Target price is $13.95 Current Price is $13.48 Difference: $0.47
If NXT meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $14.12, suggesting upside of 10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 3.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 396.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -2.4, implying annual growth of N/A.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 0.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1685.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.8, implying annual growth of N/A.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 455.4.

Market Sentiment: 0.9

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


Ord Minnett rates NXT as Buy (1) -

Upon initial assessment, NextDC's FY21, released today, fell a little short of Ord Minnett's forecasts, but the broker labels it "mostly in-line".

A comment is made about the FY22 outlook provided; it seems a bit "soft", but then, as Ord Minnett points out, management has a track record of providing rather conservative guidance at the start of each new financial year.

Within this context, NextDC's FY22 EBITDA guidance of $160-165m compares with the broker's $169m estimate.

Buy rating and $14.50 target price.

Target price is $14.50 Current Price is $13.48 Difference: $1.02
If NXT meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $14.12, suggesting upside of 10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 5.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 269.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -2.4, implying annual growth of N/A.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 0.00 cents and EPS of 4.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 337.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.8, implying annual growth of N/A.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 455.4.

Market Sentiment: 0.9

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

ORE  OROCOBRE LIMITED

New Battery Elements

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Overnight Price: $8.77

Citi rates ORE as Buy (1) -

The FY21 Underlying loss of -US$21m was a beat, compared with Citi and consensus forecasts for -US$23m. The broker retains its Buy rating and lifts its target price to $10.50 from $9.

After combining the Orocobre and Galaxy Resources ((GXY)) accounts, the analyst generates a lift in forecast earnings for Orocobre in FY22 and FY23 of 139% and 55%, respectively.

With the merger complete, management is now focusing on a detailed strategic plan for growth projects and expects to announce a pathway within six months.

Target price is $10.50 Current Price is $8.77 Difference: $1.73
If ORE meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $8.04, suggesting downside of -3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 0.00 cents and EPS of 14.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 60.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.6, implying annual growth of N/A.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 71.6.

Forecast for FY23:

Citi forecasts a full year FY23 dividend of 0.00 cents and EPS of 13.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 67.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.0, implying annual growth of 81.0%.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 39.6.

Market Sentiment: 0.6

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

PLS  PILBARA MINERALS LIMITED

New Battery Elements

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Overnight Price: $2.22

Macquarie rates PLS as Outperform (1) -

FY21 results were weaker than Macquarie expected. This was largely stemming from one-off items relating to acquisition accounting. Spodumene prices present the main catalyst for the short term and the company will hold its second spot price auction shortly.

Staged development of Pilgan and Ngungaju underpin a seven-year production growth rate of around 20%, the broker adds. Outperform retained. Target rises to $2.70 from $2.00.

Target price is $2.70 Current Price is $2.22 Difference: $0.48
If PLS meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $1.95, suggesting downside of -6.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 0.00 cents and EPS of 9.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.1, implying annual growth of N/A.

Current consensus DPS estimate is 1.1, implying a prospective dividend yield of 0.5%.

Current consensus EPS estimate suggests the PER is 25.6.

Forecast for FY23:

Macquarie forecasts a full year FY23 dividend of 0.00 cents and EPS of 13.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.7, implying annual growth of 69.1%.

Current consensus DPS estimate is 1.5, implying a prospective dividend yield of 0.7%.

Current consensus EPS estimate suggests the PER is 15.1.

Market Sentiment: 0.3

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


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

FY21 underlying operating earnings (EBITDA) were in line with Ord Minnett's forecasts. FY22 guidance has surprised to the upside, with spodumene shipments expected to be 440-490,000t.

Capital expenditure guidance is also lower than anticipated but has led to the broker pushing out of the next expansion at Pilgangoora.

Despite the strong outlook for lithium markets and the company's positioning, the stock has run hard and Ord Minnett downgrades to Hold from Buy. Moreover, the broker sees no significant stock-specific catalysts on the horizon. Target is reduced to $2.40 from $2.50.

This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.

Target price is $2.40 Current Price is $2.22 Difference: $0.18
If PLS meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $1.95, suggesting downside of -6.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 1.00 cents and EPS of 10.00 cents.
At the last closing share price the estimated dividend yield is 0.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.1, implying annual growth of N/A.

Current consensus DPS estimate is 1.1, implying a prospective dividend yield of 0.5%.

Current consensus EPS estimate suggests the PER is 25.6.

Forecast for FY23:

Ord Minnett forecasts a full year FY23 dividend of 3.00 cents and EPS of 14.00 cents.
At the last closing share price the estimated dividend yield is 1.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.7, implying annual growth of 69.1%.

Current consensus DPS estimate is 1.5, implying a prospective dividend yield of 0.7%.

Current consensus EPS estimate suggests the PER is 15.1.

Market Sentiment: 0.3

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

PNV  POLYNOVO LIMITED

Pharmaceuticals & Biotech/Lifesciences

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Overnight Price: $2.04

Macquarie rates PNV as Outperform (1) -

FY21 revenue was lower than expected. BTM sales rose 34% and Macquarie notes stronger growth in the US and parts of Europe relative to Australia.

Exit rates into FY22 appear positive and the company is also re-engaging with hospitals that were affected by the pandemic.

Macquarie expects the company will be able to increase share within existing indications and notes the longer term potential for additional uses of NovoSorb technology. Outperform retained. Target is reduced to $2.70 from $2.95.

Target price is $2.70 Current Price is $2.04 Difference: $0.66
If PNV meets the Macquarie target it will return approximately 32% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 0.00 cents and EPS of 0.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 680.00.

Forecast for FY23:

Macquarie forecasts a full year FY23 EPS of 2.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 81.60.

Market Sentiment: 0.5

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

PPE  PEOPLE INFRASTRUCTURE LIMITED

Jobs & Skilled Labour Services

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Overnight Price: $4.25

Morgans rates PPE as Add (1) -

People Infrastructure provided a robust FY21 result at the upper end of guidance, highlighting its leverage to a strong Australian labour market, Morgans notes.

While restrictions could slow the extent of growth in the first half of FY22 the broker expects activity to rebound strongly in the second half when restrictions ease in NSW and Victoria.

Morgans considers the valuation attractive amid a solid growth outlook and upside from further accretive M&A. Add maintained. Target is reduced to $5.00 from $5.15.

Target price is $5.00 Current Price is $4.25 Difference: $0.75
If PPE meets the Morgans target it will return approximately 18% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 13.00 cents and EPS of 30.00 cents.
At the last closing share price the estimated dividend yield is 3.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.17.

Forecast for FY23:

Morgans forecasts a full year FY23 dividend of 14.00 cents and EPS of 33.00 cents.
At the last closing share price the estimated dividend yield is 3.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.88.

Market Sentiment: 1.0

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

PRU  PERSEUS MINING LIMITED

Gold & Silver

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Overnight Price: $1.47

Citi rates PRU as Neutral (3) -

Citi lifts its target price to $1.80 from $1.75 on a positive life of mine (LOM) plan for Yaoure. FY21 results showed the ramping-up of production at Yaoure lifted FY21 group profit by 48% year-on-year, explains the analyst. The Neutral rating is unchanged.

Underlying profit of $139m was ahead of both Citi and consensus forecasts. A maiden dividend of 1.5cps was declared.

Revenue for Perseus Mining lifted 15% year-on-year to $680m, driven by higher gold volumes as the Yaoure mine achieved commercial production in the March quarter and began ramping-up to nameplate capacity.

Target price is $1.80 Current Price is $1.47 Difference: $0.33
If PRU meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $1.70, suggesting upside of 15.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 0.00 cents and EPS of 20.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.4, implying annual growth of N/A.

Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 1.4%.

Current consensus EPS estimate suggests the PER is 8.4.

Forecast for FY23:

Citi forecasts a full year FY23 dividend of 0.00 cents and EPS of 20.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.9, implying annual growth of 2.9%.

Current consensus DPS estimate is 2.1, implying a prospective dividend yield of 1.4%.

Current consensus EPS estimate suggests the PER is 8.2.

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 FY21 operating earnings narrowly missed Credit Suisse but proved a beat on consensus partially on $44m deferred stripping which is capitalised despite appearing as a cost in quarterly reporting.

The company rounded out a strong FY21 with a maiden shareholder return via $1.5cps capital reduction and also announced a maiden dividend policy that targets a 1% yield with semi-annual payments.

Credit Suisse notes while most of the broker's gold coverage is facing Australian labour shortages/cost inflation, Perseus is flying under the radar with all-in costs guided to decrease compared to the June quarter.

The Outperform rating is unchanged and the target is lowered to $1.60 from $1.80.

Target price is $1.60 Current Price is $1.47 Difference: $0.13
If PRU meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $1.70, suggesting upside of 15.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 2.50 cents and EPS of 17.73 cents.
At the last closing share price the estimated dividend yield is 1.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.4, implying annual growth of N/A.

Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 1.4%.

Current consensus EPS estimate suggests the PER is 8.4.

Forecast for FY23:

Credit Suisse forecasts a full year FY23 dividend of 2.50 cents and EPS of 17.96 cents.
At the last closing share price the estimated dividend yield is 1.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.9, implying annual growth of 2.9%.

Current consensus DPS estimate is 2.1, implying a prospective dividend yield of 1.4%.

Current consensus EPS estimate suggests the PER is 8.2.

Market Sentiment: 0.7

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


Macquarie rates PRU as Outperform (1) -

FY21 net profit was ahead of Macquarie's estimates and the maiden 1.5c dividend was six months earlier than expected. Macquarie believes this is a sign of the cash flow the business can generate now that Yaoure is performing.

The ramp up of Yaoure will continue to provide positive momentum. The Bagoe feasibility study will be released shortly along with an updated life-of-mine plan for Sissingue. Outperform rating and $1.70 target retained.

Target price is $1.70 Current Price is $1.47 Difference: $0.23
If PRU meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $1.70, suggesting upside of 15.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 3.40 cents and EPS of 13.80 cents.
At the last closing share price the estimated dividend yield is 2.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.4, implying annual growth of N/A.

Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 1.4%.

Current consensus EPS estimate suggests the PER is 8.4.

Forecast for FY23:

Macquarie forecasts a full year FY23 dividend of 3.80 cents and EPS of 15.40 cents.
At the last closing share price the estimated dividend yield is 2.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.9, implying annual growth of 2.9%.

Current consensus DPS estimate is 2.1, implying a prospective dividend yield of 1.4%.

Current consensus EPS estimate suggests the PER is 8.2.

Market Sentiment: 0.7

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

PTM  PLATINUM ASSET MANAGEMENT LIMITED

Wealth Management & Investments

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Overnight Price: $3.94

Credit Suisse rates PTM as Underperform (5) -

Driven by lower than expected other income, higher expenses, and a higher tax rate, Platinum Asset Management reported FY21 net profit of $163m which was -1% below consensus and -5% below Credit Suisse.

While other income will be volatile, Credit Suisse notes that the higher than expected expenses are likely to be ongoing in nature with rising staff costs required to retain key staff following departures in recent years.

Driven by a combination of higher expenses and lower management fee margins, the broker downgrade earnings estimates by high single-digits in FY22 and FY23.

Underperform maintained. Target is reduced to $3.85 from $4.50.

Target price is $3.85 Current Price is $3.94 Difference: minus $0.09 (current price is over target).
If PTM 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 $3.92, suggesting downside of -0.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 22.00 cents and EPS of 24.00 cents.
At the last closing share price the estimated dividend yield is 5.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.1, implying annual growth of N/A.

Current consensus DPS estimate is 23.2, implying a prospective dividend yield of 5.9%.

Current consensus EPS estimate suggests the PER is 16.3.

Forecast for FY23:

Credit Suisse forecasts a full year FY23 dividend of 24.00 cents and EPS of 24.00 cents.
At the last closing share price the estimated dividend yield is 6.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.9, implying annual growth of -0.8%.

Current consensus DPS estimate is 24.0, implying a prospective dividend yield of 6.1%.

Current consensus EPS estimate suggests the PER is 16.5.

Market Sentiment: -0.6

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


Ord Minnett rates PTM as Hold (3) -

FY21 net profit was below Ord Minnett's forecast. The result missed estimates largely because of higher-than-expected employee costs. The final dividend of $0.12 was flat on the prior year and in line with forecasts.

Ord Minnett observes the majority of the funds are meaningfully underperforming respective benchmarks and, as a result, remains cautious about flows in the short term. Hold rating retained. Target is reduced to $4.15 from $4.50.

Target price is $4.15 Current Price is $3.94 Difference: $0.21
If PTM meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $3.92, suggesting downside of -0.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 24.00 cents and EPS of 23.00 cents.
At the last closing share price the estimated dividend yield is 6.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.1, implying annual growth of N/A.

Current consensus DPS estimate is 23.2, implying a prospective dividend yield of 5.9%.

Current consensus EPS estimate suggests the PER is 16.3.

Forecast for FY23:

Ord Minnett forecasts a full year FY23 EPS of 25.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.9, implying annual growth of -0.8%.

Current consensus DPS estimate is 24.0, implying a prospective dividend yield of 6.1%.

Current consensus EPS estimate suggests the PER is 16.5.

Market Sentiment: -0.6

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

QAN  QANTAS AIRWAYS LIMITED

Transportation & Logistics

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Overnight Price: $5.04

Credit Suisse rates QAN as Underperform (5) -

Qantas Airway's FY21 loss of -$1.83bn was in-line with Credit Suisse's forecast but ahead of consensus. Net debt reduced in the half to $5.9bn, in-line with the broker's forecast.

Total liquidity is $3.8bn, and Qantas said its recovery program is ahead of schedule with $650m worth of benefits actioned. Qantas also expects a -$1.4bn earnings hit in first half  FY22 from the current state border closures and shutdown of the Trans-Tasman bubble.

The broker thinks there is likely to be further disappointment on timing of airline travel reopening that could provide a more attractive entry point in the shares.

Credit Suisse maintains the Underperform rating and increases the target price to $4.10 from $3.90.

Target price is $4.10 Current Price is $5.04 Difference: minus $0.94 (current price is over target).
If QAN meets the Credit Suisse target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.80, suggesting upside of 12.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 46.86 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 10.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -16.8, implying annual growth of N/A.

Current consensus DPS estimate is 3.5, implying a prospective dividend yield of 0.7%.

Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY23:

Credit Suisse forecasts a full year FY23 dividend of 0.00 cents and EPS of 39.58 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 50.1, implying annual growth of N/A.

Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 0.8%.

Current consensus EPS estimate suggests the PER is 10.3.

Market Sentiment: 0.7

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


Macquarie rates QAN as Outperform (1) -

FY21 results were in line with recent guidance. Macquarie assesses the market has now more certainty around liquidity while capital raising risks have been alleviated.

The first half of FY22 is still challenged by lockdowns and border closures yet the broker points out the domestic business can snap back quickly.

Macquarie still envisages FY23 earnings will exceed pre-pandemic levels and Qantas will be a structurally improved business. Valuation is also appealing and the broker retains an Outperform rating with a $6.10 target.

Target price is $6.10 Current Price is $5.04 Difference: $1.06
If QAN meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $5.80, suggesting upside of 12.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 33.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 15.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -16.8, implying annual growth of N/A.

Current consensus DPS estimate is 3.5, implying a prospective dividend yield of 0.7%.

Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY23:

Macquarie forecasts a full year FY23 dividend of 0.00 cents and EPS of 53.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 50.1, implying annual growth of N/A.

Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 0.8%.

Current consensus EPS estimate suggests the PER is 10.3.

Market Sentiment: 0.7

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


Morgan Stanley rates QAN as Overweight (1) -

Qantas' FY21 results met guidance and sharply outpaced Morgan Stanley's forecasts, the broker attributing this to good management of lockdown impacts through May and June.

Qantas guides to a first-half FY22 earnings hit, courtesy covid, and has pushed out recovery expectations; but the restructuring program is ahead of schedule. Balance sheet repair remains the focus.

Morgan Stanley says the vaccine roll-outs de-risk the recovery and expects the balance sheet will hold.

Overweight rating and $7 target price retained. Industry view: In-line.

Target price is $7.00 Current Price is $5.04 Difference: $1.96
If QAN meets the Morgan Stanley target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $5.80, suggesting upside of 12.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 19.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 26.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -16.8, implying annual growth of N/A.

Current consensus DPS estimate is 3.5, implying a prospective dividend yield of 0.7%.

Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY23:

Morgan Stanley forecasts a full year FY23 dividend of 16.00 cents and EPS of 53.00 cents.
At the last closing share price the estimated dividend yield is 3.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.51.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 50.1, implying annual growth of N/A.

Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 0.8%.

Current consensus EPS estimate suggests the PER is 10.3.

Market Sentiment: 0.7

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


Ord Minnett rates QAN as Buy (1) -

Further to yesterday's reaction to the FY21 result, Ord Minnett retains a Buy rating and raises the target to $5.80 from $5.70.

This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.

Target price is $5.80 Current Price is $5.04 Difference: $0.76
If QAN meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $5.80, suggesting upside of 12.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 45.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 11.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -16.8, implying annual growth of N/A.

Current consensus DPS estimate is 3.5, implying a prospective dividend yield of 0.7%.

Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY23:

Ord Minnett forecasts a full year FY23 dividend of 0.00 cents and EPS of 54.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 50.1, implying annual growth of N/A.

Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 0.8%.

Current consensus EPS estimate suggests the PER is 10.3.

Market Sentiment: 0.7

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

QUB  QUBE HOLDINGS LIMITED

Transportation & Logistics

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Overnight Price: $3.04

Citi rates QUB as Buy (1) -

Citi maintains its Buy rating on the back of an operationally strong FY21 result. It's expected the supply chain environment will remain strong and contract wins and acquisitions should drive 12% revenue growth.

The broker estimates a 13% EPS three year compound annual growth rate (CAGR) from FY21 to FY24, which includes around $400m in buybacks and still leaves circa $400-$600m for further acquisitions. The target price falls to $3.45 from $3.61.

Target price is $3.45 Current Price is $3.04 Difference: $0.41
If QUB meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $3.21, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 6.40 cents and EPS of 8.80 cents.
At the last closing share price the estimated dividend yield is 2.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.6, implying annual growth of N/A.

Current consensus DPS estimate is 6.3, implying a prospective dividend yield of 2.0%.

Current consensus EPS estimate suggests the PER is 36.0.

Forecast for FY23:

Citi forecasts a full year FY23 dividend of 7.20 cents and EPS of 9.90 cents.
At the last closing share price the estimated dividend yield is 2.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.3, implying annual growth of 19.8%.

Current consensus DPS estimate is 6.7, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 30.1.

Market Sentiment: 0.4

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


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

On the back of a strong FY21 result, upbeat outlook, and expected buyback from Moorebank proceeds, Credit Suisse has upgraded Qube Holdings to Outperform from Neutral, and the target price increases to $3.30 from $3.

Qube is due to complete the sale of Moorebank warehousing to the Logos consortium in December with $1.36bn of proceeds on
completion and $312m deferred.

The broker makes minimal changes to FY22 net profit forecast of $197m (23% growth) but trims FY23 -4% and FY24 -9% on lower margin assumptions.

Credit Suisse forecasts $600m of share buyback to be announced at first half FY22 results.

Target price is $3.30 Current Price is $3.04 Difference: $0.26
If QUB meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $3.21, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 6.30 cents and EPS of 9.91 cents.
At the last closing share price the estimated dividend yield is 2.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.6, implying annual growth of N/A.

Current consensus DPS estimate is 6.3, implying a prospective dividend yield of 2.0%.

Current consensus EPS estimate suggests the PER is 36.0.

Forecast for FY23:

Credit Suisse forecasts a full year FY23 dividend of 6.30 cents and EPS of 11.45 cents.
At the last closing share price the estimated dividend yield is 2.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.3, implying annual growth of 19.8%.

Current consensus DPS estimate is 6.7, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 30.1.

Market Sentiment: 0.4

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


Morgans rates QUB as Upgrade to Hold from Reduce (3) -

Morgans upgrades its rating to Hold from Reduce and raises its target price to $2.90 from $2.80. This comes after the FY21 result delivered growth in cashflows that were stronger than expected though earnings were weaker than forecast.

Management is confident of solid earnings growth in FY22, while the Moorebank Property sale will allow for growth and capital management opportunities. The broker feels the earnings growth and balance sheet stories may support the stock.

Target price is $2.90 Current Price is $3.04 Difference: minus $0.14 (current price is over target).
If QUB meets the Morgans target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.21, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 6.30 cents and EPS of 8.20 cents.
At the last closing share price the estimated dividend yield is 2.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.6, implying annual growth of N/A.

Current consensus DPS estimate is 6.3, implying a prospective dividend yield of 2.0%.

Current consensus EPS estimate suggests the PER is 36.0.

Forecast for FY23:

Morgans forecasts a full year FY23 dividend of 6.70 cents and EPS of 9.80 cents.
At the last closing share price the estimated dividend yield is 2.20%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.3, implying annual growth of 19.8%.

Current consensus DPS estimate is 6.7, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 30.1.

Market Sentiment: 0.4

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


Ord Minnett rates QUB as Accumulate (2) -

FY21 results beat Ord Minnett's expectations. Earnings growth was almost entirely organic led by improving volume and margin at Patrick as well as strong grain volumes. Ord Minnett believes FY22 will be a turning point.

The outlook for FY22 is for strong earnings growth, consistent with the broker's forecasts, and supported by the contribution from the BlueScope Steel ((BSL)) contract. The pricing backdrop for Patrick is also favourable.

The broker also notes the Moorebank project provides management with scope to focus on capital allocation. Ord Minnett retains an Accumulate rating and raises the target to $3.33 from $3.31.

This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.

Target price is $3.33 Current Price is $3.04 Difference: $0.29
If QUB meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $3.21, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 6.00 cents and EPS of 8.90 cents.
At the last closing share price the estimated dividend yield is 1.97%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.6, implying annual growth of N/A.

Current consensus DPS estimate is 6.3, implying a prospective dividend yield of 2.0%.

Current consensus EPS estimate suggests the PER is 36.0.

Forecast for FY23:

Ord Minnett forecasts a full year FY23 dividend of 6.50 cents and EPS of 9.90 cents.
At the last closing share price the estimated dividend yield is 2.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.3, implying annual growth of 19.8%.

Current consensus DPS estimate is 6.7, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 30.1.

Market Sentiment: 0.4

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

RHC  RAMSAY HEALTH CARE LIMITED

Healthcare services

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Overnight Price: $67.78

Citi rates RHC as Neutral (3) -

Despite the negative covid impact continuing for longer than expected, Citi raises its target price to $74 from $69 on an increase in medium-term growth rates. This reflects the anticipated returns from the increased capex budget. The Neutral rating is unchanged.

The broker's key variables for FY22 earnings are the rate at which surgery and costs return to normal in Australia, and the timing of the return to normal and the level of government support in Europe and the UK.

Management noted that underlying volume and margins are improving. Capex will increase in FY22 and will remain at elevated levels in FY23-25 as the company steps-up investments in Europe and the UK.

Target price is $74.00 Current Price is $67.78 Difference: $6.22
If RHC meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $69.54, suggesting upside of 1.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 201.00 cents and EPS of 221.90 cents.
At the last closing share price the estimated dividend yield is 2.97%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 218.6, implying annual growth of N/A.

Current consensus DPS estimate is 138.1, implying a prospective dividend yield of 2.0%.

Current consensus EPS estimate suggests the PER is 31.3.

Forecast for FY23:

Citi forecasts a full year FY23 dividend of 255.00 cents and EPS of 283.00 cents.
At the last closing share price the estimated dividend yield is 3.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 273.5, implying annual growth of 25.1%.

Current consensus DPS estimate is 163.2, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 25.0.

Market Sentiment: 0.1

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


Credit Suisse rates RHC as Neutral (3) -

Ramsay Health Care reported FY21 earnings of $1,133m, up 29% year-on-year, in line with consensus and 2% above FY19. A Final dividend of $1.03 exceeded expectations, with full-year payout ratio of 79% above historical rates of 50%.

While Australia’s recovery continues to be impacted by lockdowns, the UK beat expectations with a stronger than expected second-half FY21 recovery.

No FY22 guidance was provided, but the company has increased capex guidance to $900m-$1.1bn in FY22. Capex is to stay
elevated to FY25 reflecting increased investment across all regions.

Credit Suisse forecasts the Australian lockdowns impacting earnings by -$100m in first half FY22.

The broker lowers earnings per share (EPS) estimates -15% in FY22 reflecting the impact of the Australian lockdowns and -2-3% in FY23 and FY24.

Neutral rating with a $69 target price maintained.

Target price is $69.00 Current Price is $67.78 Difference: $1.22
If RHC meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $69.54, suggesting upside of 1.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 145.00 cents and EPS of 215.00 cents.
At the last closing share price the estimated dividend yield is 2.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 218.6, implying annual growth of N/A.

Current consensus DPS estimate is 138.1, implying a prospective dividend yield of 2.0%.

Current consensus EPS estimate suggests the PER is 31.3.

Forecast for FY23:

Credit Suisse forecasts a full year FY23 dividend of 155.00 cents and EPS of 293.00 cents.
At the last closing share price the estimated dividend yield is 2.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 273.5, implying annual growth of 25.1%.

Current consensus DPS estimate is 163.2, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 25.0.

Market Sentiment: 0.1

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


Macquarie rates RHC as Outperform (1) -

FY21 earnings (EBIT) were in line with Macquarie's estimates. Lockdowns have affected profitability but the broker envisages strong leverage to a recovery in activity.

In July, lockdowns resulted in a negative EBIT impact of -$13m and recent surgical restrictions at seven Sydney hospitals are likely to have an even more material impact.

Capital expenditure is forecast to increase to $900-1100m in FY22 and similar expenditure is likely over FY23-25. All investments are expected to achieve a return in line with historical hurdles.

Macquarie retains an Outperform rating and raises the target to $75.50 from $73.35.

Target price is $75.50 Current Price is $67.78 Difference: $7.72
If RHC meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $69.54, suggesting upside of 1.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 122.00 cents and EPS of 221.00 cents.
At the last closing share price the estimated dividend yield is 1.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 218.6, implying annual growth of N/A.

Current consensus DPS estimate is 138.1, implying a prospective dividend yield of 2.0%.

Current consensus EPS estimate suggests the PER is 31.3.

Forecast for FY23:

Macquarie forecasts a full year FY23 dividend of 159.00 cents and EPS of 289.00 cents.
At the last closing share price the estimated dividend yield is 2.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 273.5, implying annual growth of 25.1%.

Current consensus DPS estimate is 163.2, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 25.0.

Market Sentiment: 0.1

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


Morgan Stanley rates RHC as Underweight (5) -

Ramsay Health Care's FY21 headline result fell shy of consensus while edging out Morgan Stanley, but underlying figures were broadly in line.

Australia delivered an in-line result while Europe was mixed. 

The company provided no general guidance but flagged a roughly 40% rise in capital expenditure (elevated levels continuing into FY23-FY25) and continued headwinds from the pandemic.

The broker says the spending implies an extra $200m in earnings but questions the durability of margins and the strength of the recovery.

EPS estimates are cut to reflect lower underlying margins, and the broker pushes out recovery expectations to 2023. 

Price target rises to $60 from $57.000. Underweight rating retained. Industry view: In-line.

Target price is $60.00 Current Price is $67.78 Difference: minus $7.78 (current price is over target).
If RHC meets the Morgan Stanley target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $69.54, suggesting upside of 1.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 117.50 cents and EPS of 218.00 cents.
At the last closing share price the estimated dividend yield is 1.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 218.6, implying annual growth of N/A.

Current consensus DPS estimate is 138.1, implying a prospective dividend yield of 2.0%.

Current consensus EPS estimate suggests the PER is 31.3.

Forecast for FY23:

Morgan Stanley forecasts a full year FY23 dividend of 141.30 cents and EPS of 266.00 cents.
At the last closing share price the estimated dividend yield is 2.08%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 273.5, implying annual growth of 25.1%.

Current consensus DPS estimate is 163.2, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 25.0.

Market Sentiment: 0.1

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


Morgans rates RHC as Hold (3) -

Morgans feels FY21 results were mixed, as easing global restrictions saw earnings growth across key regions. Local patient volumes were back to pre-covid levels domestically though non-surgical growth is thought to remain slow. The UK regressed and the EU grew slowly. 

With only minor forecast earnings adjustments, the broker lowers its target price to $64.35 from $65.54. The Hold rating is unchanged. 

While the covid response will dictate the near-term earnings trajectory, the analyst believes the medium/longer term outlook is underpinned by an evolving “integrated care” operating model, which requires a material step-up in capex. This is thought to carry some risks.

Target price is $64.35 Current Price is $67.78 Difference: minus $3.43 (current price is over target).
If RHC meets the Morgans target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $69.54, suggesting upside of 1.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 97.00 cents and EPS of 194.00 cents.
At the last closing share price the estimated dividend yield is 1.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 218.6, implying annual growth of N/A.

Current consensus DPS estimate is 138.1, implying a prospective dividend yield of 2.0%.

Current consensus EPS estimate suggests the PER is 31.3.

Forecast for FY23:

Morgans forecasts a full year FY23 dividend of 114.00 cents and EPS of 228.00 cents.
At the last closing share price the estimated dividend yield is 1.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 273.5, implying annual growth of 25.1%.

Current consensus DPS estimate is 163.2, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 25.0.

Market Sentiment: 0.1

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


Ord Minnett rates RHC as Buy (1) -

Further to the response to the FY21 result, Ord Minnett lifts medium-term growth forecasts resulting in a boost to the target to $74.00 from $72.50. Buy rating retained.

This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.

Target price is $74.00 Current Price is $67.78 Difference: $6.22
If RHC meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $69.54, suggesting upside of 1.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 153.00 cents and EPS of 207.00 cents.
At the last closing share price the estimated dividend yield is 2.26%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 218.6, implying annual growth of N/A.

Current consensus DPS estimate is 138.1, implying a prospective dividend yield of 2.0%.

Current consensus EPS estimate suggests the PER is 31.3.

Forecast for FY23:

Ord Minnett forecasts a full year FY23 dividend of 155.00 cents and EPS of 282.00 cents.
At the last closing share price the estimated dividend yield is 2.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 273.5, implying annual growth of 25.1%.

Current consensus DPS estimate is 163.2, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 25.0.

Market Sentiment: 0.1

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

RMS  RAMELIUS RESOURCES LIMITED

Gold & Silver

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Overnight Price: $1.53

Macquarie rates RMS as Outperform (1) -

FY21 net profit was in line with Macquarie's estimates. The dividend was ahead of expectations. The improving cost outlook over the next three years is expected to provide outperformance compared with peers, particularly in a volatile gold environment.

Macquarie also believes the results of the Edna May stage 3 cut-back study have potential to change the outlook for production and costs. Outperform rating and $1.80 target retained.

Target price is $1.80 Current Price is $1.53 Difference: $0.27
If RMS meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $2.09, suggesting upside of 35.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 4.00 cents and EPS of 5.20 cents.
At the last closing share price the estimated dividend yield is 2.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.7, implying annual growth of N/A.

Current consensus DPS estimate is 3.7, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 15.9.

Forecast for FY23:

Macquarie forecasts a full year FY23 dividend of 4.00 cents and EPS of 5.60 cents.
At the last closing share price the estimated dividend yield is 2.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.5, implying annual growth of -2.1%.

Current consensus DPS estimate is 3.0, implying a prospective dividend yield of 1.9%.

Current consensus EPS estimate suggests the PER is 16.2.

Market Sentiment: 1.0

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


Morgan Stanley rates RMS as Overweight (1) -

Ramelius Resource's FY21 result was broadly in-line, save for a -2% miss on consensus net-profit-after-tax forecasts (-9% on Morgan Stanley) thanks to higher depreciation and amortisation.

The dividend sharply missed both consensus and broker as the company focused on dividend sustainability, causing the broker to speculate on impending merger-and-acquisition activity.

Net cash was in line and free cash flow outpaced the broker. No change to guidance.

Overweight rating and $2.40 target price retained. Industry View: Attractive.

Target price is $2.40 Current Price is $1.53 Difference: $0.87
If RMS meets the Morgan Stanley target it will return approximately 57% (excluding dividends, fees and charges).

Current consensus price target is $2.09, suggesting upside of 35.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 5.00 cents and EPS of 14.00 cents.
At the last closing share price the estimated dividend yield is 3.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.7, implying annual growth of N/A.

Current consensus DPS estimate is 3.7, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 15.9.

Forecast for FY23:

Morgan Stanley forecasts a full year FY23 EPS of 11.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.5, implying annual growth of -2.1%.

Current consensus DPS estimate is 3.0, implying a prospective dividend yield of 1.9%.

Current consensus EPS estimate suggests the PER is 16.2.

Market Sentiment: 1.0

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


Morgans rates RMS as Add (1) -

FY21 financials reflected a record year, Morgans asserts. Revenue, earnings and net profit were all notable, albeit in line with the broker's estimates after the July update.

Production and cost forecasts are maintained and Morgans again highlights, with guidance to FY30, management is providing one of the longest forward-looking guidance ranges in the industry.

Margins also remain strong, although business is facing the same cost pressures as a rest of the industry in Western Australia. Add rating maintained. Target rises to $2.08 from $2.05.

Target price is $2.08 Current Price is $1.53 Difference: $0.55
If RMS meets the Morgans target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $2.09, suggesting upside of 35.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 2.00 cents and EPS of 10.00 cents.
At the last closing share price the estimated dividend yield is 1.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.7, implying annual growth of N/A.

Current consensus DPS estimate is 3.7, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 15.9.

Forecast for FY23:

Morgans forecasts a full year FY23 dividend of 2.00 cents and EPS of 12.00 cents.
At the last closing share price the estimated dividend yield is 1.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.5, implying annual growth of -2.1%.

Current consensus DPS estimate is 3.0, implying a prospective dividend yield of 1.9%.

Current consensus EPS estimate suggests the PER is 16.2.

Market Sentiment: 1.0

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

SBM  ST. BARBARA LIMITED

Gold & Silver

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Overnight Price: $1.54

Citi rates SBM as Neutral (3) -

FY21 underlying earnings (EBITDA) and profit were in-line with Citi and consensus estimates. There were lower reserve grades at Gwalia and higher capex at Beaver Dam. Revenue was -11% lower year-on-year, due to -14% lower gold volumes and higher costs.

The broker lowers forecast earnings and its target price slips to $1.60 from $1.75. The Neutral rating is unchanged.

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

Current consensus price target is $2.09, suggesting upside of 32.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 2.00 cents and EPS of 5.90 cents.
At the last closing share price the estimated dividend yield is 1.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.1, implying annual growth of N/A.

Current consensus DPS estimate is 3.1, implying a prospective dividend yield of 2.0%.

Current consensus EPS estimate suggests the PER is 15.6.

Forecast for FY23:

Citi forecasts a full year FY23 dividend of 2.00 cents and EPS of 7.60 cents.
At the last closing share price the estimated dividend yield is 1.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.4, implying annual growth of N/A.

Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 1.3%.

Current consensus EPS estimate suggests the PER is N/A.

Market Sentiment: 0.2

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


Macquarie rates SBM as Underperform (5) -

FY21 results were mixed, with revenue in line and the net loss smaller than expected. Resources grew, yet Gwalia's underground reserve grade fell -18% and this drives a reduction in Macquarie's earnings outlook.

The main surprise was the final 2c dividend, given Simberi's processing operations remain suspended and the company is targeting growth. FY22 guidance has been maintained. Macquarie retains an Underperform rating and reduces the target to $1.50 from $1.60.

Target price is $1.50 Current Price is $1.54 Difference: minus $0.04 (current price is over target).
If SBM 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 $2.09, suggesting upside of 32.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 2.00 cents and EPS of minus 1.00 cents.
At the last closing share price the estimated dividend yield is 1.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 154.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.1, implying annual growth of N/A.

Current consensus DPS estimate is 3.1, implying a prospective dividend yield of 2.0%.

Current consensus EPS estimate suggests the PER is 15.6.

Forecast for FY23:

Macquarie forecasts a full year FY23 dividend of 2.00 cents and EPS of minus 8.30 cents.
At the last closing share price the estimated dividend yield is 1.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 18.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.4, implying annual growth of N/A.

Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 1.3%.

Current consensus EPS estimate suggests the PER is N/A.

Market Sentiment: 0.2

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

SLK  SEALINK TRAVEL GROUP LIMITED

Travel, Leisure & Tourism

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Overnight Price: $9.52

Macquarie rates SLK as Neutral (3) -

FY21 earnings were in line with Macquarie's estimates. The broker notes tender outcomes for Melbourne and region 9 buses are expected during the first half of FY22 in addition to the outcome of the strategic review for London buses.

While appreciating the fact marine and bus contracts are defensive the broker believes the stock is pricing in growth opportunities that are yet to be fulfilled.

FY22 and FY23 estimates are lowered by -17% and -10%, respectively, specifically with margin estimates lowered for the international bus division. Neutral maintained. Target is reduced to $8.80 from $9.50.

Target price is $8.80 Current Price is $9.52 Difference: minus $0.72 (current price is over target).
If SLK meets the Macquarie target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 20.00 cents and EPS of 32.80 cents.
At the last closing share price the estimated dividend yield is 2.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.02.

Forecast for FY23:

Macquarie forecasts a full year FY23 dividend of 24.00 cents and EPS of 39.00 cents.
At the last closing share price the estimated dividend yield is 2.52%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.41.

Market Sentiment: 0.5

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


Ord Minnett rates SLK as Buy (1) -

Further to the initial response to the FY21 results, Ord Minnett notes the international bus division remains the problem child for the company with the challenges in the London bus market combining with the impact of the pandemic.

The company is close to finalising a transaction that will address concerns in the London market, highlights the broker.

The broker updates to account for the current lockdowns, downgrading estimates for earnings per share by -9% for FY22. Buy rating retained. Target is raised to $10.71 from $10.69.

Target price is $10.71 Current Price is $9.52 Difference: $1.19
If SLK meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 18.60 cents and EPS of 37.30 cents.
At the last closing share price the estimated dividend yield is 1.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.52.

Forecast for FY23:

Ord Minnett forecasts a full year FY23 dividend of 24.10 cents and EPS of 48.30 cents.
At the last closing share price the estimated dividend yield is 2.53%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.71.

Market Sentiment: 0.5

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

SRV  SERVCORP LIMITED

Commercial Services & Supplies

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Overnight Price: $3.35

UBS rates SRV as Buy (1) -

UBS notes a challenging operating environment with pricing pressure in key markets and a second half pre-tax profit that was below expectations. That said, occupancy has improved on the prior half and cost guidance implies 10-20% growth.

Cost controls were again the highlight and the broker believes the successful roll-out of global vaccination should mean the worst is behind the company.

UBS considers Servcorp a recovery trade and maintains a Buy rating. Target is reduced to $4.15 from $4.30.

Target price is $4.15 Current Price is $3.35 Difference: $0.8
If SRV meets the UBS target it will return approximately 24% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 19.00 cents and EPS of 27.00 cents.
At the last closing share price the estimated dividend yield is 5.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.41.

Forecast for FY23:

UBS forecasts a full year FY23 EPS of 30.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.17.

Market Sentiment: 1.0

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

SSM  SERVICE STREAM LIMITED

Industrial Sector Contractors & Engineers

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Overnight Price: $0.86

Ord Minnett rates SSM as Buy (1) -

Service Stream reported an FY21 result in line with guidance. Water utilities returned a solid performance, while telcos disappointed (as forecast as part of the NBN and Telstra contract restructuring).

Net cash was strong but no dividend was announced, the company opting to conserve capital for the transformation of Lend Lease Services (the acquisition due for integration in November). Management reiterates $17m of cost-only synergies, 50% of which are likely to be captured in FY22.

Ord Minnett notes the company is on track with bedding down major restructuring and notes the company's low multiple relative to peers and strong tender pipeline.

Buy rating and $1.42 target price retained. Risk: Higher.

Target price is $1.42 Current Price is $0.86 Difference: $0.56
If SSM meets the Ord Minnett target it will return approximately 65% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 6.00 cents and EPS of 6.50 cents.
At the last closing share price the estimated dividend yield is 6.98%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.23.

Forecast for FY23:

Ord Minnett forecasts a full year FY23 dividend of 6.50 cents and EPS of 9.30 cents.
At the last closing share price the estimated dividend yield is 7.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.25.

Market Sentiment: 1.0

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

TYR  TYRO PAYMENTS LIMITED

Business & Consumer Credit

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Overnight Price: $3.74

Macquarie rates TYR as Neutral (3) -

FY21 results were ahead of expectations, largely because of lower costs. Monthly merchant applications at the end of FY21 were the highlight and May was a record month.

Macquarie is encouraged by the pre-lockdown merchant application numbers but recent strength in the share price and concerns over the medium-term competitive environment suggest the stock is fairly valued at present.

The broker retains a Neutral rating and raises the target to $3.75 from $3.50.

Target price is $3.75 Current Price is $3.74 Difference: $0.01
If TYR meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $4.25, suggesting upside of 13.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 0.00 cents and EPS of 0.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 1870.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -1.1, implying annual growth of N/A.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY23:

Macquarie forecasts a full year FY23 dividend of 0.00 cents and EPS of 1.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 233.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.9, implying annual growth of N/A.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 415.6.

Market Sentiment: 0.8

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


Morgan Stanley rates TYR as Overweight (1) -

At a glance, Tyro Payments FY21 results met Morgan Stanley's forecasts.

The company reports lower churn, higher new applications, progress on the Bendigo Bank ((BEN)) joint venture, and impending hardware launches to aid merchant additions and increase the total additional market.

The broker's conviction in its Overweight rating grows.

Target price of $4.60 retained. Industry view is Attractive.

Target price is $4.60 Current Price is $3.74 Difference: $0.86
If TYR meets the Morgan Stanley target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $4.25, suggesting upside of 13.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 0.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 467.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -1.1, implying annual growth of N/A.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY23:

Morgan Stanley forecasts a full year FY23 dividend of 0.00 cents and EPS of 0.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 374000.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.9, implying annual growth of N/A.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 415.6.

Market Sentiment: 0.8

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


Morgans rates TYR as Add (1) -

Overall, Morgans assesses a solid FY21 performance, with the highlight being normalised earnings (EBITDA) of $14m. The reported loss of -$29m was comfortably below consensus forecasts for -$12m, while the normalised loss of -$10m was more in-line.

The broker lifts its target price to $4.46 from $4.41 after raising FY22 earnings forecasts and leaving FY23 estimates largely unchanged. The Add rating is maintained.

Target price is $4.46 Current Price is $3.74 Difference: $0.72
If TYR meets the Morgans target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $4.25, suggesting upside of 13.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 1.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 220.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -1.1, implying annual growth of N/A.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY23:

Morgans forecasts a full year FY23 dividend of 0.00 cents and EPS of 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3740.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.9, implying annual growth of N/A.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 415.6.

Market Sentiment: 0.8

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


Ord Minnett rates TYR as Buy (1) -

Further to the response to the FY21 results, Ord Minnett maintains a Buy rating and lowers the target to $4.20 from $4.50. The target is driven by discounted cash flow estimates and the broker also reduces FY22 earnings forecasts as a result of lockdowns.

Target price is $4.20 Current Price is $3.74 Difference: $0.46
If TYR meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $4.25, suggesting upside of 13.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 187.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -1.1, implying annual growth of N/A.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY23:

Ord Minnett forecasts a full year FY23 dividend of 0.00 cents and EPS of 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 187.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.9, implying annual growth of N/A.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 415.6.

Market Sentiment: 0.8

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

WBC  WESTPAC BANKING CORPORATION

Banks

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Overnight Price: $26.01

Citi rates WBC as Buy (1) -

After meeting with management, Citi believes the performance on costs is going to be a key driver in FY22, as the top-line faces
a number of headwinds. The Buy rating and $30 target price are unchanged.

Growth in the mortgage market is coming at a price, Markets and Treasury revenues remain under pressure and the delta variant lockdowns have seen a pay-down in unsecured credit, notes the broker.

The analyst points out households appear to be behaving more conservatively this lockdown, by paying down balances and building deposits.

Target price is $30.00 Current Price is $26.01 Difference: $3.99
If WBC meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $28.37, suggesting upside of 9.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 116.00 cents and EPS of 184.00 cents.
At the last closing share price the estimated dividend yield is 4.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 171.8, implying annual growth of 169.6%.

Current consensus DPS estimate is 115.3, implying a prospective dividend yield of 4.4%.

Current consensus EPS estimate suggests the PER is 15.1.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 130.00 cents and EPS of 194.00 cents.
At the last closing share price the estimated dividend yield is 5.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 183.0, implying annual growth of 6.5%.

Current consensus DPS estimate is 127.3, implying a prospective dividend yield of 4.9%.

Current consensus EPS estimate suggests the PER is 14.2.

Market Sentiment: 0.7

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

WGN  WAGNERS HOLDING CO. LIMITED

Building Products & Services

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Overnight Price: $1.94

Macquarie rates WGN as Downgrade to Neutral from Outperform (3) -

FY21 results marginally missed Macquarie's forecasts. Yet the CMS performance was strong and management remains confident about volume growth. On the other hand, market capacity issues in south-east Queensland continue to put pressure on concrete prices.

The company remains hopeful that the easing impact of the pandemic will support a gradual recovery in infrastructure expenditure. Macquarie downgrades to Neutral from Outperform. Target is reduced to $2.05 from $2.25.

Target price is $2.05 Current Price is $1.94 Difference: $0.11
If WGN meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $2.28, suggesting upside of 19.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 4.50 cents and EPS of 7.50 cents.
At the last closing share price the estimated dividend yield is 2.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.8, implying annual growth of N/A.

Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 28.1.

Forecast for FY23:

Macquarie forecasts a full year FY23 dividend of 5.40 cents and EPS of 9.10 cents.
At the last closing share price the estimated dividend yield is 2.78%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.7, implying annual growth of 27.9%.

Current consensus DPS estimate is 3.1, implying a prospective dividend yield of 1.6%.

Current consensus EPS estimate suggests the PER is 22.0.

Market Sentiment: 0.7

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

WHC  WHITEHAVEN COAL LIMITED

Coal

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Overnight Price: $2.33

Citi rates WHC as Neutral (3) -

The FY21 underlying earnings loss was in-line with Citi's forecast though the reported loss was much larger on asset impairments. However, with tax losses and a resurgent coal price, net debt is expected to fall rapidly. The target price rises to $2.60 from $2.30.

Management noted all high quality, high calorific value (CV) thermal coal supply remains tight and prices are forecast to remain strong through 2021-23. Citi raises second half 2021 coal price forecasts, with FY22 thermal coal up 11% to US$113/t. Neutral rating unchanged.

Target price is $2.60 Current Price is $2.33 Difference: $0.27
If WHC meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $2.74, suggesting upside of 14.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 0.00 cents and EPS of 42.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.5, implying annual growth of N/A.

Current consensus DPS estimate is 4.1, implying a prospective dividend yield of 1.7%.

Current consensus EPS estimate suggests the PER is 8.1.

Forecast for FY23:

Citi forecasts a full year FY23 dividend of 6.00 cents and EPS of 13.90 cents.
At the last closing share price the estimated dividend yield is 2.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.7, implying annual growth of -36.6%.

Current consensus DPS estimate is 5.7, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 12.8.

Market Sentiment: 0.7

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


Credit Suisse rates WHC as Outperform (1) -

Whitehaven Coal's FY21 result was largely expected with -$87m underlying net loss after tax and $809m net debt both in line with consensus.

-$457m in asset impairments (post-tax) surprised to the downside, principally driven by the reduction of coal reserves at Narrabri with an optimised plan to focus on high-quality coal.

Due to FY22 production, sales, and capex guidance, and an increase to thermal coal forecasts to US$140/t (from US$117/t) in the December half FY21 to incorporate the recent strong pricing backdrop, Credit Suisse lifts FY22 and FY23 earnings 9% and 3% respectively.

The Outperform rating is unchanged and the target price increases to $2.85 from $2.65.

Target price is $2.85 Current Price is $2.33 Difference: $0.52
If WHC meets the Credit Suisse target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $2.74, suggesting upside of 14.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 0.00 cents and EPS of 45.07 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.5, implying annual growth of N/A.

Current consensus DPS estimate is 4.1, implying a prospective dividend yield of 1.7%.

Current consensus EPS estimate suggests the PER is 8.1.

Forecast for FY23:

Credit Suisse forecasts a full year FY23 dividend of 5.53 cents and EPS of 27.63 cents.
At the last closing share price the estimated dividend yield is 2.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.7, implying annual growth of -36.6%.

Current consensus DPS estimate is 5.7, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 12.8.

Market Sentiment: 0.7

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


Macquarie rates WHC as Outperform (1) -

FY21 operating earnings were better than Macquarie expected. No dividend was announced.

Guidance for 20-21.5mt in run-of-mine coal production for FY22 has now been provided. Capital expenditure guidance of $154-193m is below the broker's expectations with expenditure on Vickery key to the miss.

Macquarie incorporates guidance and delays growth project development in its forecast by two years, which decreases the medium-term production profile. Outperform retained. Target is raised to $2.70 from $2.50.

Target price is $2.70 Current Price is $2.33 Difference: $0.37
If WHC meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $2.74, suggesting upside of 14.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 3.00 cents and EPS of 26.50 cents.
At the last closing share price the estimated dividend yield is 1.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.5, implying annual growth of N/A.

Current consensus DPS estimate is 4.1, implying a prospective dividend yield of 1.7%.

Current consensus EPS estimate suggests the PER is 8.1.

Forecast for FY23:

Macquarie forecasts a full year FY23 dividend of 4.00 cents and EPS of 14.90 cents.
At the last closing share price the estimated dividend yield is 1.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.7, implying annual growth of -36.6%.

Current consensus DPS estimate is 5.7, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 12.8.

Market Sentiment: 0.7

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


Morgan Stanley rates WHC as Overweight (1) -

Whitehaven Coal's FY21 result beat Morgan Stanley's forecasts by roughly 7% to 9%.

While pleasing, the broker downgrades FY22 EPS estimates -3.4% to reflect guidance and raises FY23 and FY24 estimates to reflect lower depreciation.

Balance sheet constraints prohibited a dividend payment, although gearing is tipped to fall from 25% in FY21 to 13% in FY22 pending steady spot prices. Morgan Stanley's Overweight investment these remains intact. Target price is $3. Industry view: Attractive. 

Target price is $3.00 Current Price is $2.33 Difference: $0.67
If WHC meets the Morgan Stanley target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $2.74, suggesting upside of 14.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 5.00 cents and EPS of 27.00 cents.
At the last closing share price the estimated dividend yield is 2.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.5, implying annual growth of N/A.

Current consensus DPS estimate is 4.1, implying a prospective dividend yield of 1.7%.

Current consensus EPS estimate suggests the PER is 8.1.

Forecast for FY23:

Morgan Stanley forecasts a full year FY23 dividend of 7.00 cents and EPS of 21.00 cents.
At the last closing share price the estimated dividend yield is 3.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.7, implying annual growth of -36.6%.

Current consensus DPS estimate is 5.7, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 12.8.

Market Sentiment: 0.7

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


Morgans rates WHC as Hold (3) -

While FY21 operating financials were in-line, Morgans notes operating cashflow fell modestly short. FY22 sales guidance was a touch weaker than expected though flat cost guidance was a highlight, despite rising energy/input costs.

The broker retains its Hold rating and lifts its target to $2.70 from $2.65. The analyst forecasts net cash by the end of FY22, supporting dividend upside. Seaborne thermal coal markets are thought to look strong into 2022.

Target price is $2.70 Current Price is $2.33 Difference: $0.37
If WHC meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $2.74, suggesting upside of 14.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 7.00 cents and EPS of 38.00 cents.
At the last closing share price the estimated dividend yield is 3.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.5, implying annual growth of N/A.

Current consensus DPS estimate is 4.1, implying a prospective dividend yield of 1.7%.

Current consensus EPS estimate suggests the PER is 8.1.

Forecast for FY23:

Morgans forecasts a full year FY23 dividend of 6.00 cents and EPS of 16.00 cents.
At the last closing share price the estimated dividend yield is 2.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.7, implying annual growth of -36.6%.

Current consensus DPS estimate is 5.7, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 12.8.

Market Sentiment: 0.7

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

WOW  WOOLWORTHS GROUP LIMITED

Food, Beverages & Tobacco

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Overnight Price: $40.99

Citi rates WOW as Neutral (3) -

For Citi's initial response to FY21 results, see yesterday's Report.

The 13.8% year-on-year earnings (EBIT) growth, which included an earnings contribution from Endeavour Group ((EDV)) was a 3% beat on the analyst's estimate. The broker raises its target price to $40.60 from $37.60.

Citi believes the current valuation encapsulates the near-term boost to earnings from the lockdowns and the focus on greater reinvestment in the business. The Neutral rating is unchanged.

Target price is $40.60 Current Price is $40.99 Difference: minus $0.39 (current price is over target).
If WOW meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $37.84, suggesting downside of -7.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 103.00 cents and EPS of 140.60 cents.
At the last closing share price the estimated dividend yield is 2.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 130.1, implying annual growth of N/A.

Current consensus DPS estimate is 92.7, implying a prospective dividend yield of 2.3%.

Current consensus EPS estimate suggests the PER is 31.5.

Forecast for FY23:

Citi forecasts a full year FY23 dividend of 113.00 cents and EPS of 154.70 cents.
At the last closing share price the estimated dividend yield is 2.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 141.4, implying annual growth of 8.7%.

Current consensus DPS estimate is 101.9, implying a prospective dividend yield of 2.5%.

Current consensus EPS estimate suggests the PER is 29.0.

Market Sentiment: -0.2

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


Credit Suisse rates WOW as Underperform (5) -

Despite an ‘in line’ result, Credit Suisse struggles to rationalise Woolworths’ market premium.

The broker notes a $2bn off-market buyback normalises Woolworths’ gearing post the Endeavour Group ((EDV)) demerger debt and releases value for shareholders near term.

Credit Suisse downgrades earnings due to higher costs and the impact of lockdowns on Big W in first half FY22.

The broker notes profit growth is relatively low, most of the capital expenditure sustaining rather than growth, and has long duration payback and free cash flow becomes significantly negative in FY22 and FY23. 

Underperform rating is unchanged and the target is lowered to $31.02 from $32.92.

Target price is $31.02 Current Price is $40.99 Difference: minus $9.97 (current price is over target).
If WOW meets the Credit Suisse target it will return approximately minus 24% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $37.84, suggesting downside of -7.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 88.86 cents and EPS of 124.00 cents.
At the last closing share price the estimated dividend yield is 2.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 130.1, implying annual growth of N/A.

Current consensus DPS estimate is 92.7, implying a prospective dividend yield of 2.3%.

Current consensus EPS estimate suggests the PER is 31.5.

Forecast for FY23:

Credit Suisse forecasts a full year FY23 dividend of 94.24 cents and EPS of 129.00 cents.
At the last closing share price the estimated dividend yield is 2.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 141.4, implying annual growth of 8.7%.

Current consensus DPS estimate is 101.9, implying a prospective dividend yield of 2.5%.

Current consensus EPS estimate suggests the PER is 29.0.

Market Sentiment: -0.2

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


Macquarie rates WOW as Neutral (3) -

FY21 results were largely in line with Macquarie's expectations. Momentum in the fourth quarter was more subdued with comparable sales up just 0.1% and below competitor Coles Group's ((COL)) 2.1%.

Big W stood out, although Macquarie notes the performance has wilted in July and August. Big W reached a sales record of $4.6bn in FY21 with comparable sales growing 13%. Online penetration was also robust.

The broker notes capital intensity is ramping up in supermarkets with the bulk of expenditure directed towards being expansion of distribution. Neutral rating retained. Target is raised to $41.50 from $38.40.

Target price is $41.50 Current Price is $40.99 Difference: $0.51
If WOW meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $37.84, suggesting downside of -7.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 93.60 cents and EPS of 129.80 cents.
At the last closing share price the estimated dividend yield is 2.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 130.1, implying annual growth of N/A.

Current consensus DPS estimate is 92.7, implying a prospective dividend yield of 2.3%.

Current consensus EPS estimate suggests the PER is 31.5.

Forecast for FY23:

Macquarie forecasts a full year FY23 dividend of 98.50 cents and EPS of 136.50 cents.
At the last closing share price the estimated dividend yield is 2.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 141.4, implying annual growth of 8.7%.

Current consensus DPS estimate is 101.9, implying a prospective dividend yield of 2.5%.

Current consensus EPS estimate suggests the PER is 29.0.

Market Sentiment: -0.2

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


Morgans rates WOW as Hold (3) -

While the FY21 result was below Morgans expectations it was broadly in-line with consensus forecasts. The Australian Food performance was considered good and should continue to benefit from greater in-home consumption. This division drives future earnings upgrades.  

Management announced a $2bn off-market buyback. The target price rises to $38.40 from $36.60. However, the analyst retains a Hold rating believing the valuation is full and continues to prefer Coles Group ((COL)).

Target price is $38.40 Current Price is $40.99 Difference: minus $2.59 (current price is over target).
If WOW 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 $37.84, suggesting downside of -7.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 93.00 cents and EPS of 128.00 cents.
At the last closing share price the estimated dividend yield is 2.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 130.1, implying annual growth of N/A.

Current consensus DPS estimate is 92.7, implying a prospective dividend yield of 2.3%.

Current consensus EPS estimate suggests the PER is 31.5.

Forecast for FY23:

Morgans forecasts a full year FY23 dividend of 102.00 cents and EPS of 141.00 cents.
At the last closing share price the estimated dividend yield is 2.49%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 141.4, implying annual growth of 8.7%.

Current consensus DPS estimate is 101.9, implying a prospective dividend yield of 2.5%.

Current consensus EPS estimate suggests the PER is 29.0.

Market Sentiment: -0.2

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


UBS rates WOW as Neutral (3) -

FY21 results were in line with UBS estimates at the sales line while net profit was below. The final dividend was ahead of the broker's forecast, at $0.55.

For the first eight weeks of FY22 sales growth was very strong, given tough comparables and, excluding Big W. The outlook for Big W is weak with the company expecting EBIT in the first half to be "materially lower" than the prior corresponding first half.

UBS retains a Neutral rating and $39 target.

Target price is $39.00 Current Price is $40.99 Difference: minus $1.99 (current price is over target).
If WOW meets the UBS target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $37.84, suggesting downside of -7.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

UBS forecasts a full year FY22 EPS of 137.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 130.1, implying annual growth of N/A.

Current consensus DPS estimate is 92.7, implying a prospective dividend yield of 2.3%.

Current consensus EPS estimate suggests the PER is 31.5.

Forecast for FY23:

UBS forecasts a full year FY23 EPS of 146.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 141.4, implying annual growth of 8.7%.

Current consensus DPS estimate is 101.9, implying a prospective dividend yield of 2.5%.

Current consensus EPS estimate suggests the PER is 29.0.

Market Sentiment: -0.2

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

Z1P  ZIP CO LIMITED

Business & Consumer Credit

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Overnight Price: $7.06

UPDATED

Ord Minnett rates Z1P as Accumulate (2) -

FY21 EBITDA was below Ord Minnett's estimate as costs were higher than expected. Marketing expenses equated to 1.2% of transaction value and employee expenses were 1.7%.

Ord Minnett expects similar percentages in FY22. Bad debts are also expected to remain at similar levels. The broker continues to be impressed by QuadPay, believing this will lead the way in the sector. Accumulate rating retained. Target is reduced to $9.50 from $10.50.

Target price is $9.50 Current Price is $7.06 Difference: $2.44
If Z1P meets the Ord Minnett target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $7.80, suggesting upside of 13.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 21.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 33.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -7.7, implying annual growth of N/A.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY23:

Ord Minnett forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 8.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 87.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.6, implying annual growth of N/A.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 430.6.

Market Sentiment: 0.1

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

Today's Price Target Changes
Company Last Price Broker New Target Prev Target Change
A2M a2 Milk Co $5.88 Citi 7.20 6.05 19.01%
Macquarie 5.40 5.60 -3.57%
Morgans 6.25 6.65 -6.02%
ACL Australian Clinical Labs $4.44 Citi 4.45 3.80 17.11%
AGI Ainsworth Game Technology $1.05 Macquarie 1.20 1.30 -7.69%
AIM Ai-Media Technologies $1.00 Morgans 1.46 1.44 1.39%
ALG Ardent Leisure $1.39 Citi 1.80 1.30 38.46%
Ord Minnett 1.75 0.75 133.33%
ALX Atlas Arteria $6.72 Credit Suisse 7.15 7.00 2.14%
Macquarie 6.52 6.22 4.82%
Morgan Stanley 6.55 6.33 3.48%
Morgans 6.44 6.33 1.74%
UBS 6.85 5.75 19.13%
ANP Antisense Therapeutics $0.19 Morgans 0.45 0.44 2.27%
APA APA Group $9.33 Macquarie 9.36 10.06 -6.96%
APE Eagers Automotive $16.17 Credit Suisse 16.80 16.10 4.35%
Macquarie 18.50 18.25 1.37%
UBS 18.35 17.70 3.67%
APX Appen $10.26 Credit Suisse 11.00 15.00 -26.67%
Macquarie 11.80 14.70 -19.73%
Ord Minnett 13.50 24.75 -45.45%
AUB AUB Group $24.18 Macquarie 25.52 23.13 10.33%
BKL Blackmores $98.00 Credit Suisse 100.00 77.00 29.87%
Ord Minnett 87.50 76.00 15.13%
BTH Bigtincan $1.45 Morgan Stanley 2.10 2.00 5.00%
Ord Minnett 1.75 1.48 18.24%
CAJ Capitol Health $0.38 Ord Minnett 0.43 0.36 19.44%
CCX City Chic Collective $5.94 Ord Minnett 6.70 6.25 7.20%
CGC Costa Group $3.18 Citi 3.64 3.72 -2.15%
Credit Suisse 4.15 N/A -
Macquarie 3.51 N/A -
COE Cooper Energy $0.23 Morgan Stanley 0.23 0.34 -32.35%
EDV Endeavour Group $6.96 Credit Suisse 6.19 5.86 5.63%
Macquarie 7.20 6.40 12.50%
EPY EarlyPay $0.49 Morgans 0.56 0.53 5.66%
FCL FINEOS $4.19 Macquarie 4.78 4.36 9.63%
Ord Minnett 4.54 4.01 13.22%
FLT Flight Centre Travel $16.89 Credit Suisse 18.00 17.00 5.88%
Macquarie 16.50 15.50 6.45%
Morgans 18.60 19.00 -2.11%
Ord Minnett 13.72 15.06 -8.90%
UBS 17.25 16.10 7.14%
HMC Home Consortium $6.15 Morgans 6.71 5.01 33.93%
IFL IOOF $4.51 Citi 5.30 4.95 7.07%
Morgan Stanley 5.50 5.60 -1.79%
Ord Minnett 5.10 4.60 10.87%
ILU Iluka Resources $9.20 Credit Suisse 8.80 7.00 25.71%
JIN Jumbo Interactive $14.92 Morgan Stanley 18.50 15.20 21.71%
UBS 16.50 14.20 16.20%
LNK Link Administration $4.33 Citi 4.75 5.70 -16.67%
Credit Suisse 5.30 5.55 -4.50%
Macquarie 5.80 N/A -
Morgans 5.19 5.53 -6.15%
Ord Minnett 5.00 5.75 -13.04%
MGH Maas Group $4.59 Morgans 5.65 5.85 -3.42%
MNF MNF Group $6.12 Ord Minnett 7.33 6.08 20.56%
MWY Midway $1.07 Ord Minnett 1.23 1.18 4.24%
ORE Orocobre $8.31 Citi 10.50 9.00 16.67%
PGH Pact Group $4.00 Ord Minnett 4.30 4.00 7.50%
PLS Pilbara Minerals $2.07 Macquarie 2.70 2.00 35.00%
Ord Minnett 2.40 2.50 -4.00%
PNV PolyNovo $2.00 Macquarie 2.70 2.95 -8.47%
PPE People Infrastructure $4.14 Morgans 5.00 5.15 -2.91%
PRU Perseus Mining $1.47 Citi 1.80 1.75 2.86%
Credit Suisse 1.60 1.80 -11.11%
PTM Platinum Asset Management $3.94 Credit Suisse 3.85 4.50 -14.44%
Ord Minnett 4.15 4.50 -7.78%
QAN Qantas Airways $5.14 Credit Suisse 4.10 3.90 5.13%
Ord Minnett 5.80 5.70 1.75%
QUB Qube Holdings $3.10 Citi 3.45 3.61 -4.43%
Credit Suisse 3.30 3.00 10.00%
Morgans 2.90 2.80 3.57%
Ord Minnett 3.33 3.31 0.60%
RHC Ramsay Health Care $68.34 Citi 74.00 69.00 7.25%
Macquarie 75.50 73.35 2.93%
Morgan Stanley 60.00 57.00 5.26%
Morgans 64.35 65.54 -1.82%
Ord Minnett 74.00 72.50 2.07%
RMS Ramelius Resources $1.54 Morgans 2.08 2.05 1.46%
SBM St. Barbara $1.58 Citi 1.60 1.75 -8.57%
Macquarie 1.50 1.60 -6.25%
SLK SeaLink Travel $9.06 Macquarie 8.80 9.50 -7.37%
Ord Minnett 10.71 10.69 0.19%
SRV Servcorp $3.33 UBS 4.15 4.30 -3.49%
TYR Tyro Payments $3.74 Macquarie 3.75 3.50 7.14%
Morgans 4.46 4.41 1.13%
Ord Minnett 4.20 4.50 -6.67%
WGN Wagners Holding Co $1.91 Macquarie 2.05 2.25 -8.89%
WHC Whitehaven Coal $2.39 Citi 2.60 2.30 13.04%
Credit Suisse 2.85 2.65 7.55%
Macquarie 2.70 2.50 8.00%
Morgan Stanley 3.00 2.70 11.11%
Morgans 2.70 2.65 1.89%
WOW Woolworths Group $40.96 Citi 40.60 37.60 7.98%
Credit Suisse 31.02 32.92 -5.77%
Macquarie 41.50 38.50 7.79%
Morgans 38.40 36.60 4.92%
Z1P Zip Co $6.89 Ord Minnett 9.50 10.50 -9.52%
Summaries
360 Life360, Outperform - Credit Suisse Overnight Price $9.30
Overweight - Morgan Stanley Overnight Price $9.30
A2M a2 Milk Co Upgrade to Buy from Neutral - Citi Overnight Price $6.05
Underperform - Credit Suisse Overnight Price $6.05
Underperform - Macquarie Overnight Price $6.05
Add - Morgans Overnight Price $6.05
Buy - UBS Overnight Price $6.05
ACL Australian Clinical Labs Neutral - Citi Overnight Price $4.50
AGI Ainsworth Game Technology Outperform - Macquarie Overnight Price $1.02
Sell - UBS Overnight Price $1.02
AIM Ai-Media Technologies Add - Morgans Overnight Price $1.00
AIZ Air New Zealand Underperform - Macquarie Overnight Price $1.45
ALG Ardent Leisure Buy - Citi Overnight Price $1.26
Upgrade to Buy from Sell - Ord Minnett Overnight Price $1.26
ALX Atlas Arteria Outperform - Credit Suisse Overnight Price $6.30
Neutral - Macquarie Overnight Price $6.30
Overweight - Morgan Stanley Overnight Price $6.30
Hold - Morgans Overnight Price $6.30
Neutral - UBS Overnight Price $6.30
ANP Antisense Therapeutics Add - Morgans Overnight Price $0.17
APA APA Group Neutral - Macquarie Overnight Price $9.33
APE Eagers Automotive Neutral - Credit Suisse Overnight Price $16.39
Outperform - Macquarie Overnight Price $16.39
Overweight - Morgan Stanley Overnight Price $16.39
Buy - UBS Overnight Price $16.39
APX Appen Neutral - Credit Suisse Overnight Price $10.86
Neutral - Macquarie Overnight Price $10.86
Buy - Ord Minnett Overnight Price $10.86
AUB AUB Group Outperform - Macquarie Overnight Price $23.66
BKL Blackmores Upgrade to Outperform from Neutral - Credit Suisse Overnight Price $92.09
Hold - Ord Minnett Overnight Price $92.09
BTH Bigtincan Overweight - Morgan Stanley Overnight Price $1.48
Buy - Ord Minnett Overnight Price $1.48
BVS Bravura Solutions Hold - Ord Minnett Overnight Price $3.10
CAJ Capitol Health Accumulate - Ord Minnett Overnight Price $0.40
CBL Control Bionics Add - Morgans Overnight Price $0.70
CCX City Chic Collective Overweight - Morgan Stanley Overnight Price $6.04
Accumulate - Ord Minnett Overnight Price $6.04
CGC Costa Group Neutral - Citi Overnight Price $3.24
Outperform - Credit Suisse Overnight Price $3.24
Outperform - Macquarie Overnight Price $3.24
CIA Champion Iron Outperform - Macquarie Overnight Price $5.70
COE Cooper Energy Downgrade to Underweight from Equal-weight - Morgan Stanley Overnight Price $0.23
DTC Damstra Equal-weight - Morgan Stanley Overnight Price $1.08
EDV Endeavour Group Underperform - Credit Suisse Overnight Price $7.05
Neutral - Macquarie Overnight Price $7.05
Hold - Morgans Overnight Price $7.05
EPY EarlyPay Add - Morgans Overnight Price $0.50
EXP Experience Co Buy - Ord Minnett Overnight Price $0.28
FCL FINEOS Outperform - Macquarie Overnight Price $4.25
Upgrade to Accumulate from Hold - Ord Minnett Overnight Price $4.25
FLT Flight Centre Travel Neutral - Citi Overnight Price $17.01
Neutral - Credit Suisse Overnight Price $17.01
Neutral - Macquarie Overnight Price $17.01
Hold - Morgans Overnight Price $17.01
Downgrade to Lighten from Hold - Ord Minnett Overnight Price $17.01
Neutral - UBS Overnight Price $17.01
HMC Home Consortium Add - Morgans Overnight Price $6.46
HUO Huon Aquaculture Neutral - Credit Suisse Overnight Price $3.84
IFL IOOF Buy - Citi Overnight Price $4.55
Outperform - Credit Suisse Overnight Price $4.55
Overweight - Morgan Stanley Overnight Price $4.55
Buy - Ord Minnett Overnight Price $4.55
ILU Iluka Resources Upgrade to Neutral from Underperform - Credit Suisse Overnight Price $9.27
JIN Jumbo Interactive Overweight - Morgan Stanley Overnight Price $16.42
Neutral - UBS Overnight Price $16.42
LGL Lynch Holding Buy - Citi Overnight Price $3.74
LNK Link Administration Downgrade to Neutral from Buy - Citi Overnight Price $4.50
Outperform - Credit Suisse Overnight Price $4.50
Resume Coverage with Outperform - Macquarie Overnight Price $4.50
Add - Morgans Overnight Price $4.50
Upgrade to Accumulate from Hold - Ord Minnett Overnight Price $4.50
No Rating - UBS Overnight Price $4.50
MGH Maas Group Add - Morgans Overnight Price $4.50
MNF MNF Group Buy - Ord Minnett Overnight Price $6.16
MWY Midway Buy - Ord Minnett Overnight Price $1.03
NIC Nickel Mines Outperform - Credit Suisse Overnight Price $1.02
Neutral - Macquarie Overnight Price $1.02
NXT Nextdc Buy - Citi Overnight Price $13.48
Outperform - Macquarie Overnight Price $13.48
Buy - Ord Minnett Overnight Price $13.48
ORE Orocobre Buy - Citi Overnight Price $8.77
PLS Pilbara Minerals Outperform - Macquarie Overnight Price $2.22
Downgrade to Hold from Buy - Ord Minnett Overnight Price $2.22
PNV PolyNovo Outperform - Macquarie Overnight Price $2.04
PPE People Infrastructure Add - Morgans Overnight Price $4.25
PRU Perseus Mining Neutral - Citi Overnight Price $1.47
Outperform - Credit Suisse Overnight Price $1.47
Outperform - Macquarie Overnight Price $1.47
PTM Platinum Asset Management Underperform - Credit Suisse Overnight Price $3.94
Hold - Ord Minnett Overnight Price $3.94
QAN Qantas Airways Underperform - Credit Suisse Overnight Price $5.04
Outperform - Macquarie Overnight Price $5.04
Overweight - Morgan Stanley Overnight Price $5.04
Buy - Ord Minnett Overnight Price $5.04
QUB Qube Holdings Buy - Citi Overnight Price $3.04
Upgrade to Outperform from Neutral - Credit Suisse Overnight Price $3.04
Upgrade to Hold from Reduce - Morgans Overnight Price $3.04
Accumulate - Ord Minnett Overnight Price $3.04
RHC Ramsay Health Care Neutral - Citi Overnight Price $67.78
Neutral - Credit Suisse Overnight Price $67.78
Outperform - Macquarie Overnight Price $67.78
Underweight - Morgan Stanley Overnight Price $67.78
Hold - Morgans Overnight Price $67.78
Buy - Ord Minnett Overnight Price $67.78
RMS Ramelius Resources Outperform - Macquarie Overnight Price $1.53
Overweight - Morgan Stanley Overnight Price $1.53
Add - Morgans Overnight Price $1.53
SBM St. Barbara Neutral - Citi Overnight Price $1.54
Underperform - Macquarie Overnight Price $1.54
SLK SeaLink Travel Neutral - Macquarie Overnight Price $9.52
Buy - Ord Minnett Overnight Price $9.52
SRV Servcorp Buy - UBS Overnight Price $3.35
SSM Service Stream Buy - Ord Minnett Overnight Price $0.86
TYR Tyro Payments Neutral - Macquarie Overnight Price $3.74
Overweight - Morgan Stanley Overnight Price $3.74
Add - Morgans Overnight Price $3.74
Buy - Ord Minnett Overnight Price $3.74
WBC Westpac Banking Buy - Citi Overnight Price $26.01
WGN Wagners Holding Co Downgrade to Neutral from Outperform - Macquarie Overnight Price $1.94
WHC Whitehaven Coal Neutral - Citi Overnight Price $2.33
Outperform - Credit Suisse Overnight Price $2.33
Outperform - Macquarie Overnight Price $2.33
Overweight - Morgan Stanley Overnight Price $2.33
Hold - Morgans Overnight Price $2.33
WOW Woolworths Group Neutral - Citi Overnight Price $40.99
Underperform - Credit Suisse Overnight Price $40.99
Neutral - Macquarie Overnight Price $40.99
Hold - Morgans Overnight Price $40.99
Neutral - UBS Overnight Price $40.99
Z1P Zip Co Accumulate - Ord Minnett Overnight Price $7.06
RATING SUMMARY
Rating No. Of Recommendations
1. Buy

71

2. Accumulate

6

3. Hold

41

4. Reduce

1

5. Sell

11

Friday 27 August 2021

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Disclaimer:
The content of this information does in no way reflect the opinions of FNArena, or of its journalists. In fact we don't have any opinion about the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe and comment on. By doing so we believe we provide intelligent investors with a valuable tool that helps them in making up their own minds, reading market trends and getting a feel for what is happening beneath the surface. This document is provided for informational purposes only. It does not constitute an offer to sell or a solicitation to buy any security or other financial instrument. FNArena employs very experienced journalists who base their work on information believed to be reliable and accurate, though no guarantee is given that the daily report is accurate or complete. Investors should contact their personal adviser before making any investment decision.