Australian Broker Call

Credit Suisse rates 29M as Underperform (5) -

First half operating earnings were in line with Credit Suisse estimates. Hopes had declined with the June quarter update regarding an inaugural interim dividend as operations were facing some challenges.

Hence, the broker was pleasantly surprised by a 2c maiden dividend, with 29Metals indicating this did not compromise its ability to execute on growth projects.

The broker does not assume a final dividend, given the scarcity of free cash flow. Credit Suisse remains cautious about copper and retains an Underperform rating, raising the target to $1.40 from $1.20.

Target price is $1.40 Current Price is $2.00 Difference: minus $0.6 (current price is over target).
If 29M meets the Credit Suisse target it will return approximately minus 30% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.16, suggesting upside of 12.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Macquarie rates 29M as Outperform (1) -

29Metals reported earnings well above Macquarie's forecast, and a maiden dividend was a positive surprise, indicating the company is comfortable with its balance sheet position. Free cash flow was 84% greater than expected, and capex 14%.

The Cervantes pre-feasibility study and Gossan Valley optimisation studies are the next upcoming catalysts and likely to be finalised during this quarter, the broker notes.

Outperform and $3.00 target retained.

Target price is $3.00 Current Price is $2.00 Difference: $1
If 29M meets the Macquarie target it will return approximately 50% (excluding dividends, fees and charges).

Current consensus price target is $2.16, suggesting upside of 12.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Citi rates A2M as Downgrade to Sell from Neutral (5) -

Citi downgrades to Sell from Neutral in the wake of the FY22 results. While the fundamental valuation is largely unchanged, the broker assesses the opportunity to obtain US market access, and a primary reason for upgrading to Neutral back in May, appears to have narrowed.

Moreover, over the next six months there are Chinese regulatory events where the risk is largely to the downside. a2 Milk Co's recent performance in China has improved but then the broker points out this has come at the cost of margin. Target is reduced to $4.58 from $4.64.

Target price is $4.58 Current Price is $5.40 Difference: minus $0.82 (current price is over target).
If A2M meets the Citi target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.96, suggesting downside of -13.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: -0.5

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

Credit Suisse rates A2M as Neutral (3) -

Results in FY22 were in line, as is FY23 sales guidance. A modest improvement in margin is expected. a2 Milk Co has also signalled it may consider acquisitions to acquire Chinese product registrations.

Credit Suisse expects the transition to a new formula in Chinese label will occur as planned, as execution has been "very good" during FY22. Neutral maintained. Target is steady at $5.15.

Target price is $5.15 Current Price is $5.40 Difference: minus $0.25 (current price is over target).
If A2M 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 $4.96, suggesting downside of -13.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: -0.5

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

Macquarie rates A2M as Underperform (5) -

Yesterday's update noted  a2 Milk Co's FY22 result outpaced Macquarie's forecasts by 3%, thanks to a revenue beat on infant formula as second-half sales to China rose, thanks in part to increased marketing expenditure.

Gross margin were in line and Macquarie expects steady margins in FY23. Marketing costs, administration costs and other costs also rose. Strong operating cash flow of $204m translated to cash conversion of 114%.

The company announced a $15m buyback, which Macquarie says is underpinned by the stronger-than-forecast net cash position of $817m. FY23 guidance is in line with consensus. Underperform retained, target rises to $4.25 from $4.00 on lower debt.

Target price is $4.25 Current Price is $5.40 Difference: minus $1.15 (current price is over target).
If A2M meets the Macquarie target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.96, suggesting downside of -13.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: -0.5

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

Morgans rates A2M as Hold (3) -

a2 Milk Co delivered a beat to consensus expectations, with sales increasing 19.8% year-on-year and underlying earnings increasing 46.7%, despite challenging operating conditions, with Morgans noting this was helped by the company cycling a very weak year in FY21.

Company management targets further growth in the coming year, anticipating high single digit revenue growth and modest improvement to earnings margins, which Morgans expects will drive low double digit earnings growth with a second half skew. 

The broker's net profit forecasts are lowered -9.4%, -15.3%, and  -17.4% through to FY25 given company guidance. The Hold rating is retained and the target price decreases to $5.87 from $6.39.

Target price is $5.87 Current Price is $5.40 Difference: $0.47
If A2M meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $4.96, suggesting downside of -13.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: -0.5

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

Credit Suisse rates ABB as Outperform (1) -

FY22 operating earnings were slightly ahead of expectations while guidance was below. Aussie Broadband has guided to revenue in the range of $800-840m with an EBITDA margin of 10-10.5%.

Additional investment in people and product development is planned, while the broker suspects inflationary pressures in a tight labour market are impacting the cost base.

Guidance also assumes a heightened competitive environment will be maintained over FY23 so any withdrawal of discounts from competitors could provide upside risk.

Outperform maintained. Target is reduced to $3.70 from $4.80.

Target price is $3.70 Current Price is $2.66 Difference: $1.04
If ABB meets the Credit Suisse target it will return approximately 39% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Ord Minnett rates ABB as Buy (1) -

FY22 operating earnings were ahead of expectations with growth across all three of Aussie Broadband's segments. The main surprise for Ord Minnett was FY23 guidance of $800-840m in revenue and implying EBITDA of $80-88m, below the prior forecasts.

The broker accepts the business is investing in operating costs and overheads to support its customer service yet notes it is facing a more competitive market to win subscribers.

The broker forecasts more than 50% of the FY23 group EBITDA will be generated in the business segment. Buy rating retained. Target is lowered to $4.03 from $4.69.

Target price is $4.03 Current Price is $2.66 Difference: $1.37
If ABB meets the Ord Minnett target it will return approximately 52% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

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

Morgan Stanley acknowledges an incorrect Oveweight call (now Equal-weight) for Adore Beauty, partly due to overestimating a higher covid benefit for sales and underestimating competition. Near-term concerns now include leadership transition and low earnings visibility.

While FY22 results were ahead of expectations, Morgan Stanley was surprised by the magnitude (-28%) of sales declines in the first seven weeks of FY23. Margin guidance downgrades for FY23 from inflation and higher investment also surprised.

As a result, the broker reduces FY23 sales and EBITDA forecasts by -13% and -59%, respectively, which suggests margins of 1.4%, compared to prior guidance of 2-4%.

The target falls to $1.70 from $1.90. Industry View: In-Line.

Target price is $1.70 Current Price is $1.65 Difference: $0.05
If ABY meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

UBS rates ABY as Buy (1) -

Fourth-quarter sales were in line with UBS estimates and long-term operating earnings margin growth is expected to be driven by private-label expansion, marketing efficiency and some operating leverage.

The broker believes a differentiating factor for Adore Beauty compared with listed online retail peers is that the beauty category is likely to be more resilient in an economic downturn.

This stems from the discretionary nature of the products, recurring purchases and a lower transaction value compared with items such as furniture. Buy rating and $2.10 target maintained.

Target price is $2.10 Current Price is $1.65 Difference: $0.45
If ABY meets the UBS target it will return approximately 27% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Ord Minnett rates ADH as Hold (3) -

Adairs' -31.5% decline in underlying profit was 3% better than Ord Minnett, featuring supply chain disruptions, higher costs and materially lower margins.

The broker expects margin pressure to persist into FY23 due to cost inflation and an increasingly challenging macro environment, and retains a Hold rating until trading conditions stabilise and operating risks are eliminated.

Target falls to $2.40 from $3.30.

Target price is $2.40 Current Price is $2.17 Difference: $0.23
If ADH meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $2.73, suggesting upside of 22.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Ord Minnett rates AOF as Hold (3) -

Australian Unity Office Fund's FY22 funds from operations were slightly above Ord Minnett, however the broker was underwhelmed that FY23 guidance was not provided with management attributing its decision to uncertainty around asset sales.

The broker notes significant lease expiries in FY23 and believes the REIT has not provided guidance due to the significant fall in the funds from operations forecast for FY23. The broker forecasts -43% year on year assuming no transactional activity.

The fund has not been able to retain any of its key tenant expiries. As a result, net tangible asset value has deteriorated significantly in the six months to June 2022, the broker notes.

Hold retained, target falls to $1.91 from $2.05.

Target price is $1.91 Current Price is $1.63 Difference: $0.28
If AOF meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Credit Suisse rates APM as Outperform (1) -

Cash net profit was up 30% and ahead of expectations and prospectus. Credit Suisse notes APM Human Services International is delivering against every objective outlined at the IPO.

A maiden dividend of 5c was declared. No FY23 guidance was provided.

The broker estimates the full year contribution from acquisitions completed in FY22 will be around 4% of net profit growth, particularly as NDIS acquisitions move towards profitability.

The Outperform rating is reiterated. Target is unchanged at $4.25.

Target price is $4.25 Current Price is $3.43 Difference: $0.82
If APM meets the Credit Suisse target it will return approximately 24% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

UBS rates APM as Buy (1) -

FY22 earnings were ahead of UBS estimates. The broker assesses the opportunities for APM Human Services International have increased and there is potential for positive catalysts in FY23.

The business can do better than its 18% share, UBS asserts, and there is the likelihood that the DES program will be extended for another year. The broker considers the valuation appealing, retaining a Buy rating and raising the target to $3.85 and $3.60.

Target price is $3.85 Current Price is $3.43 Difference: $0.42
If APM meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

UBS rates BEN as Buy (1) -

UBS launches coverage on Bendigo & Adelaide Bank with a Buy rating and an $11 target price.

The broker views the bank as relatively inexpensive compared to the sector and is trading at -13% discount to the ASX200 Banks Index.

UBS considers the market's cautious attitude to NIM could be unwarranted.

Buy rating and $11 target.

Target price is $11.00 Current Price is $8.87 Difference: $2.13
If BEN meets the UBS target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $9.98, suggesting upside of 11.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

UBS rates BOQ as Buy (1) -

UBS initiates coverage of Bank of Queensland with a Buy rating and an $8 target price.

The analyst considers the bank as offering value relative to other banks, trading on a multiple of 9.3x and a -28% discount relative to the ASX200 banks index.

Bank of Queensland has lowered the dividend payout ratio to around 60% which UBS views as sufficient to allow the bank to grow lending at market rates.

Buy rating and $8 target.

Target price is $8.00 Current Price is $6.91 Difference: $1.09
If BOQ meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $8.88, suggesting upside of 27.6% (ex-dividends)

The company's fiscal year ends in August.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.9

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

Macquarie rates BST as Neutral (3) -

Macquarie notes FY22 EBITDA was down -12.7%, with margins down -80 basis points and slightly ahead of expectations, at first glance.

This reflected the closure of stores and growth of 15.6% in online. The broker was pleased like-for-like sales continued the positive momentum with the fourth quarter up 6.4%.

No guidance was provided, given the uncertainty although Best & Less noted in the first eight weeks total sales were up 38% and like-for-like up 1.4%. Macquarie retains a Neutral rating and $2.40 target.

Target price is $2.40 Current Price is $2.62 Difference: minus $0.22 (current price is over target).
If BST 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:

Forecast for FY23:

Market Sentiment: 0.0

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

Morgans rates CMW as Hold (3) -

Cromwell Property has deliverd 5% year-on-year growth to its operating profits, with Morgans noting the result was supported by increased funds management contributions and improvement in the company's Polish portfolio. 

The broker noted a reduction in gearing to 39.6% from 42.0% was a positive, and expects a focus on debt reduction moving forward with the company having identified a further $887m in non-core asset sales to further improve gearing as the company transitions to a capital light model. 

The Hold rating is retained and the target price decreases to $1.00 from $1.06.

Target price is $1.00 Current Price is $0.79 Difference: $0.21
If CMW meets the Morgans target it will return approximately 27% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Macquarie rates CQR as Outperform (1) -

Charter Hall Retail REIT has acquired a 49% interest in an NZ petrol station portfolio and divested Coles distribution centres at book value. Macquarie estimates 0.3% net accretion to operating earnings.

It is a positive capital recycling initiative from an earnings, balance sheet and strategy perspective, in the broker's view. With gearing of 33% and 6.3% dividend yield, Macquarie views the REIT as relatively defensive.

Outperform retained, target rises to $4.42 from $4.40.

Target price is $4.42 Current Price is $4.07 Difference: $0.35
If CQR meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $4.16, suggesting upside of 1.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.1

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

Citi rates DBI as Buy (1) -

First half results were in line and Citi believes investors should be comforted by the ability of Dalrymple Bay Infrastructure to pass through costs.

The broker estimates light-touch regulation should increase pricing by at least 5%. Nevertheless, the timing delay in revenue drives earnings revisions down and, combined with a high discount rate, means the target is reduced to $2.42 from $2.55.

Revisions are less over the medium term and a Buy rating is retained.

Target price is $2.42 Current Price is $2.15 Difference: $0.27
If DBI meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $2.45, suggesting upside of 11.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Credit Suisse rates DBI as Outperform (1) -

First half operating earnings were below forecasts while net interest expense of $62m was significantly ahead. The latter stemmed from ineffectiveness of hedges and other non-cash items.

Dalrymple Bay Infrastructure continues to negotiate a pricing deal with customers and no agreement has been reached as yet.

2022 guidance for a dividend of 18.27c has been reaffirmed. Credit Suisse reduces 2022 EBITDA estimates by -2.7% and raises 2023 by 4.5%. Outperformed maintained. Target is reduced to $2.60 from $2.70.

Target price is $2.60 Current Price is $2.15 Difference: $0.45
If DBI meets the Credit Suisse target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $2.45, suggesting upside of 11.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Morgans rates DBI as Add (1) -

A stable and resilient first half from Dalrymple Bay Infrastructure according to Morgans, with the broker noting $102m in Terminal Infrastructure Charge revenue and earnings of $94m were both broadly flat on the previous quarter. 

The broker was unsurprised by a lack of new detail on key customer tariff negotiations, but assumes Dalrymple Bay Infrastructure will be able to lock in a first year price lift to over $3 per tonne, and highlighted that investment in the stock does require belief that the share price will rally once negotiations are complete. 

The Add rating is retained and the target price increases to $2.32 from $2.30.

Target price is $2.32 Current Price is $2.15 Difference: $0.17
If DBI meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $2.45, suggesting upside of 11.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Morgans rates EBR as Speculative Buy (1) -

EBR Systems' 1H22 earnings were in line with Morgans expectations, with a net loss of -US$15.9m and expenses of US$16.5m post the completion of the Solve trial.

Morgans are looking to the results from the trial in the 3Q22 as the next catalyst for the stock with the analyst expecting commercial launch in 2024.

The $1.38 target and Speculative Buy rating remain unchanged.

Target price is $1.38 Current Price is $0.62 Difference: $0.76
If EBR meets the Morgans target it will return approximately 123% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Citi rates FMG as Neutral (3) -

After a strong FY22 result Citi notes, while there is a lot happening with Fortescue Future Industries, there is not enough to model any key projects. The first phase of Gibson Island ammonia plant, to be powered by green hydrogen, has been completed.

FY22 total expenditure at FFI was $534m. The Lvindo Iron joint venture with Fortescue Metals (80%) is expected to spend US$90m over three years on exploration at Belinga prospect in Gabon. Neutral maintained. Target is raised to $18.60 from $18.40.

Target price is $18.60 Current Price is $18.89 Difference: minus $0.29 (current price is over target).
If FMG meets the Citi target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.69, suggesting downside of -11.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: -0.4

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

Credit Suisse rates FMG as Neutral (3) -

FY22 results were largely in line with Credit Suisse estimates. Key to the update was the timeline for first production at a Fortescue Future Industries project.

The 2GW Gladstone electrolyser manufacturing facility will achieve first production in 2023 and first revenue from a H2 project should be obtained in 2024/25 from Queensland's Gibson Island.

Credit Suisse assesses the Fortescue Metals share price underperformed peers in the wake of the results, perhaps partly attributable to the -19% downgrade at the Glacier Valley deposits. The broker retains a Neutral rating and $17 target.

Target price is $17.00 Current Price is $18.89 Difference: minus $1.89 (current price is over target).
If FMG meets the Credit Suisse target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.69, suggesting downside of -11.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: -0.4

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

Macquarie rates FMG as Underperform (5) -

Fortescue Metals reported earnings in line with Macquarie. The result was boosted by a higher divided, representing a 75% payout. From here on, an increase in capital expenditure and weakness in iron ore prices present headwinds for free cash flow generation, the broker notes.

There is no change to FY23 shipment and cost guidance.

Underperform and $14.50 target retained.

Target price is $14.50 Current Price is $18.89 Difference: minus $4.39 (current price is over target).
If FMG meets the Macquarie target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.69, suggesting downside of -11.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: -0.4

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

Morgan Stanley rates FMG as Underweight (5) -

Morgan Stanley's prior suggestion that dividends for Fortescue Metals may be tempered by spending on Fortescue Future Industries came to fruition at FY22 results with a 75% payout of profit, compared to the 80% expected.

Otherwise financials for FY22 were broadly in line with the broker's forecasts. Free cash flow was also in line though 9% ahead of the consensus forecast. FY23 guidance was unchanged.

The Underweight rating and $14.70 target are maintained. Industry View: Attractive.

Target price is $14.70 Current Price is $18.89 Difference: minus $4.19 (current price is over target).
If FMG meets the Morgan Stanley target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.69, suggesting downside of -11.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: -0.4

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

Morgans rates FMG as Hold (3) -

Fortescue Metals has delivered a full year in line with Morgans' expectations, including earnings of US$10,561m, net profit of US$6,197m and a final dividend of 121 cents per share. The broker highlights earnings and net profit declined -36% and -42% on the previous year respectively.

Morgans highlighted the market largely looked for further project and spend detail for Fortescue Future Industries (FFI), with capital expenditure guidance for the division retained despite a lack of project development. 

The Hold rating is retained and the target price decreases to $17.20 from $17.40.

Target price is $17.20 Current Price is $18.89 Difference: minus $1.69 (current price is over target).
If FMG meets the Morgans target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.69, suggesting downside of -11.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: -0.4

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

Ord Minnett rates FMG as Hold (3) -

FY22 results were in line with Ord Minnett's forecast. FY23 guidance is unchanged for production of 187-192mt amid costs of US$18-$18.75/t and capital expenditure of US$2.7-3.1bn.

Ord Minnett notes the Fortescue Future Industries' ambitions for 15mt of hydrogen production for 2030 still stand while no extra detail on the projects was shared. Hold rating and $19 target maintained.

Target price is $19.00 Current Price is $18.89 Difference: $0.11
If FMG meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $16.69, suggesting downside of -11.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: -0.4

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

Morgans rates GNX as Hold (3) -

A largely expected result from Genex Power according to Morgans, with earnings of $13.8m equating to a -$4m net loss after tax. Looking forward, the broker expects FY23 to be a year of significant expenditure, accounting for acceleration of civil works. 

Morgans also noted Skip and Stonepeak continue due diligence, and the broker expects the bid will progress to a binding all-cash offer of 25 cents per share, but notes in the unlikely case of the bid being withdrawn it would anticipate some share price weakness.

The Hold rating and target price of $0.25 are retained.

Target price is $0.25 Current Price is $0.23 Difference: $0.02
If GNX meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Macquarie rates GOR as Outperform (1) -

Gold Road Resources' first half result was mixed, with Macquarie noting in an initial view that stronger EBITDA was offset by higher depreciation & amortisation and net cash was weighed down by a higher closing lease balance. The dividend was ahead of expectations, fully franked at 1c.

Production guidance is unchanged for 300-340,000 ounces and the business is considered to be in a comfortable position, with Gruyere looking capable of growing throughput towards 10mtpa. Outperform rating and $1.60 target maintained.

Target price is $1.60 Current Price is $1.25 Difference: $0.35
If GOR meets the Macquarie target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $1.70, suggesting upside of 34.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Ord Minnett rates GQG as Initiation of coverage with Buy (1) -

Ord Minnett initiates coverage of GQG Partners with a Buy rating and $2.20 target. The broker finds the business has developed an enviable track record of superior investment returns and fund flows.

Despite this, the stock is currently trading in line with sector averages and, hence, the broker believes this offers investors an opportunity. All four main investment strategies are outperforming respective benchmarks over each of the major time periods to June 2022.

Target price is $2.20 Current Price is $1.56 Difference: $0.64
If GQG meets the Ord Minnett target it will return approximately 41% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Ord Minnett rates ICT as Buy (1) -

Following an improvement in cash flows towards the end of FY22, Ord Minnett lifts its target for iCollege to $0.25 from $0.22. The strength of international student enrolments surprised. Enrolments ultimately feed the broader iCollege network for VET and higher education courses.

Underlying EBITDA for FY22 was a slight beat versus the analyst's forecast with costs lower than estimated. The earnings "engine room", otherwise known as the Greenwich business, is expected to grow into FY23 and provide the majority of company revenue growth.

The Buy rating is unchanged.

Target price is $0.25 Current Price is $0.16 Difference: $0.09
If ICT meets the Ord Minnett target it will return approximately 56% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Citi rates IDX as Buy (1) -

FY22 results were pre-announced and Citi notes the share price dropped -7% on the official release, largely because Integral Diagnostics indicated conditions have not improved in July and August.

A "long list" of explanations for underperformance was provided yet the broker considers the pandemic is the main issue.

A resolution of the Ramsay Health Care ((RHC)) contracts and successful integration of recent acquisitions should improve the valuation and Citi remains positive over a 12-month view.

Estimates for FY23-24 are downgraded because of slower normalisation in procedure growth and a higher cost base. The target is lowered to $3.70 from $3.90. Buy retained.

Target price is $3.70 Current Price is $2.91 Difference: $0.79
If IDX meets the Citi target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $3.21, suggesting upside of 11.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Credit Suisse rates IDX as Neutral (3) -

FY22 operating net profit was in line with Credit Suisse estimates. Higher expenditure and net debt mean reductions in FY23-24 estimates of -16.8-22.3%.

The broker can envisage long-term fundamental value in Integral Diagnostics but believes the timing is an issue and best reflected in pushing out earnings estimates.

A recovery in both volumes and margins is likely to take several years. Hence, the main upside risk to valuation and forecasts is volume and margins recovering faster than expected. Neutral maintained. Target is reduced to $3.00 from $3.15.

Target price is $3.00 Current Price is $2.91 Difference: $0.09
If IDX meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $3.21, suggesting upside of 11.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Macquarie rates IDX as Neutral (3) -

Yesterday's update noted Integral Diagnostics' FY22 result missed consensus and Macquarie's forecasts by roughly -16% to -17%. Macquarie now moderates revenue growth assumptions and expects sustained cost inflation.

The broker remains upbeat on the long-term view but not-so on the near-term outlook and the time-frame for recovery is obscure. Earnings forecasts fall -16% in FY22, -27% in FY23 and -31% in FY24.

Neutral rating retained. The broker cut its target to $3.10 from $4.15 but has now revised that to $3.18.

Target price is $3.18 Current Price is $2.91 Difference: $0.27
If IDX meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $3.21, suggesting upside of 11.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Macquarie rates IGO as Outperform (1) -

FY22 results were in line with Macquarie's estimates, at first glance.

Guidance ranges from the recent strategy briefing were unchanged and IGO is expected to provide clarity on the outlook for the nickel division over the coming year as several project studies are underway.

Outperform rating and $21 target maintained.

Target price is $21.00 Current Price is $12.67 Difference: $8.33
If IGO meets the Macquarie target it will return approximately 66% (excluding dividends, fees and charges).

Current consensus price target is $13.98, suggesting upside of 6.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Morgans rates IPD as Speculative Buy (1) -

Impedimed reported FY22 results which came in marginally better than Morgans' expectations.

The broker is looking to the outcome from the August 25-26 National Comprehensive Cancer Network meeting to establish whether Impedimed's technology will be included in the cancer treatment guidelines.

Management expects the announcement by the end of 2022. No changes have been made to earnings forecasts.

A Speculative Buy rating and 19.5c target are retained.

Target price is $0.20 Current Price is $0.07 Difference: $0.125
If IPD meets the Morgans target it will return approximately 179% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Citi rates IPL as Neutral (3) -

Citi expects urea prices will stay stronger for longer and fertiliser demand will pick up amid tight capacity heading into the northern hemisphere application period. Urea price estimates are raised 2% for FY23 and 7% for FY24.

The broker increases earnings estimates as a result and raises the target to $4.00 from $3.50. Neutral retained and more detail is expected on Incitec Pivot's business outlook during the investor briefing on September 6.

Target price is $4.00 Current Price is $4.04 Difference: minus $0.04 (current price is over target).
If IPL 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 $4.27, suggesting upside of 6.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Citi rates IVC as Neutral (3) -

Citi notes the first half benefited from strong volume growth but the pandemic, staffing challenges, weather and inflation limited operating leverage.

The broker found little information to change investor views on InvoCare. The company expects "excess deaths" to continue for another 6-12 months and volume growth return to negative as the trend normalises.

In Australia, the company is looking to fill gaps in the network and has hired an executive to evaluate opportunities overseas. Neutral maintained. Target rises to $11.50 from $11.25.

Target price is $11.50 Current Price is $10.99 Difference: $0.51
If IVC meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $11.78, suggesting upside of 4.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Macquarie rates IVC as Underperform (5) -

InvoCare reported first half revenue and earnings -1% below Macquarie. A strong volume environment has helped a solid start to the second half.

The company posted a solid result in Funerals and Cemetries & Crematoriums, while the Pet business underperformed as InvoCare consolidates the footprint. The broker remains cautious on volumes in 2023.

Management provided no quantitative guidance but did expect that the unwinding of covid would support higher value funerals.

Underperform retained, target rises to $10.75 from $10.30.

Target price is $10.75 Current Price is $10.99 Difference: minus $0.24 (current price is over target).
If IVC meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.78, suggesting upside of 4.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

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

Given a slow start to the calendar year, Morgan Stanley was surprised by InvoCare's stronger than expected sales for the 1H, while earnings (EBITDA) were just ahead of the market.

Capex was down -16% on a like-for-like basis (excluding SaaS expenditure) due to timing differences. In the future, SaaS expenses, which rose by -$3.2m year-on-year, will be included in capex.

The Equal-weight rating is maintained alongside a $11.25 price target. Industry view is In-Line.

Target price is $11.25 Current Price is $10.99 Difference: $0.26
If IVC meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $11.78, suggesting upside of 4.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

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

Morgans notes higher funeral case volumes and a higher case average, as well as double digit growth in burials and cremations saw InvoCare deliver first half earnings of $68.5m and net profit of $27.9m.

The broker notes earnings were a slight miss to Morgans' expectations, but net profits were stronger than anticipated. The company has suggested momentum has carried into the second half, and excess mortality rates in Australia, New Zealand and Singapore supports the outlook.

The rating is upgraded to Add from Hold and the target price decreases to $12.80 from $13.60.

Target price is $12.80 Current Price is $10.99 Difference: $1.81
If IVC meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $11.78, suggesting upside of 4.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Ord Minnett rates IVC as Hold (3) -

First half results signal strong revenue growth was offset by cost growth. Ord Minnett believes the excess in mortality is likely to continue in the second half and lead to strong volume trends.

There are risks to expectations for 2023 growth, given the excess mortality rates experienced in 2022 which the broker assesses did not generate the same level of economic value for InvoCare seen in previous years largely because of higher inflation.

Hold retained. Target is reduced to $12 from $13.

Target price is $12.00 Current Price is $10.99 Difference: $1.01
If IVC meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $11.78, suggesting upside of 4.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Ord Minnett rates JLG as Upgrade to Buy from Accumulate (1) -

FY22 underlying operating earnings were in line with guidance while revenue was ahead of expectations. FY23 guidance is slightly below current market forecasts although Ord Minnett envisages potential upside from catastrophe-related contract awards during the year.

Johns Lyng is considered well able to deliver strong revenue and earnings growth amid industry tailwinds as there is low capital intensity and exposure to inflation. Ord Minnett upgrades to Buy from Accumulate and raises the target to $8.50 from $8.40.

Target price is $8.50 Current Price is $7.06 Difference: $1.44
If JLG meets the Ord Minnett target it will return approximately 20% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates KED as Neutral (3) -

In yesterday's update, Macquarie noted Keypath Education International reported FY22 revenues in line with the prospectus forecasts, up 20.7%.

A breakeven target for FY24 was reaffirmed with the company reporting record highs in the pipeline of new programs at the start of FY23. Guidance implies new program growth offsetting a drag from mature programs.

Broker earnings forecasts are lowered by -5% and -15% for FY22 and FY23, respectively due to updated expectations for slowing growth from macro headwinds and higher costs.

Neutral retained, target falls to $0.97 from $1.20.

Target price is $0.97 Current Price is $0.98 Difference: minus $0.01 (current price is over target).
If KED meets the Macquarie 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 FY23:

Forecast for FY24:

Market Sentiment: 0.0

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

Morgans rates KSL as Add (1) -

Morgans assessed the 1H22 earnings report from Kina Securities as below expectations with an -8% miss on the bottom line.

The broker notes softer than expected loan growth and a weaker net interest margin, while expenses rose from increased investment costs in cyber security and risk management.

Morgans adjusts earnings forecasts by -3% and -6% for FY22 and FY23 off the back of more conservative revenue assumptions.

The target is lowered to $1.23 from $1.29 and the Add rating is unchanged.

Target price is $1.23 Current Price is $0.90 Difference: $0.33
If KSL meets the Morgans target it will return approximately 37% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 1.0

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

Citi rates LFG as Buy (1) -

Liberty Financial reported net profit that was below Citi's expectations amid lower fees and commissions. Nevertheless, the broker considers the results solid as assets were up 5% and the net interest margin was stable.

Going forward, Liberty Financial will operate in a markedly different environment and this should affect loan demand as rates rise, pressuring funding costs and increasing credit stress, the broker suggests.

The offset is the structural mix changing towards secured finance and financial services. Overall, Citi considers the market overly pessimistic in its assessment and the stock good value, retaining a Buy rating and $5.40 target.

Target price is $5.40 Current Price is $4.34 Difference: $1.06
If LFG meets the Citi target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $4.73, suggesting upside of 13.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Credit Suisse rates LFG as Neutral (3) -

FY22 results were in line with expectations. Credit Suisse points out challenges in the operating environment are well understood, including lower credit growth and increased funding costs.

Liberty Financial is considered well placed to ride out tougher conditions, resuming growth in FY24.

The broker also remains of the view that until better visibility occurs regarding the interest-rate cycle and corresponding impact on consumer health a "wait-and-see approach" is prudent. Neutral maintained. Target is $4.55.

Target price is $4.55 Current Price is $4.34 Difference: $0.21
If LFG meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $4.73, suggesting upside of 13.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Macquarie rates LFG as Neutral (3) -

Liberty Financial posted an "adequate" result, in line with Macquarie, managing margins and expenses well in the second half.

Macquarie continues to see Liberty as a well-managed franchise with management appropriately focusing on maximising long-term returns.

However, the short-term outlook appears challenging driven by higher funding costs and aggressive pricing competition, leaving downside risk to margins, the broker suggests.

With valuation demanding, the broker retains Neutral. Target rises to $4.25 from $4.10.

Target price is $4.25 Current Price is $4.34 Difference: minus $0.09 (current price is over target).
If LFG meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.73, suggesting upside of 13.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.3

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

Macquarie rates LNK as No Rating (-1) -

At first glance, FY22 results were consistent with the July update with operating EBIT beating Macquarie's estimates by 1% because of lower costs.

Due to research restrictions Macquarie is unable to advise its rating and target price for Link Administration.

Current Price is $4.32. Target price not assessed.

Current consensus price target is $4.60, suggesting upside of 5.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Morgan Stanley rates LOV as Overweight (1) -

Apart from a consensus-beating FY22 result, sales growth remains elevated in FY23 and Lovisa Holdings' store roll-out is tracking ahead of Morgan Stanley's expectation. There were 85 net new stores in FY22 bringing the total to 629.

Gross margins of 78.9% were ahead of the analyst's 78.2% forecast for FY22. There are new market launches due in FY23 for Poland, Canada, Northern Ireland, Hong Kong and Namibia.

The Overweight rating and $18 target are retained. Industry View: In-Line.

Target price is $18.00 Current Price is $19.82 Difference: minus $1.82 (current price is over target).
If LOV meets the Morgan Stanley target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $21.32, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

Morgans rates LOV as Add (1) -

Lovisa Holdings has reported 59% year-on-year sales growth in its full year results, with Morgans noting the company has achieved a 30% compound annual sales growth rate over the last twelve years. 

The company achieved 104 new store openings in the year, but with ambitious new leadership in place Morgans thinks this could just be the start of Lovisa Holdings's global growth story, with growth momentum and new market expansion expected in the coming year. 

The Add rating is retained and the target price increases to $24.50 from $21.50.

Target price is $24.50 Current Price is $19.82 Difference: $4.68
If LOV meets the Morgans target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $21.32, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

UBS rates LOV as Neutral (3) -

UBS considers the FY22 results from Lovisa as well above consensus with the broker highlighting store growth came in at 85 versus 81 forecast. 

The company has entered two new markets Nambia and Hong Kong which UBS views might be a spring jump to China.

Looking ahead the analyst does not expect the margins gains of FY22 will be maintained in FY23 and earnings forecasts are adjusted for higher sales growth but lower margins.

FY23 and FY24 earnings forecasts are marginally changed by 1.4% and -1.0%, respectively. The target is raised to $20 from $18.50 and the Neutral rating is retained.

Target price is $20.00 Current Price is $19.82 Difference: $0.18
If LOV meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $21.32, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

Morgans rates M7T as Add (1) -

Mach7 Technologies reported in-line FY22 earnings with Morgans expectations with 42% growth in revenues on FY21.

The trend to more SaaS deals is viewed positively by the analyst and management guided to double digit growth in revenue in FY23 and sales orders growing to $36m from $30m in FY22.

There are no changes to Morgans earnings forecasts. The target is maintained at $1.34 and the rating remains Add.

Target price is $1.34 Current Price is $0.71 Difference: $0.63
If M7T meets the Morgans target it will return approximately 89% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates MHJ as Outperform (1) -

Michael Hill International posted a solid FY22 result, in line with Macquarie, featuring 12 consecutive quarters of positive same store
sales growth and 200bp gross margin expansion in FY22.

Michael Hill remains a well-managed business that is nearing the end of its business transformation, Macquarie notes.

Accordingly, the company now offers an appealing blend of conservatism through an increased dividend payout and share buyback, and growth via acquisition and market/category expansion.

Outperform retained, target rises to $1.86 from $1.85.

Target price is $1.86 Current Price is $1.07 Difference: $0.79
If MHJ meets the Macquarie target it will return approximately 74% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates MIN as Outperform (1) -

Following yesterday's first look at Mineral Resources' FY22 results and FY23 guidance, Macquarie raises its target price to $100 from $91 on near-term earnings upgrades and stronger metrics for Onslow and Mining Services. Outperform.

At first glance yesterday, Mineral Resources' FY22 result was mixed but generally met Macquarie's forecasts. Cash flow generation proved a -5% miss given higher capital expenditure, which led to higher net debt and a lower dividend (both sharp misses).

The big news was the approval of the Onslow Iron project from the Red Hill Iron ((RHI)) joint venture partners. Mineral Resources plans to increase its stake to 60.3% from 40% funded by a $1.3bn carried expenditure loan paid by production, says the broker.

Mineral Resources will build, fund, own and operate all of the infrastructure, and Baosteel has an offtake agreement for 50% of production, with an option to increase its rights to 75%. The Red Hill Iron joint venture will pay $7.74 to use the infrastructure.

Target price is $100.00 Current Price is $63.99 Difference: $36.01
If MIN meets the Macquarie target it will return approximately 56% (excluding dividends, fees and charges).

Current consensus price target is $78.96, suggesting upside of 16.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Morgan Stanley rates MIN as Overweight (1) -

Morgan Stanley assesses the deal struck by Mineral Resources with joint venture partners for the Ashburton Hub development is a good one. The company also announced a final investment decision for the hub.

While capex of -$3bn was higher than the -$2.5bn the analyst had expected, operating costs were in line.

No broker commentary was provided for FY22 results.

The Overweight rating and $64.80 target are unchanged. Industry view: Attractive.

Target price is $64.80 Current Price is $63.99 Difference: $0.81
If MIN meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $78.96, suggesting upside of 16.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

UBS rates MIN as Buy (1) -

UBS has described Mineral Resources's full year result as a mixed bag, with underlying net profit of $400m missing the broker's expectations by -11-12% but largely offset by a better than expected 100 cents per share final dividend. 

The broker notes capital expenditure is set to increase to $2.06bn in the coming year, from $800m in FY22, a result of the Ashburton-Onslow project approval, with first production from the project expected in December 2023

The Buy rating and target price of $83.00 are retained.

Target price is $83.00 Current Price is $63.99 Difference: $19.01
If MIN meets the UBS target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $78.96, suggesting upside of 16.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Credit Suisse rates MMS as Outperform (1) -

FY22 results met expectations. The most significant items in the update were confirmation of a simpler company structure, Credit Suisse asserts, along with balance sheet utilisation and excess franking credits.  McMillan Shakespeare has also announced a 10% off-market buyback.

There was also clarity regarding a new funding warehouse which, while a temporary drag on earnings, should revert to a neutral impact over the next few years. The company is expected to benefit significantly where new car supply resumes.

Credit Suisse retains an Outperform rating, raising the target to $15.60 from $14.25.

Target price is $15.60 Current Price is $14.23 Difference: $1.37
If MMS meets the Credit Suisse target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $14.21, suggesting downside of -4.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

Macquarie rates MMS as Outperform (1) -

The underlying FY22 results for McMillan Shakespeare were slightly ahead of Macquarie's forecasts. A 10% off-market buyback for the 1H of FY23 and a higher dividend payout ratio policy were announced.

Management expects novated lease yields and EOL income to remain at current levels due to ongoing disruptions to automotive supply.

The broker raises its target to $14.84 from $11.20 on capital management initiatives and management's contemplation of exit options for the UK segment in FY23. Outperform.

Target price is $14.84 Current Price is $14.23 Difference: $0.61
If MMS meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $14.21, suggesting downside of -4.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

Morgan Stanley rates MMS as Overweight (1) -

FY22 results for McMillan Shakespeare were a beat compared to Morgan Stanley's forecasts.

While no FY23 guidance was offered, management pointed to ongoing strong novated demand, despite the macroeconomic backdrop.

The company also announced a 10% off-market share buyback, and is exploring a UK divestment.

Morgan Stanley retains its Overweight rating and $12.50 target. Industry View: In-Line.

Target price is $12.50 Current Price is $14.23 Difference: minus $1.73 (current price is over target).
If MMS meets the Morgan Stanley target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.21, suggesting downside of -4.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

Ord Minnett rates MMS as Hold (3) -

McMillan Shakespeare posted a slight beat on earnings to Ord Minnett's forecast, but the beat was all down to the UK business which the company is looking to exit.

While the announced buyback was a highlight, the Group Remuneration Services segment saw a decline and like peer Smartgroup Corp ((SIQ)) is in a bit of a holding pattern whilst new car supply remains constrained, the broker notes.

Hold retained, target rises to $13.90 from $13.09.

Target price is $13.90 Current Price is $14.23 Difference: minus $0.33 (current price is over target).
If MMS meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.21, suggesting downside of -4.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

Morgans rates MSV as Speculative Buy (1) -

Morgans highlights there was nothing surprising in Mitchell Services FY22 results with such comprehensive quarterly earnings reports.

Management indicated FY23 has commenced with 11% revenue growth with 84 rigs in use at the end of 4Q22 following new LF160 rig purchases in late 2021.

Morgans forecasts a decline in capital expenditure which should support the company de-gearing the balance sheet.

The analyst points to no material changes in earnings forecasts and is positive about the clearer dividend policy.

The target price is unchanged at 60c and the Speculative Buy rating is retained.

Target price is $0.60 Current Price is $0.37 Difference: $0.23
If MSV meets the Morgans target it will return approximately 62% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Morgans rates MTO as Add (1) -

The FY22 results from Motorcycle Holdings revealing a -4.4% fall in earnings on FY21 was marginally better than Morgans' expectations, and showed 6.3% and 9.3% growth in new and used motor cycles, respectively.

Management noted caution for the year ahead with concerns over consumer demand in the face of macro headwinds, although the short-term strength in the order booking provides some encouragement, the broker suggests.

Morgans adjusts earnings for further margin pressures from slowing demand, despite improved supply chains. The broker's earnings forecasts are lifted by 1.9% for FY23 and 1.1% for FY24.

The Add rating is retained and the price target is lowered to $3.12 from $3.23.

Target price is $3.12 Current Price is $2.37 Difference: $0.75
If MTO meets the Morgans target it will return approximately 32% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates MVF as Outperform (1) -

Following July Medicare statistics, Macquarie's forecasts now imply a -2.8% market fresh cycle decline in the 1H of FY23 and 4% growth in the 2H, and a gain of around 160bps in market share. These changes drive the broker's 9% forecast for FY23 fresh cycle growth.

The analyst retains an Outperform rating and notes a strong pipeline of new patients. The $1.30 target is unchanged.

Target price is $1.30 Current Price is $1.00 Difference: $0.3
If MVF meets the Macquarie target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $1.25, suggesting upside of 24.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Citi rates NST as Buy (1) -

FY22 earnings were in line with estimates. Citi's estimates for earnings per share are lifted by 4% for FY23, accounting for the $300m buyback, which is due to commence in mid-September.

The broker updates its model for Northern Star resources post the results and retains a Buy rating. Target is raised to $10.90 from $10.80.

Target price is $10.90 Current Price is $7.46 Difference: $3.44
If NST meets the Citi target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $9.98, suggesting upside of 27.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Credit Suisse rates NST as Outperform (1) -

FY22 results were in line with expectations. Northern Star Resources has announced an on-market buyback program of up to $300m. This will not affect the dividend policy and Credit Suisse estimates $0.19 for FY23.

The company is studying the Firmiston underground growth option at KCGM, exploring a bulk mining method to tie in with the potential expansion of the mill.

The broker suspects this could present a significant long-term option. Estimates are reduced for FY23, largely because of revised gold prices and lower production, with the target reduced to $9.00 from $9.50. Outperform retained.

Target price is $9.00 Current Price is $7.46 Difference: $1.54
If NST meets the Credit Suisse target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $9.98, suggesting upside of 27.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates NST as Outperform (1) -

FY22 results for Northern Star Resources were largely as Macquarie expected. Taking into account unchanged production guidance and new D&A and tax guidance, as well as a surprise 300m buyback, the broker raises its target to $10.50 from $10.00.

The surprise on-market share buyback resulted from a $1.5bn liquidity position that includes $628m in cash and bullion and $900m in undrawn debt facilities, explains the analyst.

Target price is $10.50 Current Price is $7.46 Difference: $3.04
If NST meets the Macquarie target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $9.98, suggesting upside of 27.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Morgan Stanley rates NST as Overweight (1) -

FY22 adjusted profit for Northern Star Resources was a 13% beat versus Morgan Stanley's forecast. An announced buyback of up to $300m is thought to be a positive signal, and won't affect the company's dividend payout policy.

A $55m beat in underling EBITDA  largely explains the adjusted profit beat, notes the broker. The 21.5c final dividend was ahead of the analyst (20c) though adrift of the 22c expected by the market.

The Overweight rating and $8.80 target are unchanged. Industry View: Attractive.

Target price is $8.80 Current Price is $7.46 Difference: $1.34
If NST meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $9.98, suggesting upside of 27.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Ord Minnett rates NST as Buy (1) -

Ord Minnett retains its $11.10 target and Buy rating for Northern Star Resources following a 2% FY22 earnings (EBITDA) beat.

Higher FY22 profits were largely due to a slightly lower D&A charge and one-off tax benefits, explains the analyst. The outlook is unchanged from recent quarterly results.

A $300m buyback was announced.

Target price is $11.10 Current Price is $7.46 Difference: $3.64
If NST meets the Ord Minnett target it will return approximately 49% (excluding dividends, fees and charges).

Current consensus price target is $9.98, suggesting upside of 27.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

UBS rates NST as Buy (1) -

Northern Star Resources delivered a largely in-line full year result according to UBS, and announced a $300m buyback which the broker noted combined with dividend payments could see the company return 6.4% in the coming year while maintaining growth. 

The broker also noted FY23 guidance was retained, but could prove conservative as confidence increases at Yandal and Pogo. 

Northern Star Resources remains the broker's top pick of the larger ASX-listed gold miners. The Buy rating is retained and the target price decreases to $9.60 from $9.80. 

Target price is $9.60 Current Price is $7.46 Difference: $2.14
If NST meets the UBS target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $9.98, suggesting upside of 27.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

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

Nitro Software had pre-guided 1H results and released most key metrics, according to Morgan Stanley.

Management noted the integration of Connective is proceeding according to plans.

The broker maintains its Equal-weight rating and $1.30 target. Industry View: In-Line.

Target price is $1.30 Current Price is $1.13 Difference: $0.17
If NTO meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.5

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

UBS rates NTO as Buy (1) -

First half revenue was pre-reported and UBS found little incremental news in the official results. 2022 guidance is maintained and this implies second-half annual recurring revenue of $5.5-8.5m.

UBS recognises the near-term challenges for Nitro Software noting the connective sales conversion is yet to be proven at scale. The company is on track to achieve its -$5m in planned cost savings in the second half.

Buy rating maintained. Target is reduced to $1.90 from $2.30 to reflect lower tech sector multiples and increased cost of capital.

Target price is $1.90 Current Price is $1.13 Difference: $0.77
If NTO meets the UBS target it will return approximately 68% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.5

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

UBS rates NWS as Buy (1) -

Excluding the -$20m legal settlement fee, UBS assesses the News Corp 4Q22 results as in line with expectations and includes acquisitions OPIS and Base Chemicals.

Management has not provided formal guidance for FY23 but expect revenue growth from acquisitions as well as growth in digital revenue streams.

UBS lowers earnings forecasts by -17% and -14% for FY23 and FY24, with higher inflationary costs and FX headwinds which offset the expected positive impact of Base Chemicals.

The Buy rating is retained, although the analyst points out macro factors could impact on sentiment.

Adjusting for the earnings forecast changes, the target is lowered to $36.50 from $38.50.

Target price is $36.50 Current Price is $25.37 Difference: $11.13
If NWS meets the UBS target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $33.87, suggesting upside of 33.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 0.8

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

Citi rates NXT as Buy (1) -

Citi notes all regions experienced an increase in bookings in the second half, with Sydney the strongest. Yet the broker assesses the demand environment  in Melbourne is stronger than Sydney, with NextDC bringing forward 4.5MW of capacity in M3 and expanding M2 by 40MW.

The increase in the hyper-scale backlog underpins the broker's medium-term forecasts but, as customer deployment is affected by the supply chain issues, FY24 earnings estimates are lowered by -3% and the target reduced to $12.90 from $14.00.

An update on the Asian expansion is considered the next catalyst. Buy retained.

Target price is $12.90 Current Price is $10.29 Difference: $2.61
If NXT meets the Citi target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $13.12, suggesting upside of 27.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.9

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

Credit Suisse rates NXT as Neutral (3) -

FY22 earnings were ahead of guidance and Credit Suisse estimates. FY23 guidance is for data centre service revenue of $340-355m and underlying operating earnings of $190-198m.

The broker notes, despite robust earnings, billing utilisation was lower than expected and contracted commitments lagged forecasts.

NextDC has indicated the lead time to the commencement of billing is increasing. Neutral rating maintained. Target is lowered to $10.90 from $11.42 in reflection of the slower ramp up of new contracts.

Target price is $10.90 Current Price is $10.29 Difference: $0.61
If NXT meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $13.12, suggesting upside of 27.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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) -

FY22 results and FY23 guidance for NextDC were largely in line with Macquarie's forecasts though inventory bottlenecks may weigh on the ramp-up of billing utilisation in the coming year. Beyond that, the broker still likes the operational resilience and high earnings visibility.

Margin guidance for FY23 was weaker than the analyst forecast driven by higher electricity costs as well as an increase in SaaS expenses.

Macquarie lowers its FY23 EBITDA estimate by -13%, though raises FY24 and FY25 estimates by 35% and 83% due to lower finance costs from lower-than-forecast capex guidance.

The target falls to $12.60 from $13.90 due to the application of a higher risk-free rate and earnings revisions, explains the analyst. The Outperform rating is unchanged.

Target price is $12.60 Current Price is $10.29 Difference: $2.31
If NXT meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $13.12, suggesting upside of 27.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.9

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

Morgans rates NXT as Add (1) -

NextDC has delivered 26% year-on-year earnings growth in FY22, and is guiding to 15% in FY23, with Morgans noting the result shows the company's resilience to pandemic and inflationary pressures.

The broker notes with the S3 and M3 facilities coming online in the next year, it anticipates cost growth will initially outstrip revenue growth, and coupled with increasing power costs later in FY23 expects margins to be impacted.

Morgans anticipates higher earnings and cash flow in the medium-term for the company. The Add rating is retained and the target price increases to $13.30 from $13.01. 

Target price is $13.30 Current Price is $10.29 Difference: $3.01
If NXT meets the Morgans target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $13.12, suggesting upside of 27.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

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) -

In the wake of the FY22 results Ord Minnett maintains a Buy rating for NextDC and reduces the target to $11.75 from $13.50.  The broker has pushed out the ramp up of contracts in FY24 and FY25 which reduces EBITDA estimates by -16% and -21%, respectively.

Management has talked down the prospect of inflation pressures over the next 18-24 months, highlighting its data centres in Sydney and Melbourne were being delivered on time and on budget largely because of fixed-price contracts.

Target price is $11.75 Current Price is $10.29 Difference: $1.46
If NXT meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $13.12, suggesting upside of 27.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.9

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

Morgans rates OCL as Add (1) -

Objective's full year result was in line with pre-reported figures, with Morgans noting revenue and net profits increasing 12% and 31% year-on-year respectively, while operating costs lifted 10%. 

The broker noted the company's outlook for the coming year appears robust, with new product launches gaining early traction, with Objective Build already transitioning five customers onto the platform, and a further twenty councils sign up in the new financial year. 

The company remains a preferred technology pick for Morgans. The Add rating is retained and the target price increases to $17.30 from $16.80.

Target price is $17.30 Current Price is $15.80 Difference: $1.5
If OCL meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Ord Minnett rates PAC as Buy (1) -

Underlying FY22 profit for Pacific Current Group was -5% below Ord Minnett's forecast due to a -$1.2m non-cash unrealised mark-to-market loss.

As a result, the broker lowers its EPS forecasts by around -5% over the forecast period, though downgrades are offset by the financial year-end model roll forward. The target price of $11.00 is unchanged.

The 23c final dividend was above the 22c forecast, and it is for this attractive fully-franked yield the analyst retains a Buy rating, (along with a low valuation multiple).

Target price is $11.00 Current Price is $8.54 Difference: $2.46
If PAC meets the Ord Minnett target it will return approximately 29% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

UBS rates PLS as Initiation of coverage with Sell (5) -

UBS initiates coverage with a Sell rating and $2.60 target, assessing that, while Pilbara Minerals continues to bank super-normal profits, there is better value in other lithium stocks such as IGO ((IGO)) and Mineral Resources ((MIN)).

Nevertheless, the broker is positive about near-term earnings capacity and the ramp up in volumes although lower relative margins in the medium to longer term are an issue.

As lithium demand is expected to grow substantially through to 2030, UBS assesses the supply side will struggle to keep up while new production will cost more.

Target price is $2.60 Current Price is $3.49 Difference: minus $0.89 (current price is over target).
If PLS meets the UBS target it will return approximately minus 26% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.52, suggesting downside of -1.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: -0.2

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

Macquarie rates PNV as Outperform (1) -

Despite negative forecast earnings revisions by Macquarie following FY22 results for PolyNovo, the target rises to $1.90 from $1.60 on higher longer-term sales estimates. Increased sales staff are expected to support further growth, along with a new product pipeline.

An expected improvement to operational performance in the 2H of FY23 from a weaker FY22 performance has the analyst forecasting positive cash flows. The Overweight rating is maintained.

Target price is $1.90 Current Price is $1.36 Difference: $0.54
If PNV meets the Macquarie target it will return approximately 40% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.5

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

Morgans rates PPE as Add (1) -

Morgans considers both the FY22 earnings results and the FY23 guidance for Peoplein as above expectations.

Management reconfirmed guidance of around 10% organic growth as well as earnings accretive acquisitions which are forecast to boost EBITDA to some $62-$66m or 33% year-on-year growth.

The broker raises earnings forecasts by 3.9% for FY23 and 4.7% for FY24.

The target price is raised to $4.90 from $4.25 adjusting for the upgraded forecasts, and the Add rating remains unchanged.

Target price is $4.90 Current Price is $3.60 Difference: $1.3
If PPE meets the Morgans target it will return approximately 36% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates RMS as Outperform (1) -

Pre-flagged non-cash impairments, largely from Edna May, resulted in FY22 profits for Ramelius Resources falling -$2.9m below Macquarie's forecast. Higher-than-expected closing lease balances also resulted in a softer-than-expected cash balance.

The 1c final dividend was in line with the analyst's forecast.

Macquarie lowers its target to $1.05 from $1.20 and retains its Outperform rating.

Target price is $1.05 Current Price is $0.86 Difference: $0.19
If RMS meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $1.17, suggesting upside of 43.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Ord Minnett rates RMS as Hold (3) -

Ramelius Resources posted FY22 results in line with Ord Minnett at the underlying level but impacted by impairments and higher D&A costs. With FY23 guidance unchanged, the broker continues to forecast declining earnings.

Ord Minnett awaits the September quarter result to re-examine cost expectations and the ramp-up of the key Penny operation.

Hold retained, target rises to $1.15 from $1.10.

Target price is $1.15 Current Price is $0.86 Difference: $0.29
If RMS meets the Ord Minnett target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $1.17, suggesting upside of 43.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

Macquarie rates SFR as Outperform (1) -

FY22 results were mixed, at first glance, with operating earnings in line with Macquarie's estimates and higher depreciation resulting in EBIT -5% below estimates.

Sandfire Resources has released its Motheo copper expansion study and approved the project. The reserve for the combined T3 and A4 deposits is -7% smaller than Macquarie's assumptions. Capital expenditure has increased to US$397m, in line with estimates.

Outperform rating and $6 target maintained.

Target price is $6.00 Current Price is $4.72 Difference: $1.28
If SFR meets the Macquarie target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $5.66, suggesting upside of 23.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.4

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

Macquarie rates SLR as Outperform (1) -

Macquarie makes minimal changes to its forecasts for Silver Lake Resources following FY22 results. Profit was $14m better than expected largely due to a gain in relation to the purchase of Sugar Zone in Canada. No dividend was declared, as expected.

The $1.80 target price and Outperform rating are unchanged.

Target price is $1.80 Current Price is $1.27 Difference: $0.53
If SLR meets the Macquarie target it will return approximately 42% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Ord Minnett rates SLR as Buy (1) -

Silver Lake Resources reported in line with Ord Minnett. The broker expects the company to generate solid free cash flow once again in
FY23, even with inflationary pressures baked into estimates.

This is the highest amongst Ord Minnett's gold coverage and illustrates the optionality within Silver Lake’s portfolio to focus on high yielding cash generative assets.

The broker expects free cash flow to improve in FY24 as inflation pressures ease and organic improvements are seen across the portfolio.

Buy and $2.10 target retained.

Target price is $2.10 Current Price is $1.27 Difference: $0.83
If SLR 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 FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Morgan Stanley rates SYM as Overweight (1) -

Following FY22 results, Morgan Stanley notes Symbio Holdings is currently in an investment phase and on-track compared to expectations held by the market.

Despite spending -$7.6m on investment opex relating to its Asian expansion, the company delivered $35.4m of EBITDA compared to forecasts of $35.1m and $35m by the broker and consensus.

Management is guiding to earnings of $36-39m for FY23 (broker $38.1m), which includes a further -$7m in proactive reinvestment.

The Overweight rating and $4.80 target are retained. Industry View: In Line.

Target price is $4.80 Current Price is $3.80 Difference: $1
If SYM meets the Morgan Stanley target it will return approximately 26% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 1.0

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

Macquarie rates TYR as Neutral (3) -

Macquarie assesses FY22 results for Tyro Payments were broadly in line while FY23 guidance was ahead of expectations. Management is aiming to be free cash flow positive by the end of FY23, even with capex remaining elevated.

Payments margins in FY22 were better than the analyst's expectation and cost growth was more contained for the full financial year compared to the 1H.

The target rises to $1.20 from $0.75 on large changes to EBITDA forecasts (on small numbers) due to a higher merchant acquiring fee (MAF) margin and lower employee expenses.

The Neutral rating is kept on macroeconomic uncertainty and the imminent ceo departure, along with a strong competitive environment, explains the broker.

Target price is $1.20 Current Price is $1.11 Difference: $0.09
If TYR meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $2.14, suggesting upside of 94.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

Ord Minnett rates TYR as Buy (1) -

FY22 revenue and EBITDA were ahead of Ord Minnett's forecast. For the first time Tyro Payments provided guidance for the full year that gives the broker reason for optimism on the outlook although costs are elevated and operating leverage is expected to ensue slowly.

Gross profit guidance is $17-180m and the company expects to exit FY23 with positive free cash flow. Ord Minnett expects new product initiatives will drive market share outside of the core SME market. Buy rating maintained. Target rises to $1.40 from $1.30.

Target price is $1.40 Current Price is $1.11 Difference: $0.29
If TYR meets the Ord Minnett target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $2.14, suggesting upside of 94.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

UBS rates TYR as Buy (1) -

UBS considers Tyro Payments  2H22 revenue growth of 42% showed a beat on Payments and Banking was in line.

The analyst believes the company should focus on profitability and suggests management's guidance is pointing to operating leverage  ahead of expectations.

The uncertainty regarding the CEO is noted, however UBS considers there is a better trend in margins and improved efficiencies coming to fruition in the 2H23.

The Buy rating is unchanged and the target is lowered to $1.80 from $2.30 due to a higher cost of capital.

Target price is $1.80 Current Price is $1.11 Difference: $0.69
If TYR meets the UBS target it will return approximately 62% (excluding dividends, fees and charges).

Current consensus price target is $2.14, suggesting upside of 94.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.8

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

Macquarie rates WDS as Neutral (3) -

Macquarie, upon initial analysis, reports Woodside Energy's interim result beat its own forecast by some 7%. The interim dividend of US109c was equally better-than-expected.

Woodside Energy has maintained its guidance for the full year.

Neutral. Target/valuation $28.05.

Target price is $28.05 Current Price is $35.35 Difference: minus $7.3 (current price is over target).
If WDS meets the Macquarie target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $34.66, suggesting downside of -3.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

UBS rates WDS as Buy (1) -

In an immediate response to today's interim report release by Woodside Energy, UBS comments most financial metrics are either in line or a small beat to market forecasts, including UBS's.

The gearing target has been reduced to 10-20% to reflect scale and financial strength of the new organisation post-merger. As gearing is currently 7%, the broker believes investor focus will be on the outlook for capital management.

Buy. Target $33.65.

Target price is $33.65 Current Price is $35.35 Difference: minus $1.7 (current price is over target).
If WDS 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 $34.66, suggesting downside of -3.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Morgan Stanley rates WPR as Underweight (5) -

Morgan Stanley assesses a sound 1H result for Waypoint REIT, with a profit beat due to the timing of asset disposals and the broker's conservative interest rate assumption.

Speaking of interest rates, FY23 and FY24 are now 78% and 68% hedged, up from 46%, after a new $63m 5-year swap was arranged.

The analyst notes limited progress has been made on diversification away from fuel, though the strategy remains.

The Underweight rating and $2.20 target are unchanged. Industry view is In-Line. 

Target price is $2.20 Current Price is $2.55 Difference: minus $0.35 (current price is over target).
If WPR meets the Morgan Stanley target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.65, suggesting upside of 1.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.2

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

Morgans rates WPR as Add (1) -

An in-line first half result from Waypoint REIT according to Morgans, with the company also announcing a $100m on-market buyback to commence in September.

The broker notes the company aims to acquire up to 5.6% of securities on issue through the buyback, which will bring the total capital returned by the company over FY21 and FY22 to $300m. Full year guidance is retained.

The Add rating is retained and the target price increases to $2.93 from $2.92.

Target price is $2.93 Current Price is $2.55 Difference: $0.38
If WPR meets the Morgans target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $2.65, suggesting upside of 1.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.2

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

Ord Minnett rates WPR as Accumulate (2) -

First half distributable earnings and dividends were in line with Ord Minnett's forecasts, while guidance for distributable earnings was maintained, despite higher floating rates and $150m of asset sales.

Management announced a $100m on-market buyback for the 2H, which the broker believes to be the most efficient use of capital, given the REIT is trading at a -20% discount to NTA.

Even without the buyback, the analyst believes FY22 guidance would be met. The Buy rating and $2.81 target are unchanged.

Target price is $2.81 Current Price is $2.55 Difference: $0.26
If WPR meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $2.65, suggesting upside of 1.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.2

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