Australian Broker Call

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

A general update on listed property managers on the ASX has provided analysts at Citi with the opportunity to reiterate their sector preference for fund managers and leverage to residential assets.

Also, the analysts highlight the key downside risk for stocks inthe sector is a rise in cap rates, not bond yields, with cap rates unlikely to cause any problems in 2022.

Citi has upgraded Abacus Property Group to Buy from Neutral with a revised target price of $4.05.

Target price is $4.05 Current Price is $3.46 Difference: $0.59
If ABP meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $3.61, suggesting upside of 2.5% (ex-dividends)

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 ABP as Neutral (3) -

Macquarie predicts slowing economic growth to be a positive for the REIT sector over 2022, with a flight to defensive asset classes. Within the sector, Office is expected to provide upside surprises while the broker remains cautious on both Retail and Residential.

The analyst retains a Neutral rating for Abacus Property Group as gearing is approaching the group’s internal maximum and has
limited valuation support. The target price rises to $3.70 from $3.58. 

The broker forecasts 1H funds from operations (FFO) of $83.3m at results on February 17.

Target price is $3.70 Current Price is $3.46 Difference: $0.24
If ABP meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $3.61, suggesting upside of 2.5% (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

Macquarie rates AIA as Outperform (1) -

Ahead of February 24 first half results for Auckland International Airport, Macquarie leaves its forecasts unchanged despite the impact of the omicron variant.

The broker expects earnings (EBITDA) of around $70m and an adjusted loss of circa -$12m, with no dividend. Importantly, the analyst believes there's headroom to deliver 2022 earnings (EBITDA) of around $120m, required by a new banking covenant.

The Outperform rating is retained and the target price increases to NZ$8.62 from NZ$8.20.

Current Price is $6.95. Target price not assessed.

Current consensus price target is $6.90, suggesting upside of 1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.0

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

Citi rates AMP as Neutral (3) -

Factoring in the recently announced sale of AMP's infrastructure debt business to Ares Capital and marking to market, Citi has reduced earnings per share forecasts -2% and -4% for FY21 and FY22, noting a lack of conviction in estimates given so many moving parts. 

The sale leaves AMP's private markets segment even smaller which may impact on its success as a separate listing. Company strategy is a focus on building scale and entering new markets, but AMP lacks size compared to major global infrastructure equity players. 

The Neutral (High Risk) rating is retained and the target price decreases to $1.10 from $1.25.

Target price is $1.25 Current Price is $0.93 Difference: $0.32
If AMP meets the Citi target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $1.08, suggesting upside of 17.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.2

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

Macquarie rates ARF as Neutral (3) -

In anticipation of first half results for Arena REIT, Macquarie notes the REIT's fundamentals remain solid and the broader Early Childhood Education and Child Care (ELC) sub sector has seen a positive re-rating. The target price rises to $4.89, a 28% increase.

The analyst retains a Neutral rating as the positive fundamentals underpinning the ELC sub-sector are priced-in.

Target price is $4.89 Current Price is $4.74 Difference: $0.15
If ARF meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $4.09, suggesting downside of -14.3% (ex-dividends)

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 AVN as No Rating (-1) -

Macquarie predicts slowing economic growth to be a positive for the REITs sector over 2022, with a flight to defensive asset classes. Within the sector, Office is expected to provide upside surprises while the broker remains cautious on both Retail and Residential.

Macquarie is under rating restriction for Aventus Group.

For the results season, the broker forecasts 1H funds from operations (FFO) of 10.4cps, which would show 4.5% growth versus the previous corresponding period.

Current Price is $3.25. Target price not assessed.

Current consensus price target is $3.41, suggesting upside of 2.9% (ex-dividends)

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 BHP as Outperform (1) -

BHP Group's unification proposal was approved by shareholders last week, and Macquarie estimates the company retains modest earnings upgrade momentum at spot prices. The Outperform rating and $51 target price are unchanged.

Target price is $51.00 Current Price is $45.70 Difference: $5.3
If BHP meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $44.90, suggesting downside of -0.7% (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: 0.5

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

Morgan Stanley rates BHP as No Rating (-1) -

BHP shareholders have approved the unification proposal, and markets now await the British court sanction hearing on January 25 and trading in PLC shares should cease on January 28. Trading on new ASX share is scheduled to being on January 31.

Morgan Stanley is unable to provide a rating or target price on BHP Group. Industry view: In-Line.

Current Price is $45.70. Target price not assessed.

Current consensus price target is $44.90, suggesting downside of -0.7% (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: 0.5

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

Macquarie rates CHC as Outperform (1) -

Macquarie predicts slowing economic growth to be a positive for the REIT sector over 2022, with a flight to defensive asset classes. Within the sector, Office is expected to provide upside surprises while the broker remains cautious on both Retail and Residential.

The analyst feels fund managers such as Charter Hall Group will be assisted by the macroeconomic environment and is a candidate to upgrade FY22 guidance at results on February 24.

The broker forecasts forecast 1H21 earnings (OEPS) of 72.1cps, which is 60% ahead of the the previous corresponding period. The Outperform rating is unchanged while the target price falls to $22.68 from $22.98. 

Target price is $22.68 Current Price is $17.47 Difference: $5.21
If CHC meets the Macquarie target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $22.50, suggesting upside of 26.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Macquarie rates CIP as Outperform (1) -

Macquarie predicts slowing economic growth to be a positive for the REIT sector over 2022, with a flight to defensive asset classes. Within the sector, Office is expected to provide upside surprises while the broker remains cautious on both Retail and Residential.

For 1H results for Centuria Industrial REIT on February 1, the broker forecasts funds from operations (FFO) of $52.9m, up around 24% year-on-year, showing the impact of acquisitions through FY21. The target price rises to $4.37 from $4.16.

Target price is $4.37 Current Price is $3.79 Difference: $0.58
If CIP meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $4.02, suggesting upside of 4.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.4

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

Macquarie rates CLW as Outperform (1) -

After a period of research restriction following Charter Hall Long Wale REIT's acquisition of 50% of ALE Property ((LEP)), Macquarie resumes coverage with an Outperform rating and a $5.31 target price.

While the acquisition will be around -3% dilutive to operating EPS initially, the analyst sees upside as the acquired portfolio of assets is materially under-rented.

Overall, Charter Hall Long Wale REIT's attractive valuation and certainty of cash flows are considered attractive by Macquarie.

Target price is $5.31 Current Price is $4.83 Difference: $0.48
If CLW meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $5.50, suggesting upside of 13.0% (ex-dividends)

The company's fiscal year ends in June.

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

Macquarie rates CNU as Neutral (3) -

Macquarie retains its Neutral rating and target price of NZ$7.22 after Chorus released its 2Q connections update, which was in-line with expectations. Total broadband connection rose by 4,000.

Current Price is $6.54. Target price not assessed.

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.0

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

Macquarie rates CQR as Outperform (1) -

Macquarie predicts slowing economic growth to be a positive for the REIT sector over 2022, with a flight to defensive asset classes. Within the sector, Office is expected to provide upside surprises while the broker remains cautious on both Retail and Residential.

The broker points out the Charter Hall Retail REIT is now trading at an around -7% discount to pro-forma net tangible assets and maintains its Outperform rating. The target price slips to $4.45 from $4.50.

Target price is $4.45 Current Price is $4.05 Difference: $0.4
If CQR meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $4.17, suggesting upside of 2.7% (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 CTD as Overweight (1) -

Morgan Stanley has selected Corporate Travel Management as its top reopening pick for 2022.

The broker says the company deployed big capital at the bottom of the cycle and this is likely to pay off, and expects the company may beat consensus on a lower revenue base.

The broker expects demand will return and outpace pre-covid levels by 2025; says a more consolidated industry structure favours scale players; that the company has room to grow organically and inorganically; and automation should improve profits.

New demand shocks, approval for the Hello World transaction, increased competition and execution remain key risks.

FY23 and FY24 EPS estimates rise 12% and 21%.

Target prices is $28. Overweight rating retained.

Target price is $24.00 Current Price is $20.17 Difference: $3.83
If CTD meets the Morgan Stanley target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $25.47, suggesting upside of 22.4% (ex-dividends)

The company's fiscal year ends in June.

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 DXI as Upgrade to Outperform from Neutral (1) -

Macquarie upgrades its rating for Dexus Industria REIT to Outperform from Neutral and increases its target price to $3.49 from $3.40 after reviewing its investment thesis. 

As well as exposure to a favourable sub-sector, there are growth avenues for funds from operations (FFO), according to the analyst. This includes developments and the lease-up of Rhodes Business Park (around 10% of income at the June 2021 result).

Target price is $3.49 Current Price is $3.17 Difference: $0.32
If DXI meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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 DXS as Upgrade to Neutral from Sell (3) -

A general update on listed property managers on the ASX has provided analysts at Citi with the opportunity to reiterate their sector preference for fund managers and leverage to residential assets.

Also, the analysts highlight the key downside risk for stocks in the sector is a rise in cap rates, not bond yields, with cap rates unlikely to cause any problems in 2022.

Dexus has been upgraded to Neutral from Sell as the report suggests things aren't as bad for office properties as is feared by many. Price target $10.85.

Target price is $10.85 Current Price is $10.70 Difference: $0.15
If DXS meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $11.52, suggesting upside of 6.6% (ex-dividends)

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Macquarie rates DXS as Outperform (1) -

Macquarie predicts slowing economic growth to be a positive for the REITs sector over 2022, with a flight to defensive asset classes. Within the sector, Office is expected to provide upside surprises while the broker remains cautious on both Retail and Residential.

The broker believes retail/office REITs with what appears to be conservative guidance, such as Dexus, may not follow through with earnings upgrades at 1H result due on February 15.

Dexus is Macquarie's preferred exposure to office. The broker forecasts forecast 1H22 adjusted funds from operations (AFFO) of 28.0cps.

Target price is $11.93 Current Price is $10.70 Difference: $1.23
If DXS meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $11.52, suggesting upside of 6.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Macquarie rates FMG as Outperform (1) -

Fortescue Metals Group has signed a binding MoU with Sinosteel to assess the potential to develop the Midwest Magnetite mine and Oakajee Port and Rail projects. In one year's time, the company has the option to acquire up to 50% of the former and 100% of the latter.

Separately, the analyst estimates 12% and 60% higher forecast earnings for FY22 and FY23, respectively, under a spot price scenario. The Outperform rating and $21 target price are maintained.

Target price is $21.00 Current Price is $20.94 Difference: $0.06
If FMG meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $16.79, suggesting downside of -18.1% (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: -0.3

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

Macquarie rates GMG as Outperform (1) -

Macquarie predicts slowing economic growth to be a positive for the REIT sector over 2022, with a flight to defensive asset classes. Within the sector, Office is expected to provide upside surprises while the broker remains cautious on both Retail and Residential.

The analyst feels fund managers such as Goodman Group will be assisted by the macroeconomic environment and is a candidate to upgrade FY22 guidance at results on February 17.

The broker also believes the group will be largely driven by more positive development assumptions and rental growth. The Outperform rating remains and the target price rises to $26.63 fro $26.45.

Target price is $26.63 Current Price is $22.63 Difference: $4
If GMG meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $25.66, suggesting upside of 9.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Macquarie rates GOZ as Neutral (3) -

Macquarie predicts slowing economic growth to be a positive for the REIT sector over 2022, with a flight to defensive asset classes. Within the sector, Office is expected to provide upside surprises while the broker remains cautious on both Retail and Residential.

The broker makes no changes to earnings forecasts for Growthpoint Properties Australia, given an update in December of 2021.

The analyst forecasts funds from operations (FFO) of 13.2cps at 1H results on February 17. The target falls to $4.22 from $4.25, while the Neutral rating is unchanged as there are considered to be cashflow headwinds from incentives and limited valuation support.

Target price is $4.22 Current Price is $4.01 Difference: $0.21
If GOZ meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $4.33, suggesting upside of 8.2% (ex-dividends)

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 GPT as Neutral (3) -

Macquarie predicts slowing economic growth to be a positive for the REIT sector over 2022, with a flight to defensive asset classes. Within the sector, Office is expected to provide upside surprises while the broker remains cautious on both Retail and Residential.

The broker lifts GPT Group's target price by 6% to $5.46. However, while a growing exposure to Industrial is considered a positive, cashflow headwinds remain for Retail and the near-term office expiry profile is the highest relative to peers. Neutral rated.

The analyst forecasts FY21 funds from operations (FFO) of 29.4cps, which is a 3% increase over FY20.

Target price is $5.46 Current Price is $5.21 Difference: $0.25
If GPT meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $5.40, suggesting upside of 3.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.1

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

Macquarie rates HCW as Outperform (1) -

Macquarie predicts slowing economic growth to be a positive for the REIT sector over 2022, with a flight to defensive asset classes. Within the sector, Office is expected to provide upside surprises while the broker remains cautious on both Retail and Residential.

The broker likes an exposure to retail malls via some mid-cap REITs, with a preference for those with attractive growth profiles aided by developments - such as HealthCo Healthcare & Wellness REIT.

The analyst forecasts 1H22 funds from operations (FFO) of 1.9cps at first half results and FY22 FFO of 5.3cps, which is around 7% ahead of guidance.

Target price is $2.52 Current Price is $2.00 Difference: $0.52
If HCW meets the Macquarie target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $2.48, suggesting upside of 28.0% (ex-dividends)

The company's fiscal year ends in June.

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

Macquarie rates HDN as No Rating (-1) -

Macquarie predicts slowing economic growth to be a positive for the REIT sector over 2022, with a flight to defensive asset classes. Within the sector, Office is expected to provide upside surprises while the broker remains cautious on both Retail and Residential.

Macquarie is under rating restriction for HomeCo Daily Needs REIT.

For the results season, the broker forecasts 1H funds from operations (FFO) of 4cps, which would represent 17% growth half-on-half.

Current Price is $1.41. Target price not assessed.

Current consensus price target is $1.62, suggesting upside of 14.9% (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

Macquarie rates HLS as Outperform (1) -

While the omicron variant has resulted in less PCR testing (as RAT tests have simultaneously increased), Macquarie still retains its preference for Healius over Sonic Healthcare ((SHL)) in the sector.

The broker assumes a continuation of testing volumes to FY24 for both companies albeit with lower assumed reimbursement rates. The target price for Healius falls to $5.45 from $5.65 and the Outperform rating is maintained.

Target price is $5.45 Current Price is $4.55 Difference: $0.9
If HLS meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $5.50, suggesting upside of 21.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Macquarie rates IAP as No Rating (-1) -

Macquarie predicts slowing economic growth to be a positive for the REIT sector over 2022, with a flight to defensive asset classes. Within the sector, Office is expected to provide upside surprises while the broker remains cautious on both Retail and Residential.

Macquarie is under rating restriction for Irongate Group.

For the results season, the broker forecasts full year funds from operations (FFO) of 9.9cps, which would represent 6.8% growth year-on-year.

Current Price is $1.67. Target price not assessed.

The company's fiscal year ends in March.

Forecast for FY22:

Forecast for FY23:

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

Macquarie rates LLC as Upgrade to Outperform from Neutral (1) -

Macquarie predicts slowing economic growth to be a positive for the REIT sector over 2022, with a flight to defensive asset classes. Within the sector, Office is expected to provide upside surprises while the broker remains cautious on both Retail and Residential.

Macquarie predicts a re-rate for Lendlease the closer FY24 earnings estimates approach actuality, and lifts its rating to Outperform from Neutral. The target price rises by 6% to $12.64.

Regarding upcoming results, the broker forecasts 1H22 operating earnings of $65m. A strong 2H skew means the 1H represents around 25% of the analyst's full year earnings estimates.

Target price is $12.64 Current Price is $10.18 Difference: $2.46
If LLC meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $12.84, suggesting upside of 23.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Macquarie rates LME as Outperform (1) -

Following Limeade's 4Q trading update where FY21 guidance was maintained, Macquarie leaves earnings forecasts unchanged and retains its outperform rating and $1.12 target price.

Management expects “continued improvement in business conditions into FY22” and the analyst predicts operating conditions will improve as human resource budgets expand after covid impacts wash through.

Target price is $1.12 Current Price is $0.45 Difference: $0.67
If LME meets the Macquarie target it will return approximately 149% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 1.0

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

Citi rates LNK as Neutral (3) -

Citi notes Link Administration Holdings' share price has risen largely in line with Dye & Durham's acquisitional bid price of $5.53 per share. The broker notes the bid is conditional and there remains some risk. 

The broker notes a likely sale of the Banking and Credit Management segment could offer more than 15 cents per share upside risk, with the company currently holding an indicative proposal from LC Financial Holdings to purchase the segment for $102.5m.  

The Neutral rating is retained and the target price increases to $5.60 from $5.00.

Target price is $5.60 Current Price is $5.39 Difference: $0.21
If LNK meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $5.68, suggesting upside of 4.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Macquarie rates MGR as Outperform (1) -

Macquarie predicts slowing economic growth to be a positive for the REITs sector over 2022, with a flight to defensive asset classes. Within the sector, Office is expected to provide upside surprises while the broker remains cautious on both Retail and Residential.

The broker believes retail/office REITs with what appears to be conservative guidance, such as Mirvac Group, may not follow through with earnings upgrades at 1H results, due on February 10.

Macquarie forecasts 1H22 funds from operations (FFO) of 15.3cps, down around -6% versus the previous corresponding period. The target price is adjusted by -0.6% to $3.15. Outperform.

Target price is $3.15 Current Price is $2.76 Difference: $0.39
If MGR meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $3.11, suggesting upside of 12.4% (ex-dividends)

The company's fiscal year ends in June.

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

Macquarie rates MGX as Outperform (1) -

While advanced stripping at Koolan Island has lowered the quality and grade of 2Q sales for Mount Gibson Iron, assesses Macquarie, cash flow is expected to improve after the stripping program completes during the 2H.

At spot prices, the analyst estimates an earnings lift of 20% and 50% in FY23 and FY24. The broker retains its Outperform rating and $0.70 target price.

Target price is $0.70 Current Price is $0.43 Difference: $0.27
If MGX meets the Macquarie target it will return approximately 63% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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 MTO as Add (1) -

First half earnings guidance by Motorcycle Holdings suggests to Morgans a continuation of strong demand and the target price rises to $4.18 from $3.69. Guidance indicates to the broker that its prior $32m estimate for the full year will be comfortably met.

Taking into account the company's "aggressive" acquisition strategy and less impact than auto from supply constraints, the analyst sees potential upside earnings risk and maintains an Add rating.

Target price is $4.18 Current Price is $3.21 Difference: $0.97
If MTO meets the Morgans target it will return approximately 30% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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

Macquarie rates NSR as Underperform (5) -

Macquarie predicts slowing economic growth to be a positive for the REIT sector over 2022, with a flight to defensive asset classes. Within the sector, Office is expected to provide upside surprises while the broker remains cautious on both Retail and Residential.

The broker raises its target price for National Storage REIT to $2.28 from $2.10 to allow for additional cap rate compression. However, a Neutral rating is maintained, given an elevated valuation and inconsistency in underlying EPS growth.

Target price is $2.28 Current Price is $2.48 Difference: minus $0.2 (current price is over target).
If NSR meets the Macquarie target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.34, suggesting downside of -5.8% (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

UBS rates NST as Buy (1) -

A softer than anticipated December quarter production from Northern Star Resources according to UBS, with production of 392,000 ounces a miss on an anticipated 420,000 ounces, but a 5% quarter-on-quarter increase.

The broker is confident second half production weighting, driven by expected grade and mining rate improvements at the Yandal and Pogo projects, will see the company achieve full year guidance of 1.61m ounces. 

A reopening of WA's hard border in early February offers potential risk to guidance given a likely increase in covid impacts.

The Buy rating and target price of $11.20 are retained.

Target price is $11.20 Current Price is $9.83 Difference: $1.37
If NST meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $12.01, suggesting upside of 24.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Morgans rates NTD as Hold (3) -

Morgans lifts FY22-24 EPS forecasts for National Tyre & Wheel by 6%, 23% and 18%, respectively and raises its target price to $1.76 from $1.35. Acquisitions have added around $100m in annualised revenue and circa $6m to profit (NPATA).

The broker's updated forecasts also allow for increased debt funding and the recent share placement and share purchase plan.

Target price is $1.76 Current Price is $1.54 Difference: $0.22
If NTD meets the Morgans target it will return approximately 14% (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 NWL as Outperform (1) -

Macquarie assesses strong flow momentum for Netwealth Group following 2Q results and management's upgraded FY22 funds under administration (FUA) guidance, and lifts its target price to $19.70 from $19.

The analyst believes a potential flattening of the yield curve should provide support and time for the company to justify its current multiple. Outperform retained.

Target price is $19.70 Current Price is $15.47 Difference: $4.23
If NWL meets the Macquarie target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $18.33, suggesting upside of 19.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

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

After a -30% fall in share price over the last 30 days, the valuation for Pro Medicus is now -20% below Morgans estimate. The broker raises its rating to Add from Hold and sees the current price as a good entry for long-term investors.

That being said, the analyst notes further volatility may ensue with declining sentiment for high growth stocks and the company yet to report first half results. The target price of $54.49 is maintained.

Target price is $54.49 Current Price is $45.38 Difference: $9.11
If PME meets the Morgans target it will return approximately 20% (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 RIO as Outperform (1) -

While Macquarie feels the revocation by the Serbian government of exploration licences for Jadar is disappointing, the project development accounted for less than 1% of the analyst's valuation for Rio Tinto. Outperform and $130 target unchanged.

Of greater significance is the earnings upgrade momentum from recovering iron ore pricing, with the broker's spot price scenario generating 26% and 78% higher earnings than the base case for 2022 and 2023.

Target price is $130.00 Current Price is $108.72 Difference: $21.28
If RIO meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $106.86, suggesting downside of -0.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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 RIO as Overweight (1) -

Serbia's government has blocked Rio Tinto's Jadar lithium exploration licence, cancelled the zoning plan and all related project decrees, citing environmental concerns.

Jadar is one of the world's big greenfield lithium projects and Morgan Stanley says the action stifles Rio Tinto's ambitions to increase its exposure to future-facing commodities and could propel it onto the acquisition path in search of inorganic growth.

Overweight rating and $1.09 target price retained. Industry view: Attractive.

Target price is $109.00 Current Price is $108.72 Difference: $0.28
If RIO meets the Morgan Stanley target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $106.86, suggesting downside of -0.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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 SCG as Underperform (5) -

Macquarie predicts slowing economic growth to be a positive for the REIT sector over 2022, with a flight to defensive asset classes. Within the sector, Office is expected to provide upside surprises while the broker remains cautious on both Retail and Residential.

The broker sees the growth outlook for Scentre Group on a normalised (spending patterns trending towards services away from goods) basis is limited and maintains an Underperform rating. The target price rises to $2.82 from $2.60.

For upcoming results, the analyst forecasts FY21 funds from operations (FFO) of $865m, which is 16% growth versus the previous corresponding period. 

Target price is $2.82 Current Price is $2.95 Difference: minus $0.13 (current price is over target).
If SCG meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.00, suggesting upside of 0.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Macquarie rates SCP as Neutral (3) -

Macquarie predicts slowing economic growth to be a positive for the REIT sector over 2022, with a flight to defensive asset classes. Within the sector, Office is expected to provide upside surprises while the broker remains cautious on both Retail and Residential.

Macquarie assesses the valuation for Shopping Centres Australasia Property Group is challenging, given it is trading at a premium to net tangible assets. The Neutral rating is unchanged. The target price rises to $2.98 from $2.95. 

Target price is $2.98 Current Price is $2.78 Difference: $0.2
If SCP meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $2.98, suggesting upside of 5.4% (ex-dividends)

The company's fiscal year ends in June.

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

UBS rates SFR as Buy (1) -

Sandfire Resources reported a strong December quarter with copper production of 18,700 tonnes and gold production of 8,700 tonnes, but UBS looks to the expected completion of the MATSA Resources ((MAT)) acquisition in February as a potential key driver for the company.

The broker noted value in MATSA Resources represents around 80% of its current valuation on Sandfire Resources. Elsewhere, DeGrussa appears less exposed to industry inflation, and production guidance is marginally increased. 

The Buy rating is retained and target price decreases to $7.95 $8.00.

Target price is $7.95 Current Price is $6.88 Difference: $1.07
If SFR meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $7.13, suggesting upside of 6.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Macquarie rates SGP as Underperform (5) -

Macquarie predicts slowing economic growth to be a positive for the REIT sector over 2022, with a flight to defensive asset classes. Within the sector, Office is expected to provide upside surprises while the broker remains cautious on both Retail and Residential.

The broker believes retail/office REITs with what appears to be conservative guidance, such as Stockland, may not follow through with earnings upgrades at the 1H result due on February 23.

Macquarie  forecast 1H22 funds from operations (FFO) of 15.3cps, down around -6% versus the previous corresponding period. The target price falls to $4.06 from $4.21. Underperform.

Target price is $4.21 Current Price is $4.03 Difference: $0.18
If SGP meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $4.82, suggesting upside of 18.2% (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

Macquarie rates SHL as Neutral (3) -

While the omicron variant has resulted in less PCR testing (as RAT tests have simultaneously increased), Macquarie still retains its preference for Healius ((HLS)) over Sonic Healthcare in the sector.

The broker assume a continuation of testing volumes to FY24 for both companies albeit with lower assumed reimbursement rates. The target price for Sonic Healthcare rises to $42.40 from $42.25 and the Neutral rating is maintained.

Target price is $42.40 Current Price is $38.85 Difference: $3.55
If SHL meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $46.12, suggesting upside of 18.3% (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

UBS rates STO as Buy (1) -

Stronger realised LNG prices, and a strong performance from Darwin LNG that saw the facility sell all 11 cargoes at spot pricing, has driven Santos to achieve a 5% revenue beat on UBS's forecast.

UBS research suggests Santos is the most mispriced energy stock in the Australia Pacific region, and the broker expects the company to continue to rerate in 2022. Accounting for the Oil Search merger, profit after tax estimates increase 63-73% for FY22 and FY23. 

Santos remains the broker's preferred Australian Energy stock pick. The Buy rating is retained and the target price increases to $9.70 from $9.60. 

Target price is $9.70 Current Price is $7.07 Difference: $2.63
If STO meets the UBS target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $8.94, suggesting upside of 26.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.7

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

Macquarie rates SVW as Outperform (1) -

Macquarie forecasts $588m underlying earnings (EBIT) for Seven Group Holdings at 1H results on February 22, and estimates full year earnings of $1,158m.

The analyst's forecasts are revised lower after removal of Boral's ((BLD)) fly ash business from forecasts after the recent sale. The target price falls to $28.60 from $29.90. The Outperform rating is retained on an attractive valuation and expected momentum building into FY23.

Target price is $28.60 Current Price is $21.22 Difference: $7.38
If SVW meets the Macquarie target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $26.94, suggesting upside of 24.5% (ex-dividends)

The company's fiscal year ends in June.

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

Macquarie rates SXY as No Rating (-1) -

Senex Energy's 2Q production was in-line with Macquarie's estimate, while revenue was a -2% miss on weaker-than-expected gas price realisations. The analyst lowers the FY22 EPS forecast by -26%.

The broker is on research restriction and doesn't provide a rating or target price.

Current Price is $4.59. Target price not assessed.

Current consensus price target is $4.42, suggesting downside of -3.5% (ex-dividends)

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

Ord Minnett rates SXY as Hold (3) -

Senex Energy's December-quarter production report outpaced Ord Minnett's forecasts by 4%.

Sales fell slightly shy but revenue proved a 5% beat thanks to higher than expected realised gas prices. But hedging offset the gain, leading the broker to cut FY22 profit and earnings forecasts.

Ord Minnett has upped its capital expenditure forecasts to match guidance.

Hold rating retained in recognition of the Posco bid. A $4.60 price target price is retained.

Target price is $4.60 Current Price is $4.59 Difference: $0.01
If SXY meets the Ord Minnett target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $4.42, suggesting downside of -3.5% (ex-dividends)

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

Credit Suisse rates TWE as Neutral (3) -

A recent newspaper article suggests the UK will introduce wine excise duties linked to alcohol content in February 2023, which Credit Suisse estimates could hit the Australian wine industry in 2024.

Credit Suisse estimates the change will increase TWE's Australian wine shelf price in the UK (one of the most price-sensitive wine markets) will rise 3%.

The broker estimates Treasury Wine Estate's exposure to the tax to be roughly $10m to $12m, which more than offsets the impending tax savings from the Australian-UK free trade agreement. 

Neutral rating and $12.45 target retained.

Target price is $12.45 Current Price is $11.41 Difference: $1.04
If TWE meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $13.45, suggesting upside of 22.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Macquarie rates URW as Neutral (3) -

Macquarie predicts slowing economic growth to be a positive for the REIT sector over 2022, with a flight to defensive asset classes. Within the sector, Office is expected to provide upside surprises while the broker remains cautious on both Retail and Residential.

The analyst retains a Neutral rating for Unibail-Rodamco-Westfireld given debt levels remain a concern,  particularly given reliance on US asset sales to de-gear.

The broker forecasts full year earnings (AREPS) of 7.2cps, which is a reduction of -1.5% against the previous corresponding period on February 10. A target price of $5.44 is set.

Target price is $5.44 Current Price is $5.03 Difference: $0.41
If URW meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: -0.7

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

Macquarie rates VCX as Neutral (3) -

Macquarie predicts slowing economic growth to be a positive for the REIT sector over 2022, with a flight to defensive asset classes. Within the sector, Office is expected to provide upside surprises while the broker remains cautious on both Retail and Residential.

Macquarie sets a $1.76 target price for Vicinity Centres. At 1H results on February 16, the analyst forecasts 1H22 adjusted funds from operations (AFFO) of $163m, which is a -3-4% decline against the previous corresponding period.

Target price is $1.76 Current Price is $1.63 Difference: $0.13
If VCX meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $1.75, suggesting upside of 4.2% (ex-dividends)

The company's fiscal year ends in June.

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

Citi rates WHC as Buy (1) -

A tough December quarter for Whitehaven Coal according to Citi, with production impacted by both weather and covid. Full year production guidance is downgraded, and while lower production drives increased unit costs tight supply should support short-term elevated pricing. 

Flooding events are estimated to have driven deferred production of 600-700,000 tonnes at Maules Creek and 100-200,000 tonnes at Gunnedah. Realised pricing in the quarter fell short but Whitehaven is guiding to above benchmark thermal coal prices in the second half.

The Buy rating and target price of $3.20 are retained.

Target price is $3.20 Current Price is $2.77 Difference: $0.43
If WHC meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $3.68, suggesting upside of 39.2% (ex-dividends)

The company's fiscal year ends in June.

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 WHC as Outperform (1) -

Whitehaven Coal's December-quarter production report fell -20% short of consensus, due to heavy rainfall, labour tightness, covid, rising  costs and logistics challenges.

Credit Suisse considers the low end of trimmed guidance to be conservative, says spot prices remain strong and should win the day, and that the weighting of production and sales could prove a positive should strength continue.

Balance sheet deleveraging is on track, the broker spies a potential buy back at the half-year result, and notes June half products are almost fully sold.

Credit Suisse says Whitehaven Coal looks good on even a worst-case scenario. Outperform rating retained. Target price slips to $4.40 from $4.50.

Target price is $4.40 Current Price is $2.77 Difference: $1.63
If WHC meets the Credit Suisse target it will return approximately 59% (excluding dividends, fees and charges).

Current consensus price target is $3.68, suggesting upside of 39.2% (ex-dividends)

The company's fiscal year ends in June.

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

Macquarie rates WHC as Outperform (1) -

Whitehaven Coal's 2Q production and sales were below Macquarie's estimates as a result of flooding though realised prices continue to firm. Estimated near-term earnings downgrades drives a -9% decline in target price to $3. Outperform maintained.

Management also downgraded production and sales guidance by -4-5% and lifted cost guidance by 10% due to the weather and covid.

Target price is $3.00 Current Price is $2.77 Difference: $0.23
If WHC meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.68, suggesting upside of 39.2% (ex-dividends)

The company's fiscal year ends in June.

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

Morgan Stanley rates WHC as Overweight (1) -

Whitehaven Coal has suffered heavy rain near its Gunnedah mines, which combined with covid impacts, have hit production and triggered a downgrade in guidance.

Run of mill production guidance is downgraded -5%, placing Morgan Stanley at the top end of guidance.

Cost guidance rose 10%, thanks to diesel prices, disruptions to production, covid, and flooding impacts. 

The broker expects spot prices will strengthen, paving the way for an uplift in the March quarter, given December prices were based on lower September prices and given delays.

Overweight rating and $3.80 target price retained. Industry view: In-Line.

Target price is $3.80 Current Price is $2.77 Difference: $1.03
If WHC meets the Morgan Stanley target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $3.68, suggesting upside of 39.2% (ex-dividends)

The company's fiscal year ends in June.

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 WHC as Add (1) -

Despite lowered FY22 sales guidance (due to higher cost guidance) by Whitehaven Coal after 2Q results, Morgans actually upgrades FY22-23 earnings (EBITDA) forecasts on higher coal price estimates.

The analyst's target price of $3.65 (down from $3.92) includes a premium to allow for upside risk for coal prices. It's estimated the company offers 19% upside to the broker's base case pricing scenario. Add rating maintained.

Target price is $3.65 Current Price is $2.77 Difference: $0.88
If WHC meets the Morgans target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $3.68, suggesting upside of 39.2% (ex-dividends)

The company's fiscal year ends in June.

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

UBS rates WPL as Buy (1) -

A material revenue beat from Woodside Petroleum is the headline of the December quarter according to UBS. Strong realised LNG pricing drove revenue of $2.9bn, compared to a forecast $2.0bn, but trading business costs were also above guidance to the tune of $250-350m.

UBS notes the announcement of a memorandum of understanding with Viva Energy that could see Woodside Petroleum supply LNG to the east coast gas market adds optionality for shareholders. Earnings per share forecasts updated 31% in FY21. 

The Buy rating is retained and the target price increases to $28.80 from $28.30. 

Target price is $28.80 Current Price is $25.19 Difference: $3.61
If WPL meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $27.89, suggesting upside of 11.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.6

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