Australian Broker Call

Ord Minnett rates A2M as Lighten (4) -

FY20 net profit was below Ord Minnett's forecasts. The broker assesses only modest margin upside because of rising costs, risks around negative channel mix and competition in the Chinese infant formula market.

Still, the broker considers the business a winner from the pandemic, with secure supply allowing it to gain infant formula share in China in the third quarter.

Lighten rating retained as Ord Minnett considers valuation support is absent. Target is $17.03.

Target price is $17.03 Current Price is $18.16 Difference: minus $1.13 (current price is over target).
If A2M meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.35, suggesting downside of -5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.0

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

Credit Suisse rates AD8 as Neutral (3) -

FY20 results were preannounced and US dollar revenue of US$20.4m was flat on the prior corresponding period. An FX tailwind supported Australian dollar denominated revenue, which was up 7%.

Credit Suisse continues to like the business because of the market share opportunity but in the short term anticipates revenue will remain challenged. Neutral retained. Target is reduced to $5.30 from $5.40.

Target price is $5.30 Current Price is $5.03 Difference: $0.27
If AD8 meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $6.72, suggesting upside of 25.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.7

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

UBS rates AD8 as Buy (1) -

Audinate Group has delivered an FY20 result in line with pre-reported guidance. Management forecasts continued near-term headwinds while reaffirming the longer term outlook.

Training on Dante rose 185% year on year, webinars increased 14x and unique web visitors grew 65%. UBS spies an opportunity for Audinate Group to build its competitive moat, which could pressure earnings. The broker shaves FY21 EPS forecast but raises FY22.

On the financials, operating expenditure grew along with the headcount; audio revenue fell shy of the broker but inched higher despite covid; and operating cash flow was strong, the company emerging with a strong net cash position of $29m post raising.

Target price is steady at $7.35. Buy rating retained.

Target price is $7.35 Current Price is $5.03 Difference: $2.32
If AD8 meets the UBS target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $6.72, suggesting upside of 25.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.7

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

Citi rates AIA as Neutral (3) -

Auckland Airport's FY20 numbers mostly missed on expectations but, apparently, lower than expected tax allowed for at least one "beat" among the many numbers.

Given the uncertain outlook, no guidance was provided, and the dividend suspended (debt covenants are in play).

Citi analysts believe the airport's strong capital position will allow it to ride out the tough times. They retain a Neutral rating, alongside a price target of NZ$6.73, up from NZ$6.40.

Auckland Airport is preferred over Sydney Airport ((SYD)).

Current Price is $5.86. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.2

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

Credit Suisse rates AIA as Underperform (5) -

Credit Suisse found the second half outcome "academic" as international borders remain shut. FY20 underlying net profit fell -31% to NZ$189m. No earnings guidance was provided.

Meanwhile, the property business is performing well and the company is continuing to invest in developments. Credit Suisse raises the target to NZ$5.95 from NZ$5.75 to reflect a near-term earnings upgrade. Underperform retained.

Current Price is $5.86. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.2

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

Macquarie rates AIA as Outperform (1) -

The impact of international border closures was reflected in Auckland Airport's second half numbers, leading to an in-line FY20 result. The company is now targeting a -35% reduction in costs and has suspended all capex.

With an estimated cash burn of -NZ$20m in July, the broker believes balance sheet strength is sufficient to carry the business through a prolonged period of hibernation if necessary, which underpins an Outperform rating.

The broker has slightly lifted its FY21 forecast to a lesser loss. Target rises to NZ$7.06 from NZ$7.00.

Current Price is $5.86. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.2

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

Morgan Stanley rates AIA as Overweight (1) -

Morgan Stanley's investment thesis on Auckland International Airport remains unchanged despite the delay in recovery led by covid-19. The broker notes its destination airport status gives it more leverage to recovery versus other Asia-Pacific airports, providing long term intrinsic value.

Morgan Stanley maintains its Overweight rating with the target price increasing to NZ$7.07 from NZ$6.96. Industry view: Cautious.

Current Price is $5.86. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.2

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

UBS rates AIA as Neutral (3) -

Auckland International Airport's share price has seen a quick recovery from its March lows. There are also signs pointing to a faster recovery in domestic air travel, observes UBS.

The second half result was poor but not unexpected, states the broker and expects operating income to return to pre-covid levels by FY23.

While seeing a material share price upside over the long term, the broker thinks the earnings pathway over the next 18 months look uncertain and retains its Neutral rating with the target price increasing to NZ$6.70 from NZ$6.50.

Current Price is $5.86. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.2

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

Citi rates ASX as Sell (5) -

While the ASX's FY20 performance proved sligthly better-than-expected (by circa 1%), Citi analysts remain undeterred: the FY21 outlook will be much tougher.

The combination of the outlook and elevated multiples for the share price keeps the rating on Sell. Target price is lifted to $68 from $65.

EPS estimates have moved higher, a little bit. The analysts also note costs are growing faster than guided, and will continue to grow.

Target price is $68.00 Current Price is $89.91 Difference: minus $21.91 (current price is over target).
If ASX meets the Citi target it will return approximately minus 24% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $72.30, suggesting downside of -18.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -1.0

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

Macquarie rates ASX as Underperform (5) -

ASX reported slightly ahead of forecasts thanks to higher revenues from Issuer Services. Meanwhile, the virus continues to drive a mix of pros and cons, the broker notes.

Equity volumes are elevated, but interest rate volumes are subdued due to the RBA's yield curve control. IPOs are thin on the ground, but secondary offerings continue to run rampant. No change to this pattern is foreseeable.

The broker believes that at a forward PE some 50% above average and a 70% premium to the All Industrials, the stock is overvalued. Underperform retained. 

The broker has lowered FY22 earnings forecasts due to lower IPO/capital raise fees. Target falls to $66.50 from $69.50.

Target price is $66.50 Current Price is $89.91 Difference: minus $23.41 (current price is over target).
If ASX meets the Macquarie target it will return approximately minus 26% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $72.30, suggesting downside of -18.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -1.0

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

Morgan Stanley rates ASX as Underweight (5) -

FY20 operating earnings of ASX beat Morgan Stanley estimates by 2-3% but the broker adopts a cautious stance on the stock given higher expected cost outlook in FY21. The dividend was 2% above the broker's forecast.   

The broker expects earnings will fall -10% in FY21 and remain flat in FY22 with a key headwind being interest rate futures.

Morgan Stanley rates the stock as Underweight with a target price of $70. Industry view: In-line.

Target price is $70.00 Current Price is $89.91 Difference: minus $19.91 (current price is over target).
If ASX 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 $72.30, suggesting downside of -18.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -1.0

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

UBS rates ASX as Sell (5) -

UBS notes ASX's FY20 revenues were ahead of expectations. Operating expense outgrew revenue growth for the ninth consecutive half, leading to a contraction in the operating income margin.

UBS expects this dynamic to continue with trading activity moderating while costs are expected to remain elevated. Other headwinds in FY21 include declining futures volumes along with lower net interest income on collateral balances, adds the broker.

UBS retains its Sell rating with a target price of $75.00.

Target price is $75.00 Current Price is $89.91 Difference: minus $14.91 (current price is over target).
If ASX meets the UBS target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $72.30, suggesting downside of -18.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -1.0

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

Ord Minnett rates AWC as Accumulate (2) -

The Alunorte refinery in Brazil will run at just 35-45% capacity for several months as maintenance is required on the pipeline that transports bauxite from the Paragominas mine.

Ord Minnett considers this material for alumina markets because the asset represents around 10% of world production ex China. In 2018, a -50% shutdown of the asset caused a major spike in prices.

The broker observes Alumina Ltd shares have performed poorly since Alcoa reported in July and this latest development presents an environment for the stock to trade higher. Accumulate rating and $2.10 target retained.

Target price is $2.10 Current Price is $1.63 Difference: $0.47
If AWC meets the Ord Minnett target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $1.87, suggesting upside of 13.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

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 BAP as Outperform (1) -

Bapcor's FY20 profit, revenue and earnings beat the broker's forecasts across all business segments. Momentum has continued through July/August.

Bapcor's business has proven to be defensive, the broker notes, offering high earnings visibility amidst many short and medium term headwinds. With potential for M&A, value is undemanding, the broker believes. Target rises to $7.60 from $6.90, Outperform retained.

Target price is $7.60 Current Price is $7.00 Difference: $0.6
If BAP meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $7.86, suggesting upside of 14.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Citi rates BLX as Buy (1) -

Beacon Lighting Group remains one of Citi's top picks among small cap retail stocks. The analysts see this company as a key beneficiary from consumers being locked into their homes, with limited options to spend their money.

As such, this company is expected to outperform most discretionary retailers, hence the Buy rating. Target price lifts to $1.50 from $1.40 on increased short-term forecasts.

No qualifications are being given as to how the FY20 release compared to Citi's forecasts.

Target price is $1.50 Current Price is $1.35 Difference: $0.15
If BLX meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Morgans rates BLX as Add (1) -

Beacon Lighting's FY20 result was in-line with recent guidance and benefited from the covid-19 in-home spending surge in the second half, says Morgans.

The company ended the financial year with $14m net cash. No formal guidance was given by management, other than details of a strong start to trading in FY21.

The company stated a long-term store target of 170, which is 50% higher than the current store network, while Morgans forecast 140 stores in FY28.

Morgans upgrades its pre-AASB16 EPS forecasts by 5%-6% on higher store rollout assumptions, like for like sales and operating expense leverage.

The Add rating is maintained. The target price is increased to $1.51 from $1.40.

Target price is $1.51 Current Price is $1.35 Difference: $0.16
If BLX meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Credit Suisse rates BXB as Outperform (1) -

FY20 results were weaker than expected. From May onwards, volatility in operating conditions has resulted in increased handling, transport and repair costs.

Management is still guiding to 0-4% FY21 revenue growth and 0-5% underlying EBIT growth. Credit Suisse suspects guidance is conservative. Outperform retained. Target is lowered to $12.25 from $12.50.

Target price is $12.25 Current Price is $11.01 Difference: $1.24
If BXB meets the Credit Suisse target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $12.26, suggesting upside of 12.8% (ex-dividends)

The company's fiscal year ends in June.

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

Morgans rates CAT as Add (1) -

Catapult Group International reported results in-line with previous indications, however, a key highlight for Morgans was the company attaining positive free cashflow one year ahead of guidance.

The broker notes there has been limited churn impact from covid-19 and the release of 26 product enhancements during the year reinforces the value proposition of the product.

Morgans believes the company has a long runway of growth ahead of itself if it can execute well.

The Add rating is maintained. The target price is increased to $2.44 from $1.68.

Target price is $2.44 Current Price is $2.18 Difference: $0.26
If CAT meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Citi rates CCL as Buy (1) -

First half revenue was down -9%. Citi believes the worst of the Covid-19 impact is behind the company and expects double digit growth in earnings per share over the next two years.

Citi assesses Coca-Cola Amatil deserves to trade at a higher PE ratio and retains a Buy rating. Target is $9.85.

Target price is $9.85 Current Price is $9.28 Difference: $0.57
If CCL meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $9.90, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

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

The impact of the pandemic on first half earnings was less than Credit Suisse anticipated. The broker was surprised that Indonesian EBIT broke even despite a -19% drop in volumes and applauds the company's efforts.

The broker no longer projects losses for Indonesia and factors in $70m for the company's new cost savings program. NZ volumes and price assumptions are also upgraded.

Rating is upgraded to Outperform from Neutral and the target is raised to $11.25 from $9.00.

Target price is $11.25 Current Price is $9.28 Difference: $1.97
If CCL meets the Credit Suisse target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $9.90, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Macquarie rates CCL as Neutral (3) -

Macquarie has offered no comparison of Coca-Cola Amatil's result to its forecasts but has slightly increased earnings numbers and its target to $9.60 from $9.20.

The first half was impacted by bushfires and the second by the virus, the latter killing off higher margin on-the-go sales while lifting lower margin supermarket bulk buying.

Management suggests volumes are bottoming and the broker notes the company will recover quickly when the time comes, but with A&NZ suffering second waves and Indonesia in dire virus straits, as to when that will be is unknown.

Neutral retained.

Target price is $9.20 Current Price is $9.28 Difference: minus $0.08 (current price is over target).
If CCL meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.90, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

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

Coca-Cola Amatil’s result was materially stronger than Morgans expected due to a stronger volume recovery in June, quicker than expected realisation of cost savings and cashflow was strong (and the highlight for the broker).

Morgans highlights overall company volumes have improved sequentially since April, while volume trends in developing countries are improving.

The balance sheet remains in a solid position, according to the analyst, and enabled the declaration of an unfranked interim dividend of 9cps.

Following the result and encouraging volume trends Morgans upgrades earnings (EBIT) forecasts by 18.2%, 10.5% and 4% for FY20. FY21 and FY22.

The rating is upgraded to Add from Hold. The target price is increased to $10.39 from $8.93.

Target price is $10.93 Current Price is $9.28 Difference: $1.65
If CCL meets the Morgans target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $9.90, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Ord Minnett rates CCL as Hold (3) -

Coca-Cola Amatil reported a first-half net profit below Ord Minnett’s forecast. An interim dividend of 9c (unfranked) was announced versus the broker's expected 10c.

Coca Cola has a $140m covid-19-driven cost-savings program, reports the broker, with $60m of it to continue in 2021. Moreover, the impact from the pandemic indicates the company is not defensive, raising questions on the future channel and pack mix dynamics.

Ord Minnett reaffirms its Hold recommendation with a target price of $9.

Target price is $9.00 Current Price is $9.28 Difference: minus $0.28 (current price is over target).
If CCL meets the Ord Minnett target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.90, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

UBS rates CCL as Neutral (3) -

Coca-Cola Amatil's first half was circa -3% lower than UBS expected largely driven by cost out. UBS decreases its FY20-22 operating income estimates due to the weaker first half result. Short term, the broker expects operating income to decline by -16% in the second half.

The current environment appears to be shifting towards eating at home and healthier alternatives, all of which will be dilutive to the company's margins, suggests the broker. 

Target rises to $9.60 from $9.30, Neutral retained.

Target price is $9.60 Current Price is $9.28 Difference: $0.32
If CCL meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $9.90, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Macquarie rates CDA as Outperform (1) -

Strong metal detection demand drove a beat for Codan, predominantly driven by gold mining but also supported by recreational, the broker notes. Management reports difficulty in replenishing inventories at a fast enough rate.

Radio Communications was also strong, supported by several large military contracts. The balance sheet is solid, and the broker sees current momentum continuing into FY21. Target rises to $11.20 from $9.00, Outperform retained.

Target price is $11.20 Current Price is $10.35 Difference: $0.85
If CDA meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Citi rates CHC as Buy (1) -

FY20 results were ahead of Citi's estimates. FY21 guidance is also ahead, with earnings per security of 51.0c.

While performance fees are unlikely to be meaningful in FY21, Citi envisages potential for significant transaction fees.

Citi reiterates a Buy rating and raises the target to $13.50 from $11.09.

Target price is $13.50 Current Price is $12.00 Difference: $1.5
If CHC meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $12.25, suggesting downside of -0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Macquarie rates CHC as Outperform (1) -

Charter Hall Group delivered a beat on both FY20 operational earnings per share and FY21 OEPS guidance.

The group's portfolio is set to suffer devaluations but the broker does not see this upsetting funds under management inflows that are continuing into FY21. FY22 should benefit from an elevated level of acquisitions.

The broker suggests Charter Hall's strength is its capacity to grow funds under management (FUM) without needing to raise capital, and highlights no debt and loads of cash, and a rental stream which has proven defensive during the virus. Target rises to $13.45 from $12.54, Outperform retained.

Target price is $13.45 Current Price is $12.00 Difference: $1.45
If CHC meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $12.25, suggesting downside of -0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Morgan Stanley rates CHC as Overweight (1) -

Charter Hall Group's FY20 earnings were ahead of Morgan Stanley estimates and the broker considers the result strong and "quite remarkable" when seen against the original guidance provided. 

The broker feels the group's FY21 earnings guidance at 51c is conservative and expects upgrades. The guidance is based on current earnings and the broker notes any acquisitions will lead to stronger earnings.

Overweight rating reiterated with a target price of $11.60. In-Line industry view maintained.

Target price is $11.60 Current Price is $12.00 Difference: minus $0.4 (current price is over target).
If CHC meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.25, suggesting downside of -0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Ord Minnett rates CHC as Accumulate (2) -

Ord Minnett notes Charter Hall Group reported better than expected FY20 operating earnings. A final dividend of 18.2c (57.6% franked) was declared. This takes the full-year payout to 35.7c.

The broker has lifted its earnings forecasts by 20% for FY21, noting the REIT remains favourably positioned with Australia a target destination for global investors.

The REIT has built a strong market share in service stations which, the broker believes, will provide a secure income stream and add ownership optionality for Charter Hall in the future.

Ord Minnett reaffirms its Accumulate recommendation with the target price increasing to $13.50 from $11.50.

Target price is $13.50 Current Price is $12.00 Difference: $1.5
If CHC meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $12.25, suggesting downside of -0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

UBS rates CHC as Downgrade to Neutral from Buy (3) -

UBS is of the view Charter Hall Group delivered "extraordinary growth" in a year marked by unprecedented volatility.

The broker considers the guidance, -4% below UBS forecast, to be conservative and expects upgrades in the year ahead.

UBS downgrades its rating to Neutral from Buy on valuation grounds with the target price revised upwards to $12.25 from $9.80.

Target price is $12.25 Current Price is $12.00 Difference: $0.25
If CHC meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $12.25, suggesting downside of -0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

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

Johnson & Johnson will be acquiring Momenta Pharmaceuticals for US$6.5bn, with the transaction expected to be completed in the second half of 2020.

Morgan Stanley sees risk to CSL's immunoglobulin franchise from Momenta's pipeline if commercially successful. Equal-weight rating with a target price of $282. Industry view: In-line.

Target price is $282.00 Current Price is $300.00 Difference: minus $18 (current price is over target).
If CSL meets the Morgan Stanley target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $309.68, suggesting upside of 4.9% (ex-dividends)

The company's fiscal year ends in June.

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: 0.3

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

Credit Suisse rates DHG as Outperform (1) -

FY20 earnings were in line with Credit Suisse estimates. Trading in July has been strong with growth in listings in Sydney and Melbourne.

Volumes outside of Melbourne are holding up and the broker takes comfort in the experience from the previous lockdown which suggests that volumes will rebound once Melbourne's restrictions are relaxed.

Credit Suisse expects slightly lower growth in FY21, reflecting the potential for the January price increase to be postponed. Outperform retained. Target rises to $4.00 from $3.60.

Target price is $4.00 Current Price is $3.56 Difference: $0.44
If DHG meets the Credit Suisse target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $3.45, suggesting downside of -1.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Morgan Stanley rates DHG as Overweight (1) -

Domain Holdings Australia's FY20 results beat Morgan Stanley's forecasts slightly. No specific guidance was provided. The broker likes Domain's concentrated exposure to Sydney and Melbourne.

On the hopes Australian real estate activity will experience a period of substantial positive growth after easing restrictions, Morgan Stanley maintains its Overweight rating with a target price of $3. Industry view is Attractive. 

Target price is $3.00 Current Price is $3.56 Difference: minus $0.56 (current price is over target).
If DHG meets the Morgan Stanley target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.45, suggesting downside of -1.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Morgans rates DHG as Upgrade to Hold from Reduce (3) -

Morgans relates Domain Holdings Australia has reported very similar online revenue trends to competitor realestate.com ((REA)), with the core digital business seeing revenue declines of -6.4% in the year. However, print revenues were decimated in the second half, according to the broker.

The company is aiming to move the audience reach conversation from quantity to quality of leads and ability to match buyers and seller, according to the analyst. Additionally, the aim is to move from a classifieds business to an agent and consumer enabler, participating in the lifecycle of the property transaction.

The rating is upgraded to a Hold from Reduce and Morgans is cognisant of the company's leverage to an improved listing environment. The target price is increased to $3.37 from $2.25.

Target price is $3.37 Current Price is $3.56 Difference: minus $0.19 (current price is over target).
If DHG meets the Morgans target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.45, suggesting downside of -1.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Ord Minnett rates DHG as Downgrade to Hold from Accumulate (3) -

Domain Holdings revenue was down -9.1% on FY20. Ord Minnett notes Project Nash appears to support the company quite favourably despite the lockdowns and restrictions.

With the company prioritising cost control in FY21, the broker expects better margins and has increased operating earnings forecasts for FY21.

Domain is trading at an elevated premium to its peers, notes the broker, downgrading its recommendation to Hold from Accumulate with a target price of $3.50.

Target price is $3.50 Current Price is $3.56 Difference: minus $0.06 (current price is over target).
If DHG 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 $3.45, suggesting downside of -1.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

UBS rates DHG as Downgrade to Buy from Neutral (3) -

Domain Holdings Australia's FY20 was a "solid beat" versus UBS forecast, somewhat driven by JobKeeper subsidies and a better than expected print result.

UBS has upgraded its FY21 earnings forecast by circa 25% and assumes a quicker return of subscription /agent services revenues back to pre-pandemic levels.

The stock is trading at UBS' target price and the broker downgrades to Neutral from Buy rating with the target price increasing to $3.60 from $3.55.

Target price is $3.60 Current Price is $3.56 Difference: $0.04
If DHG meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.45, suggesting downside of -1.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Citi rates EBO as Buy (1) -

Citi talks about an in-line FY20 result, with management guiding towards flat margins for the year ahead (without providing actual quantitative guidance as that is not the company's habit).

Citi has slightly reduced forecasts, but also points out M&A potential remains on the menu. As with many other companies, management is struggling to keep a lid on costs.

Target price loses -50c to $24. Buy rating retained.

Target price is $24.00 Current Price is $20.30 Difference: $3.7
If EBO meets the Citi target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $24.29, suggesting upside of 19.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Credit Suisse rates EBO as Neutral (3) -

FY20 results were in line with expectations. No guidance was provided despite indications of a strong start to FY21.

Management suspects the second wave of coronavirus outbreaks did not result in pantry stocking or panic buying as was seen earlier in the year and the July revenue increase of 6.9% was "more normal".

Top-line growth was supported by the first full year from the Chemist Warehouse wholesale contract. Credit Suisse increases the target to NZ$22.50 from NZ$22.47. Neutral retained.

Current Price is $20.30. Target price not assessed.

Current consensus price target is $24.29, suggesting upside of 19.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Morgans rates EBO as Add (1) -

The Ebos Group posted a solid FY20 result which was in-line with Morgans forecasts.

The broker highlights a lift in dividend, impressive cash conversion, lower debt and double digit profit growth.
Management has indicated a strong start to FY21, with July’s earnings (EBITDA) up 6.5%.

A final fully franked dividend of NZ$0.40cps was declared.

FY21 guidance was not provided, but management has reiterated the dividend policy of paying out at least 69% of NPAT, notes the broker.

Morgans makes no changes to earnings forecasts for FY21-22 and notess the company is offering investors a fully franked yield of around 3.5% and EPS growth of 7.5% for FY21.

The Add rating is maintained. The target price is unchanged at $24.58.

Target price is $24.58 Current Price is $20.30 Difference: $4.28
If EBO meets the Morgans target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $24.29, suggesting upside of 19.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

UBS rates EBO as Buy (1) -

EBOS Group's FY20 results were up versus last year. UBS notes the results reflect the benefits of healthy diversification with the company noting a broadly neutral impact of covid-19 for the year.

The group refrained from providing any guidance for FY21 but the broker considers the group well positioned for all outcomes due to the diversified and non-discretionary nature of the business model.

Buy rating retained. Target is NZ$27.20.

Current Price is $20.30. Target price not assessed.

Current consensus price target is $24.29, suggesting upside of 19.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Credit Suisse rates GOZ as Outperform (1) -

FY20 results were slightly ahead of Credit Suisse forecasts. Free funds from operations were up 10.8%.

Rent collection was "solid", the broker observes, and the impact of the pandemic was relatively minor.

Credit Suisse expects FY21 earnings will be lower because of the impact of the lease surrender payment received in FY20 and no further capitalised interest on the recently completed developments.

Outperform retained. Target rises to $3.41 from $3.34.

Target price is $3.41 Current Price is $3.24 Difference: $0.17
If GOZ meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $3.31, suggesting upside of 1.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

Macquarie rates GOZ as Neutral (3) -

Growthpoint Properties reported ahead of the broker on better than expected rental collections of 97%, thanks to a resilient tenant base weighted to government and big business and away from SMEs. The REIT has not provided FY21 earnings guidance but has guided to a 20c dividend, which is down on FY20, implying caution, the broker suggests.

Superior rental collection from a solid tenant base and little asset devaluation, along with a yield in excess of 6% are attractive to the broker. But on a low forecast total shareholder return, Neutral retained. Target rises to $3.12 from $3.06.

Target price is $3.12 Current Price is $3.24 Difference: minus $0.12 (current price is over target).
If GOZ 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 $3.31, suggesting upside of 1.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

Ord Minnett rates GOZ as Downgrade to Hold from Accumulate (3) -

Growthpoint Properties' FY20 funds from operation (FFO) was 4% ahead of Ord Minnett’s forecast. Portfolio occupancy decreased to 93% as Botanicca, a newly completed project in Melbourne, was vacant on completion.

No earnings guidance was provided for FY21 but the dividend was guided to 20c, down -8% versus FY20.

Driven by valuation, Ord Minnett downgrades its recommendation to Hold from Accumulate with the target price rising to $3.40 from $3.30.

Target price is $3.40 Current Price is $3.24 Difference: $0.16
If GOZ meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $3.31, suggesting upside of 1.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

Ord Minnett rates HPI as Accumulate (2) -

Ord Minnett notes an in-line FY20 profit for Hotel Property Investments. A full-year dividend of 20c was declared. No FY21 guidance was provided.

The broker highlights the REIT has proven to be defensive through the pandemic, with a rent deferral agreed with key tenant QVC and only minor abatements given to SME tenants. Moreover, with a long weighted average lease expiry (WALE), the broker expects the REIT to benefit from investor demand.

The broker reports rents across a number of hotels will be reset in FY21, but believes the market has already factored that in. Ord Minnett maintains its Accumulate recommendation with the target price rising to $3.30 from $3.20.

Target price is $3.30 Current Price is $3.08 Difference: $0.22
If HPI meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Credit Suisse rates HT1 as Upgrade to Outperform from Neutral (1) -

First half results were ahead of estimates driven by better cost management at Cody Outdoor and very strong growth at Soprano Design.

The broker recognises the Australian Radio Network faces challenges but believes these are well understood.

A re-valuation of Soprano drives an upgrade to the broker's rating, to Outperform from Neutral. Target is raised to $1.60 from $1.25.

Target price is $1.60 Current Price is $1.39 Difference: $0.21
If HT1 meets the Credit Suisse target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $1.32, suggesting downside of -8.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Macquarie rates HT1 as Neutral (3) -

In the wake of HT&E's result, the broker suggests the company is navigating a difficult ad market environment well, with a focus
on costs helping offset the weak revenue environment.

Radio appears to have taken share in the second half, but surveys are currently suspended so the broker will hold off on confirmation. The balance sheet is strong, providing support in tough times, and capital management is ongoing. Management will hold off for now on providing dividend guidance.

The broker sees the stock as fairly priced and retains Neutral. Target rises to $1.35 from $1.15.

Target price is $1.35 Current Price is $1.39 Difference: minus $0.04 (current price is over target).
If HT1 meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.32, suggesting downside of -8.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Morgan Stanley rates HT1 as Underweight (5) -

First half 2020 results were below Morgan Stanley's expectations with the radio business dealing with cyclical weakness and structural threats from streaming music services. The broker remains fundamentally negative.

While no guidance was provided, the company did indicate ad revenues were expected to decline in August-September.

Underweight rating and $0.92 target maintained. Industry view: Attractive 

Target price is $0.92 Current Price is $1.39 Difference: minus $0.47 (current price is over target).
If HT1 meets the Morgan Stanley target it will return approximately minus 34% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.32, suggesting downside of -8.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Macquarie rates IEL as Outperform (1) -

IDP Education reported ahead of consensus. At a time of border closures, the highlight for the broker is inventory of 82,000 applicants intending to go destinations for study when they can, compared to 51,000 placements in FY20. This implies a pull-forward of market share gains and pent-up demand ahead of restrictions easing.

Of course we don't know when that might be, but the broker's base case is for cash breakeven in the first half FY21. The broker retains Outperform, acknowledging short term uncertainty but benefits from digital investment and higher returns once the clouds part. Target rises to $21.95 from $15.05.

Target price is $21.95 Current Price is $19.17 Difference: $2.78
If IEL meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $20.11, suggesting upside of 8.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Morgan Stanley rates IEL as Overweight (1) -

IDP Education beat FY20 estimates with operating earnings (EBITDA) of $148.6m compared with Morgan Stanley's forecast of $91.3m. The company is net cash, having deferred the first half dividend. No outlook was provided.

Morgan Stanley maintains its Overweight rating with a target price of $17. Industry view: In-line.

Target price is $17.00 Current Price is $19.17 Difference: minus $2.17 (current price is over target).
If IEL meets the Morgan Stanley target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $20.11, suggesting upside of 8.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Morgans rates IEL as Downgrade to Hold from Add (3) -

IDP Education’s FY20 result was materially ahead of Morgans expectations.

This was largely due to a quicker-than-expected recovery of its IELTS division and signs of strong student demand for its placement operations.

The company ended the period with $205m of net cash (assisted by the $225m capital raising in April) and declared it will pay its deferred 19.5cps interim dividend in September.

Morgans does not expect the recovery to be linear for the company and due to the recent strong share price the rating is reduced to Hold from Add.

The target price is increased to $19.31 from $15.07.

Target price is $19.31 Current Price is $19.17 Difference: $0.14
If IEL meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $20.11, suggesting upside of 8.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Ord Minnett rates IEL as Buy (1) -

Operating earnings in FY20 were well ahead of Ord Minnett's forecasts amid strong cost control. Revenue was down -1.8% as the impact of the pandemic started to be felt and the Australian second semester all but disappeared.

Going forward, challenges are set to persist as there is no visibility on the recommencement of studies or the availability of transport.

Still, Ord Minnett suggests this is a distraction from the opportunity that exists beyond the pandemic. Buy rating retained. Target rises to $21.28 from $16.98.

Target price is $21.28 Current Price is $19.17 Difference: $2.11
If IEL meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $20.11, suggesting upside of 8.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

UBS rates IEL as Buy (1) -

IDP Education's FY20 result outpaced UBS's forecast, thanks to strong cost control.

The company has reopened in 53 out of 55 countries and has reinstated 55% of its network capacity. It entered FY21 with a student placement pipeline of more than 82,000 students with more than 60,000 students attending more than 660 virtual events.

The broker notes demand is strong and expects the company will emerge from covid with greater market share. 

EPS forecasts are raised 10% in FY22 and 2% in FY23. Price target rises to $21 from$18.20. Buy rating retained.

Target price is $21.00 Current Price is $19.17 Difference: $1.83
If IEL meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $20.11, suggesting upside of 8.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Citi rates ING as Buy (1) -

Upon first glance, it appears the FY20 performance, all-in-all, was broadly in-line with expectations and as in so many cases this month, too much uncertainty prevents the company from providing quantitative guidance.

Supply chain issues may arise, while feedstock pricing remains of concern for the company, reports Citi. Margins remain under pressure in New Zealand.

Citi sees a positive in the decision to pay out 66% in dividend to shareholders as it signals confidence.

Target price is $3.90 Current Price is $3.29 Difference: $0.61
If ING meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $3.56, suggesting upside of 5.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Macquarie rates IPH as Outperform (1) -

IPH's underlying FY20 earnings fell slightly short of the broker. The Australian patent market declined -0.6% year on year, with patent filings in the June quarter down -2.6%. Asian earnings grew 8%, skewed to the first half with 28.5% growth across key Asian
jurisdictions, the broker notes.

With virus disruptions carrying into FY21, and a strong A$ providing a headwind, the broker sees earnings skewed to the second half. However, relative resilience in the business model and the potential for added earnings through acquisitions remains attractive as a defensive play in the broker's view. Outperformed retained, target falls to $8.50 from $9.60.

Target price is $8.50 Current Price is $7.62 Difference: $0.88
If IPH meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Morgans rates IPH as Add (1) -

IPH Limited’s earnings (EBITDA) result of $114.5m was slightly ahead of consensus, according to Morgans.

The broker noted reference by management to some domestic weakness due to office closures in Victoria and lower filings, but believes this is temporary in nature and expects revenues to bounce back in FY22.

The organic growth of the Australian business was hindered by covid-19 and lower client filings, but strong revenue growth was driven by the acquisition of the Xenith IP and currency tailwinds, notes the analyst.

Morgans reports that cash conversion was strong at over 100%, while the fully franked dividend of 15cps was slightly less than forecast.

The Add rating is maintained. The target price is decreased to $8.64 from $8.69.

Target price is $8.64 Current Price is $7.62 Difference: $1.02
If IPH meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Credit Suisse rates IRE as Neutral (3) -

First half revenue was lower than Credit Suisse expected. Segment profit was down -3% and in line with estimates. The broker suspects growth is increasingly unlikely to feature until 2021.

The broker now expects a modest profit decline in 2020. Still, there is a real likelihood of further superannuation administration wins in 2021.

Neutral rating retained. Target is $11.00.

Target price is $11.00 Current Price is $10.75 Difference: $0.25
If IRE meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $11.57, suggesting upside of 10.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.1

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

Morgans rates IRE as Downgrade to Hold from Add (3) -

Iress reported headline profit (NPAT) of $26.3m, which was broadly in-line with Morgans forecasts. An interim dividend of 16cps was declared.

The company did not reinstate previous guidance, given continued potential disruptions (primarily related to project implementations) from covid-19.

Morgans concludes the company has a strong recurring earnings base and pipeline of opportunities, but investment for growth remains high and the broker is looking for a clearer point at which operating leverage will materialise.

The rating is downgraded to Hold from Add. The target price is decreased to $12.05 from $13.74.

Target price is $12.05 Current Price is $10.75 Difference: $1.3
If IRE meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $11.57, suggesting upside of 10.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.1

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

Ord Minnett rates IRE as Accumulate (2) -

Iress considers the current environment is no more certain that it was back in April and was unable to provide further guidance at the first half result.

Along with a a mixed trading update Ord Minnett believes this view overshadowed the strong cash conversion and a "good" result.

The broker still envisages value in the stock and retains an Accumulate rating. Target is reduced to $11.25 from $11.85.

Target price is $11.25 Current Price is $10.75 Difference: $0.5
If IRE meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $11.57, suggesting upside of 10.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.1

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

Ord Minnett rates IVC as Hold (3) -

Ord Minnett was disappointed with the first half result although it was broadly in line with expectations. The broker assesses the balance sheet is now in reasonable shape.

The business model has been affected by the restrictions related to the pandemic with case averages falling and reduced take-up of additional services.

However, earnings are more sensitive to volume than case average. Volumes are likely to be suppressed because of a probable benign flu season as a result of of social distancing, increased hygiene education and increased vaccination.

Hold rating retained. Target is reduced to $11 from $12.

Target price is $11.00 Current Price is $9.79 Difference: $1.21
If IVC meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $10.98, suggesting upside of 6.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Ord Minnett rates LNK as Accumulate (2) -

Ord Minnett highlights some key areas of focus for the upcoming Link Administration Holdings' FY20 result on Thursday, 27 August.

The broker suggests the company will be in capital/cash preservation mode with some risk of lower near-term dividends.

Headwinds are expected for Property Exchange Australia Ltd (PEXA) from a decrease in transactions, with increasing uptake in South Australia and Queensland. Also, the retirement and superannuation solutions (RSS) division is likely to be weaker than pre-covid-19 guidance for operating earnings (EBITDA) of $75m-$85m.

The Accumulate rating is maintained. The target price is decreased to $4.60 from $4.61.

Target price is $4.60 Current Price is $4.18 Difference: $0.42
If LNK meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $4.69, suggesting upside of 13.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

Citi rates MGR as Buy (1) -

FY20 results were below expectations. Citi notes management wrote off -$23m in new business and project costs.

Meanwhile, the residential business benefited from a range of stimulus programs.

Citi reiterates a Buy rating, believing the over $20bn in development provides significant options. Target is raised to $2.86 from $2.76.

Target price is $2.86 Current Price is $2.10 Difference: $0.76
If MGR meets the Citi target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $2.52, suggesting upside of 18.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.6

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

Macquarie rates MGR as Neutral (3) -

Mirvac's FY20 operational earnings per share fell short of the broker due to conservative provisioning, particularly for retail. No FY21 guidance provided other than a 65-75% dividend payout ratio.

FY20 was setting up to be a trough year for earnings pre-virus, but FY21 residential earnings are already lower than the broker's forecast and HomeBuilder-eligible properties have now all been sold.

The group is nevertheless still growing positively due to profits on development completions and the broker believes the growth profile is attractive.

The broker remains cautious on development execution. Neutral retained, target falls to $2.22 from $2.23.

Target price is $2.22 Current Price is $2.10 Difference: $0.12
If MGR meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $2.52, suggesting upside of 18.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.6

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

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

Mirvac Group's FY20 operating profit missed Morgan Stanley's forecast led by less than expected residential operating income. The group did not provide guidance for FY21 except for pointing towards a payout of 65-75% of operating income.

The broker notes the residential business is in transition with contracted sales well below FY19 levels. Furthermore, office projects are unlikely to resume in the next 12-18 months.

Morgan Stanley retains its Equal-weight rating with the target price decreasing to $2.20 from $2.40. Industry view: In-line.

Target price is $2.20 Current Price is $2.10 Difference: $0.1
If MGR meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $2.52, suggesting upside of 18.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.6

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

UBS rates MGR as Buy (1) -

Mirvac Group's FY20 result was below the broker's forecast led by higher than anticipated retail abatements. These are expected to carry into FY21. No guidance was provided which did not surprise UBS.

The broker notes a focus on urbanisation at a time when people are avoiding cities puts the group in a challenging position and investors will avoid the thematic in the near term.

Buy rating maintained with the target price lowered to $2.72 from $2.80.

Target price is $2.72 Current Price is $2.10 Difference: $0.62
If MGR meets the UBS target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $2.52, suggesting upside of 18.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.6

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

Ord Minnett rates MIN as Lighten (4) -

FY20 underlying profit was up 63%. A fully franked final dividend of $0.77 was declared, taking the full-year to $1. Ord Minnett is focused on the duration of outsized iron ore earnings and where the value is in growth projects.

The key drivers of value on further details are West Pilbara and Marillana. The company remains confident of shipping first ore from West Pilbara in two years although Ord Minnett suspects this is a little optimistic.

Ahead of any update the broker retains a Lighten rating and raises the target to $21.60 from $21.40.

Target price is $21.60 Current Price is $28.18 Difference: minus $6.58 (current price is over target).
If MIN meets the Ord Minnett target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $24.87, suggesting downside of -11.9% (ex-dividends)

The company's fiscal year ends in June.

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

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

FY20 results were in line, with the exception of a lack of final dividend, although Credit Suisse is not surprised. The broker considers the decision to withhold a dividend prudent rather than related to any specific cash flow concerns.

While the recovery may be lumpy, July novated lease volumes are considered encouraging and tracking ahead of the prior corresponding period.

Credit Suisse expects growth in FY21 and upgrades to Outperform from Neutral. Target is raised to $10.60 from $10.10.

Target price is $10.60 Current Price is $10.01 Difference: $0.59
If MMS meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $10.10, suggesting upside of 3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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 delivered a result at the bottom end of guidance, highlighting a number of challenges for its businesses, according to Ord Minnett.

Group Remuneration Services (GRS) performed admirably, with a reasonable trajectory in novated leasing (NL) sales into the month of June, notes the broker.

The analyst highlights some key takeaways including volumes in NL and Salary Packaging were challenged, the UK administration and management (AM) business will be retained and the company outlook commentary was modest, as covid-19 impacts on volumes in the future are difficult to quantity.

Ord Minnett decreases FY21-23 earnings estimates by -4%-5%.

The Hold rating is maintained. The target price is $9.20.

Target price is $9.20 Current Price is $10.01 Difference: minus $0.81 (current price is over target).
If MMS meets the Ord Minnett target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.10, suggesting upside of 3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Morgans rates MP1 as Hold (3) -

Megaport’s FY20 result was largely as expected and Morgans highlights the business is well funded with an objective to be earnings (EBITDA) breakeven, on an exit run-rate basis, by the end of FY21.

The company ended FY20 with 366 data centres installed and 699 enabled, up 66 year on year. The analyst notes the company intends to slow this rate of installation in FY21 to concentrate on new product offerings, of which the Megaport Virtual Edge (MVE) product is one (to be launched in 2QFY21).

The rating of Hold is maintained. The target price is increased to $15 from $14.14.

Target price is $15.00 Current Price is $15.81 Difference: minus $0.81 (current price is over target).
If MP1 meets the Morgans target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.93, suggesting downside of -5.8% (ex-dividends)

The company's fiscal year ends in June.

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

Ord Minnett rates MP1 as Hold (3) -

Megaport's FY20 net loss at -$37m was more than Ord Minnett’s estimated -$34m. 

Megaport will be launching its Megaport Virtual Edge (MVE) platform. This, states the broker, will extend the reach of Megaport's platform into enterprise offices. The broker sees merit in Megaport's ability to expand its network capabilities via additional products.

Ord Minnett retains its Hold recommendation with the target price lifting to $13.80 from $12.90.

Target price is $13.80 Current Price is $15.81 Difference: minus $2.01 (current price is over target).
If MP1 meets the Ord Minnett target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.93, suggesting downside of -5.8% (ex-dividends)

The company's fiscal year ends in June.

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

Citi rates MPL as Neutral (3) -

No qualification of the FY20 result, but Citi analysts have reduced estimates and price target post the release. The new target of $2.80 compares with $3.05 prior.

Company management has guided to claims inflation well ahead of expected premium rate rises. Citi analysts are seeing a likelihood of only modest offsets from covid-19 provision releases.

The end result is continued pressure on gross margins, which are expected to decline further. This explains the reduction in forecasts. Neutral.

Target price is $2.80 Current Price is $2.86 Difference: minus $0.06 (current price is over target).
If MPL 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 $2.80, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in June.

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

Credit Suisse rates MPL as Outperform (1) -

FY20 results were mixed and broadly in line with expectations. Credit Suisse notes the risk of a claims spike affecting earnings in FY21 has been avoided.

Medibank Private is not a stock that will deliver significant earnings growth, the broker asserts, but the downside risk is not extreme and there is an opportunity for favourable reforms in the October budget.

Outperform rating and $3 target retained.

Target price is $3.00 Current Price is $2.86 Difference: $0.14
If MPL meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $2.80, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in June.

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 MPL as Neutral (3) -

FY20 results were in line with expectations. Macquarie finds the outlook for FY21 incrementally positive, given the economic and industry environment.

Policyholder growth expectations and cost improvements represent upside risk to forecasts. Neutral retained. Target rises to $2.80 from $2.70.

Target price is $2.80 Current Price is $2.86 Difference: minus $0.06 (current price is over target).
If MPL 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 $2.80, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in June.

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

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

Medibank Private's premium revenue was slightly above Morgan Stanley's estimate. Claims were slightly more than expected. Overall, the FY20 result was a slight miss to the broker's forecast.

For FY21, the insurer expects premium increases will remain low with flat policyholder growth across the industry. Claims growth are expected to be in line with FY20 which will keep margins under pressure.

Morgan Stanley retains its Equal-weight rating with a target price of $2.75. Industry view: In-line.

Target price is $2.75 Current Price is $2.86 Difference: minus $0.11 (current price is over target).
If MPL meets the Morgan Stanley target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.80, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in June.

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

Morgans rates MPL as Hold (3) -

Medibank Private's group underlying profit (NPAT) of $315m was -5% below company-compiled consensus of $332m, mainly on lower investment income than expected, notes Morgans.

The broker sees the Health Insurance (HI) margin compression remaining as a near-term issue, although management is working hard to pull levers under their control (eg cost out and restoring unit growth)

The second half dividend was 6.3cps. Morgans downgrades EPS estimates by -5%-10% for FY21-FY22, on more conservative health insurance claims cost assumptions.

The Hold rating is maintained. The target price is decreased to $2.82 from $2.96.

Target price is $2.82 Current Price is $2.86 Difference: minus $0.04 (current price is over target).
If MPL meets the Morgans target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.80, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in June.

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

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

FY20 results missed forecasts but reserve and mine life growth are positive, Credit Suisse notes.

FY21-22 production forecasts are softer than the broker expected along with modestly higher costs which drives a downgrade to estimates.

That said, while production growth is likely to come at higher average cost it will be accretive and reflects a superior growth profile versus peers, in the broker's view.

Credit Suisse upgrades to Outperform from Neutral. Target is lowered to $15.65 from $16.00.

Target price is $15.65 Current Price is $14.13 Difference: $1.52
If NST meets the Credit Suisse target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $13.77, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.3

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

Citi rates NWH as Buy (1) -

No qualification of the FY20 release, but Citi analysts explain the disclosures provided by management at the services provider have noticeably addressed a number of investor concerns that have kept a lid on the share price.

Coal producers are in many instances looking to accelerate volume, is one of such disclosures, while Citi analysts believe maintenance work should see Mining Technology revenue at least double to $500m pa over the next two years.

Earnings forecasts have been slightly reduced, which pulls back the price target to $2.75 from $2.79. Buy rating remains firmly in place with the analysts emphasising the share price looks way too cheap.

Target price is $2.75 Current Price is $2.10 Difference: $0.65
If NWH meets the Citi target it will return approximately 31% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Ord Minnett rates OPC as Hold (3) -

FY20 results were in line with expectations and prospectus forecasts. Ord Minnett notes the medium-longer term outlook has improved with recent contract gains in new segments of the market.

Despite some uncertainty in the housing market, the broker believes the company has a capacity to compete and grow share in greenfield fibre-to-the-premises. Hold rating and $5.42 target retained.

Target price is $5.42 Current Price is $5.18 Difference: $0.24
If OPC meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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

Credit Suisse rates ORA as Neutral (3) -

FY20 net debt was significantly higher than Credit Suisse expected. The broker reduces FY21 operating earnings estimates by -7%, largely because of a new exchange rate of US$0.71. The broker models low growth beyond FY21.

In North America, Orora has pushed inventory forward at a discount which will help FY21 margins. An Orora Visual site has been closed so those losses should diminish in FY21. Credit Suisse retains a Neutral rating and reduces the target to $2.40 from $2.65.

Target price is $2.40 Current Price is $2.38 Difference: $0.02
If ORA meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $2.64, suggesting upside of 12.9% (ex-dividends)

The company's fiscal year ends in June.

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 ORA as Neutral (3) -

FY20 net profit was slightly ahead of Macquarie's estimates. The broker notes this was a messy result in what was a transition year amid the sale of the domestic fibre business. Continuing business earnings were in line with expectations.

Orora remains committed to improving its North American business rather than selling and is open to adjacent growth opportunities in Australasia. An on-market buyback of up to 10% was announced.

Macquarie notes some signs of US stabilisation but would like more confirmation. Neutral retained. Target inches up to $2.61 from $2.60.

Target price is $2.61 Current Price is $2.38 Difference: $0.23
If ORA meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $2.64, suggesting upside of 12.9% (ex-dividends)

The company's fiscal year ends in June.

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

Ord Minnett rates ORA as Hold (3) -

Ord Minnett notes Orora delivered a more than expected FY20 net profit driven by lower-than-expected interest and tax charges. A final dividend of 5.5c (unfranked) was declared, taking the full-year payout to 49.3c.  

The company announced a buyback equivalent to $230m. Stabilising earnings in North America are considered encouraging and the broker expects improvement over the coming years.

With increasing costs and weak wine volumes offset by non-recurrence of furnace rebuilding costs, the broker believes growth for Australasia in FY21 will be modest.

The broker reiterates its Hold recommendation with the target price increasing to $2.60 from $2.50.

Target price is $2.60 Current Price is $2.38 Difference: $0.22
If ORA meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $2.64, suggesting upside of 12.9% (ex-dividends)

The company's fiscal year ends in June.

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

UBS rates ORA as Neutral (3) -

Orora's FY20 operating income (EBIT) was -3% below the broker's estimate driven by higher than expected losses in the Orora Visual business in North America. The company did not provide any FY21 earnings guidance, but notes operations in North America to be stabilising.

In the company's beverage division, the broker thinks investment can be made into new capacity and expansion in offshore markets. Furthermore, the plan in North America is to stabilise operations, ruling out M&A activity for now.

UBS is attracted to Orora's Australasian beverage division due to its dominant position in a defensive duopoly market. Neutral maintained. Target is $2.45.

Target price is $2.45 Current Price is $2.38 Difference: $0.07
If ORA meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $2.64, suggesting upside of 12.9% (ex-dividends)

The company's fiscal year ends in June.

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

Citi rates ORG as Buy (1) -

Citi cuts Origin Energy's earnings forecasts for FY21 to reflect weaker guidance.

The company has cut its payout ratio and removed franking as the FY21 leverage ratio peaks at the 3x ceiling - a wise call according to the broker.

Citi expects further weakness but notes strong free cash flow generation from FY22 and retains a patient Buy. Target price falls to $6.79 from $7.60.

Target price is $6.79 Current Price is $5.54 Difference: $1.25
If ORG meets the Citi target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $6.46, suggesting upside of 17.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Credit Suisse rates ORG as Neutral (3) -

FY20 results were in line with forecasts and the company's targets. However, a final dividend of $0.10 was below expectations and the pay-out also below target. Credit Suisse forecasts a $0.20 dividend in FY21.

The broker retains a Neutral rating and considers the stock fair value. Target is reduced to $5.30 from $5.70.

Target price is $5.30 Current Price is $5.54 Difference: minus $0.24 (current price is over target).
If ORG meets the Credit Suisse target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.46, suggesting upside of 17.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Macquarie rates ORG as Downgrade to Neutral from Outperform (3) -

FY20 results were in line with Macquarie's estimates. Weaker pricing has weighed on guidance, with underlying profit forecast to fall to $300m in FY21. Operating earnings guidance (EBITDA) is $1.15-1.3bn.

Macquarie notes the upside relies on a rally in oil and/or gas prices amid the company's ability to shorten its exposure to falling power prices. Rating is downgraded to Neutral from Outperform and the target reduced to $6.01 from $6.62.

Target price is $6.01 Current Price is $5.54 Difference: $0.47
If ORG meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $6.46, suggesting upside of 17.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

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

Origin Energy's APLNG's 2P reserves decreased by only -5% after a record production year while in the energy market, the company appears to be outperforming its peers, highlights Morgan Stanley.

Origin's FY21 earnings outlook is lower than expected due to potential headwinds from pool price backwardation and an increase in network charge.

Morgan Stanley retains its Equal-weight rating with the target price decreasing to $5.93 from $6.14. Industry view: Cautious.

Target price is $5.93 Current Price is $5.54 Difference: $0.39
If ORG meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $6.46, suggesting upside of 17.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Morgans rates ORG as Add (1) -

Origin Energy posted a relatively flat underlying net profit for FY20 compared to FY19, but it was a strong beat against Morgans forecast. However, FY21 guidance for Energy Markets earnings (EBITDA) fell short of the broker's expectations.

The final dividend of 10cps was in-line with Morgans forecast, but the analyst was expecting partial franking. The analyst also expects lower dividends in FY21, as the company needs to manage its net gearing.

The production and costs forecasts by management are lower for APLNG this year with flat guidance for breakeven oil prices.

The Add rating is maintained. The target price is decreased to $6.12 from $6.21.

Target price is $6.12 Current Price is $5.54 Difference: $0.58
If ORG meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $6.46, suggesting upside of 17.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Ord Minnett rates ORG as Accumulate (2) -

Origin Energy's FY20 result revealed net profit 5% ahead of the broker's estimate. A final dividend (unfranked) of 10c was declared which was below the broker's 14c forecast. This takes the full-year payout to 25c.

The main highlight of the result, according to Ord Minnett, was the $1.6bn in free cash flow for the year, mostly from APLNG.

The company has guided to energy markets' operating income of $1,150-1,300m in FY21, less than the $1,459m in FY20.

Ord Minnett maintains its Accumulate rating with a $7.70 target price

Target price is $7.70 Current Price is $5.54 Difference: $2.16
If ORG meets the Ord Minnett target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $6.46, suggesting upside of 17.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

UBS rates ORG as Buy (1) -

UBS notes Origin Energy's FY20 result was in-line with the broker's forecast but below market expectations. A final dividend of 10c (unfranked) also failed to impress the market.

FY21 guidance expects both electricity and gas profits to fall year on year. Even as the outlook remains challenging the broker maintains the company's portfolio is flexible and well placed to benefit from increasing price volatility. 

UBS reaffirms its Buy rating with the target price decreasing to $7.35 from $7.45.

Target price is $7.35 Current Price is $5.54 Difference: $1.81
If ORG meets the UBS target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $6.46, suggesting upside of 17.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Credit Suisse rates PGH as Outperform (1) -

The packaging/recycling turnaround is taking longer than expected and this division missed Credit Suisse forecasts in FY20. The broker expects this division to further contract slightly in FY21.

In materials handling/re-use divisions, Credit Suisse expects garment retail and industrial volumes to partially recover over FY21-22, with new contracts augmenting growth.

The divestment process for contract manufacturing will resume while earnings in this area in FY20 significantly surpassed expectations. Outperform retained. Target rises to $2.95 from $2.50.

Target price is $2.95 Current Price is $2.47 Difference: $0.48
If PGH meets the Credit Suisse target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $2.67, suggesting upside of 9.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

Ord Minnett rates PGH as Hold (3) -

Pact Group Holdings' FY20 net profit was 7% ahead of Ord Minnett’s forecast. A 65%-franked final dividend of 3.0c was announced.

The group announced the acquisition of Flight Plastics, a New Zealand-based recycling and plastic packaging business, for NZ$26m. The broker considers the group's foray into rPET production interesting due to favourable consumer and regulatory tailwinds.

However, since the total available market (TAM) in Australia is not huge for this industry, the broker believes it is more important for Pact to focus on core volumes.

The near-term outlook remains underwhelming and Ord Minnett reaffirms its Hold recommendation with the target price increasing to $2.50 from $2.35.

Target price is $2.50 Current Price is $2.47 Difference: $0.03
If PGH meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $2.67, suggesting upside of 9.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

Morgans rates PME as Add (1) -

Pro Medicus released strong FY20 results, which were broadly in-line with Morgans forecasts, with all metrics showing strong growth.

There are relatively minor impacts from covid-19, and organic growth from existing customers continues, notes the broker.

A large deal signed in June gives the analyst confidence that further delays to new contracts are easing.

Morgans lowers earnings (EPS) forecasts by -2.4% for FY21 and -9% for FY22.

The broker continues to believe that the recurring and long-term nature of the company’s contracts make a compelling investment case.

The Add rating is maintained. The target is decreased to $30.43 from $31.18.

Target price is $30.43 Current Price is $24.68 Difference: $5.75
If PME meets the Morgans target it will return approximately 23% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

UBS rates PME as Upgrade to Buy from Neutral (1) -

Pro Medicus' FY21 result outpaced UBS forecasts and the broker upgrades to Buy, expecting positive catalysts during FY21 and noting the recent pullback.

A sharper than expected rise in second-half exam volumes triggers a 5% increase in FY21 EPS forecasts. FY22-23 EPS earnings are downgraded -3% to -5% on expectations that expansion will moderate.

The pipeline continued to build through covid and the company has plenty of tendering opportunities. Cash flow was strong, yielding a net cash position of $43m.

Target price is steady at $29.65.

Target price is $29.65 Current Price is $24.68 Difference: $4.97
If PME meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Citi rates PPT as Neutral (3) -

Citi upgrades Perpetual's FY21 EPS forecasts 2% and FY22 forecasts 6% after the company reported a revenue and expenses beat.

Corporate Trust was the star revenue performer and Citi expects continued growth.

Uncertainty remains around the Trillium, Barrow and distribution costs and full profit and loss for acquisitions is unavailable, obscuring visibility. The broker says Perpetual Private is in a sweet spot but is yet to bear fruit. 

Neutral rating retained. Target price rises to $34.10 from $33.60.

Target price is $34.10 Current Price is $31.90 Difference: $2.2
If PPT meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $35.80, suggesting upside of 12.0% (ex-dividends)

The company's fiscal year ends in June.

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 PPT as Neutral (3) -

FY20 results were largely pre-reported and there were few surprises for Macquarie. Cost guidance remains encouraging with underlying expenses in FY21 expected to be -2-4% lower.

The broker notes the dividend policy is yet to be finalised but the top end of the pay-out ratio is likely to be lowered. Macquarie currently forecasts an 85% pay-out ratio.

Neutral retained. Target is reduced to $31.00 from $33.50.

Target price is $31.00 Current Price is $31.90 Difference: minus $0.9 (current price is over target).
If PPT meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $35.80, suggesting upside of 12.0% (ex-dividends)

The company's fiscal year ends in June.

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

Morgan Stanley rates PPT as Overweight (1) -

Cost control is better than Morgan Stanley anticipated. The broker lifts net profit estimates for FY21-22 by 7% to reflect better cost control.

Morgan Stanley believes Perpetual has the building blocks in place after the recent acquisition of Trillium to build a global platform and the proposed Barrow Hanley deal will provide scale in the US. It is now down to execution.

Morgan Stanley retains its Overweight rating and raises the target to $46.50 from $45.00. Industry view: In-line.

Target price is $46.50 Current Price is $31.90 Difference: $14.6
If PPT meets the Morgan Stanley target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $35.80, suggesting upside of 12.0% (ex-dividends)

The company's fiscal year ends in June.

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

Morgans rates PPT as Hold (3) -

Perpetual's underlying profit (NPAT) of $93m was in-line with Morgans expectations.

The broker sees continued pressures within Perpetual Investments (eg net outflows) somewhat offset by a strong revenue performance by Perpetual Corporate Trust (PCT). Additionally, wins for Perpetual Private (PP) and the two recent acquisitions mark the initial steps for the company's turnaround growth strategy, says the analyst.

A 50cps final fully franked dividend was declared.

Morgans lowers EPS estimates for FY21 and FY22 by -6% and -17%, respectively, on reduced revenue and funds under management (FUM) forecasts and further considering the implications of recent acquisitions.

The Add rating is maintained. The target price is decreased to $36.12 from $37.90.

Target price is $36.12 Current Price is $31.90 Difference: $4.22
If PPT meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $35.80, suggesting upside of 12.0% (ex-dividends)

The company's fiscal year ends in June.

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

Morgan Stanley rates PSQ as Overweight (1) -

FY20 operating earnings (EBITDA) were ahead of guidance. Morgan Stanley notes strong growth has accelerated into July and all Melbourne metro centres remain operational albeit at reduced hours and for emergency procedures only.

Cash conversion remains strong at 120%. Target is $2. Overweight rating. Industry view: In-line.

Target price is $2.00 Current Price is $1.60 Difference: $0.4
If PSQ meets the Morgan Stanley target it will return approximately 25% (excluding dividends, fees and charges).

Market Sentiment: 1.0

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

Citi rates QAN as Neutral (3) -

Qantas's FY20 result was a shocker as expected, and the broker downgrades FY22 and FY23 revisions -6% and -10% respectively, finding little joy in the outlook.

Cit expects a domestic recovery in the second half of FY21, led by Jetstar Domestic, but the earliest recovery for the international operations is FY22.

On the upside, Qantas is addressing its cost base and the broker expects FY21 first-half earnings will represent the nadir. Neutral (High Risk) rating retained. Target falls to $4.40 from $4.60.

Target price is $4.40 Current Price is $3.76 Difference: $0.64
If QAN meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $4.09, suggesting upside of 5.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

Credit Suisse rates QAN as Underperform (5) -

Qantas has guided to a significant underlying loss in FY21. Management remains uncertain around the timing of a recovery in demand. Domestic capacity in August was tracking at around 20% of pre-pandemic levels.

Significant international capacity is not expected until FY22. Credit Suisse envisages potential for upside on a two-year view but the current entry point is considered insufficiently attractive. Underperform rating and $3 target retained.

Target price is $3.00 Current Price is $3.76 Difference: minus $0.76 (current price is over target).
If QAN meets the Credit Suisse target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.09, suggesting upside of 5.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21: