Australian Broker Call

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August 24, 2021

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COMPANIES DISCUSSED IN THIS ISSUE

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

Last Updated: 05:00 PM

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

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

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

Today's Upgrades and Downgrades
CHC - Charter Hall Downgrade to Neutral from Buy UBS
DEL - Delorean Corp Downgrade to Hold from Add Morgans
NHF - nib Holdings Downgrade to Sell from Neutral Citi
Downgrade to Hold from Accumulate Ord Minnett
PSI - PSC Insurance Downgrade to Neutral from Outperform Macquarie
AD8  AUDINATE GROUP LIMITED

Hardware & Equipment

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Overnight Price: $10.55

Credit Suisse rates AD8 as Outperform (1) -

Audinate Group's FY21 revenue of US$25m, was up 23% year-on-year, while forex FX headwind nudged AUD revenue up 10.2% to $33.4m.

Emerging from covid, Credit Suisse views Audinate as both a re-opening story and a covid structural beneficiary story, with Dante in the broker's view having already secured its position as de-facto standard in networked audio.

The broker's earnings forecasts increase by high single digits over FY22, FY23, and FY24.

Outperform retained. Target rises to $11.40 from $9.70.

Target price is $11.40 Current Price is $10.55 Difference: $0.85
If AD8 meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $11.72, suggesting upside of 15.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 1.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 620.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -2.9, implying annual growth of N/A.

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

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

Forecast for FY23:

Credit Suisse forecasts a full year FY23 dividend of 0.00 cents and EPS of 4.59 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 229.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.5, implying annual growth of N/A.

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

Current consensus EPS estimate suggests the PER is 290.3.

Market Sentiment: 1.0

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


Morgan Stanley rates AD8 as Overweight (1) -

Morgan Stanley found no surprises in the FY21 results and notes a strong start to FY22. Demand is robust although uncertainty around the pandemic and supply chain are affecting the trajectory of revenue.

Guidance has been reiterated and, as the stock has re-rated, the main issue for the broker is where the upside is. The two main areas are a rebound in live sound and video adoption. Overweight retained. Target is raised to $12 from $10. Industry view is In-Line.

Target price is $12.00 Current Price is $10.55 Difference: $1.45
If AD8 meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $11.72, suggesting upside of 15.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 3.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 351.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -2.9, implying annual growth of N/A.

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

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

Forecast for FY23:

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

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.5, implying annual growth of N/A.

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

Current consensus EPS estimate suggests the PER is 290.3.

Market Sentiment: 1.0

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


UBS rates AD8 as Buy (1) -

Strong revenue growth for FY21 was pre-reported. The company expects a return to historical US-dollar growth rates even with supply chain disruptions.

Training continues and is now incorporating Dante video, which UBS believes is key to unlocking longer-term penetration. Strong growth in software partially offset softer growth within chips.

The broker retains a Buy rating and raises the target to $11.75 from $11.30.

Target price is $11.75 Current Price is $10.55 Difference: $1.2
If AD8 meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $11.72, suggesting upside of 15.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 4.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 263.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -2.9, implying annual growth of N/A.

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

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

Forecast for FY23:

UBS forecasts a full year FY23 EPS of 6.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 175.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.5, implying annual growth of N/A.

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

Current consensus EPS estimate suggests the PER is 290.3.

Market Sentiment: 1.0

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

ALD  AMPOL LIMITED

Crude Oil

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Overnight Price: $26.22

Credit Suisse rates ALD as Neutral (3) -

While Ampol's first-half FY21 result with earnings of $340m and net profit of $205m was higher than forecast, the result was eclipsed by an announced proposal to acquire NZ-based Z Energy ((ZEL)).

Credit Suisse believes the main potential acquisition value is in sourcing for a larger Australia and New Zealand short position.

The broker notes Z Energy has put estimates on the potential value of that position by indicating in its FY21-24 strategy NZ$45-55m of earnings benefits from sourcing 20m bbl per annum of fuel (NZ1.5cpl).

Neutral rating is unchanged and the target is lowered to $28.72 from $29.87 due to the widespread impact of lockdowns on fuel volume.

Target price is $28.72 Current Price is $26.22 Difference: $2.5
If ALD meets the Credit Suisse target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $31.76, suggesting upside of 16.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 79.17 cents and EPS of 131.00 cents.
At the last closing share price the estimated dividend yield is 3.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 140.3, implying annual growth of N/A.

Current consensus DPS estimate is 84.4, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 19.4.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 90.77 cents and EPS of 165.00 cents.
At the last closing share price the estimated dividend yield is 3.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 176.4, implying annual growth of 25.7%.

Current consensus DPS estimate is 104.5, implying a prospective dividend yield of 3.8%.

Current consensus EPS estimate suggests the PER is 15.5.

Market Sentiment: 0.5

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


Macquarie rates ALD as Outperform (1) -

Ampol's first half earnings and dividend were above Macquarie's expectations though 2021 Australia volume guidance has been lowered due to the impact of third quarter lockdowns.

The broker adjusts EPS forecasts on lower fuels volumes and reduced shop sales per store in 2H21, and in 2022 the removal of further buybacks near-term.

The broker is on rating restrictions due to the Ampol NZ$3.78 bid for Z Energy ((ZEL)).

Target price is $34.95 Current Price is $26.22 Difference: $8.73
If ALD meets the Macquarie target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $31.76, suggesting upside of 16.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 84.00 cents and EPS of 138.90 cents.
At the last closing share price the estimated dividend yield is 3.20%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 140.3, implying annual growth of N/A.

Current consensus DPS estimate is 84.4, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 19.4.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 105.00 cents and EPS of 173.80 cents.
At the last closing share price the estimated dividend yield is 4.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 176.4, implying annual growth of 25.7%.

Current consensus DPS estimate is 104.5, implying a prospective dividend yield of 3.8%.

Current consensus EPS estimate suggests the PER is 15.5.

Market Sentiment: 0.5

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


Morgan Stanley rates ALD as Overweight (1) -

Ampol has made an offer for New Zealand's Z Energy ((ZEL)). The company will also raise $600m in equity. The offer values Z Energy at NZ$2.8bn.

Morgan Stanley notes the acquisition multiple appears high yet believes there is potential benefit for Ampol given its Singapore trading business. Ampol has indicated it may need to sell the Gull business, given competition issues in New Zealand.

On Morgan Stanley's modelling, accretion is calculated at 10% from FY23 onwards. Overweight rating. Target is $35. Industry view is Attractive.

Target price is $35.00 Current Price is $26.22 Difference: $8.78
If ALD meets the Morgan Stanley target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $31.76, suggesting upside of 16.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 94.00 cents and EPS of 151.00 cents.
At the last closing share price the estimated dividend yield is 3.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 140.3, implying annual growth of N/A.

Current consensus DPS estimate is 84.4, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 19.4.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 115.00 cents and EPS of 192.00 cents.
At the last closing share price the estimated dividend yield is 4.39%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 176.4, implying annual growth of 25.7%.

Current consensus DPS estimate is 104.5, implying a prospective dividend yield of 3.8%.

Current consensus EPS estimate suggests the PER is 15.5.

Market Sentiment: 0.5

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


UBS rates ALD as Buy (1) -

First half results were in line with UBS estimates. The main focus is on the proposed acquisition of Z Energy ((ZEL)) for NZ$3.78 a share. The broker finds the strategic rationale sound, allowing Ampol to scale up operations across the region and unlock supply chain synergies.

Yet UBS highlights the potential value that could be given away because of potential market concentration concerns. As a forced seller Ampol could be required to sell Gull NZ at a price that is less than the acquisition price.

Buy rating retained. Target rises to $34.50 from $33.50.

Target price is $34.50 Current Price is $26.22 Difference: $8.28
If ALD meets the UBS target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $31.76, suggesting upside of 16.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 99.00 cents and EPS of 164.00 cents.
At the last closing share price the estimated dividend yield is 3.78%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 140.3, implying annual growth of N/A.

Current consensus DPS estimate is 84.4, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 19.4.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 111.00 cents and EPS of 188.00 cents.
At the last closing share price the estimated dividend yield is 4.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 176.4, implying annual growth of 25.7%.

Current consensus DPS estimate is 104.5, implying a prospective dividend yield of 3.8%.

Current consensus EPS estimate suggests the PER is 15.5.

Market Sentiment: 0.5

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

ANN  ANSELL LIMITED

Commercial Services & Supplies

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Overnight Price: $40.50

Citi rates ANN as Buy (1) -

In an initial look at Ansell's FY21 results, Citi notes the company's underlying earnings of US$338m appear to be a -4% miss on consensus forecasts while revenue of US$2,027 was a 1% beat on consensus.

Also of note was growth in the Healthcare segment of 34.8% given strong demand. The broker does expect more focus on FY22 guidance than FY21 results given market volatility, and guidance is currently largely in line with consensus forecasts.

The Buy rating and target price of $46.00 are retained.

Target price is $46.00 Current Price is $40.50 Difference: $5.5
If ANN meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $44.99, suggesting upside of 22.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 109.40 cents and EPS of 267.23 cents.
At the last closing share price the estimated dividend yield is 2.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 270.5, implying annual growth of N/A.

Current consensus DPS estimate is 112.7, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 13.6.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 106.47 cents and EPS of 233.96 cents.
At the last closing share price the estimated dividend yield is 2.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 252.1, implying annual growth of -6.8%.

Current consensus DPS estimate is 111.9, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 14.6.

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

Market Sentiment: 0.5

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


Ord Minnett rates ANN as Accumulate (2) -

Ord Minnett has provided an early response to Ansell's FY21 results, highlighting a miss on profit. Despite this, the company is guiding to FY22 profits 4% above consensus, which the broker notes implies the company can maintain FY21 profit levels which were boosted by covid impacts. 

The broker notes both the earnings decline in the second half and below forecast operating cash flow were negatives. 

The Accumulate rating and target price of $46.60 are retained.

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

Target price is $46.60 Current Price is $40.50 Difference: $6.1
If ANN meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $44.99, suggesting upside of 22.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 121.77 cents and EPS of 264.97 cents.
At the last closing share price the estimated dividend yield is 3.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 270.5, implying annual growth of N/A.

Current consensus DPS estimate is 112.7, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 13.6.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 112.79 cents and EPS of 218.26 cents.
At the last closing share price the estimated dividend yield is 2.78%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 252.1, implying annual growth of -6.8%.

Current consensus DPS estimate is 111.9, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 14.6.

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

Market Sentiment: 0.5

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

ASB  AUSTAL LIMITED

Commercial Services & Supplies

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Overnight Price: $2.51

Ord Minnett rates ASB as Hold (3) -

Austal reported FY21 earnings of $114.6m, in line with Ord Minnett's $114.8m forecast and company guidance of $112-118m.

At first glance, the broker expects investor focus to remain on the company replacing its significant US shipbuilding pipeline, which largely rolls off over the coming years.

The broker retains a Hold rating and a $2.30 target.

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

Target price is $2.30 Current Price is $2.51 Difference: minus $0.21 (current price is over target).
If ASB 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 $2.80, suggesting upside of 28.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 8.00 cents and EPS of 23.00 cents.
At the last closing share price the estimated dividend yield is 3.19%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.4, implying annual growth of -10.3%.

Current consensus DPS estimate is 8.4, implying a prospective dividend yield of 3.9%.

Current consensus EPS estimate suggests the PER is 9.7.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 8.00 cents and EPS of 20.00 cents.
At the last closing share price the estimated dividend yield is 3.19%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.3, implying annual growth of -9.4%.

Current consensus DPS estimate is 9.4, implying a prospective dividend yield of 4.3%.

Current consensus EPS estimate suggests the PER is 10.7.

Market Sentiment: 0.8

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

AWC  ALUMINA LIMITED

Aluminium, Bauxite & Alumina

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Overnight Price: $1.65

Ord Minnett rates AWC as Hold (3) -

Partly due to a better Portland result Alumina Ltd's first-half FY21 earnings were 15% ahead of Ord Minnett and the 3.4c dividend was higher than the broker's 2.1c estimate.

At first glance, Ord Minnett notes 2021 guidance for capex has risen by $15m to $265m ($94m spent in 1H21) and alumina production remains 12.8Mt.

The broker expects further cost pressures as seen in outlook statements from other companies, but notes the drop in AUD is a significant offset – with a -1c change in AUD equivalent to $21m in company earnings.

Hold rating and the price target of $1.80 are both maintained.

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

Target price is $1.80 Current Price is $1.65 Difference: $0.15
If AWC meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $1.85, suggesting upside of 10.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 6.52 cents and EPS of 5.72 cents.
At the last closing share price the estimated dividend yield is 3.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.5, implying annual growth of N/A.

Current consensus DPS estimate is 8.5, implying a prospective dividend yield of 5.1%.

Current consensus EPS estimate suggests the PER is 22.4.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 8.78 cents and EPS of 7.72 cents.
At the last closing share price the estimated dividend yield is 5.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.2, implying annual growth of 49.3%.

Current consensus DPS estimate is 11.7, implying a prospective dividend yield of 7.0%.

Current consensus EPS estimate suggests the PER is 15.0.

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

Market Sentiment: 0.5

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

BAP  BAPCOR LIMITED

Automobiles & Components

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Overnight Price: $7.50

Macquarie rates BAP as Outperform (1) -

While FY22 profit guidance is greater than for FY21, Macquarie assesses it is dependent on the extent of lockdown impacts. In the medium term, it's thought the company has many growth drivers and a market leading position.

The broker lowers EPS forecasts largely due to an around -6% impact from higher D&A and a -2% reduction in FY22 earnings (EBITDA) that reflects risks from current lockdowns in NSW, Victoria and New Zealand. The target price falls to $8.55 from $8.90. Outperform rating.

Target price is $8.55 Current Price is $7.50 Difference: $1.05
If BAP meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $8.76, suggesting upside of 15.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 22.00 cents and EPS of 36.60 cents.
At the last closing share price the estimated dividend yield is 2.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.0, implying annual growth of 8.6%.

Current consensus DPS estimate is 21.3, implying a prospective dividend yield of 2.8%.

Current consensus EPS estimate suggests the PER is 19.9.

Forecast for FY23:

Macquarie forecasts a full year FY23 dividend of 24.20 cents and EPS of 40.30 cents.
At the last closing share price the estimated dividend yield is 3.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.5, implying annual growth of 9.2%.

Current consensus DPS estimate is 23.8, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 18.3.

Market Sentiment: 0.7

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

BLD  BORAL LIMITED

Building Products & Services

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Overnight Price: $6.85

Ord Minnett rates BLD as Lighten (4) -

Boral reporting FY21 earnings of $445m is in-line with Ord Minnett's forecast ($439m) and consensus ($441m), and earnings guidance of $430-450m was provided with the release of the target statement in June.

In an early response following the result, Ord Minnett notes that while management has not provided earnings guidance for FY22, the company acknowledges that "underlying market conditions in Australia are mixed and uncertainty remains".

The broker also notes in FY22 the expectation is for net Transformation benefits of $60-75m, which will contribute to the 5-year target of $200-250m.

While the broker's current estimate for FY22 EBIT is $430m, in line with consensus ($431m), the broker believes recent quantification of the lockdown impact, as well as cautious commentary on the FY22 outlook, suggests downward pressure on consensus.

Lighten rating and target price of $6.70.

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

Target price is $6.70 Current Price is $6.85 Difference: minus $0.15 (current price is over target).
If BLD 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 $7.05, suggesting upside of 8.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 4.00 cents and EPS of 20.30 cents.
At the last closing share price the estimated dividend yield is 0.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.9, implying annual growth of N/A.

Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 0.6%.

Current consensus EPS estimate suggests the PER is 32.6.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 14.50 cents and EPS of 23.70 cents.
At the last closing share price the estimated dividend yield is 2.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.2, implying annual growth of 31.7%.

Current consensus DPS estimate is 16.5, implying a prospective dividend yield of 2.5%.

Current consensus EPS estimate suggests the PER is 24.8.

Market Sentiment: -0.4

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

BTH  BIGTINCAN HOLDINGS LIMITED

Cloud services

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Overnight Price: $1.20

Morgan Stanley rates BTH as Overweight (1) -

Bigtincan Holdings has acquired Brainshark, a sales learning and readiness solution. The price is US$86m in cash. Morgan Stanley notes the gross margin is similar.

While the broker finds the financials compelling, there is less certainty on some of the strategic issues and more detail is required to understand the upside from the deal.

The Overweight rating and $1.50 target are unchanged. Industry view is In-Line.

Target price is $1.50 Current Price is $1.20 Difference: $0.3
If BTH meets the Morgan Stanley target it will return approximately 25% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 3.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 40.00.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 4.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 30.00.

Market Sentiment: 1.0

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

CHC  CHARTER HALL GROUP

REITs

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Overnight Price: $18.37

Citi rates CHC as Buy (1) -

Charter Hall Group closed out FY21 beating Citi's earnings per share forecast by 4% to total 61.0 cents per share. The company is now guiding to FY22 earnings of no less than 75.0 cents per share.

Citi notes the company's funds under management growth outlook for FY22 appears strong. The broker points to higher development earnings and performance fees in the coming year and higher medium term funds under management growth as drivers of its earnings per share increase to 80.9 cents.

The Buy rating is retained and the target price increases to $21.00 from $18.39.

Target price is $21.00 Current Price is $18.37 Difference: $2.63
If CHC meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $19.85, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 40.10 cents and EPS of 80.90 cents.
At the last closing share price the estimated dividend yield is 2.18%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 79.5, implying annual growth of N/A.

Current consensus DPS estimate is 40.1, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 22.8.

Forecast for FY23:

Citi forecasts a full year FY23 dividend of 42.50 cents and EPS of 85.00 cents.
At the last closing share price the estimated dividend yield is 2.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 81.1, implying annual growth of 2.0%.

Current consensus DPS estimate is 42.7, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 22.4.

Market Sentiment: 0.6

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


Credit Suisse rates CHC as Neutral (3) -

Charter Hall Group's FY21 result was ahead of guidance, Credit Suisse, and consensus, but due to higher-than-expected development division earnings and lower corporate overheads, earnings per share (EPS) were down -12% on the previous period to 61.0c, with dividend per share (DPS) growth of 6% to 37.9c.

The group is guiding to 23% EPS growth to at least 75.0c in FY22 and 6% DPS growth (or 40.2c).

Credit Suisse notes a large degree of backing management’s track record is required given the group does not disclose target funds under management (FUM) or all-in management fee expectations for the year ahead.

The broker revises FY22-FY23 EPS estimates by 4.6% and 5.3% and notes a high degree of visibility over the group's FY22 “base” earnings given known FUM, plus 97.7% occupancy with a WALE of 9.1 years across the investment platform.

Neutral rating maintained. Target rises to $18.87 from $15.43.

Target price is $18.87 Current Price is $18.37 Difference: $0.5
If CHC meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $19.85, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 40.00 cents and EPS of 75.40 cents.
At the last closing share price the estimated dividend yield is 2.18%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 79.5, implying annual growth of N/A.

Current consensus DPS estimate is 40.1, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 22.8.

Forecast for FY23:

Credit Suisse forecasts a full year FY23 dividend of 43.00 cents and EPS of 75.10 cents.
At the last closing share price the estimated dividend yield is 2.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 81.1, implying annual growth of 2.0%.

Current consensus DPS estimate is 42.7, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 22.4.

Market Sentiment: 0.6

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


Macquarie rates CHC as Outperform (1) -

FY21 operating earnings (OEPS) were 7% ahead of guidance, driven by development income and Macquarie sees around 10% upside to FY22 OEPS guidance of 75cps. It's estimated, that OEPS ex performance fees can grow at around 10% per year.

The broker lifts earnings forecasts, driven by development income and performance fees and raises its target price to $19.95 from $17.42. The Outperform rating is unchanged.

The analyst thinks the group remains in an earnings upgrade cycle as its ability to grow funds under management (FUM) quicker than market expectations continues to surprise to the upside.

Target price is $19.95 Current Price is $18.37 Difference: $1.58
If CHC meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $19.85, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 40.10 cents and EPS of 82.10 cents.
At the last closing share price the estimated dividend yield is 2.18%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 79.5, implying annual growth of N/A.

Current consensus DPS estimate is 40.1, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 22.8.

Forecast for FY23:

Macquarie forecasts a full year FY23 dividend of 42.50 cents and EPS of 76.50 cents.
At the last closing share price the estimated dividend yield is 2.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.01.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 81.1, implying annual growth of 2.0%.

Current consensus DPS estimate is 42.7, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 22.4.

Market Sentiment: 0.6

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


Morgan Stanley rates CHC as Overweight (1) -

FY21 earnings beat estimates. Guidance for FY22 is for no less than $0.75 in earnings per share, ahead of Morgan Stanley's expectations, and is expected to also include some performance fees, albeit undisclosed.

The broker notes FY21 was a record year for equity inflows which highlights the benefit of the breadth of product. Overweight rating. Target raised to $19.95 from $17.45. Industry view is In-Line.

Target price is $19.95 Current Price is $18.37 Difference: $1.58
If CHC meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $19.85, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 40.20 cents and EPS of 77.40 cents.
At the last closing share price the estimated dividend yield is 2.19%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 79.5, implying annual growth of N/A.

Current consensus DPS estimate is 40.1, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 22.8.

Forecast for FY23:

Morgan Stanley forecasts a full year FY23 dividend of 42.60 cents and EPS of 80.90 cents.
At the last closing share price the estimated dividend yield is 2.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 81.1, implying annual growth of 2.0%.

Current consensus DPS estimate is 42.7, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 22.4.

Market Sentiment: 0.6

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


Ord Minnett rates CHC as Accumulate (2) -

Pursuant to an initial response to Charter Hall Group's beat on earnings (see yesterday's Report), the broker has increased its target to $20.00 from $16.50.

Accumulate rating retained.

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

Target price is $20.00 Current Price is $18.37 Difference: $1.63
If CHC meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $19.85, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 40.00 cents and EPS of 83.00 cents.
At the last closing share price the estimated dividend yield is 2.18%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 79.5, implying annual growth of N/A.

Current consensus DPS estimate is 40.1, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 22.8.

Forecast for FY23:

Ord Minnett forecasts a full year FY23 dividend of 43.00 cents and EPS of 86.00 cents.
At the last closing share price the estimated dividend yield is 2.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 81.1, implying annual growth of 2.0%.

Current consensus DPS estimate is 42.7, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 22.4.

Market Sentiment: 0.6

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) -

FY21 results were ahead of UBS estimates. Earnings forecasts for FY22 are upgraded by 16% and the broker is impressed by guidance for more than 23% growth in FY22. UBS now forecasts $144m in performance fees in FY22.

The broker notes the market has quickly moved to price in upgrades to guidance as the company has a strong track record.

Rating is downgraded to Neutral from Buy on valuation grounds as the market adjusts to a new lower growth profile from elevated earnings. Target is raised to $19.30 from $17.00.

Target price is $19.30 Current Price is $18.37 Difference: $0.93
If CHC meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $19.85, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

UBS forecasts a full year FY22 EPS of 78.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 79.5, implying annual growth of N/A.

Current consensus DPS estimate is 40.1, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 22.8.

Forecast for FY23:

UBS forecasts a full year FY23 EPS of 83.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 81.1, implying annual growth of 2.0%.

Current consensus DPS estimate is 42.7, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 22.4.

Market Sentiment: 0.6

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

CHL  CAMPLIFY HOLDINGS LIMITED

Travel, Leisure & Tourism

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Overnight Price: $1.54

Morgans rates CHL as Add (1) -

All key headline metrics for FY21 came in ahead of prospectus forecasts and recently upgraded guidance, notes Morgans. The loss of -$2.1m was also better than estimates for -$2.7m.

The broker increases earnings (EBITDA) forecasts on improved gross transaction value (GTV)/revenue growth assumptions and a slightly stronger take rate than previously forecast. The latter is attributed to additional subscriptions and products purchased on the platform.

The Add rating is unchanged and the target rises to $1.99 from $1.88.

Target price is $1.99 Current Price is $1.54 Difference: $0.45
If CHL meets the Morgans target it will return approximately 29% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 7.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 20.81.

Forecast for FY23:

Morgans forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 7.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 21.39.

Market Sentiment: 1.0

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

CNU  CHORUS LIMITED

Telecommunication

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Overnight Price: $6.64

UBS rates CNU as Sell (5) -

FY21 results were in line with expectations. UBS increases estimates for FY22-24 to reflect slightly better cost reductions.

Distribution forecasts for the longer term assume an average pay-out ratio of 88%. Sell rating retained. Target is steady at NZ$6.30.

Current Price is $6.64. Target price not assessed.

The company's fiscal year ends in June.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 25.66 cents and EPS of 11.38 cents.
At the last closing share price the estimated dividend yield is 3.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 58.33.

Forecast for FY23:

UBS forecasts a full year FY23 EPS of 12.41 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 53.51.

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

Market Sentiment: -0.5

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

COE  COOPER ENERGY LIMITED

Crude Oil

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Overnight Price: $0.20

Morgans rates COE as Add (1) -

Following FY21 results that were largely pre-released, Morgans still believes consensus expectations remain too high though expects earnings growth in FY22 should see shares better supported. The broker retains its Add rating and lifts its target price to $0.31 from $0.29.

The analyst notes FY22 earnings (EBITDAX) guidance is again below consensus, while being better than Morgans had expected. As long as FY22 refining requirements are effectively managed, it's thought FY21 may be the low point for the company.

Target price is $0.31 Current Price is $0.20 Difference: $0.11
If COE meets the Morgans target it will return approximately 55% (excluding dividends, fees and charges).

Current consensus price target is $0.32, suggesting upside of 52.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 200.00.

How do these forecasts compare to market consensus projections?

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

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

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

Forecast for FY23:

Morgans forecasts a full year FY23 dividend of 0.00 cents and EPS of 0.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 40.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.3, implying annual growth of N/A.

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

Current consensus EPS estimate suggests the PER is 16.2.

Market Sentiment: 0.4

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


Ord Minnett rates COE as Buy (1) -

While Cooper Energy pre-reported operating earnings of $30m and an underlying net loss of -$25.9m, both lower than Ord Minnett’s estimates and market consensus, FY22 guidance was also below market estimates.

Commenting on the result, the broker notes the weak FY21 result and guidance saw the continuation of a disappointing period of
under-achievement for the company. However, the broker also notes there has been a demonstrable improvement in performance from the Orbost Gas Plant but believes it is still too early to say whether this period has ended.

While management guided to better profitability in FY22, earnings guidance of $60–70m was also well below the consensus of $96m, which the broker suspects is likely due to the need to purchase gas on market to meet contract obligations.

Buy rating is retained and the target is lowered to $0.39 from $0.45. Higher Risk.

Target price is $0.39 Current Price is $0.20 Difference: $0.19
If COE meets the Ord Minnett target it will return approximately 95% (excluding dividends, fees and charges).

Current consensus price target is $0.32, suggesting upside of 52.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

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

How do these forecasts compare to market consensus projections?

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

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

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

Forecast for FY23:

Ord Minnett forecasts a full year FY23 dividend of 0.00 cents and EPS of 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.3, implying annual growth of N/A.

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

Current consensus EPS estimate suggests the PER is 16.2.

Market Sentiment: 0.4

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

CWY  CLEANAWAY WASTE MANAGEMENT LIMITED

Industrial Sector Contractors & Engineers

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Overnight Price: $2.61

Ord Minnett rates CWY as Accumulate (2) -

Underlying net profit was marginally below Ord Minnett's forecasts in FY21. Nevertheless the broker liked the result as cash conversion was strong.

After some years building out the infrastructure base, the company appears well-positioned to benefit from tailwinds that are driving the waste management industry and Ord Minnett retains an Accumulate rating, raising the target to $3.00 from $2.60.

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

Target price is $3.00 Current Price is $2.61 Difference: $0.39
If CWY meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $2.71, suggesting upside of 4.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 5.00 cents and EPS of 7.00 cents.
At the last closing share price the estimated dividend yield is 1.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.6, implying annual growth of N/A.

Current consensus DPS estimate is 4.6, implying a prospective dividend yield of 1.8%.

Current consensus EPS estimate suggests the PER is 34.1.

Forecast for FY23:

Ord Minnett forecasts a full year FY23 dividend of 6.00 cents and EPS of 10.00 cents.
At the last closing share price the estimated dividend yield is 2.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.6, implying annual growth of 26.3%.

Current consensus DPS estimate is 5.7, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 27.0.

Market Sentiment: 0.4

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

DEL  DELOREAN CORPORATION LIMITED

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Overnight Price: $0.22

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

Delorean Corp released a draft result for FY21 with an expected -$3.4m loss after tax, notes Morgans. While some timing issues were considered to impact, -$1.2m of additional costs (pre-tax) were incurred in energy retailing, covid impacts on projects and overheads.

As a result, the broker downgrades the rating to Hold from Speculative Buy and lowers its target price to $0.20 from $0.25. The result highlights to Morgans the inherent risks in the businesses. Volatile electricity markets can disrupt energy retailing margins. 

Additionally, the analyst highlights the energy saving performance contract (EPC) businesses can also face unexpected cost blowouts, which are difficult to mitigate.

Target price is $0.20 Current Price is $0.22 Difference: minus $0.02 (current price is over target).
If DEL meets the Morgans target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 0.00 cents and EPS of 1.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.75.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 0.00 cents and EPS of 0.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.44.

Market Sentiment: 0.0

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

DRR  DETERRA ROYALTIES LIMITED

Iron Ore

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Overnight Price: $4.12

Citi rates DRR as Neutral (3) -

Citi has adjusted modeling on Deterra Royalties to account for product grade at the MAC South Flank operations. 

The adjusted model leads to an upgrade in Citi's earnings forecasts of 5-6% from FY22 onwards.

The Neutral rating and target price of $4.50 are retained.

Target price is $4.50 Current Price is $4.12 Difference: $0.38
If DRR meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $4.97, suggesting upside of 18.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 27.50 cents and EPS of 27.50 cents.
At the last closing share price the estimated dividend yield is 6.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.7, implying annual growth of 44.1%.

Current consensus DPS estimate is 25.4, implying a prospective dividend yield of 6.0%.

Current consensus EPS estimate suggests the PER is 16.4.

Forecast for FY23:

Citi forecasts a full year FY23 dividend of 23.80 cents and EPS of 23.80 cents.
At the last closing share price the estimated dividend yield is 5.78%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.4, implying annual growth of 6.6%.

Current consensus DPS estimate is 28.5, implying a prospective dividend yield of 6.8%.

Current consensus EPS estimate suggests the PER is 15.4.

Market Sentiment: 0.8

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

ECF  ELANOR COMMERCIAL PROPERTY FUND

REITs

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Overnight Price: $1.11

Ord Minnett rates ECF as Accumulate (2) -

Elanor Commercial Property Fund announced a solid FY21 result, on Ord Minnett's assessment, delivering funds from operations (FFO) in line with upgraded guidance in February 2021.

FY22 FFO guidance of 10.8cpu was below Ord Minnett and consensus of 12.6cpu driven by the recent acquisition and equity raising.

Earlier in the month, the fund announced an $85m equity raising to partly fund the acquisition of an Office Tower in Surfers Paradise for $113.5m. While the acquisition is in line with the fund's strategy to grow, Ord Minnett forecasts the largely equity-funded acquisition to be dilutive to earnings (-11%) and NTA (-5%).

Ord Minnett's Accumulate rating is retained and the price target is lowered to $1.08 from $1.14.

Target price is $1.08 Current Price is $1.11 Difference: minus $0.03 (current price is over target).
If ECF meets the Ord Minnett target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 9.30 cents and EPS of 10.80 cents.
At the last closing share price the estimated dividend yield is 8.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.28.

Forecast for FY23:

Ord Minnett forecasts a full year FY23 dividend of 9.80 cents and EPS of 11.60 cents.
At the last closing share price the estimated dividend yield is 8.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.57.

Market Sentiment: 0.5

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

EVT  EVENT HOSPITALITY & ENTERTAINMENT LIMITED

Travel, Leisure & Tourism

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Overnight Price: $13.25

Ord Minnett rates EVT as Buy (1) -

Ord Minnett believes Event Hospitality's normalised FY21 net loss of -$59.8m, versus the broker estimate of -$122.8m, demonstrated the value of the group’s property portfolio and the leverage of the business to an expected boom in domestic travel and leisure in the
coming years.

The company reported net debt of $355m which was in line with the broker's expectations but below consensus, has guided to little change across FY22, but continues to earmark $250m in proceeds from the sale of non-core properties.

The broker's earnings estimates have been adjusted to reflect the local lockdowns and domestic travel restrictions, resulting in a -24% downgrade to earnings per share (EPS) estimates in FY22 but upgrades of 10% and 8% in FY23 and FY24 respectively.

Buy rating is unchanged and the target is raised to $17.21 from $13.96.

Target price is $17.21 Current Price is $13.25 Difference: $3.96
If EVT meets the Ord Minnett target it will return approximately 30% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 19.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 67.95.

Forecast for FY23:

Ord Minnett forecasts a full year FY23 dividend of 40.10 cents and EPS of 57.60 cents.
At the last closing share price the estimated dividend yield is 3.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.00.

Market Sentiment: 0.5

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

GEM  G8 EDUCATION LIMITED

Childcare

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Overnight Price: $0.99

Macquarie rates GEM as Neutral (3) -

First half operating earnings (EBIT) (after lease interest) of $38.9m was 5% ahead of Macquarie's forecast. Lockdowns are impacting attendance levels and operating leverage, though it's thought the balance sheet and government support provide some relief.

The broker can see a turnaround, with the core centre profit (NPBT) margin rising and the divestment of lower-margin centres. In addition, the performance of centres in the Improvement Program has exceeded the analyst's expectation.

Macquarie retains its Neutral rating and $1.05 target price though sustained turnaround progress and abatement of lockdowns could lead to an upgraded view.

Target price is $1.05 Current Price is $0.99 Difference: $0.06
If GEM meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $1.12, suggesting upside of 10.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 1.00 cents and EPS of 3.80 cents.
At the last closing share price the estimated dividend yield is 1.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.9, implying annual growth of N/A.

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

Current consensus EPS estimate suggests the PER is 20.6.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 5.00 cents and EPS of 6.60 cents.
At the last closing share price the estimated dividend yield is 5.05%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.8, implying annual growth of 59.2%.

Current consensus DPS estimate is 5.9, implying a prospective dividend yield of 5.8%.

Current consensus EPS estimate suggests the PER is 12.9.

Market Sentiment: 0.3

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


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

First half results were ahead of expectations. Morgan Stanley notes occupancy was converging on FY19 levels but has widened back to 2.6% in August.

The broker also points out the de-leverage that was flagged is skewed to the second half. As a result the company expects flat EBIT margins.

Equal-weight and $1.00 target retained. Industry view: In-Line.

Target price is $1.00 Current Price is $0.99 Difference: $0.01
If GEM meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $1.12, suggesting upside of 10.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 2.00 cents and EPS of 5.00 cents.
At the last closing share price the estimated dividend yield is 2.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.9, implying annual growth of N/A.

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

Current consensus EPS estimate suggests the PER is 20.6.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 6.50 cents and EPS of 8.00 cents.
At the last closing share price the estimated dividend yield is 6.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.8, implying annual growth of 59.2%.

Current consensus DPS estimate is 5.9, implying a prospective dividend yield of 5.8%.

Current consensus EPS estimate suggests the PER is 12.9.

Market Sentiment: 0.3

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

HLS  HEALIUS LIMITED

Healthcare services

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Overnight Price: $5.26

Ord Minnett rates HLS as Accumulate (2) -

Healius announced it has agreed to sell its IVF business Adora Fertility and three co-located Healius day hospitals to Virtus Health ((VRT)) for $45m.

Ord Minnett believes the sale makes strategic sense,  given the small scale of Adora and its modest profits to date.

The broker estimates the sale of Adora will lead to a -1% reduction in earnings per share (EPS) in the first full year after the sale, with the transaction expected to occur in the second quarter of FY22.

The broker retains its Accumulate rating and target price of $5.35.

Target price is $5.35 Current Price is $5.26 Difference: $0.09
If HLS meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $4.73, suggesting downside of -9.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 14.50 cents and EPS of 26.00 cents.
At the last closing share price the estimated dividend yield is 2.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.0, implying annual growth of N/A.

Current consensus DPS estimate is 13.3, implying a prospective dividend yield of 2.6%.

Current consensus EPS estimate suggests the PER is 21.7.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 14.50 cents and EPS of 25.00 cents.
At the last closing share price the estimated dividend yield is 2.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.4, implying annual growth of -6.7%.

Current consensus DPS estimate is 12.5, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 23.2.

Market Sentiment: 0.5

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

HUB  HUB24 LIMITED

Wealth Management & Investments

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Overnight Price: $25.97

Ord Minnett rates HUB as Accumulate (2) -

In an early look at HUB24's FY21 results, Ord Minnett notes underlying earnings of $36.2m are a 47% increase on the previous corresponding period and in line with the broker's forecast. Group revenue is similarly up 24% on the previous corresponding period.

The broker further noted funds under assets targets for FY23 indicate momentum in the business remains strong. 

The Accumulate rating and target price of $27.00 are under review, as per standard practice at Ord Minnett.

Target price is $27.00 Current Price is $25.97 Difference: $1.03
If HUB meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $28.32, suggesting upside of 1.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 9.50 cents and EPS of 33.30 cents.
At the last closing share price the estimated dividend yield is 0.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 77.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.9, implying annual growth of 104.9%.

Current consensus DPS estimate is 10.7, implying a prospective dividend yield of 0.4%.

Current consensus EPS estimate suggests the PER is 103.7.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 16.00 cents and EPS of 53.00 cents.
At the last closing share price the estimated dividend yield is 0.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 49.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 44.3, implying annual growth of 64.7%.

Current consensus DPS estimate is 18.0, implying a prospective dividend yield of 0.6%.

Current consensus EPS estimate suggests the PER is 63.0.

Market Sentiment: 0.5

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

LFS  LATITUDE GROUP HOLDINGS LIMITED

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Overnight Price: $2.40

Macquarie rates LFS as Outperform (1) -

In the wake of first half results, Macquarie incorporates a lower impairments trajectory and adequate cost management, offset by
continuing lending volume and margin pressures as lockdowns persist. The Outperform rating and $3.15 price target are unchanged.

While the result was 4% ahead of the broker's expectations, the beat was underpinned by a low impairment charge. At the pre-provision level, the result was -4% below forecast, as the dislocation from covid continued to weigh on revenue.

Dividend guidance implies to the analyst a second half cash profit of $112-131m.

Target price is $3.15 Current Price is $2.40 Difference: $0.75
If LFS meets the Macquarie target it will return approximately 31% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 15.70 cents and EPS of 23.70 cents.
At the last closing share price the estimated dividend yield is 6.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.13.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 16.00 cents and EPS of 22.60 cents.
At the last closing share price the estimated dividend yield is 6.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.62.

Market Sentiment: 1.0

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

M7T  MACH7 TECHNOLOGIES LIMITED

Healthcare services

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Overnight Price: $0.96

Morgans rates M7T as Add (1) -

Morgans assesses an in-line result for FY21, which included a record sales order book and further R&D spend (28% of revenue) into new product development. Management expects to be earnings (EBITDA) positive for FY22.

While the share price has been weak over recent months, the analyst expects the result will provide confidence to the market of significant revenue growth in the coming years. Morgans retains its Add rating and $1.56 target price.

Management also noted that the previously announced revenue target of $27m for 2021 is on-track.

Target price is $1.56 Current Price is $0.96 Difference: $0.6
If M7T meets the Morgans target it will return approximately 63% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 96.00.

Forecast for FY23:

Morgans forecasts a full year FY23 dividend of 0.00 cents and EPS of 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 48.00.

Market Sentiment: 1.0

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

MHJ  MICHAEL HILL INTERNATIONAL LIMITED

Luxury

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Overnight Price: $0.84

Citi rates MHJ as Neutral (3) -

It is Citi's view that covid impacts in both Australia and New Zealand are overshadowing Michael Hill International's potential for further strategic improvements and new market opportunities. 

The  broker notes first half sales have already been impacted by Australian lockdowns in the first seven weeks, and these are only likely to increase given extended Australian lockdowns, a New Zealand lockdown, and a lack of stimulus compared to last year.

The company does have plans to explore new market expansion through a digital model in FY22, and is currently trialing an integrated marketplace model in Australia.

The Neutral rating is retained and the target price decreases to $0.90 from $0.92.

Target price is $0.90 Current Price is $0.84 Difference: $0.06
If MHJ meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 5.00 cents and EPS of 7.50 cents.
At the last closing share price the estimated dividend yield is 5.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.20.

Forecast for FY23:

Citi forecasts a full year FY23 dividend of 5.00 cents and EPS of 8.10 cents.
At the last closing share price the estimated dividend yield is 5.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.37.

Market Sentiment: 0.5

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


Macquarie rates MHJ as Outperform (1) -

Macquarie assesses a strong FY21 result directly in-line with its forecasts and company guidance. While the final dividend of 3 cents was a slight miss, caution regarding covid is assumed. Improvement in the trading performance and capital management initiatives are expected.

The broker highlights robust trading and a sustained focus on margins have further strengthened the balance sheet, supporting a strong resumption in dividends. Macquarie retains its Outperform rating and lifts its target price to $1.08 from $1.

The company has experienced significant lost sales in the first seven weeks of FY22 due to lockdowns in Australia. However, a strong early performance in Canada and New Zealand has contributed to a 17% lift in group same store sales, notes the analyst.

Target price is $1.08 Current Price is $0.84 Difference: $0.24
If MHJ meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 5.50 cents and EPS of 11.80 cents.
At the last closing share price the estimated dividend yield is 6.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.12.

Forecast for FY23:

Macquarie forecasts a full year FY23 dividend of 6.40 cents and EPS of 12.70 cents.
At the last closing share price the estimated dividend yield is 7.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.61.

Market Sentiment: 0.5

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

MMS  MCMILLAN SHAKESPEARE LIMITED

Vehicle Leasing & Salary Packaging

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Overnight Price: $13.38

Ord Minnett rates MMS as Hold (3) -

In an early look at McMillan Shakespeare's FY21 results, Ord Minnet notes the company performed slightly ahead of expectations. Underlying net profit of $79.2m, including $7.3m from Jobkeeper, was in line with expectations. The company has announced a final dividend of 31.1 cents per share. 

Ord Minnett also highlights following strategic review McMillan Shakespeare has agreed to sell the RFS Retail business, expected to be completed in the first half of FY22. It is the broker's view this is a positive move to streamline and simplify the company.

The Hold rating and target price of $12.90 are under review, as per standard practice at Ord Minnett.

Target price is $12.90 Current Price is $13.38 Difference: minus $0.48 (current price is over target).
If MMS meets the Ord Minnett target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.66, suggesting upside of 11.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 61.30 cents and EPS of 102.40 cents.
At the last closing share price the estimated dividend yield is 4.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 98.6, implying annual growth of 6024.2%.

Current consensus DPS estimate is 58.0, implying a prospective dividend yield of 4.7%.

Current consensus EPS estimate suggests the PER is 12.5.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 72.00 cents and EPS of 108.10 cents.
At the last closing share price the estimated dividend yield is 5.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 107.7, implying annual growth of 9.2%.

Current consensus DPS estimate is 66.1, implying a prospective dividend yield of 5.4%.

Current consensus EPS estimate suggests the PER is 11.4.

Market Sentiment: 0.5

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

MND  MONADELPHOUS GROUP LIMITED

Mining Sector Contracting

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Overnight Price: $11.79

Ord Minnett rates MND as Hold (3) -

Strong levels of industry activity have resulted in Monadelphous Group delivering a top-line beat of 5%, while earnings missed with significant margin compression seen in second half FY21.

In an early response, Ord Minnett notes the group is now guiding to FY22 revenue declines which, when combined with ongoing labour pressures, the broker suspects may result in meaningful consensus earnings downgrades for the year ahead before recovering in FY23.

Ord Minnett has a Hold rating alongside a target of $12.00.

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

Target price is $12.00 Current Price is $11.79 Difference: $0.21
If MND meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $12.40, suggesting upside of 22.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 47.00 cents and EPS of 63.00 cents.
At the last closing share price the estimated dividend yield is 3.99%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 59.5, implying annual growth of 53.9%.

Current consensus DPS estimate is 45.9, implying a prospective dividend yield of 4.5%.

Current consensus EPS estimate suggests the PER is 17.0.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 51.00 cents and EPS of 64.00 cents.
At the last closing share price the estimated dividend yield is 4.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.0, implying annual growth of 9.2%.

Current consensus DPS estimate is 52.0, implying a prospective dividend yield of 5.1%.

Current consensus EPS estimate suggests the PER is 15.6.

Market Sentiment: 0.2

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

NHF  NIB HOLDINGS LIMITED

Insurance

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Overnight Price: $7.10

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

International business was the big disappointment in nib Holdings' FY21 results, according to Citi. The broker notes the international sector not only reported a loss, despite the company reiterating profitability earlier in the year, but nib Holdings is also pointing to the return of international travel as the inflection point for profit. 

Inbound international health insurance (iihi) appeared to be profitable in early May, but several high cost claims led to a -$5.9m loss in the fourth quarter according to Citi. Given the outlook on international, the broker has updated earnings per share forecasts by -4% for FY22 and -4% for FY23. 

Citi notes while the arhi business is likely to continue to benefit from some covid-related claims, these are likely temporary. 

The rating is downgraded to Sell from Neutral and the target price decreases to $6.30 from $6.40. 

Target price is $6.30 Current Price is $7.10 Difference: minus $0.8 (current price is over target).
If NHF meets the Citi target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.79, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 21.00 cents and EPS of 32.30 cents.
At the last closing share price the estimated dividend yield is 2.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.9, implying annual growth of N/A.

Current consensus DPS estimate is 19.9, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 20.7.

Forecast for FY23:

Citi forecasts a full year FY23 dividend of 21.50 cents and EPS of 32.70 cents.
At the last closing share price the estimated dividend yield is 3.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.1, implying annual growth of 3.8%.

Current consensus DPS estimate is 20.7, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 19.9.

Market Sentiment: -0.1

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


Credit Suisse rates NHF as Neutral (3) -

While nib Holdings reported an overall FY21 result at the bottom of guidance and below consensus, Credit Suisse notes the international headwinds appear to be well managed.

The broker has downgraded FY22/FY23 earnings by -7 and -5%, respectively, to account for greater iihi claims pressures.

Management called out an indirect covid impact of -$17m due to higher claims frequency and severity from stranded international students.

With ongoing strength in the core business and a significant turnaround expected once borders reopen, together with solid cost management in the interim, Credit Suisse sees nib as offering fair value at current levels.

The broker reiterates a Neutral rating and the price increases to $6.70 from $6.15.

Target price is $6.70 Current Price is $7.10 Difference: minus $0.4 (current price is over target).
If NHF meets the Credit Suisse target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.79, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 21.00 cents and EPS of 33.00 cents.
At the last closing share price the estimated dividend yield is 2.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.9, implying annual growth of N/A.

Current consensus DPS estimate is 19.9, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 20.7.

Forecast for FY23:

Credit Suisse forecasts a full year FY23 dividend of 22.00 cents and EPS of 34.00 cents.
At the last closing share price the estimated dividend yield is 3.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.1, implying annual growth of 3.8%.

Current consensus DPS estimate is 20.7, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 19.9.

Market Sentiment: -0.1

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


Macquarie rates NHF as Neutral (3) -

While policyholder growth and Australian Residents Health Insurance (ARHI) net margins were strong versus historical
performance, Macquarie assesses the overall result was -5.3% below consensus underlying operating profit (UOP) forecasts.

The broker feels ARHI net policyholder growth guidance of 2-3% looks conservative and lifts its target price to $6.85 from $6.30 and retains its Neutral rating. 

Variations in the pace of ARHI claims catch-up and the length of border closures for Students/Workers and Travel insurance are seen as risks by the analyst.

Target price is $6.85 Current Price is $7.10 Difference: minus $0.25 (current price is over target).
If NHF meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.79, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 23.00 cents and EPS of 36.00 cents.
At the last closing share price the estimated dividend yield is 3.24%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.9, implying annual growth of N/A.

Current consensus DPS estimate is 19.9, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 20.7.

Forecast for FY23:

Macquarie forecasts a full year FY23 dividend of 22.00 cents and EPS of 33.20 cents.
At the last closing share price the estimated dividend yield is 3.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.1, implying annual growth of 3.8%.

Current consensus DPS estimate is 20.7, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 19.9.

Market Sentiment: -0.1

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


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

FY21 results were in line with Morgan Stanley's estimates. The company will return $15m to customers through a premium discount over the December quarter. Policyholder growth of 2-3% is expected in FY22.

Equal-weight rating. Target is raised to $6.75 from $6.05. Industry view: In-line.

Target price is $6.75 Current Price is $7.10 Difference: minus $0.35 (current price is over target).
If NHF meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.79, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 EPS of 32.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.9, implying annual growth of N/A.

Current consensus DPS estimate is 19.9, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 20.7.

Forecast for FY23:

Morgan Stanley forecasts a full year FY23 EPS of 36.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.1, implying annual growth of 3.8%.

Current consensus DPS estimate is 20.7, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 19.9.

Market Sentiment: -0.1

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


Morgans rates NHF as Hold (3) -

Following FY21 results, Morgans lifts EPS forecasts. This reflects an increase in Australian residents health insurance (ARHI) forecasts on continuing covid claims benefits, offset to a degree by a softer International inbound health insurance (IIHI) outlook, explains the broker.

After a good recent share price rally, the analyst retains a Hold rating and lifts the target price to $6.81 from $6.66. It's thought difficult to assess how long claims tailwinds (linked to covid) will support ARHI profits.

Target price is $6.81 Current Price is $7.10 Difference: minus $0.29 (current price is over target).
If NHF meets the Morgans target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.79, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 19.50 cents and EPS of 32.70 cents.
At the last closing share price the estimated dividend yield is 2.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.9, implying annual growth of N/A.

Current consensus DPS estimate is 19.9, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 20.7.

Forecast for FY23:

Morgans forecasts a full year FY23 dividend of 19.90 cents and EPS of 33.20 cents.
At the last closing share price the estimated dividend yield is 2.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.1, implying annual growth of 3.8%.

Current consensus DPS estimate is 20.7, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 19.9.

Market Sentiment: -0.1

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


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

nib Holdings' reported profit came in below Ord Minnett's forecast. The result was strong in the Australian Residents Health Insurance division but disappointing in the International Inbound Health Insurance business, due to a sharp claims increase.

FY22 suggests International will again be very weak and loss-making but nib appears set to keep a material portion of the large covid benefits expected in FY22 for shareholders to boost Residents margins and offset International pressures.

On a net basis, this may make for a tougher premium setting. The broker pulls back to Hold from Accumulate, target falls to $7.00 from $7.08.

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

Target price is $7.00 Current Price is $7.10 Difference: minus $0.1 (current price is over target).
If NHF meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.79, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 17.00 cents and EPS of 29.00 cents.
At the last closing share price the estimated dividend yield is 2.39%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.9, implying annual growth of N/A.

Current consensus DPS estimate is 19.9, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 20.7.

Forecast for FY23:

Ord Minnett forecasts a full year FY23 dividend of 18.00 cents and EPS of 32.00 cents.
At the last closing share price the estimated dividend yield is 2.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.1, implying annual growth of 3.8%.

Current consensus DPS estimate is 20.7, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 19.9.

Market Sentiment: -0.1

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


UBS rates NHF as Neutral (3) -

FY21 underlying operating profit missed expectations and was at the lower end of guidance. UBS anticipates further savings into FY22 but considers it unclear as to the extent this will be neutralised by policyholder initiatives.

The broker suspects guidance will be reinstated after the premium round. Confidence is somewhat reduced and a Neutral rating is maintained. Target is unchanged at $7.10.

Target price is $7.10 Current Price is $7.10 Difference: $0
If NHF meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $6.79, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 18.00 cents and EPS of 28.00 cents.
At the last closing share price the estimated dividend yield is 2.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.9, implying annual growth of N/A.

Current consensus DPS estimate is 19.9, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 20.7.

Forecast for FY23:

UBS forecasts a full year FY23 EPS of 30.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.1, implying annual growth of 3.8%.

Current consensus DPS estimate is 20.7, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 19.9.

Market Sentiment: -0.1

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

OML  OOH!MEDIA LIMITED

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Overnight Price: $1.45

Credit Suisse rates OML as Neutral (3) -

oOh!media reported first half FY21 results ahead of Credit Suisse estimates at the revenue line and lower at the earnings and net profit level.

The third-quarter outlook points to slowing August/September, with revenue currently pacing at 74% of third-quarter FY19.

To reflect commentary that headcount will remain flat in second half, higher D&A and interest costs to reflect the first half FY21 run rate, and lower revenues in Fly, Locate and Commute, the broker has lowered FY21 earnings estimates.

Neutral rating is retained, and the target is reduced to $1.60 from $1.80.

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

Current consensus price target is $1.59, suggesting downside of -0.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 0.00 cents and EPS of 3.35 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 43.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.0, implying annual growth of N/A.

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

Current consensus EPS estimate suggests the PER is 53.3.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 0.00 cents and EPS of 9.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.8, implying annual growth of 160.0%.

Current consensus DPS estimate is 0.4, implying a prospective dividend yield of 0.3%.

Current consensus EPS estimate suggests the PER is 20.5.

Market Sentiment: 0.3

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


Macquarie rates OML as Outperform (1) -

After first half results, Macquarie lowers EPS forecasts for FY21-23 by -88%, -39% and -37%, respectively. This reflects expectations for lockdowns to persist until December 2021 and Fly and Locate (offices) remaining structurally impacted post-covid.

While revenue was in-line it was offset by higher staff costs, though with fixed costs now captured, any recovery will result in material positive operating leverage, points out the analyst. The target price falls to $1.62 from $2.15 and the Outperform rating is unchanged.

Management indicated any campaign deferrals were typically pushed to the fourth quarter, attracting a higher yield, which Macquarie views as a positive.

Target price is $1.62 Current Price is $1.45 Difference: $0.17
If OML meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $1.59, suggesting downside of -0.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 0.00 cents and EPS of 0.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 207.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.0, implying annual growth of N/A.

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

Current consensus EPS estimate suggests the PER is 53.3.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 1.10 cents and EPS of 5.30 cents.
At the last closing share price the estimated dividend yield is 0.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.8, implying annual growth of 160.0%.

Current consensus DPS estimate is 0.4, implying a prospective dividend yield of 0.3%.

Current consensus EPS estimate suggests the PER is 20.5.

Market Sentiment: 0.3

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


Ord Minnett rates OML as Hold (3) -

oOh!media's first half revenue and earnings beat the broker's forecasts. Looking ahead, lockdowns (A&NZ) will impact for an indeterminate length, the broker notes, but definitely in the second half 2021.

While the company will be one of the first to rebound swiftly once lockdowns end, the broker is cautious on valuation given the uncertainty.

Hold retained, target falls to $1.55 from $1.80.

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

Target price is $1.55 Current Price is $1.45 Difference: $0.1
If OML meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $1.59, suggesting downside of -0.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 0.00 cents and EPS of 5.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.0, implying annual growth of N/A.

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

Current consensus EPS estimate suggests the PER is 53.3.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 0.00 cents and EPS of 9.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.8, implying annual growth of 160.0%.

Current consensus DPS estimate is 0.4, implying a prospective dividend yield of 0.3%.

Current consensus EPS estimate suggests the PER is 20.5.

Market Sentiment: 0.3

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

OSH  OIL SEARCH LIMITED

NatGas

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Overnight Price: $3.70

Ord Minnett rates OSH as Buy (1) -

In a first glance at Oil Search's first half FY21 results, Ord Minnett notes strong financial metrics. The company's underlying earnings of US$502m marked a 14% beat on the broker's forecast, while underlying profits of US$139m were a 42% beat.

Ord Minnett highlights, while production costs were in line, other costs were lower than expected. 

Buy rating and target price of $5.50.

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

Target price is $5.50 Current Price is $3.70 Difference: $1.8
If OSH meets the Ord Minnett target it will return approximately 49% (excluding dividends, fees and charges).

Current consensus price target is $4.57, suggesting upside of 19.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 10.65 cents and EPS of 23.96 cents.
At the last closing share price the estimated dividend yield is 2.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.7, implying annual growth of N/A.

Current consensus DPS estimate is 11.3, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 14.3.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 13.31 cents and EPS of 30.61 cents.
At the last closing share price the estimated dividend yield is 3.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.1, implying annual growth of 24.0%.

Current consensus DPS estimate is 14.2, implying a prospective dividend yield of 3.7%.

Current consensus EPS estimate suggests the PER is 11.5.

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

Market Sentiment: 0.5

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

PGL  PROSPA GROUP LIMITED

Business & Consumer Credit

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Overnight Price: $1.14

Macquarie rates PGL as Neutral (3) -

Prospa Group's FY21 result was in-line with the trading update issued for the fourth quarter. Macquarie points out that while originations and revenue growth were positive, operating expenses were also up. The Neutral rating and $1.25 target are retained.

While cashflow estimates are largely unchanged, the analyst cautions a risk to the target price is a lack of operating leverage and failure to generate cash flow.

Target price is $1.25 Current Price is $1.14 Difference: $0.11
If PGL meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 3.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 35.62.

Forecast for FY23:

Macquarie forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 2.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 49.57.

Market Sentiment: 0.0

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

PPH  PUSHPAY HOLDINGS LIMITED

Software & Services

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Overnight Price: $1.60

Ord Minnett rates PPH as Hold (3) -

Pushpay Holdings will acquire Resi Media, a live streaming platform provider with customers predominantly in the faith sector, for US$150m. The company will fund the transaction with a mix of cash and scrip with the cash consideration supported by a US$90m debt facility.

Ord Minnett believes the acquisition makes strategic sense as it offers another cross selling opportunity. Yet, the multiple paid appears to the broker as a premium price. Hold rating maintained. Target rises to $1.90 from $1.84.

Target price is $1.90 Current Price is $1.60 Difference: $0.3
If PPH meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $1.90, suggesting upside of 13.1% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 0.00 cents and EPS of 5.06 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.7, implying annual growth of N/A.

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

Current consensus EPS estimate suggests the PER is 29.5.

Forecast for FY23:

Ord Minnett forecasts a full year FY23 dividend of 0.00 cents and EPS of 5.86 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.0, implying annual growth of 22.8%.

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

Current consensus EPS estimate suggests the PER is 24.0.

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

Market Sentiment: 0.0

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


UBS rates PPH as Neutral (3) -

Pushpay Holdings has bought Resi Media for US$150m. UBS observes the acquisition should stimulate more front book growth and allow the company to help churches in a hybrid church environment with physical and virtual attendance.

To be value accretive the broker estimates Resi would need to generate around 15% growth in revenue over the next 15 years.

UBS retains a Neutral rating and NZ$1.80 target.

Current Price is $1.60. Target price not assessed.

Current consensus price target is $1.90, suggesting upside of 13.1% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 0.00 cents and EPS of 5.32 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.7, implying annual growth of N/A.

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

Current consensus EPS estimate suggests the PER is 29.5.

Forecast for FY23:

UBS forecasts a full year FY23 dividend of 0.00 cents and EPS of 6.65 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.0, implying annual growth of 22.8%.

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

Current consensus EPS estimate suggests the PER is 24.0.

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

Market Sentiment: 0.0

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

PSI  PSC INSURANCE GROUP LIMITED

Insurance

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Overnight Price: $4.10

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

PSC Insurance Group's FY21 result was a 3% beat over Macquarie's underlying profit (NPATA) forecast, largely due to lower costs and interest expenses. On valuation and lower upside risk from acquisitions, the broker lowers its rating to Neutral from Outperform.

The broker estimates the group has around $36m of acquisition capacity left compared to the mid-point of the gearing target range. FY22 guidance is for earnings (EBITDA) of $84m-$89m and profit of between $54m-$58m. Target rises to $4.10 from $3.85.

Target price is $4.10 Current Price is $4.10 Difference: $0
If PSI meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 12.20 cents and EPS of 16.80 cents.
At the last closing share price the estimated dividend yield is 2.98%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.40.

Forecast for FY23:

Macquarie forecasts a full year FY23 dividend of 12.10 cents and EPS of 17.40 cents.
At the last closing share price the estimated dividend yield is 2.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.56.

Market Sentiment: 0.0

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

RWC  RELIANCE WORLDWIDE CORP. LIMITED

Building Products & Services

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Overnight Price: $5.85

Credit Suisse rates RWC as Outperform (1) -

Reliance Worldwide Corp FY21 delivered FY21 net profit 9% above consensus, and no FY22 earnings guidance was given.

Given that peer reports suggest Europe, Middle East, Africa (EMEA) has improved since Reliance's last trading update in April 2021, Credit Suisse has increased forecasts to 2.2% FY22 growth.

Outperform rating is retained given good operating performance and above-market growth, which the broker contends will see the company re-rate to a sustainably higher multiple as the disappointments of FY19 fade, and as concerns over retaining FY20 growth unwind.

Target is raised to $6.40 from $5.40.

Target price is $6.40 Current Price is $5.85 Difference: $0.55
If RWC meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $6.29, suggesting upside of 11.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 14.00 cents and EPS of 25.11 cents.
At the last closing share price the estimated dividend yield is 2.39%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.9, implying annual growth of N/A.

Current consensus DPS estimate is 13.9, implying a prospective dividend yield of 2.5%.

Current consensus EPS estimate suggests the PER is 21.0.

Forecast for FY23:

Credit Suisse forecasts a full year FY23 dividend of 15.00 cents and EPS of 26.79 cents.
At the last closing share price the estimated dividend yield is 2.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.8, implying annual growth of 7.1%.

Current consensus DPS estimate is 14.9, implying a prospective dividend yield of 2.6%.

Current consensus EPS estimate suggests the PER is 19.6.

Market Sentiment: 0.7

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


Macquarie rates RWC as Neutral (3) -

FY21 results beat Macquarie and consensus forecasts. This was considered due to a strong cash performance and the securing of price adjustments that mitigate raw material cost increases. The broker lifts its price target to $5.70 from $5.50 and retains the Neutral rating.

In large part, the analyst's EPS forecast increases were driven by the broker's internal FX changes and the incorporation of the LCL acquisition.

The broker notes the key upside risk driver is that trading continues to surprise as covid lingers and drives consumer spending on homes. Management expects growth rates to slow significantly.

Target price is $5.70 Current Price is $5.85 Difference: minus $0.15 (current price is over target).
If RWC 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 $6.29, suggesting upside of 11.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 14.00 cents and EPS of 29.60 cents.
At the last closing share price the estimated dividend yield is 2.39%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.9, implying annual growth of N/A.

Current consensus DPS estimate is 13.9, implying a prospective dividend yield of 2.5%.

Current consensus EPS estimate suggests the PER is 21.0.

Forecast for FY23:

Macquarie forecasts a full year FY23 dividend of 15.00 cents and EPS of 31.00 cents.
At the last closing share price the estimated dividend yield is 2.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.8, implying annual growth of 7.1%.

Current consensus DPS estimate is 14.9, implying a prospective dividend yield of 2.6%.

Current consensus EPS estimate suggests the PER is 19.6.

Market Sentiment: 0.7

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


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

FY21 results were ahead of expectations. Morgan Stanley envisages only modest growth over the next two years as strong demand is partially offset by supply constraints in the building industry.

The continuation of any stay-at-home trends present some upside risk to earnings while the broker notes the balance sheet is strong, providing scope for future capital management or acquisitions.

Equal-weight rating retained. Target is raised to $6 from $5. Industry view is In-Line. 

Target price is $6.00 Current Price is $5.85 Difference: $0.15
If RWC meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $6.29, suggesting upside of 11.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 13.00 cents and EPS of 26.00 cents.
At the last closing share price the estimated dividend yield is 2.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.9, implying annual growth of N/A.

Current consensus DPS estimate is 13.9, implying a prospective dividend yield of 2.5%.

Current consensus EPS estimate suggests the PER is 21.0.

Forecast for FY23:

Morgan Stanley forecasts a full year FY23 dividend of 13.00 cents and EPS of 27.00 cents.
At the last closing share price the estimated dividend yield is 2.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.8, implying annual growth of 7.1%.

Current consensus DPS estimate is 14.9, implying a prospective dividend yield of 2.6%.

Current consensus EPS estimate suggests the PER is 19.6.

Market Sentiment: 0.7

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


Morgans rates RWC as Add (1) -

The FY21 result was comfortably above Morgans expectations as the group earnings (EBITDA) margin rose 450 basis points to 26.1%, despite input cost pressures. While there was no guidance, July sales growth was positive in all three regions with group sales up 9%.

All three segments delivered earnings growth above the analyst's expectations in FY21. The broker moves forecasts to US dollars and lifts estimates, resulting in a rise in target price to $6.50 from $5.70. The Add rating is unchanged.

Target price is $6.50 Current Price is $5.85 Difference: $0.65
If RWC meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $6.29, suggesting upside of 11.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 13.31 cents and EPS of 26.62 cents.
At the last closing share price the estimated dividend yield is 2.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.9, implying annual growth of N/A.

Current consensus DPS estimate is 13.9, implying a prospective dividend yield of 2.5%.

Current consensus EPS estimate suggests the PER is 21.0.

Forecast for FY23:

Morgans forecasts a full year FY23 dividend of 14.64 cents and EPS of 27.95 cents.
At the last closing share price the estimated dividend yield is 2.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.8, implying annual growth of 7.1%.

Current consensus DPS estimate is 14.9, implying a prospective dividend yield of 2.6%.

Current consensus EPS estimate suggests the PER is 19.6.

Market Sentiment: 0.7

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


Ord Minnett rates RWC as Buy (1) -

Reliance Worldwide beat the broker with a strong result. The company pointed to a step-change in demand in its Americas segment, but strong demand is equally apparent in Asia-Pacific and Europe.

The company will aggressively increase capex to boost production capacity but the broker expects further earnings improvement in FY22-23. Potential acquisitions and/or capital management could add to growth prospects.

Buy retained, target rises to $7.00 from $6.20.

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

Target price is $7.00 Current Price is $5.85 Difference: $1.15
If RWC meets the Ord Minnett target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $6.29, suggesting upside of 11.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 15.00 cents and EPS of 28.80 cents.
At the last closing share price the estimated dividend yield is 2.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.9, implying annual growth of N/A.

Current consensus DPS estimate is 13.9, implying a prospective dividend yield of 2.5%.

Current consensus EPS estimate suggests the PER is 21.0.

Forecast for FY23:

Ord Minnett forecasts a full year FY23 dividend of 17.00 cents and EPS of 31.50 cents.
At the last closing share price the estimated dividend yield is 2.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.8, implying annual growth of 7.1%.

Current consensus DPS estimate is 14.9, implying a prospective dividend yield of 2.6%.

Current consensus EPS estimate suggests the PER is 19.6.

Market Sentiment: 0.7

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

S32  SOUTH32 LIMITED

Mining

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Overnight Price: $2.84

UBS rates S32 as Buy (1) -

FY21 results provided solid cash returns and UBS notes the buyback has been lifted by $120m. In 2021 the company will return around $800m to shareholders, or 8% of market cap.

The broker believes the portfolio has improved with the exit of loss-making South Africa Energy Coal and offers growth in base metals over the medium term. No further material divestments are expected.

UBS retains a Buy rating and reduces the target to $3.40 from $3.50.

Target price is $3.40 Current Price is $2.84 Difference: $0.56
If S32 meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $3.57, suggesting upside of 24.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 10.65 cents and EPS of 29.28 cents.
At the last closing share price the estimated dividend yield is 3.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.7, implying annual growth of N/A.

Current consensus DPS estimate is 13.3, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 9.1.

Forecast for FY23:

UBS forecasts a full year FY23 EPS of 29.28 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.7, implying annual growth of -6.3%.

Current consensus DPS estimate is 15.0, implying a prospective dividend yield of 5.2%.

Current consensus EPS estimate suggests the PER is 9.7.

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

Market Sentiment: 1.0

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

SCG  SCENTRE GROUP

REITs

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Overnight Price: $2.55

Ord Minnett rates SCG as Hold (3) -

Scentre Group's first half FY21 funds from operations (FFO) was $463m, marginally below Ord Minnett's $469m forecast.

Scentre booked an additional -$45m of expected credit charges (rent assistance) in the first half and wrote back $57m of FY20 provisions, which boosted the net property income.

In an early response following the result, the broker notes retail conditions appear to have broadly improved within the group's portfolio in the first half, albeit renewed restrictions cloud the outlook for the second half.

Consensus FY21 FFO is 19.4c and the broker expects there to be downgrades given the disruption from restrictions. Hold rating and price target of $3.

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

Target price is $3.00 Current Price is $2.55 Difference: $0.45
If SCG meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $2.84, suggesting upside of 4.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 14.00 cents and EPS of 19.00 cents.
At the last closing share price the estimated dividend yield is 5.49%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.1, implying annual growth of N/A.

Current consensus DPS estimate is 14.0, implying a prospective dividend yield of 5.1%.

Current consensus EPS estimate suggests the PER is 14.3.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 16.00 cents and EPS of 22.00 cents.
At the last closing share price the estimated dividend yield is 6.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.0, implying annual growth of 9.9%.

Current consensus DPS estimate is 15.0, implying a prospective dividend yield of 5.5%.

Current consensus EPS estimate suggests the PER is 13.0.

Market Sentiment: -0.2

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

SEK  SEEK LIMITED

Jobs & Skilled Labour Services

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Overnight Price: $31.51

Ord Minnett rates SEK as Hold (3) -

Seek reported FY21 revenues in line with Ord Minnett estimate at the group level, while A&NZ performance was a beat.

The broker's initial response notes that group earnings was a miss due to lower than expected contribution from Zhaopin and Online Education Services (OES).

Seek provided further detail on the platform unification project, with the transition to the centralised platform expected to take 3 years with aggregate FY22 costs of up to -$35m and overall costs of -$125m over 3 years.

With the new FY22 guidance, the broker expects consensus earnings to decrease, whereas net profit consensus (mean) is slightly above the mid-point of the guidance range.

Hold rating and $31 price target.

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

Target price is $31.00 Current Price is $31.51 Difference: minus $0.51 (current price is over target).
If SEK 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 $31.52, suggesting upside of 0.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 35.00 cents and EPS of 40.00 cents.
At the last closing share price the estimated dividend yield is 1.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 78.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.8, implying annual growth of N/A.

Current consensus DPS estimate is 28.9, implying a prospective dividend yield of 0.9%.

Current consensus EPS estimate suggests the PER is 74.9.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 26.00 cents and EPS of 44.00 cents.
At the last closing share price the estimated dividend yield is 0.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 71.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 57.3, implying annual growth of 37.1%.

Current consensus DPS estimate is 37.1, implying a prospective dividend yield of 1.2%.

Current consensus EPS estimate suggests the PER is 54.6.

Market Sentiment: 0.7

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

SHL  SONIC HEALTHCARE LIMITED

Healthcare services

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Overnight Price: $41.65

Citi rates SHL as Neutral (3) -

Given elevated earnings through the pandemic, Sonic Healthcare is pursuing merger and acquisition opportunities. Macquarie notes this could represent upside to the earnings forecast. 

The company is yet to provide guidance for FY22, citing unpredictability. While the company's FY21 earnings of 273.1 per share were a slight miss on consensus, the broker highlights earnings remain difficult to predict.

The broker lifts earnings per share forecasts by 33% and 12% for FY22 and FY23 respectively to reflect the sustained trend of increased covid testing.

The Neutral rating is retained and the target price increases to $42.00 from $37.50.

Target price is $42.00 Current Price is $41.65 Difference: $0.35
If SHL meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $42.40, suggesting upside of 0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 105.00 cents and EPS of 242.00 cents.
At the last closing share price the estimated dividend yield is 2.52%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 216.0, implying annual growth of N/A.

Current consensus DPS estimate is 98.7, implying a prospective dividend yield of 2.3%.

Current consensus EPS estimate suggests the PER is 19.5.

Forecast for FY23:

Citi forecasts a full year FY23 dividend of 109.00 cents and EPS of 154.10 cents.
At the last closing share price the estimated dividend yield is 2.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 152.4, implying annual growth of -29.4%.

Current consensus DPS estimate is 103.9, implying a prospective dividend yield of 2.5%.

Current consensus EPS estimate suggests the PER is 27.7.

Market Sentiment: 0.4

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


Credit Suisse rates SHL as Outperform (1) -

Sonic Healthcare reported FY21 earnings of $2,560m, in line with consensus, and recorded underlying strength in all key markets, with imaging up 19%.

FY22 guidance was not provided.

Despite it being increasingly likely that strong covid testing rates and reimbursements could prevail in the short-medium term, to be conservative, Credit Suisse assumes reimbursement and testing rates decline with only $150m covid earnings contribution in second half FY22.

The broker notes Sonic is very confident about the many M&A opportunities and is not increasing its dividend despite its strong cash flow and capital position.

Outperform rating retained. Target rises to $45 from $43.50.

Target price is $45.00 Current Price is $41.65 Difference: $3.35
If SHL meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $42.40, suggesting upside of 0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 97.35 cents and EPS of 234.00 cents.
At the last closing share price the estimated dividend yield is 2.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 216.0, implying annual growth of N/A.

Current consensus DPS estimate is 98.7, implying a prospective dividend yield of 2.3%.

Current consensus EPS estimate suggests the PER is 19.5.

Forecast for FY23:

Credit Suisse forecasts a full year FY23 dividend of 102.22 cents and EPS of 163.00 cents.
At the last closing share price the estimated dividend yield is 2.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 152.4, implying annual growth of -29.4%.

Current consensus DPS estimate is 103.9, implying a prospective dividend yield of 2.5%.

Current consensus EPS estimate suggests the PER is 27.7.

Market Sentiment: 0.4

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


Macquarie rates SHL as Neutral (3) -

After FY21 results, Macquarie assesses revenue was -1% below expectation and earnings (EBITDA) were -4% below, due to higher depreciation & amortisation and tax. 

The broker highlights earnings were strongly supported by covid-19 testing volumes and increases assumptions for FY22 in-line with recent trends. The Neutral rating is unchanged as recent transaction multiples appear elevated.

Macquarie lifts its target price to $40.50 from $38.75 and sees a favourable near-term outlook with a degree of uncertainty over the medium term.

Target price is $40.50 Current Price is $41.65 Difference: minus $1.15 (current price is over target).
If SHL 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 $42.40, suggesting upside of 0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 100.00 cents and EPS of 244.20 cents.
At the last closing share price the estimated dividend yield is 2.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 216.0, implying annual growth of N/A.

Current consensus DPS estimate is 98.7, implying a prospective dividend yield of 2.3%.

Current consensus EPS estimate suggests the PER is 19.5.

Forecast for FY23:

Macquarie forecasts a full year FY23 dividend of 102.00 cents and EPS of 147.20 cents.
At the last closing share price the estimated dividend yield is 2.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 152.4, implying annual growth of -29.4%.

Current consensus DPS estimate is 103.9, implying a prospective dividend yield of 2.5%.

Current consensus EPS estimate suggests the PER is 27.7.

Market Sentiment: 0.4

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


Morgan Stanley rates SHL as Overweight (1) -

FY21 results were below Morgan Stanley's estimates because of a lower share of US testing. Sequentially, revenue was up 5% in the second half.

Despite some measures being below expectations, the broker points out variability was always going to be a challenge with covid-19 testing, and remains encouraged by the superior performance of the base business.

Overweight maintained. Target is raised to $43.00 from $39.50. Industry view: In-line.

Target price is $43.00 Current Price is $41.65 Difference: $1.35
If SHL meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $42.40, suggesting upside of 0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 91.20 cents and EPS of 178.00 cents.
At the last closing share price the estimated dividend yield is 2.19%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 216.0, implying annual growth of N/A.

Current consensus DPS estimate is 98.7, implying a prospective dividend yield of 2.3%.

Current consensus EPS estimate suggests the PER is 19.5.

Forecast for FY23:

Morgan Stanley forecasts a full year FY23 dividend of 110.00 cents and EPS of 150.00 cents.
At the last closing share price the estimated dividend yield is 2.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 152.4, implying annual growth of -29.4%.

Current consensus DPS estimate is 103.9, implying a prospective dividend yield of 2.5%.

Current consensus EPS estimate suggests the PER is 27.7.

Market Sentiment: 0.4

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


Morgans rates SHL as Add (1) -

FY21 underlying results were in-line with consensus expectations, with covid testing driving upside across all laboratory businesses. There's considered a strong outlook, given increased delta variant testing and emerging related activities along with a solid base business.

The base testing business (ex-covid) continues to demonstrate resilience, while Imaging posted double digit growth and market share gains offsetting modest sales softness in the pandemic-impacted Clinical Services, explains the analyst.

While covid uncertainty is likely to continue to cloud the near and medium term, Morgans believes there will likely be continued organic growth and retains its Add rating. The target price increases to $45.98 from $36.15.

Target price is $45.98 Current Price is $41.65 Difference: $4.33
If SHL meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $42.40, suggesting upside of 0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 95.00 cents and EPS of 211.00 cents.
At the last closing share price the estimated dividend yield is 2.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 216.0, implying annual growth of N/A.

Current consensus DPS estimate is 98.7, implying a prospective dividend yield of 2.3%.

Current consensus EPS estimate suggests the PER is 19.5.

Forecast for FY23:

Morgans forecasts a full year FY23 dividend of 99.00 cents and EPS of 152.00 cents.
At the last closing share price the estimated dividend yield is 2.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 152.4, implying annual growth of -29.4%.

Current consensus DPS estimate is 103.9, implying a prospective dividend yield of 2.5%.

Current consensus EPS estimate suggests the PER is 27.7.

Market Sentiment: 0.4

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


Ord Minnett rates SHL as Hold (3) -

Another year of covid testing led Sonic Healthcare to more than double its profit from last year and beat the broker's forecast. An assumed special dividend did not appear, with Sonic sticking to its progressive dividend policy.

First half FY22 should see even more covid testing, the broker suggests, before winding down to no longer be the driver by FY23. But in the interim Sonic can use its cash windfall to pursue M&A to boost its routine lab business.

Target rises to $45 from $40, Hold retained.

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

Target price is $45.00 Current Price is $41.65 Difference: $3.35
If SHL meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $42.40, suggesting upside of 0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 97.00 cents and EPS of 236.00 cents.
At the last closing share price the estimated dividend yield is 2.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 216.0, implying annual growth of N/A.

Current consensus DPS estimate is 98.7, implying a prospective dividend yield of 2.3%.

Current consensus EPS estimate suggests the PER is 19.5.

Forecast for FY23:

Ord Minnett forecasts a full year FY23 dividend of 101.00 cents and EPS of 148.00 cents.
At the last closing share price the estimated dividend yield is 2.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 152.4, implying annual growth of -29.4%.

Current consensus DPS estimate is 103.9, implying a prospective dividend yield of 2.5%.

Current consensus EPS estimate suggests the PER is 27.7.

Market Sentiment: 0.4

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

TPG  TPG TELECOM LIMITED

Telecommunication

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Overnight Price: $6.20

UBS rates TPG as Buy (1) -

Further to the first half results UBS envisages a clear path to growth and options around the tower assets. The broker forecasts operating earnings in 2021 will drop by -3% and also downgrades FY22 forecasts by -7%.

Yet the path to growth over the medium term exists and the broker highlights the fixed wireless launch, which appears promising. Buy rating and $7.60 target unchanged.

Target price is $7.60 Current Price is $6.20 Difference: $1.4
If TPG meets the UBS target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $7.53, suggesting upside of 22.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 14.00 cents and EPS of 13.00 cents.
At the last closing share price the estimated dividend yield is 2.26%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 47.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.6, implying annual growth of -77.2%.

Current consensus DPS estimate is 11.0, implying a prospective dividend yield of 1.8%.

Current consensus EPS estimate suggests the PER is 42.1.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 18.00 cents and EPS of 15.00 cents.
At the last closing share price the estimated dividend yield is 2.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 41.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.2, implying annual growth of 31.5%.

Current consensus DPS estimate is 12.0, implying a prospective dividend yield of 2.0%.

Current consensus EPS estimate suggests the PER is 32.0.

Market Sentiment: 0.7

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

VRT  VIRTUS HEALTH LIMITED

Healthcare services

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Overnight Price: $7.19

Macquarie rates VRT as Outperform (1) -

FY21 earnings were below Macquarie's expectations, impacted by lower-than-expected Australian cycle volumes. However, there's thought to be a positive medium-longer-term outlook.

The broker raises the target price to $7.50 from $7.15 despite lowering EPS estimates to reflect the lower Australian cycle volumes, partially offset by accretion from the Adora Fertility transaction.

The company has agreed to acquire Adora Fertility from Healius ((HLS)) for -$45m.

Target price is $7.50 Current Price is $7.19 Difference: $0.31
If VRT meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $6.85, suggesting upside of 0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 25.50 cents and EPS of 50.90 cents.
At the last closing share price the estimated dividend yield is 3.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.4, implying annual growth of N/A.

Current consensus DPS estimate is 24.6, implying a prospective dividend yield of 3.6%.

Current consensus EPS estimate suggests the PER is 16.1.

Forecast for FY23:

Macquarie forecasts a full year FY23 dividend of 30.00 cents and EPS of 50.10 cents.
At the last closing share price the estimated dividend yield is 4.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 50.1, implying annual growth of 18.2%.

Current consensus DPS estimate is 30.0, implying a prospective dividend yield of 4.4%.

Current consensus EPS estimate suggests the PER is 13.7.

Market Sentiment: 0.5

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

Today's Price Target Changes
Company Last Price Broker New Target Prev Target Change
AD8 Audinate Group $10.16 Credit Suisse 11.40 9.70 17.53%
Morgan Stanley 12.00 10.00 20.00%
UBS 11.75 11.30 3.98%
ALD Ampol $27.27 Credit Suisse 28.72 29.87 -3.85%
UBS 34.50 33.50 2.99%
BAP Bapcor $7.58 Macquarie 8.55 8.90 -3.93%
CHC Charter Hall $18.13 Citi 21.00 17.50 20.00%
Credit Suisse 18.87 15.43 22.29%
Macquarie 19.95 17.42 14.52%
Morgan Stanley 19.95 17.45 14.33%
Ord Minnett 20.00 16.50 21.21%
UBS 19.30 17.00 13.53%
CHL Camplify $1.50 Morgans 1.99 1.88 5.85%
COE Cooper Energy $0.21 Morgans 0.31 0.29 6.90%
Ord Minnett 0.39 0.45 -13.33%
DEL Delorean Corp $0.22 Morgans 0.20 0.25 -20.00%
ECF Elanor Commercial Property Fund $1.11 Ord Minnett 1.08 1.14 -5.26%
EVT Event Hospitality & Entertainment $14.10 Ord Minnett 17.21 13.96 23.28%
MHJ Michael Hill International $0.86 Citi 0.90 0.93 -3.23%
Macquarie 1.08 1.00 8.00%
NHF nib Holdings $6.59 Citi 6.30 6.40 -1.56%
Credit Suisse 6.70 6.15 8.94%
Macquarie 6.85 6.30 8.73%
Morgan Stanley 6.75 6.05 11.57%
Morgans 6.81 6.66 2.25%
Ord Minnett 7.00 7.08 -1.13%
UBS 7.10 7.10 0.00%
OML oOh!media $1.60 Credit Suisse 1.60 1.80 -11.11%
Macquarie 1.62 2.15 -24.65%
Ord Minnett 1.55 1.80 -13.89%
PPH Pushpay $1.68 Ord Minnett 1.90 1.84 3.26%
PSI PSC Insurance $4.16 Macquarie 4.10 3.85 6.49%
RWC Reliance Worldwide $5.64 Credit Suisse 6.40 5.40 18.52%
Macquarie 5.70 5.50 3.64%
Morgan Stanley 6.00 5.00 20.00%
Morgans 6.50 5.70 14.04%
Ord Minnett 7.00 6.20 12.90%
S32 South32 $2.88 UBS 3.40 3.50 -2.86%
SHL Sonic Healthcare $42.21 Citi 42.00 37.50 12.00%
Credit Suisse 45.00 43.50 3.45%
Macquarie 40.50 38.75 4.52%
Morgan Stanley 43.00 39.50 8.86%
Morgans 45.98 36.15 27.19%
Ord Minnett 45.00 40.00 12.50%
VRT Virtus Health $6.84 Macquarie 7.50 7.15 4.90%
Summaries
AD8 Audinate Group Outperform - Credit Suisse Overnight Price $10.55
Overweight - Morgan Stanley Overnight Price $10.55
Buy - UBS Overnight Price $10.55
ALD Ampol Neutral - Credit Suisse Overnight Price $26.22
Outperform - Macquarie Overnight Price $26.22
Overweight - Morgan Stanley Overnight Price $26.22
Buy - UBS Overnight Price $26.22
ANN Ansell Buy - Citi Overnight Price $40.50
Accumulate - Ord Minnett Overnight Price $40.50
ASB Austal Hold - Ord Minnett Overnight Price $2.51
AWC Alumina Hold - Ord Minnett Overnight Price $1.65
BAP Bapcor Outperform - Macquarie Overnight Price $7.50
BLD Boral Lighten - Ord Minnett Overnight Price $6.85
BTH Bigtincan Overweight - Morgan Stanley Overnight Price $1.20
CHC Charter Hall Buy - Citi Overnight Price $18.37
Neutral - Credit Suisse Overnight Price $18.37
Outperform - Macquarie Overnight Price $18.37
Overweight - Morgan Stanley Overnight Price $18.37
Accumulate - Ord Minnett Overnight Price $18.37
Downgrade to Neutral from Buy - UBS Overnight Price $18.37
CHL Camplify Add - Morgans Overnight Price $1.54
CNU Chorus Sell - UBS Overnight Price $6.64
COE Cooper Energy Add - Morgans Overnight Price $0.20
Buy - Ord Minnett Overnight Price $0.20
CWY Cleanaway Waste Management Accumulate - Ord Minnett Overnight Price $2.61
DEL Delorean Corp Downgrade to Hold from Add - Morgans Overnight Price $0.22
DRR Deterra Royalties Neutral - Citi Overnight Price $4.12
ECF Elanor Commercial Property Fund Accumulate - Ord Minnett Overnight Price $1.11
EVT Event Hospitality & Entertainment Buy - Ord Minnett Overnight Price $13.25
GEM G8 Education Neutral - Macquarie Overnight Price $0.99
Equal-weight - Morgan Stanley Overnight Price $0.99
HLS Healius Accumulate - Ord Minnett Overnight Price $5.26
HUB HUB24 Accumulate - Ord Minnett Overnight Price $25.97
LFS Latitude Group Outperform - Macquarie Overnight Price $2.40
M7T Mach7 Technologies Add - Morgans Overnight Price $0.96
MHJ Michael Hill International Neutral - Citi Overnight Price $0.84
Outperform - Macquarie Overnight Price $0.84
MMS Mcmillan Shakespeare Hold - Ord Minnett Overnight Price $13.38
MND Monadelphous Group Hold - Ord Minnett Overnight Price $11.79
NHF nib Holdings Downgrade to Sell from Neutral - Citi Overnight Price $7.10
Neutral - Credit Suisse Overnight Price $7.10
Neutral - Macquarie Overnight Price $7.10
Equal-weight - Morgan Stanley Overnight Price $7.10
Hold - Morgans Overnight Price $7.10
Downgrade to Hold from Accumulate - Ord Minnett Overnight Price $7.10
Neutral - UBS Overnight Price $7.10
OML oOh!media Neutral - Credit Suisse Overnight Price $1.45
Outperform - Macquarie Overnight Price $1.45
Hold - Ord Minnett Overnight Price $1.45
OSH Oil Search Buy - Ord Minnett Overnight Price $3.70
PGL Prospa Group Neutral - Macquarie Overnight Price $1.14
PPH Pushpay Hold - Ord Minnett Overnight Price $1.60
Neutral - UBS Overnight Price $1.60
PSI PSC Insurance Downgrade to Neutral from Outperform - Macquarie Overnight Price $4.10
RWC Reliance Worldwide Outperform - Credit Suisse Overnight Price $5.85
Neutral - Macquarie Overnight Price $5.85
Equal-weight - Morgan Stanley Overnight Price $5.85
Add - Morgans Overnight Price $5.85
Buy - Ord Minnett Overnight Price $5.85
S32 South32 Buy - UBS Overnight Price $2.84
SCG Scentre Group Hold - Ord Minnett Overnight Price $2.55
SEK Seek Hold - Ord Minnett Overnight Price $31.51
SHL Sonic Healthcare Neutral - Citi Overnight Price $41.65
Outperform - Credit Suisse Overnight Price $41.65
Neutral - Macquarie Overnight Price $41.65
Overweight - Morgan Stanley Overnight Price $41.65
Add - Morgans Overnight Price $41.65
Hold - Ord Minnett Overnight Price $41.65
TPG TPG Telecom Buy - UBS Overnight Price $6.20
VRT Virtus Health Outperform - Macquarie Overnight Price $7.19
RATING SUMMARY
Rating No. Of Recommendations
1. Buy

30

2. Accumulate

6

3. Hold

31

4. Reduce

1

5. Sell

2

Tuesday 24 August 2021

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Disclaimer:
The content of this information does in no way reflect the opinions of FNArena, or of its journalists. In fact we don't have any opinion about the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe and comment on. By doing so we believe we provide intelligent investors with a valuable tool that helps them in making up their own minds, reading market trends and getting a feel for what is happening beneath the surface. This document is provided for informational purposes only. It does not constitute an offer to sell or a solicitation to buy any security or other financial instrument. FNArena employs very experienced journalists who base their work on information believed to be reliable and accurate, though no guarantee is given that the daily report is accurate or complete. Investors should contact their personal adviser before making any investment decision.