Australian Broker Call

Morgan Stanley rates AD8 as Overweight (1) -

While noting 2H risks from low supply visibilty (despite reiterated guidance), Morgan Stanley remains convinced of Audinate's long-term growth story. First half results were a 6.5% beat versus the consensus estimate.

Even with an increased 2H cash burn forecast, the analyst sees an ample cash runway. The Overweight rating is retained on a greater than six months view, while the target price slips to $10.50 from $12. Industry view is In-Line.

Target price is $10.50 Current Price is $7.44 Difference: $3.06
If AD8 meets the Morgan Stanley target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $10.60, suggesting upside of 42.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

UBS rates AD8 as Buy (1) -

Audinate Group reported 33% year-on-year revenue growth and 11% earnings growth in the first half, both a beat on UBS's forecasts. 

While Audinate Group continues to strengthen long-term opportunity, with product releases opening new revenue streams, supply chain constraints will likely continue to impact into FY23. Chip shortages have seen the Brooklyn-III launch delayed to the first half of FY23. 

Shortages have seen chip prices increase 10-15%, and the broker notes these were largely passed on to the manufacturer.  

The Buy rating is retained and the target price decreases to $10.30 from $10.75.

Target price is $10.30 Current Price is $7.44 Difference: $2.86
If AD8 meets the UBS target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $10.60, suggesting upside of 42.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Citi rates AKE as Buy (1) -

Citi’s commodity team has substantially upgraded lithium prices on the expectation that prices will run until margins for lower-range EVs become squeezed.

The analysts continue to see a severe deficit throughout 2022 with a chance of rebalancing in second half of calendar 2023.

Forecasts for Allkem have received a boost in response. Price target lifts to $14 from $13.40. Buy.

Target price is $14.00 Current Price is $9.03 Difference: $4.97
If AKE meets the Citi target it will return approximately 55% (excluding dividends, fees and charges).

Current consensus price target is $12.72, suggesting upside of 42.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Macquarie rates ANN as Neutral (3) -

Ansell had pre-warned but today's interim report still contains several elements that have been deemed "weak" or "weaker-than-expected" by Macquarie.

Gloves and supply chains keep Macquarie on the cautious side for the time being, though the broker points out there are reasons to expect a more normalised earnings growth from FY23 and beyond.

The broker retains a Neutral rating. Target $28.30.

Target price is $28.30 Current Price is $25.76 Difference: $2.54
If ANN meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $31.25, suggesting upside of 22.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.4

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

Citi rates AZJ as Neutral (3) -

Aurizon Holdings' interim performance met Citi's forecast, as well as market consensus. The broker remains enthusiastic for the outlook of Bulk operations with new contracts complementing a buoyant outlook for agricultural crops.

Citi is a lot less optimistic for the outlook of Coal and Network. The analysts consider there are downside risks to management's FY22 guidance.

Lower interest costs have had a slight positive impact on forecasts. The broker's target price rises to $3.81 from $3.69. Neutral rating is unchanged.

Target price is $3.81 Current Price is $3.62 Difference: $0.19
If AZJ meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $3.64, suggesting upside of 2.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.2

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

Credit Suisse rates AZJ as No Rating (-1) -

First half results for Aurizon Holdings revealed earnings (EBITDA) and revenue in-line with consensus forecasts. According to Credit Suisse's estimates, earnings from Network (lower volumes) and Bulk (higher new customer start-up costs) were misses.

Meanwhile, Coal segment earnings were higher due to higher unit revenue and lower unit costs due to operational efficiencies.

The dividend of 10.5cps dividend was below the consensus expectation for 12.2cps, as management is putting aside funds for funding OneRail and maintaining current credit ratings.

The broker is currently restricted on research and offers no target price or rating. The broker's FY23 and FY24 EPS estimates rise by 11% and 14%.

Current Price is $3.62. Target price not assessed.

Current consensus price target is $3.64, suggesting upside of 2.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.2

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

Macquarie rates AZJ as No Rating (-1) -

Aurizon Holdings reported earnings down -1.5% to $727m, and profit of $257m in the first half. The Bulk segment was a growth driver for the half, supported by a record grain harvest. 

Coal was a positive surprise for the period, with earnings up 4.4% and earnings per tonne at the highest level since the first half of FY18, despite the company guiding to a flat to downward result. Full year outlook is still flat, but the result should benefit recontracting. 

Macquarie is unable to provide a rating or target at present.

Current Price is $3.62. Target price not assessed.

Current consensus price target is $3.64, suggesting upside of 2.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.2

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

Morgan Stanley rates AZJ as Underweight (5) -

Following 1H results for Aurizon Holdings, Morgan Stanley likes the long-term strategy though feels uncertain over the implementation of that strategy, while fossil fuel aversion reduces the stock's appeal. The target is reduced to $3.49 from $3.92. Underweight is retained.

The company's aspiration of Bulk (non coal) earnings (EBIT) of around $250-300m in FY30 (announced on 8 June 2021) appears achievable to the analyst. Industry view: Cautious.

Target price is $3.49 Current Price is $3.62 Difference: minus $0.13 (current price is over target).
If AZJ meets the Morgan Stanley target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.64, suggesting upside of 2.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.2

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

Morgans rates AZJ as Add (1) -

Aurizon Holdings reported in line with forecasts and FY22 guidance is unchanged. The highlights for Morgans were a deployment of capital into bulk haulage, a rebound in coal metrics, and a dividend cut to fund the One Rail acquisition.

Coal haulage is facing longer term sustainability issues, the broker suggests, but in the meantime strong cash flows can support both the pivot into bulk and shareholder returns. Management is excited about the growth potential in grain haulage.

Target rises to $3.91 from $3.73, Add retained.

Target price is $3.91 Current Price is $3.62 Difference: $0.29
If AZJ meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.64, suggesting upside of 2.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.2

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

Ord Minnett rates AZJ as Lighten (4) -

Aurizon Holdings' first half profit was a -2.4% miss versus Ord Minnett's estimate, though earnings (EBITDA) were broadly in-line. A 95%-franked interim dividend of 10.5cps was also broadly in-line.

Management reiterated FY22 earnings guidance of $1.4-1.5bn. The analyst believes the key to a positive multiple re-rating is the speed at which Bulk (non coal) earnings ramp-up to diversify away from thermal coal. Lighten. Target rises to $3.35 from $3.30.

Target price is $3.35 Current Price is $3.62 Difference: minus $0.27 (current price is over target).
If AZJ meets the Ord Minnett target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.64, suggesting upside of 2.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.2

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

UBS rates AZJ as Neutral (3) -

Profit and loss results from Aurizon Holdings' first half were in line with UBS's expectations. Underlying earnings of $727m were a -1% miss on the broker's forecast, and full year earnings guidance of $1,425-1,500m was retained.

Notably, the company expanded its coal margin to 29.6% from 27.3% in the previous half thanks to contractual protections. Capital expenditure guidance increased to $540-580m from $475-525m to support higher growth in the Bulk segment. 

The Neutral rating is retained and the target price increases to $3.65 from $3.50. 

Target price is $3.65 Current Price is $3.62 Difference: $0.03
If AZJ meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.64, suggesting upside of 2.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.2

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

Citi rates BEN as Neutral (3) -

Bendigo & Adelaide Bank has delivered a "strong" result in the view of Citi analysts. The underlying net interest margin proved slightly better than expectations, as was cost containment.

However, Citi analysts see an incrementally more difficult growth profile ahead, as the bank's balance sheet is slowing and mortgage pressures in the near term will fight a battle with future cash rate rises.

Citi sees a clearer earnings leverage emerging in FY24 and beyond. Earnings estimates have been lifted. Target price $9.75. Neutral/High Risk.

Target price is $9.75 Current Price is $9.67 Difference: $0.08
If BEN meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $10.14, suggesting upside of 2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.2

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

Credit Suisse rates BEN as Neutral (3) -

Bendigo and Adelaide Bank's 1H cash earnings of $260m exceeded the consensus estimate of $228m and Credit Suisse's forecast for $239.9m.

The analyst forecasts net interest margin (NIM) compression, which is partially offset by improved management of expenses.

The broker is concerned that any future improvement in the cost-to-income ratio is too beholden to management's view on interest rate rises (6) and maintains a Neutral rating. The $10.25 target price is unchanged.

Target price is $10.25 Current Price is $9.67 Difference: $0.58
If BEN meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $10.14, suggesting upside of 2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.2

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

Macquarie rates BEN as Outperform (1) -

Given Bendigo and Adelaide Bank's high exposure to potential interest rate increases compared to peers, as well as a likely margin and revenue outlook improvement for the bank, Macquarie was surprised the regional lender continues to guide to broadly flat costs.

The broker expected banks to raise investment spend in FY23, but Bendigo and Adelaide Bank appears determined to maintain flat costs over the next three years. A first half beat on Macquarie's forecasts was a good result considering margin pressure. 

The Outperform rating and target price of $11.00 are retained. 

Target price is $11.00 Current Price is $9.67 Difference: $1.33
If BEN meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $10.14, suggesting upside of 2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.2

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

Morgan Stanley rates BEN as Upgrade to Equal-weight from Underweight (3) -

Following 1H results for Bendigo & Adelaide Bank, Morgan Stanley sees signs of better cost control and the potential for margins to bottom in FY23. The rating lifts to Equal-weight from Underweight and the target rises to $9.60 from $9.50. Industry View: Attractive. 

Pre-provision profit was around -2.5% below the broker's estimate. While there is execution risk entailed in the bank's transformation strategy, it's felt this is more than compensated for by the currently-low valuation multiple.

The broker points out the bank has the best margin and earnings leverage to higher cash rates of the banks under its coverage. Every 25bps rate increase is estimated to add around 6bps to the margin.

Target price is $9.60 Current Price is $9.67 Difference: minus $0.07 (current price is over target).
If BEN meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.14, suggesting upside of 2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.2

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

Ord Minnett rates BEN as Hold (3) -

Due to a larger-than-expected provision write-back, 1H cash profits for Bendigo and Adelaide Bank were weaker than Ord Minnett forecast. Net interest margin (NIM) pressures outweighed higher Homesafe realised income.

A fully franked interim dividend of 26.5cps was broadly in-line with the broker's estimate. The Hold rating is maintained while the target price lifts to $10.10 from $9.60, as a -1% reduction in forecast revenue was more than offset by a -3-5% reduction in costs.

Target price is $10.10 Current Price is $9.67 Difference: $0.43
If BEN meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $10.14, suggesting upside of 2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.2

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

Macquarie rates BHP as Outperform (1) -

Upon first assessment, Macquarie labels BHP Group's interim performance as "strong" with underlying earnings (EBITDA) and earnings 6% and 8% higher than forecasts, respectively.

The declared half-yearly dividend of US$1.50 was 15% above the broker's estimate.

Looking into the future, the broker remains positive as iron-ore and coking coal prices suggest a big boost to forecasts remains a genuine possibility.

Target $51. Outperform.

Target price is $51.00 Current Price is $48.33 Difference: $2.67
If BHP meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $45.32, suggesting downside of -5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.4

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

Citi rates BLD as Neutral (3) -

Citi labels Boral's interim result as "better-than-feared" even though, on an underlying basis, the performance appears to have beaten its own forecast as well as market consensus.

Fewer lockdowns and great performances from Concrete and Quarries have been the key pillars under the result, point out the analysts.

Disappointment stems from the fact energy costs and supply side constraints have caused a margin headwind for the company.

Citi has reduced forecasts. Neutral rating retained. Target price falls to $3.60 from $4.03.

Target price is $3.60 Current Price is $3.72 Difference: minus $0.12 (current price is over target).
If BLD meets the Citi target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.82, suggesting upside of 5.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.2

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

Credit Suisse rates BLD as Neutral (3) -

First half results for Boral revealed earnings (EBIT) 16% above the consensus forecast and 39% above Credit Suisse's expectations due to higher revenue and a smaller-than-expected impact from shutdowns.

The broker highlights that transformation program step changes were offset by lower margins. Management provided no guidance.

Credit Suisse reduces its target price to $3.80 from $3.81 and maintains its Neutral rating.

Target price is $3.80 Current Price is $3.72 Difference: $0.08
If BLD meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $3.82, suggesting upside of 5.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.2

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

Macquarie rates BLD as Outperform (1) -

While Boral's first half results suggest an improving market environment, Macquarie has downgraded earnings estimates by -18%, -15% and -10% through to FY24 but continues to see opportunity from market improvement.  

The half delivered some pricing power improvement, but the broker notes a January price increase was largely absorbed by energy costs. Shipping costs and supply chain issues continue to impact. 

The Outperform rating is retained and the target price decreases to $4.35 from $7.20. 

Target price is $4.35 Current Price is $3.72 Difference: $0.63
If BLD meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $3.82, suggesting upside of 5.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.2

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

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

Australian earnings (EBIT) for Boral were 27% ahead of Morgan Stanley's forecast due to lower-than-expected covid shutdown impacts and better margin realisation.

However, it's felt the current share price captures the benefits of macro tailwinds, real pricing increases and net cost outs, and the broker's Equal-weight rating is unchanged.

The target price falls to $3.50 from $6.10 after the capital return has been finalised, explains the analyst. Industry view: In-Line.

Target price is $3.50 Current Price is $3.72 Difference: minus $0.22 (current price is over target).
If BLD meets the Morgan Stanley target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.82, suggesting upside of 5.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.2

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

Ord Minnett rates BLD as Hold (3) -

Boral's 1H underlying profit was significantly below Ord Minnett's expectation due to higher energy and one-off costs, and the
impact from lower NSW sales. Margins contracted due to construction lockdowns though weather impacts were more unexpected.

The broker maintains its Hold rating on the prospect for capital returns, while the target price falls to $4.00 from $5.90 reflecting the impact from the $3bn capital return.

The 2H earnings outlook is highly dependent on the delivery of transformation strategy benefits, suggests the analyst.

Target price is $4.00 Current Price is $3.72 Difference: $0.28
If BLD meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.82, suggesting upside of 5.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.2

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

UBS rates BLD as Neutral (3) -

While Boral delivered a beat on UBS's volume forecasts in the first half the broker warns momentum is unlikely to continue into the second half, with construction project recovery still necessary to an improved earnings outlook. 

Positively, annualised approvals for multi-family and non-residential construction were up 28% and 7% respectively in December and should be a key earnings driver for Boral, but don't expect benefit until 2023 given pressures on construction commencement.

An improved outlook for Australian construction material volumes supports a 7% profit upgrade in FY23. 

The Neutral rating is retained and the target price increases to $3.65 from $3.60.

Target price is $3.65 Current Price is $3.72 Difference: minus $0.07 (current price is over target).
If BLD meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.82, suggesting upside of 5.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.2

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

Credit Suisse rates BPT as Outperform (1) -

Following Beach Energy's 1H results, Credit Suisse maintains its Outperform rating.

The target price rises to $1.77 from $1.55 on increased oil price forecasts, Perth Basin upside and a derisking of the Western Flank operations, explains the broker.

By mid-2022, the analyst sees a turnaround as the company returns to a production growth trajectory.

Target price is $1.77 Current Price is $1.63 Difference: $0.14
If BPT meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $1.71, suggesting upside of 17.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Macquarie rates BPT as Downgrade to Underperform from Neutral (5) -

Higher than expected costs drove a first half result from Beach Energy that was below Macquarie's expectations, but the company maintained full year guidance. 

The Otway development program is around halfway to completion, while drilling will commence soon at Waitsia, and Western Flank declines show signs of improvement. 

Macquarie notes a CEO appointment offers upside risk for the company's outlook. Earnings per share forecasts increase 9% and 6% based on higher oil production, but the broker notes there are cheaper alternatives in the sector. 

The rating is downgraded to Underperform from Neutral and the target price increases to $1.50 from $1.40.

Target price is $1.50 Current Price is $1.63 Difference: minus $0.13 (current price is over target).
If BPT meets the Macquarie target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.71, suggesting upside of 17.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

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

While Beach Energy delivered 1H profits below Morgan Stanley's forecast, the broker sees some valuation support at current commodity prices. Equal-weight rating. Industry view: Attractive.

The company has underperformed peers, which the analyst takes to mean expectations are lower. Increased oil price forecasts lead to 
a rise in target price to $1.80 from $1.70. 

Target price is $1.80 Current Price is $1.63 Difference: $0.17
If BPT meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $1.71, suggesting upside of 17.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Morgans rates BPT as Add (1) -

Beach Energy's result confirmed production and revenue numbers released in January but opertaing cash flow was signifiantly higher than Morgans expected, albeit including a one-off payment.

The broker believes East Coast gas demand may be softer in 2022 and downgrades its sales forecast. The broker nevertheless increases its target to $1.76 from $1.72 and retains Add but now that Beach has closed the gap to the big players, the broker prefers the big players.

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

Current consensus price target is $1.71, suggesting upside of 17.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Ord Minnett rates BPT as Buy (1) -

Beach Energy's 1H underlying net profit was an -11% miss versus Ord Minnett's forecast due to higher-than-expected costs. The 1cps dividend was shy of the 2cps forecast.

Nonetheless, the broker keeps a Buy rating and remains positive due to a strong internally-funded growth pipeline and exposure to the east coast gas market. It's estimated peak gearing of 7% will occur by June 2023, consistent with guidance that 10% won't be exceeded.

The target price slips to $1.80 from $1.85.

Target price is $1.80 Current Price is $1.63 Difference: $0.17
If BPT meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $1.71, suggesting upside of 17.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

UBS rates BPT as Buy (1) -

Higher tariff costs saw Beach Energy deliver a -12% profit miss on consensus forecasts, but full year guidance was reaffirmed. UBS expects full year production at the top end of guidance with the Geographe 4 and 5 wells now connected to the Otways Gas Plant.

The broker forecasts top-end of guidance capital expenditure of $1,071, despite Beach Energy reiterating sector pressures were not materially impacting. Western Flank decline rates exceed expectations, and planned exploration well drilling could deliver upside potential. 

The Buy rating and target price of $1.65 are retained. 

Target price is $1.65 Current Price is $1.63 Difference: $0.02
If BPT meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $1.71, suggesting upside of 17.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Credit Suisse rates CAR as Outperform (1) -

Credit Suisse makes minimal changes to full year estimates for Carsales.com following 1H results and maintains its Outperform rating and $25.80 target price.

Management retained full year guidance. The analyst sees favourable conditions heading into the 2H, with Dealer lead volumes normalising, the Private segment supported by yield growth and increased penetration from Instant Offer.

Target price is $25.80 Current Price is $21.71 Difference: $4.09
If CAR meets the Credit Suisse target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $23.80, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.2

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

Morgans rates CAR as Hold (3) -

Carsales' first half revenue beat Morgans' forecast and earnings were up 1% year on year. It was a commendable performance overall, the broker declares, featuring strong underlying growth in the core Private business.

Encar and TI will help maintain momentum into the second half. The broker has nonetheless tweaked revenue and margin assumptions, leading to a target cut to $23.72 from $24.02.

The broker remains attracted to the long term growth opportunity but retains Hold, looking for a more attractive entry point.

Target price is $23.72 Current Price is $21.71 Difference: $2.01
If CAR meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $23.80, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.2

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

Ord Minnett rates CAR as Lighten (4) -

In the wake of 1H results for Carsales.com, Ord Minnett suggests earnings may stall into the 2H, though be more pushed out rather than taken out. It's felt the domestic and offshore businesses are priced for perfection.

The broker remains cautious with a Lighten rating and points out the execution risk inherent in entering a large number of new verticals. Forecast are largely unchanged as is the target price of $20.60.

Target price is $20.60 Current Price is $21.71 Difference: minus $1.11 (current price is over target).
If CAR meets the Ord Minnett target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $23.80, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.2

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

UBS rates CAR as Buy (1) -

Carsales.com delivered another solid result in the first half, with the company growing revenue 22% to $242m, and earnings up 10% to $126m, but UBS notes full year forecasts still rely on a heavy second half skew.

While the company delivered 9% revenue growth in the quarter, the Private segment notably reported 38% growth. Dealer growth of 1% disappointed, but the broker expects second half improvement. UBS forecasts $99m in revenue from the segment, compared to $86m in the first half.

The Buy rating and target price of $25.00 are retained.

Target price is $25.00 Current Price is $21.71 Difference: $3.29
If CAR meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $23.80, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.2

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

Credit Suisse rates CWN as Downgrade to Neutral from Outperform (3) -

Credit Suisse believes Blackstone's $13.10 takeover offer for Crown Resorts will be successful and sets the target price accordingly, down from $13.25. It's noted Blackstone has optionality to abandon the offer under a range of scenarios.

The offer price is a 9% premium to the analyst's estimate of valuation (sum-of-the-parts). The rating is lowered to Neutral from Outperform.

Target price is $13.10 Current Price is $12.64 Difference: $0.46
If CWN meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $13.57, suggesting upside of 7.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Ord Minnett rates DXS as Buy (1) -

Ord Minnett, upon initial assessment, comments higher office income and lower interest expense have helped Dexus posting a better-than-expected interim report.

The broker believes the group is well positioned to come in ahead of consensus forecasts for FY22. Consensus forecasts seen likely to rise post today's release.

Target price is $12.00 Current Price is $10.16 Difference: $1.84
If DXS meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $11.52, suggesting upside of 10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Morgan Stanley rates ELO as Overweight (1) -

Following Elmo Software's (pre-released) 1H results, Morgan Stanley remains Overweight with a $7.80 target price. Industry view: In-line.

Stay tuned as the broker has a number of questions lined up for management to better understand the outlook and some extra detail around some metrics.

Target price is $7.80 Current Price is $3.89 Difference: $3.91
If ELO meets the Morgan Stanley target it will return approximately 101% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Citi rates GPT as Neutral (3) -

GPT's FY21 report disappointed with the funds from operations coming out below consensus and Citi's forecast. Guidance for FY22 is welcomed, but it too is below expectations (-3%-6%), point out the analysts.

Management at GPT expects asset prices to hold up, but Citi analysts focus on weaker income prospects from retail and office assets. Investment in industrial should remain a positive.

Lower forecasts have pulled back the price target to $5.37 from $5.44. Neutral.

Target price is $5.37 Current Price is $5.06 Difference: $0.31
If GPT meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $5.42, suggesting upside of 9.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Credit Suisse rates GPT as Neutral (3) -

Greater-than-forecast rent relief and corporate overheads caused a miss of GPT Group's FY21 results versus the consensus forecast. For FY22, management is guiding to funds from operations (FFO) of 31.7-32.4cps, which is below Credit Suisse's estimate.

After lowering FY22 and FY23 earnings forecasts and introducing FY24 estimates, the broker's target price climbs to $5.33 from $5.26. Fixed annual rental increases across the investment portfolio are expected to provide a partial hedge against inflation. Neutral.

Target price is $5.33 Current Price is $5.06 Difference: $0.27
If GPT meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $5.42, suggesting upside of 9.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Macquarie rates GPT as Neutral (3) -

GPT Group reported 2021 funds from operations and dividends -2% and -4% below Macquarie's forecasts. Maiden 2022 guidance is -6% below. The broker expects the miss was driven by additional rent relief and normalisation of expenses, particularly in office.

While retail cash flows should improve in FY23 and beyond as rent relief moderates, the broker remains cautious on the long-term outlook for cash flows given structural headwinds.

Stock is trading attractively in absolute terms at -17% discount to net tangible asset value, the broker notes, while upside exists via development and funds management. However, with cashflow headwinds persisting in key exposures, Neutral retained.

Target falls to $5.37 from $5.46.

Target price is $5.37 Current Price is $5.06 Difference: $0.31
If GPT meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $5.42, suggesting upside of 9.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

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

In the wake of GPT Group's FY21 results, Morgan Stanley retains its Equal-weight rating and $5.51 target price, despite a miss versus forecasts for both the results and guidance. Industry view is In-Line.

Management provided FY22 guidance for funds from operations (FFO) of 31.7-32.4cps, which was below the consensus estimate of 33.3cps.

The broker's outlook is weighed down by a series of minor though niggling issues, including quiet CBD's and increasing corporate costs. However, upside is considered possible in 2022, especially if the recovery is fast for Melbourne Central retail.

Target price is $5.51 Current Price is $5.06 Difference: $0.45
If GPT meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $5.42, suggesting upside of 9.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Ord Minnett rates GPT as Hold (3) -

As Ord Minnett had forecast -$42m of rent assistance compared to the -$68m revealed in GPT Group's FY21 results, funds from operations (FFO) were a miss versus expectations.

Nonetheless, the analyst points out the result was broadly as expected, with higher expenses offset by higher development income and a lower interest expense. The Hold rating and $5.70 target price are maintained.

Target price is $5.70 Current Price is $5.06 Difference: $0.64
If GPT meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $5.42, suggesting upside of 9.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Macquarie rates GWA as Outperform (1) -

Following a quick glance, Macquarie is of the view that today's interim result released by GWA Group meets expectations on every important financial metric, underlying and otherwise.

The broker remains positive looking into the second half, as well as FY23.

Outperform. Target $3.30.

Target price is $3.30 Current Price is $2.60 Difference: $0.7
If GWA meets the Macquarie target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $3.21, suggesting upside of 25.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

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

Morgans has given Insurance Australia Group's result a "pass mark" against modest expectations.

Looking ahead the broker forecasts stronger revenue growth, offset by a more conservative insurance margin assumption, which leads to a trimming of profit forecasts and a cut in target to $4.99 from $5.32.

The broker believes IAG remains a quality franchise and suggests the CEO’s clear strategy to improve core insurance performance is the correct one. But on valuation, the broker downgrades to Hold from Add.

Target price is $4.99 Current Price is $4.72 Difference: $0.27
If IAG meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $4.98, suggesting upside of 5.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Citi rates IGO as Buy (1) -

Citi’s commodity team has substantially upgraded lithium prices on the expectation that prices will run until margins for lower-range EVs become squeezed.

The analysts continue to see a severe deficit throughout 2022 with a chance of rebalancing in second half of calendar 2023.

Forecasts for IGO Ltd have received a boost in response. Price target lifts to $14 from $13.50. Buy.

Target price is $14.00 Current Price is $12.14 Difference: $1.86
If IGO meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $10.91, suggesting downside of -9.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Citi rates JBH as Neutral (3) -

JB Hi-Fi's interim result was pre-released. Citi analysts comment the trading update suggests ongoing strength with operations outside shopping centres compensating for those inside.

Citi remains confident of further growth. Forecasts have been increased, albeit in minimal fashion. Neutral rating retained. Target price steady at $54.

Citi's preferred discretionary retailers are Harvey Norman ((HVN)) and Super Retail Group ((SUL)).

Target price is $54.00 Current Price is $51.71 Difference: $2.29
If JBH meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $56.68, suggesting upside of 5.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Credit Suisse rates JBH as Outperform (1) -

Following 1H results (largely pre-released) and a trading update from JB Hi-Fi, Credit Suisse increases its target price to $60.27 from $58.80. The analyst likes the strengthening trend of work-from-home and the ongoing improvement of The Good Guys.

In addition, earnings forecasts increase to reflect January trading and a $250m buyback. Outperform.

Target price is $60.27 Current Price is $51.71 Difference: $8.56
If JBH meets the Credit Suisse target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $56.68, suggesting upside of 5.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Macquarie rates JBH as Outperform (1) -

JB Hi-Fi had pre-announced weaker first half sales numbers, impacted by lockdowns in the period. Consumer demand is holding up in January, Macquarie notes, despite inflation on some lines starting to come through into pricing.

The announced $250m buyback is 5% earnings accretive from FY23, the broker estimates.

Target price rises to $57.80 from $56.75 and Outperform retained, albeit the broker acknowledges risks around rising interest rates and any new covid outbreak.

Target price is $57.80 Current Price is $51.71 Difference: $6.09
If JBH meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $56.68, suggesting upside of 5.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Morgans rates JBH as Add (1) -

JB Hi-Fi's full report released yesterday, following a January pre-release, confirmed that while earnings were lower year on year, they were still 60% above the first half FY20 and 17% above Morgans' pre-January forecast.

New information included a gross margin and cash flow in excess of the broker's forecast, a dividend again lower than a year ago but 5% above forecast, and a $250m buyback.

Morgans considers JB Hi-Fi a well-run retailer with good cost discipline, a robust balance sheet and a strong market position. Despite only modest growth opportunities, the broker believes the stock is undervalued. Add retained on unchanged $57 target.

Target price is $57.00 Current Price is $51.71 Difference: $5.29
If JBH meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $56.68, suggesting upside of 5.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Ord Minnett rates JBH as Buy (1) -

JB Hi-Fi's 1H profit was in-line with Ord Minnett's forecast, while the dividend of 163cps was shy of the 170cps estimate.

The broker feels that management, in announcing an unexpected $250m off-market buyback, is comfortable with the degree of earnings normalisation in the medium term. There's considered potential for further capital management and/or acquisitions.

The target price rises to $57 from $56. Buy unchanged.

Target price is $57.00 Current Price is $51.71 Difference: $5.29
If JBH meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $56.68, suggesting upside of 5.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

UBS rates JBH as Neutral (3) -

JB Hi-Fi's largely pre-guided first half result confirmed sales were down -2%, earnings -9% and profit -9% in the half, with January trading already appearing strong as noted by UBS.

The company announced a $250m off-market buyback, and the broker notes the decision to return surplus cash suggests further surplus capital remains that could fund potential acquisitions and that the company is confident in its outlook. 

The company continues to benefit from long-term underlying improvement. Earnings per share forecasts increase 4%, 6% and 7% through to FY24. 

The Neutral rating is retained and the target price increases to $54.00 from $51.00.

Target price is $54.00 Current Price is $51.71 Difference: $2.29
If JBH meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $56.68, suggesting upside of 5.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Macquarie rates KED as Outperform (1) -

Keypath Education International delivered 37% revenue growth in the first half driven by growth across all metrics. Macquarie highlighted enrollment growth was up 23%, revenue per enrollment up 11% and student retention up 78-80%. 

A per enrollment revenue increase was supported by a shift towards more complex programs such as nursing, with healthcare programs now accounting for 45% of total revenue.

Looking ahead, program launches focused on high demand areas should support further student acquisition, and new partner and program growth supports an attractive outlook. 

The Outperform rating is retained and the target price decreases to $3.90 from $4.00.

Target price is $3.90 Current Price is $2.55 Difference: $1.35
If KED meets the Macquarie target it will return approximately 53% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Macquarie rates KMD as Neutral (3) -

Kathmandu Holdings first half earnings of $9-11m were a miss on Macquarie's expected $26.3m, and a notable decrease from $38m in earnings in the previous comparable period. The full year earnings per share forecast decreases -48% given first half results. 

A pre-guided -$35m profit impact from first quarter lockdowns was a driver of results, as well as heightened marketing spend. A -$14m marketing investment was made to support offshore expansion, and Macquarie factors further marketing investment into forecasts.

Ongoing marketing spend drives a -15% and -14% downgrade to earnings per share forecasts in FY23 and FY24, but the broker notes medium-term spend should support international growth ambitions. 

The Neutral rating is retained and the target price decreases to $1.20 from $1.50. 

Target price is $1.20 Current Price is $1.31 Difference: minus $0.11 (current price is over target).
If KMD meets the Macquarie target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.50, suggesting upside of 15.4% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.7

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

Citi rates MIN as Neutral (3) -

Citi’s commodity team has substantially upgraded lithium prices on the expectation that prices will run until margins for lower-range EVs become squeezed.

The analysts continue to see a severe deficit throughout 2022 with a chance of rebalancing in second half of calendar 2023.

Forecasts for Mineral Resources have seen no change. Price target 58. Neutral.

Target price is $58.00 Current Price is $51.17 Difference: $6.83
If MIN meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $55.74, suggesting upside of 14.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.2

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

Citi rates PLS as Neutral (3) -

Citi’s commodity team has substantially upgraded lithium prices on the expectation that prices will run until margins for lower-range EVs become squeezed.

The analysts continue to see a severe deficit throughout 2022 with a chance of rebalancing in second half of calendar 2023.

Forecasts for Pilbara Minerals have received a boost in response. Price target lifts to $3.70 from $3.60. Neutral/High Risk.

Target price is $3.70 Current Price is $3.04 Difference: $0.66
If PLS meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $3.49, suggesting upside of 17.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Ord Minnett rates PPS as Buy (1) -

Increased costs for Praemium resulted in a 1H that missed Ord Minnett's forecast. Nonetheless, the Buy rating is retained on the expectation for ongoing strong revenue momentum, improving margins and potential corporate interest.

Management's guidance gives the broker some comfort that the cost re-base may have been completed and margins should improve from the 2H. The target falls to $1.50 from $1.70 after earnings (EBITDA) forecasts are lowered by -18% for FY22.

Target price is $1.50 Current Price is $1.06 Difference: $0.44
If PPS meets the Ord Minnett target it will return approximately 42% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Ord Minnett rates SEK as Accumulate (2) -

Ord Minnet, after an initial glance over today's released report, believes Seek's half-yearly performance beat market consensus forecasts on the main financial metrics, including revenue, earnings (EBITDA) and net profit.

The broker notes management at the company has upgraded FY22 guidance. Dividend of 23c was much better than the projected 17c. Normalised EPS seems to have missed the mark, however.

Also: Ord Minnett observes the growth fund has been revalued by circa 17%, unaudited, with Seek management commenting public market volatility has yet to flow through to private markets.

Target price is $34.00 Current Price is $27.78 Difference: $6.22
If SEK meets the Ord Minnett target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $34.80, suggesting upside of 18.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Macquarie rates SFR as Outperform (1) -

Having advised on Sandfire Resources' MATSA acquisition, Macquarie returns from research restriction to set a $9.50 target and Outperform rating.

The acquisition has transformed Sandfire into a major copper producer offering an impressive five-year production compound annual growth rate of 7%, the broker calculates.

Target price is $9.50 Current Price is $7.32 Difference: $2.18
If SFR meets the Macquarie target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $7.66, suggesting upside of 7.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Macquarie rates SGM as Outperform (1) -

On initial assessment, Sims' interim performance has beaten Macquarie's expectations, reports the broker. The half-yearly dividend of 41c proved well above its own forecast of 27c.

Macquarie continues to see longer-term support in scrap markets. Outperform. Target $18.65.

Target price is $18.65 Current Price is $14.99 Difference: $3.66
If SGM meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $18.83, suggesting upside of 10.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Ord Minnett rates SGM as Buy (1) -

Ord Minnett's initial assessment is that Sims' interim report, released today, is well ahead of the company's own guidance, as well as the broker's forecasts.

The 41c dividend was in-line but the $54m on market buyback came as a surprise.

The analyst comments the net cash of $45m was short of its own $164m estimate, but overall, today's result is labeled "solid".

Target price is $20.00 Current Price is $14.99 Difference: $5.01
If SGM meets the Ord Minnett target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $18.83, suggesting upside of 10.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Morgan Stanley rates SHL as Overweight (1) -

In anticipation of 1H results due on Monday February 21, Morgan Stanley lowers its target price to $42.80 from $48.10 due to an increased market risk premium.

This lowers the target despite a lift in EPS forecasts from better PCR test data. The Overweight rating is unchanged. Industry view In-Line.

The broker forecasts revenue of $4,997m, earnings (EBIT) of $1,120m and EPS of $1.61.

Target price is $42.80 Current Price is $37.51 Difference: $5.29
If SHL meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $45.24, suggesting upside of 21.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Credit Suisse rates SKC as Neutral (3) -

Following 1H results for Skycity Entertainment Group, Credit Suisse cautions any more extensive casino shutdowns may necessitate the company requiring added finance. The target price falls to $2.75 from $3.05 due to higher debt resulting from casino shutdowns. Neutral.

Management is monitory daily liquidity and has negotiated covenant relief for the June 2022 test.

The analyst highlights the group looks like capturing about 13% of the New Zealand online casino market.

Target price is $2.75 Current Price is $2.70 Difference: $0.05
If SKC meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.5

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

Macquarie rates SKC as Outperform (1) -

Sky City Entertainment's first half result will go down as the most heavily covid-impacted to date, Macquarie notes. The broker forecasts FY22 earnings of 42% of that pre-covid. 

However, assuming covid impacts are transient, FY23 should exceed pre-covid levels, the broker suggests. Before then, the broker cuts its FY22 earnings forecast by -31% ahead of an assumed return to normal trading by May.

As the stock is trading at a large discount to long-run valuation, the broker retains Outperform. Target falls to NZ$3.70 from NZ$3.85.

Current Price is $2.70. Target price not assessed.

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.5

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

Macquarie rates SWM as Outperform (1) -

At first glance, it appears Seven West Media's interim performance missed Macquarie's forecast but met market consensus. Macquarie explains it had positioned itself at the top of market forecasts.

As expected, suggests the broker, management at the media company has lifted FY22 guidance. Plus it has suggested capital management options will be reviewed.

Macquarie continues to see valuation support. Outperform. Target 91c.

Target price is $0.91 Current Price is $0.74 Difference: $0.17
If SWM meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $0.87, suggesting upside of 27.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.9

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

Ord Minnett rates SWM as Accumulate (2) -

Seven West Media has released interim results and Ord Minnett, upon initial assessment, comments the numbers reveal a strong recovery in advertising with the media company upgrading FY22 guidance by circa 10%.

The broker adds industry contacts have indicated the company is booking advertising well in advance; with almost 5-6 months’ worth of spend having been filled.

Longer term, points out the analyst, structural headwinds for free-to-air have not disappeared.

Target price is $0.70 Current Price is $0.74 Difference: minus $0.04 (current price is over target).
If SWM meets the Ord Minnett target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.87, suggesting upside of 27.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.9

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

Ord Minnett rates URW as Sell (5) -

After reviewing Unibail-Rodamco-Westfield's FY21 results, Ord Minnett expects earnings to trough in 2024 and net asset value (NAV) to hit a low in 2023. It's thought disposals will be the biggest driver of earnings and NAV over the coming two years.

Despite the company's prime portfolio, the analyst sees further downside risk to valuation and retains a Sell rating. The target price rises to $4.70 from $4 after assumptions are adjusted for US disposals and  estimates reduced for asset values in Europe.

Target price is $4.70 Current Price is $5.39 Difference: minus $0.69 (current price is over target).
If URW meets the Ord Minnett target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: -0.7

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